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In October 2019, Lebanese banks closed down, and while they did eventually reopen, there are severe restrictions on the withdrawal and transfer of funds and foreign currency transactions – known as "de facto" capital controls. In light of the impact that these restrictions have had on businesses, investors may be tempted to challenge them through recourse to investor-state arbitration.
In Pirani v. Slack Technologies, Inc.,1 a divided panel of the U.S. Court of Appeals for the Ninth Circuit held that investors who purchase stock in a direct listing—in which pre-existing shares are sold to the public without underwriters.
On September 20, 2021, in Pirani v. Slack Technologies, Inc., a divided panel of the U.S. Court of Appeals for the Ninth Circuit held that investors who purchase stock in a “direct...
Economic uncertainty around raw materials and shifts in post-pandemic planning has created tangible tensions surrounding international construction and infrastructure “mega projects”....