International Counsel
Securities Litigation
International investors face hurdles that domestic investors do not when litigating in the United States. Defendants are more likely to raise forum non conveniens arguments because the investor is domiciled abroad, and recent court decisions such as Morrison v. National Australia Bank give defendants the ability to challenge the applicability of U.S. investor protection laws to the claims of certain foreign investors. Because of recent developments in this area, international investors need to select securities litigators who are sensitive to the unique issues raised in cross-border litigation.
Enforcement and Recognition of Foreign Judgments
It can often be a complex task to recognize and enforce a money judgment rendered against U.S. persons by courts outside of the United States. It is not simply a matter of registering the judgment. Multiple grounds for non-recognition oftentimes require separate fact-finding and expert review, and retaining knowledgeable counsel in the U.S. is paramount.
Sianni & Straite LLP can assist foreign claimants who wish to enforce a foreign judgment or arbitration award against a U.S. person. Because more than 50% of U.S. public companies are incorporated under Delaware law, our main office in Delaware gives our clients ready access to these courts against the greatest number of U.S. business entities without the need to retain separate local counsel.
U.S. Discovery in Aid of Foreign Tribunals
State and federal courts in the United States allow litigants much broader discovery (“disclosure”) than most other courts around the world. When documents or witnesses are physically located within the United States, foreign litigants can seek this broader discovery to aid a foreign litigation. Sianni & Straite LLP can assist foreign litigants – both claimants and defendants – in using this powerful tool.
CFIUS
The Committee on Foreign Investment in the United States, or “CFIUS” (pronounced “siphius”) is a committee made up of various federal agencies whose purpose is to review investments that result in “control” of a U.S. person by a non-U.S. person. Similar to an HSR antitrust pre-merger review, a CFIUS review is designed to allow the relevant federal government agencies a chance to determine if the investment presents any national security concerns, and can be conducted in parallel with an HSR review.
Submitting an investment for CFIUS review is voluntary, but the committee does have the power to seek an injunction to block an investment even if the investor does not pre-notify the committee. Sianni & Straite LLP is able to advise investors prior to a transaction whether a CFIUS review is wise, and is further able to help guide the investor through the application process if necessary – always with the goal of avoiding litigation.