《Beijing - November 2013》.pptVIP

Beijing - November 2013 * US Class Actions and their Exterritorial Reach HomeSide Lending (mortgage servicing) National Australia Bank Ltd. (ordinary shares not traded in the US) Buys 2001: National has to write down the value of HomeSide assets National‘s share prices fall Petitioners bought shares prior to the write-downs, arguing securities fraud under US law before a US court ?transactional test (transactions in securities listed on domestic exchanges and domestic transactions in other securities OR wrongful conduct occurs in the US or wrongful conduct has effects in the US Beijing - November 2013 * Trans-border Issues I ?US proceedings ?securities class actions on behalf of US and non-US shareholders ?two securities actions filed by European institutional investors claims by non-US investors dismissed, settlement $ 82.85m ?Dutch proceedings filed by the Dutch Shell Reserves Compensation Foundation and other institutions for a binding declaration of a settlement of $ 352.6m (non-US shareholders) (‘mfn clause’/release all claims against Shell) Shell Petroleum (shareholders alleging fraudulent restatement of oil and gas reserves) Royal Dutch Petroleum NV (Dutch) Shell Transport and Trading Co. Ltd. (UK) Beijing - November 2013 * Transnational Issues II ? US: S.D.N.Y. denies jurisdiction over foreign class members ?Dutch representative organisations for domestic and foreign shareholders attacking false statements -3% percent of shareholders established in the Netherlands, but evidence of cooperation with foreign organisations -settlement approved with lower compensation payments than in the US + 20% of settlement sum for attorneys’ fees The Netherlands – Amsterdam Court of Appeal Swiss Converium/ZFS: Converium Shares sold at SWX/NYSE Beijing - November 2013 * Transnational Issues III ?compromise with creditors or shareholders (75% of the creditors or class thereof) ?court approval ?Creditor will lose rights if no claim or objec