China is hotbed for violations of the Foreign Corrupt Practices Act. The real estate industry is not immune from the dangers. In February of 2009 Morgan Stanley’s real estate group reported an employee based in China in an overseas real estate subsidiary that appeared to have violated the Foreign Corrupt Practices Act. My company has [...]
Archive | October, 2010
Revoking a Subscription Agreement
Private equity funds investors sign a subscription agreement, promising to deliver cash when the fund makes a capital call. In a recent Delaware case, investors sought to revoke their subscription agreements and recover their capital contribution. They were investors in a Lehman Brothers sponsored investment fund. In 2007 the three plaintiffs became limited partners in [...]
Embarrassment from the American Bar Association
As the head of compliance, I frequently call on a team of lawyers for advice on how to interpret the law and move that interpretation into implementation. As a consumer of legal services, I have an interest in innovation and improvements in the delivery of those services. As an former practicing lawyer, I understand the [...]
Compliance Bits and Pieces for October 1
Here are some recent compliance-related stories that I found interesting: The face of the financial crisis by Larry Ribstein in the Creative Destroyer We need somebody we can send off to jail. Jail apparently provides the moral clarity necessary to wrap up a financial crisis. Bernie Madoff’s just an old-fashioned fraud from another era. The [...]
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