In the United States, Litigation funding describes the provision of capital to a claimant in exchange for a portion of the proceeds from a legal claim—whether by settlement or award—where recourse is limited to the proceeds of the claim at issue.  Legal claims, as an asset or liability, are like a bond or other financial instrument; once a legal claim “matures” through a judicial award or settlement, it entitles the claim creditor to payment on the prescribed terms.  However, unlike a bond it is uncertain as to whether the asset will indeed mature.  A bond entitles the holder to payment on its face.  A legal claim must survive the legal system’s crucible to hold any value.  Thus, an investment in a single legal claim bears substantial risk.  Litigation funding redistributes this risk to the party that is most willing and able to bear and manage it.  The social benefit of this risk distribution is the allocation of capital resources to their highest and best use; allowing companies to invest in projects that optimize returns and promote general economic growth.
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在美国,诉讼资助是指向请求权人提供资金,以换取通过和解或裁决实现法律请求的收益的一部分,而追索权仅限于相关法律请求的收益。法律请求作为资产或负债,如同债券或其他金融工具一样,一旦通过司法裁决或和解“到期”,债权人就有权根据约定的条款获得付款。然而,与债券不同的是,该资产是否确实会到期并不确定。债券持有人有权收取票面金额,而法律请求必须在经过法律制度的考验之后才具有价值。因此,对单项法律请求的投入存在重大风险。通过诉讼资助,可将风险重新分配给最有意愿也最有能力承担和管理风险的一方。这种风险分配的社会效益在于使资本资源配置达到最大限度,发挥最大效用,使公司能够投资于优化回报和促进总体经济增长的项目。
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在2020年7月,美国商务部产业安全局(Bureau of Industry and Security,下称“BIS”)正式发布了其向国会提交的2019财年有关出口管制及232调查等相关职权事项的年度报告,并发布了同期中美贸易项下的部分关键数据。虽然本次年报的数据统计仅限于2019年财年年度,未涵盖美国在2020年对华所采取的进一步出口管制措施,诸如:特定许可例外取消、加强对最终军事用途和最终军事用户(Military end user and military end use,下称“MEU”)的出口管制、对直接产品规则的有针对性修改等,但2019年作为美国自2018年开始逐步收紧对华出口管制政策后第一个完整财年,其中所体现的关键信息对今后中美贸易的局势和走向分析仍有极高的参考意义,值得大家认真关注。同时,结合我们近两年来处理的各类型的与出口管制相关内容,总结了此领域的重点问题,与大家一起探讨。
Continue Reading 贸易管制新常态—美国出口管制2019年度总结报告

US patent law gives a patent owner the right to exclude others from making, using, offering to sell, selling, or importing into the US the patented invention for a limited period of time.  To enforce its rights, a patent owner may bring a patent infringement claim against an alleged infringer in US federal district court or, if the claim involves the importation of allegedly infringing goods, before the US International Trade Commission (ITC).  If a patent is found to be valid, enforceable, and infringed in a district court action, the patent owner is entitled to monetary damages of not less than a reasonable royalty and may be able to obtain an injunction preventing further infringement.  A patent owner who prevails in an ITC action can seek to exclude the importation of infringing articles.
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2020年4月16日,美国财政部海外资产控制办公室(OFAC)就其针对伊朗、委内瑞拉、朝鲜、叙利亚、古巴以及乌克兰/俄罗斯所实施的制裁计划发布了《为抗击新型冠状病毒进行人道主义援助和贸易的指南》(“指南”)。OFAC制裁适用于美国人[1]和涉及美国金融系统的交易。此外,某些制裁计划授权OFAC实施次级制裁,即,该等制裁可能适用于由非美国人进行的、且无美国法律连接点的某些行为。
Continue Reading 疫情防控|美国财政部海外资产控制办公室发布《为抗击新型冠状病毒进行人道主义援助和贸易的指南》

新冠病毒的爆发对美国经济已经造成了严重的损害,作为回应,美国政府采取了一系列大规模行动来稳定和刺激经济。美联储已采取了一系列前所未有的措施,以期在不断升级的疫情期间支持美国经济,包括无限量化宽松计划以及设立众多信贷项目以确保资金流动性。
Continue Reading 疫情防控|《美联储应对疫情的经济刺激措施》

新冠病毒的爆发对美国经济造成了严重的破坏。作为回应,美国政府采取了一系列大规模行动来稳定和刺激经济。美国政府最新采取的措施是通过了一项经济救助方案,即《新冠病毒援助、救济与经济安全法案》(以下简称“CARES 法案”)。国会参众两院于上周通过了CARES法案,总统于2020年3月27日将该法案签署成为法律。
Continue Reading 疫情防控|《新冠病毒援助、救济与经济安全法案》:美国政府应对新冠病毒的2.3万亿美元经济刺激

The COVID-19 outbreak in the United States has wreaked havoc on the U.S. economy.  In response, the U.S. government has taken extensive measures to stabilize and stimulate the economy.  The most recent such measure is a piece of legislation delivering an economic rescue package, the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”).  The CARES Act was passed by both Houses of Congress last week and was signed into law by President Trump on March 27, 2020.
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2020年5月15日,美国商务部在其网站上正式宣布将修改《出口管理条例》(Export Administration Regulation, 下称“EAR”)中的直接产品规则,以特定中国企业“通过逐步加强本土化以破坏基于国家安全的管控限制”为由,进一步对相关中国企业及其全球附属公司的出口管制措施[1]。随后,商务部产业安全局(Bureau of Industry and Security, 下称“BIS”)在《联邦纪事》上发布了本次EAR临时新规修订的公众审查版全文。该临时规则预计将于2020年5月19日在《联邦纪事》上正式公布。
Continue Reading 美国调整“直接产品”规则,将深刻改变中国半导体行业业态!