In its decision of May 2017, the Federal Supreme Court of Germany (Bundesgerichtshof) laid down a new principle for setting aside an arbitral award based on the infringement of the disclosure obligation of a tribunal-appointed expert (Decision of 02 May 2017, I ZB 1/16). The decision constitutes a change in German and Model Law case law. The Facts Claimant and Respondent (hereinafter the “Parties”) formed a consortium for the joint manufacture of trains. After 400…
Indemnification clauses are common in share purchase agreements (“SPA”). Post M&A disputes frequently concern alleged breaches of such…
In a decision of November 2016, the Higher Regional Court of Munich (Oberlandesgericht München; hereinafter the “Court”), clarified…
In many transactions, the target company’s financial statements either play an important or even a crucial role for the determination of the purchase price. As a result, a financial statements warranty is of utmost importance in most share purchase agreements. This article analyzes the consequences of a breach of the financial statements warranty under German law: how can the purchaser calculate its damages? At the outset of the analysis stands Section 249 German Civil Code…
On March 1, 2017, the new Arbitration Rules of the International Chamber of Commerce (“ICC-Rules”) come into force.…
Recently, both the German legislator and the German Institution of Arbitration tasked working groups with a reform of…
The Comprehensive Economic and Trade Agreement (‘CETA’) between the European Union and Canada was signed October 30, 2016. The deepening of Canadian and European trade is likely to be significant in the wake of Brexit and the uncertain future of American trade policy. The Investment Court System (‘ICS’) of CETA has been hotly debated, and in 2016 threatened to derail the entire agreement when the local Parliament of Wallonia, Belgium initially vetoed the agreement. The…
Post-M&A arbitration has long followed an established pattern: In the course of the transaction the buyer assesses the…
“An earnout often converts today’s disagreement over price into tomorrow’s litigation over the outcome.” Airborne Health, Inc. v.…
At the beginning of the year, the ICC announced that as of this year it will publish the ICC- and party-appointed arbitrators’ names and details on its website to bolster transparency in arbitration (see http://www.globalarbitrationnews.com/new-year-new-policies-icc-bolster-arbitrator-efficiency-transparency-arbitrations/). In June 2016, the ICC turned these words into action and released for the first time the arbitrators’ details in a chart on its website.[1] The chart contains sections for the arbitrators’ names, nationalities, roles, their appointment method and their…