Dim Sum Bonds, Panda Bonds, and Dispute Resolution
China’s push to internationalize the renminbi (RMB, or yuan) since 2008 has led to the growing share of RMB-denominated bonds in the international bond market. So-called “panda bonds” and “dim sum bonds” are variants of RMB-denominated bonds. Panda bonds are onshore RMB debt issued in China by entities domiciled outside mainland China. Overseas issuers use…
Continue ReadingThe Most-Viewed TLB Posts of 2025
To celebrate the end of another year at TLB, I wanted to highlight the posts that received the most views in 2025. A Primer on Choice-of-Law Clauses A Primer on Choice of Law Choice-of-Law Methodologies: Updating the List Throwback Thursday: The Tate Letter and Foreign Sovereign Immunity The $24 Billion Judgment Against China in Missouri’s…
Continue ReadingMaduro’s Capture Was Not a Legal “Law Enforcement Operation”
The international legal implications regarding the U.S. capture of Venezuelan president Nicolás Maduro are profound. I want to clarify just one misconception that appears to be growing in importance. The Trump Administration has downplayed the military aspects of the operation by asserting that the U.S. military was simply aiding a law enforcement effort to serve…
Continue ReadingAALS Conflicts Section Panel: Extraterritoriality in Flux
Those readers attending the AALS Annual Meeting in New Orleans might be interested in attending the panel sponsored by the Conflicts Section on January 9 at 8:00-9:15. The topic is “Extraterritoriality in Flux” and here is the description: In determining the law applicable in a particular case, a critical step is often to determine the…
Continue ReadingHappy New Year!
TLB will be on break until January 6, 2026. We wish you all the best in the new year!
Continue ReadingSDNY Grapples with Fuld
In Fuld v. Palestine Liberation Organization, as we have previously covered, the Supreme Court held that the due process limits on personal jurisdiction under the Fifth Amendment differ from those of the Fourteenth Amendment. But the Court did not spell out what the personal jurisdiction analysis should be under the Fifth Amendment, other than stating…
Continue ReadingNew Essay on the Future of Fuld v. PLO
I have expanded on my prior TLB posts on Fuld v. PLO, including a series of posts I wrote last summer critiquing the originalist case for unlimited personal jurisdiction under the Fifth Amendment, in a new essay that is forthcoming in the Yale Law Journal Forum and is now available on SSRN. In this new…
Continue ReadingSolicitor General Recommends Granting Cert in Cisco
In Doe v. Cisco Systems Inc. (2023), the Ninth Circuit held that claims for aiding and abetting human rights violations could be brought under the Alien Tort Statute (ATS) against Cisco Systems and under the Torture Victim Protection Act (TVPA) against Cisco’s former CEO. The plaintiffs allege that Cisco designed, built, and maintained a surveillance…
Continue ReadingActually, Courts Love the Third Restatement: A Response to Listwa
Every author knows the mixture of excitement and trepidation that follows publication as you wait for the reviews to roll in. For Reporters of Restatements, the sentiment is perhaps more acute: there is one audience that is particularly important, judges, and one question that matters: will they find the Restatement helpful? It is gratifying whenever…
Continue ReadingToshiba ADR Investors in a Catch-22
A recurring challenge in defining the geographic scope of U.S. securities law is how to characterize non-exchange-based transactions in American Depositary Receipts (ADRs). Under the Supreme Court’s Morrison test, such transactions have to qualify as “domestic” to trigger the application of U.S. law. If they don’t, the assumption is that investors would have to litigate…
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