• Banking - Hungary

  Comprehensive new credit information system in the pipeline

  The central credit information system is undergoing reform, with a new credit reference service to be launched in October 2010. The service will contain information on natural persons who have paid their loans in compliance with their terms. It is expected to remedy the existing system's deficiency, whereby credit institutions can obtain only negative information about natural persons.

• Competition - USA

  Certain financial hedge arrangements can violate Sherman Act

  The Southern District of New York recently approved a proposed final judgment in the Department of Justice's enforcement action against the KeySpan financial hedge arrangement. The department's enforcement action was an aggressive use of Section 1 of the Sherman Act to prohibit an otherwise lawful agreement because it had as its objective a predictably anti-competitive effect.

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• $7 billion disposal

  BP plc CMS Cameron McKenna LLP - Penelope Warne, Eleanor Layton, Stephen Millar; Sullivan & Cromwell LLP - James C Morphy, John Evangelakos, Christine Spillane
  Apache Corporation Slaughter and May - Charles Randell, Philippe Chappatte; Bracewell & Giuliani LLP - Patrick Oxford; Osler Hoskin & Harcourt LLP - Janice Buckingham, RJ Jack Thrasher, Stanley R Ebel, Peter Glossop
  Bank of America Merrill Lynch Davis Polk & Wardwell - Leonard Kreynin, Phillip R Mills
  Citigroup Global Markets Inc Davis Polk & Wardwell - Louis L Goldberg

• $3.5 billion acquisition

  General Motors Corporation Andrews Kurth LLP - Mark S Solomon, Melinda Brunger, Jeff Dodd, Quentin Faust, Christopher Fenelon, Mark Harris, Thomas Popplewell, Lance Schuler, Sharon Ward
  AmeriCredit Corpoation Hunton & Williams LLP - Gregory J Schmitt, Douglas M Berman, Steven Leshin, Scott Austin, Jeffry Blair, Alan Amarcuis@hunton.com
  Leucadia National Corporation Weil Gotshal & Manges LLP - Andrea Bernstein
  The Special Committee of the Board of AmeriCredit Akin Gump Strauss Hauer & Feld LLP - Robert Dockery
  Morgan Stanley
  JP Morgan Securities Inc

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