Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 80 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
In an October 2010 Gardere Public Securities Alert, we reported that the SEC had delayed the effectiveness of its new proxy access rule pending resolution of a lawsuit filed by the U.S. Chamber of Commerce and the Business Roundtable. The U.S. Court of Appeals for the District of Columbia vacated the SEC’s rule on July 22, 2010.
The appeals court held that the SEC was arbitrary and capricious in promulgating the rule, because it did not properly analyze the economic impact of the rule—its costs and benefits. As noted by the Securities Law Prof Blog, this is not the first time the court has pulled the plug on an SEC rule because of the cost-benefit analysis. The U.S. Chamber of Commerce and the Business Roundtable jointly lauded the result as a “big win” for business.
Based on the court’s analysis, the SEC minimized or ignored certain of the foreseeable costs associated with the new rule, sometimes employing speculative assumptions. The court also noted that the SEC relied on insufficient empirical data to support its conclusion that proxy access would improve board performance and increase shareholder value. The SEC itself had acknowledged the many studies reaching the opposite conclusion, but instead relied on two studies that the court found unpersuasive. The court also ruled that while generally arbitrary and capricious, the rule was invalid with respect to investment companies.
The proxy access rule was originally proposed by the SEC in June 2009.
OUR TAKE: For proxy access, it is not at all clear what the SEC’s next step might be. An appeal seems unlikely and a rigorous cost-benefit analysis would be costly and time-consuming, and with no certainty as to the conclusion. More broadly, this ruling may energize efforts to attack other SEC rulemaking stemming from the Dodd-Frank Wall Street Reform and Consumer Protection Act. Perhaps the new whistleblower program adopted in May 2011, which has been widely criticized?
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
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