Lawday - real time law

LONDON – The UK Supreme Court has handed down a judgment which will result in the first successful extradition by US antitrust authorities. After a lengthy legal battle Ian Norris, the former CEO of UK-based Morgan Crucible Co, will likely be extradited to the US in connection with a antitrust price-fixing case. This will be the first time US prosecutors have succeeded in extraditing a foreign national for antitrust offences.

OTTAWA - The Federal government in Thursday’s budget struck down a requirement that foreign investors pay a 25% tax on capital gains made when a Canadian investment is sold unless investors file paperwork to receive an exemption. Once the exception is received investors are required to file a return with Canadian tax authorities informing them of the exemption. The Canadian Venture Capital Association has long complained about the process stating that it significantly reduces the attractiveness of venture capital investment in Canada.

NEW YORK – Google has reached a settlement with Rescuecom Corp. regarding claims that Google was infringing and diluting the Rescuecom trademark by selling it as an Internet search keyword to Rescuecoms competitors. A US district court for the Northern District of New York has agreed to a settlement that dismisses all claims between the parties without prejudice. Rescuecom originally filed a lawsuit in September 2004 which was dismissed in September 2006. That dismissal however was reversed by the US Court of Appeals in April 2009.

NEW YORK – Two class actions sponsored by three pension funds seek to derail the plan by the Coca-Cola Co to acquire the North American bottlers owned by Coca Cola Enterprises (CCE) as well as attempts to sell the European operations to CCE in a separate deal. The action brought in the Delaware Court of Chancery claims that the deal is unfair to CCE shareholders. CCE shareholders argue that because CCE currently owns the right in perpetuity to the valuable Coca-Cola trademark in 46 states, the shareholders are entitled to a substantial premium on the transfer of such a valuable asset.

LUXEMBOURG – A Luxembourg court has ruled that investors who lost money in dealings with Bernard Madoff through a fund set up by UBS cannot seek compensation directly from the bank. Investors in the LuxAlpha Fund were seeking to file individual claims against UBS rather than going to the funds liquidators. Lawyer Frank Greph who represents some of the clients in the case, indicated they would appeal the decision.