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International Edition

Betting the pharma - Astellas GC Jerry Temko on the 'perfect storm' in the pharmaceuticals industry

Most in-house counsel have spent the recession attempting to maintain standards in the face of reduced resources. But Jerry Temko, general counsel and chief compliance officer of the European arm of Japanese pharmaceutical giant Astellas, has been very much in proactive mode. The credit crunch and subsequent economic crisis didn't change Temko's robust pursuit of breaches of patents and licensing contracts - in fact, if anything, it has strengthened resolve to police the company's intellectual property (IP). The strategy has paid off: during the last five years Astellas has recovered over ‚Ǩ10m (£8.2m) in patent damages from generic pharma companies and in excess of ‚Ǩ6m (£4.9m) from change of control licensing events. "Generating these recoveries changes the role and perception of the legal team; it means we're not simply a cost centre," says Temko.
6 minute read

International Edition

Former Herbert Smith senior partner Gold takes BAE compliance role

Herbert Smith's former senior partner David Gold has been appointed by the US Department of Justice (DoJ) to act as a corporate monitor of BAE Systems. The position was approved by the US Attorney General's office yesterday (30 August) and will see Gold act in an independent capacity to assess and monitor BAE's compliance with a plea bargain agreement it entered into with the DoJ earlier this year. The appointment takes effect form 1 September and will last for a minimum of three years, during which time Gold will commit at least three days a month to the role.
3 minute read

International Edition

Profession to bear the cost of new regulatory regime

The regulatory infrastructure that underpins the legal profession is undergoing unprecedented change, with the idea that the profession is capable of regulating itself irretrievably abandoned. And now that the new, wholly independent governing bodies are in place, attention is focused on the way in which the new order will go about its day-to-day business. The reforms enshrined in the Legal Services Act focus on the organisational change that is needed to move away from self-regulation towards a more independent structure. The independent Legal Services Board (LSB) has been created to be the oversight regulator for the entire legal profession, with a mandate to raise public awareness of the professional standards against which practitioners are assessed - and the grievance procedures that are available, if required.
4 minute read

International Edition

Professional negligence and indemnity: Regulation in the balance

Following on from the Solicitors' Code of Conduct 2007, the implementation of the Legal Services Act 2007 and the development of the Legal Services Board at the end of 2009, the Solicitors Regulation Authority (SRA) has recently published further plans for regulatory change. These plans are characterised by a new consumer-focused approach and, specifically, the proposed outcomes-focused regulation embodied in the draft code of conduct coming into force on 6 October 2011.
8 minute read

International Edition

Gibson Dunn launches in Hong Kong with hire of General Electric veteran

Gibson Dunn & Crutcher is to open an office in Hong Kong this year as the top 20 US law firm moves extend its compliance and white collar crime practice into Asia. The new office will be led by Kelly Austin, who joins the firm as a partner from General Electric International in Hong Kong, where she has been for the last eight years. She specialises in Asia-wide Foreign Corrupt Practices Act (FCPA) and compliance matters. Austin will be joined by Gibson Dunn corporate partner Joseph Barbeau, who is relocating from the firm's Palo Alto office, and associate Kate Yin, who is relocating from its Los Angeles office.
2 minute read

International Edition

FSA calls for law firm secondees as City shake-up moves forward

The Financial Services Authority (FSA) is aiming to attract more secondees from law firms to assist in its dismantling following last month's announcement that the UK's system of financial regulation is to be overhauled. The secondees will assist the FSA's general counsel division in dividing up the City watchdog to form the separate regulators - the Prudential Regulation Authority (PRA) and the Consumer Protection and Markets Authority (CPMA) - at the heart of the new regulatory framework.
2 minute read

International Edition

Goldman trader blames in-house lawyers in response to SEC charge

Fabrice Tourre, the Goldman Sachs trader at the heart of a high-profile fraud claim launched against the bank, has blamed its in-house legal team in his defence, writes Corporate Counsel. In a filing on Monday (19 July) in federal court in Manhattan, the self-described 'Fabulous Fab' denied allegations by the Securities and Exchange Commission (SEC) that he made materially misleading statements or omissions in a 2007 deal involving subprime mortgages.
3 minute read

International Edition

Financial regulation: Death, taxes and consultation papers

Major changes to the regulation of the financial services industry are coming from a bewildering array of directions. CC's Simon Crown charts the challenge of working in perennial uncertainty
5 minute read

International Edition

Financial regulation: A little spare change

The creation of a new agency to tackle white-collar crime raises awkward questions about funding, argue Norton Rose's Charles Evans and Dorian Drew
5 minute read

International Edition

Financial regulation: The Fed's master craftsman

The New York Federal Reserve Bank general counsel Thomas Baxter helped engineer the bailouts that kept the bottom from falling out of the economy. Sue Reisinger reports
10 minute read

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