Issue #40: Settle, Settle, Settle
Welcome to the 40th edition of OIA!
Here are the latest 🌶 headlines in APAC:
Singapore: Singapore Court enforces a provisional DIAC award rendered under the now-defunct DIFC-LCIA clause
South Korea: TEMC and Matheson Gas Products Korea commence legal battle over alleged trade secret theft
United Kingdom: Australian computer scientist Craig Wright found to not be the creator of bitcoin
Ling Yah
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Innovate With Care
Let’s talk about antitrust actions in China.
🍿 What Happened?
In 2014, 4 companies engaged in the production and sale of sintered neodymium-iron-boron permanent magnet materials in Ningbo, initiated antitrust actions against Hitachi Metals with the Ningbo Court.
The first instance judgment by the Ningbo Court in April 2021 ruled against Hitachi Metals.
👀 And Now?
This first instance judgment has now been overturned by the Supreme People's Court to hold that the conduct of Hitachi Metal didn’t constitute abuse of market dominance.
The decades-long fight highlighted the influential role of expert witnesses in antitrust cases in China. It also sets an important precedent when considering the intersection of safeguarding innovation while promoting fair competition within China.
Uber's $178 million class action settlement
8,000 taxi and hire car drivers have just triumphed against Uber.
🍿 What Happened?
Uber entered the Australian market in 2012, at a time when rideshare regulations did not exist anywhere in the world. This resulted in many Australian taxi and hire car drivers losing out (with Uber constantly refusing to compensate them).
This led to the commencement of a class action suit in 2019 which was meant to proceed in the Supreme Court of Victoria earlier this month.
👀 Now
This class action suit has now been dropped in light of Uber’s agreement to a USD 178 million settlement - the fifth-largest class action settlement in Australia’s history!
Apple's $490 million settlement
Here’s another class action settlement that’s been hitting the headlines - only this time, it’s by Apple!
🍿 What Happened?
On an analyst call on 1 November 2018, Tim Cook informed investors that Apple was facing sales pressure in countries where currencies had drop, but that this didn’t include China.
A few days later, Apple directed its suppliers to reduce production and Apple shares plunged by 10% the following day (a loss of USD 74 billion in market value).
On 2 January 2019, Apple stated that it would reduce its quarterly revenue prediction by up to USD 9 billion, citing US-China trade tensions.
A group of investors launched a class-action lawsuit accusing Tim Cook of misleading them about Apple’s sales prospects in 2018. Specifically, that he had made false statements about Apple’s business in China that caused Apple stock to trade at artificially inflated prices in violation of securities laws.
👀 Now
Apple denies any violation of law but has agreed to pay USD 490 million “in recognition that further litigation will be protracted, overly burdensome, expensive, and distracting.”
The settlement will go to investors who bought shares between November 2018 and January 2019.
Attorneys could seek up to a quarter or about USD 122 million, of the settlement!
Spotlight: Gregory Das
What is your current role?
I am a Partner at Messrs Cyrus Das Advocates & Solicitors. I am a litigation lawyer and my practice has an emphasis on public and administrative law, contractual disputes as well as litigation involving property development.
I am also a member of the Bar Council of Malaysia and I am looking forward to the new term, which began in the middle of March this year.
What is your proudest achievement?
My proudest professional achievement would be having authored the first practitioner’s text exclusively on the law of judicial review in my jurisdiction, titled “The Law and Practice of Judicial Review in Malaysia”.
Writing the book required much self-discipline and extended hours of self-exile. However, I was pleased to see that the end product has been of some use to my fellow members of the Bar, particularly in the current pace and demands of legal practice.
If you had 25 hours in a day, what would you do with the extra hour?
Depending on what day of the week it is, this hour would be spent with the wife seeing if those food joints on social media are worth the hype or catching up on some writing that I have been deferring.
If you weren't a lawyer, what would you be?
Become the Manager of Manchester United.
Alternatively, I would be a very content and accomplished dessert taster.
I would also be relatively happy in a role that involved writing about the law, public policy or sports.
Your favourite food haunt is...?
Too many to choose from!
If I had to pick one, it would be Jake’s Charbroil Steaks in Medan Damansara, Kuala Lumpur. The best nachos ever!
I would need to also make an honourable mention of Churn Ice Cream in Petaling Jaya. Probably the best ice cream I have had locally.
Note: Edited for clarity & brevity.
Food Feature
Unsure of what to eat on a lazy morning? Head to Common Man Coffee Roasters when in Singapore for some classic, well-executed, and healthy brunch items alongside specialty Arabica coffee!
There are four outlets to choose from but be prepared to queue (especially on weekends) - they're popular and do not accept reservations!
Details: Facebook Website
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David Grief was described as "the Law's Middleman" (Business Times, 2021). You can reach out to him at dg@davidgrief.com if you need help identifying the right lawyer, arbitrator or expert for your matters, or even if you just want to grab a drink 🍵🍺 with someone who has managed and mentored lawyers for almost 5️⃣0️⃣ years!