Canada: R. V. Dunn, Beatty And Gollogly 2013 Onsc 137: The Canadian Nortel Fraud Prosecution Results In Acquittals


The collapse of Nortel Networks Corporation ("Nortel") after the bursting of the technology bubble in 2001, and the ultimate bankruptcy of Nortel, is a dramatic and sad chapter in the history of a Canadian corporate icon. Nortel, which was listed on the Toronto Stock Exchange and New York Stock Exchange, was one of the most valuable companies on the Toronto Stock Exchange in 1999. It had a share price that often exceeded $100 U.S. It was widely held by many Canadians in their retirements plans, and by pension funds. The collapse of Nortel's share price in 2000 and 2001 affected virtually every Canadian who owned shares in public companies, and Nortel's ultimate filing for bankruptcy protection in 2009 represented an unfortunate end to the Nortel story in Canada.

In June 2008, three former executives of Nortel: Frank Dunn, the former CEO; Douglas Beatty, the former CFO; and Michael Gollogly, the former controller, were charged with two counts of fraud in relation to the preparation of the financial statements of Nortel between 2000 and 2004. Each was alleged to have committed fraud by "deliberately misrepresenting the financial results" of Nortel between 2000 and 2004, thereby defrauding the public in count 1, and Nortel, in count 2 of the indictment. The case was highly publicized, principally because of the wide public interest in the collapse of Nortel and the public assumption that someone must be to blame in this unhappy story.

In fact, the allegations of criminal fraud had little connection to the circumstances which caused Nortel to apply for bankruptcy protection in 2009. Nevertheless, the case attracted widespread attention in the legal and business communities, and in the general public.

The Acquittal of the Three Former Executives

On January 14, 2013, Marrocco J. of the Ontario Superior Court of Justice acquitted the three former executives of Nortel.* The acquittals involved a fundamental rejection by the trial judge of the Crown theory that, in Q4 2002 and Q1 and Q2, 2003, the three former executives of Nortel had fraudulently manipulated the booking, and release, of accrued liabilities in an effort to create false financial statements, triggering bonuses to which they were not entitled.

The Crown alleged that Nortel's first restated financial statements for 2000 to Q2 2003 ("the first restatement"), issued December 23, 2003, were themselves fraudulent in their representation that they were a comprehensive restatement of Nortel's original accounting. In making this allegation, the Crown relied upon the fact that, in January 2005, Nortel issued a second set of restated financial statements for 2000 to 2003 ("the second restatement"), approved by Nortel's original auditors (who had also approved the first restatement). The Crown alleged that there were fundamental differences between the first and second restatements and that these differences were demonstrative of fraud in relation to both the original accounting at Nortel, and the first restatement for which the three senior executives were responsible.

The Crown also alleged that in Q4 2002 accruals were booked to deliberately move Nortel from a pro forma profit to a pro forma loss. The allegation was that this was done to "store up" excess accruals to be later released to fraudulently meet earnings targets and to trigger the payment of bonuses.

After a six month trial, and reviewing thousands of pages of documentary exhibits, Marrocco J. acquitted the accused, concluding that the original financial statements of Nortel were not materially misrepresented, and that the first restatement was comprehensively and honestly completed. Marrocco J. concluded that the second restatement involved Nortel's auditors, Deloitte and Touche LLP ("D&T"), disagreeing with its previous opinions with respect to accounting, and acting upon new information. Marrocco J. also concluded that additional items concerning revenue recognition were considered in the second restatement, which also contributed to the differences between the first and second restatements. Marrocco J. concluded that the second restatement was no evidence that either the first restatement (completed by the three accused) or the original accounting, were in any way fraudulent.

The Wilmer Cutler Pickering Investigation

The criminal allegations stemmed from a review performed by Wilmer Cutler Pickering ("WCP"), an American law firm.1 Nortel's Audit Committee retained WCP as its legal counsel and asked WCP to perform the review to determine the circumstances leading to the decision by Nortel to restate its financial statements in the fall of 2003 in an attempt to satisfy regulators concerned about the need for Nortel to restate its financial statements.2

Nortel initially restated its financial results when, through a comprehensive balance sheet review conducted in the fall of 2003, $900 million in excess accrued liabilities were discovered.3 Nortel's Audit Committee decided to restate its financial results a second time when WCP advised that "aspects of the prior accounting were not correct and raised the potential of earnings management".4 The second restatement produced different results than the first, leading the Crown in this case to allege that the initial balance sheet review was not comprehensive and the results of the first restatement, as well as the initial accounting statements, were materially misrepresented.5

The Crown's allegations against the accused in this case were similar to those in the WCP review: ongoing earnings management by the defendants for the purpose of receiving bonuses to which they were not entitled.6 The evidence at trial established that the analysis by WCP, which led to the criminal charges, had drawn conclusions about the cause of the first restatement, but in the WCP review: "the work of Nortel's external auditor, Deloitte & Touche LLP, was not examined".7

At the six-month long criminal fraud trial of the three executives starting January 16, 2012, the defence relied on voluminous documentary evidence from D&T, Nortel's auditors, filed as business records, to show that Nortel's original accounting was reasonable and comprehensively reviewed by D&T.

Once the D&T documents were examined, along with all of the other evidence, it was clear to Marrocco J. that

the second restatement produced different results than the first restatement because the thresholds of the second restatement were different, because the second restatement concentrated on revenue recognition, as well as excessive accrued liability balances, and because Deloitte changed its mind about the accounting for specific transactions. Sometimes,...Deloitte disagreed with itself.8

Marrocco J. also found that Nortel's original financial statements were materially accurate—contrary to the Crown's theory, they were not materially misrepresented.9

In relation to Q4 2002, Marrocco, J. concluded that accruals entered late in the Q4 2002 close process did not move Nortel from a pro forma profit to a pro forma loss. Furthermore, Marrocco J. concluded:

I am not satisfied beyond a reasonable doubt that the accruals solicited by [the Director of Global Planning] and recorded in Q4 '02 resulted in a misrepresentation of Nortel's U.S. GAAP financial results for Q4 '02 or fiscal 2002.

As a result, the three former executives of Nortel were acquitted.10

The Importance of Context — the Bursting of the Dot-Com Bubble

Marrocco J. recognized that it is impossible to understand the nature of the alleged criminal conduct without an appreciation for the context in which the three men were charged.11 Nortel was an international company that provided data, wireless and optical networking products and services to telecommunications carriers and enterprise customers worldwide.12 The company rapidly expanded in 1999 and 2000, undertaking 22 acquisitions for a total of $29 billion—a move that mirrored the growth of the industry at the time.13 However, in 2001, the industry experienced a significant slowdown that caused a dramatic decline in demand for Nortel's products and services.14 In an attempt to streamline its operations, Nortel reduced its workforce from approximately 94,002 employees in 2001 to 37,000 at the end of 2002, incurring billions of termination and severance charges on top of goodwill write downs and other necessary measures for survival.15 The company experienced losses of $197M in 1999, $2.9B in 2000, $27.4B in 2001 and $3.6B in 2002.16 As the Vice-Chair and Deputy Chief Executive of D&T (Canada), Mr. Bruce Richmond, testified:

"Nortel was descending down a very slippery path at a very fast rate... The notion of where the bottom was going to be was not understood at that point in time by anybody... One day a client existed the next day it was out of business... The team was clearly on red alert in terms of what they were facing... ....endeavoring to the best of our collective ability, and I'm talking Nortel folk and I'm talking Deloitte folk, to put your arms around a situation ... that we had never seen before... the years 2001, 2002, the company was fighting for its very survival..."17

Marrocco J. concluded that Nortel's Audit Committee and Board of Directors were extremely concerned with Nortel providing for every risk it might face and ensured that message was communicated throughout the company.18 As a result, excess liabilities accrued.19

Conservatism was Acceptable

Marrocco J. found that Nortel had a long-standing culture of conservatism in accounting that had "existed for in excess of twenty years"20—long before the three accused earned their executive positions.21 The Crown argued that Conservatism was contrary to US GAAP; however, Marrocco J. was not satisfied that was the case.22 When a company provides for liabilities in a manner consistent with the policy of Conservatism, "uncertainties that surround the preparation of financial statements are reflected in a general tendency toward early recognition of unfavorable events and minimization of the amount of net assets and net income". In its Statement of Financial Accounting Standards No. 5 (FAS 5) released in March 1975, The Financial Accounting Standards Board specifically noted that FAS 5 is not inconsistent with the accounting concept of Conservatism.24

Marrocco J. was "satisfied beyond a reasonable doubt that all three accused, by virtue of their long experience with Nortel and their positions of responsibility, well-understood how the men and women in the field were implementing Nortel's policy of Conservatism".25 He found that the accused understood that liabilities were often estimated on a "worst-case scenario basis" and that "in order to avoid exposing Nortel to risks that were not provided for, there was a reluctance to reduce accrued liability balances in the appropriate quarter in response to a triggering event".26

However, Marrocco J. did not agree with the Crown's allegations that the excess liabilities on Nortel's balance sheet were false—they were, in fact, genuine.27 He stated that he was "not satisfied that any or all of the accused understood the extent of the unsupported liabilities" and he accepted that this was in part because

the downsizing of Nortel, which involved the closing of offices, the selling of real estate and, undoubtedly, the storage of documents, created a situation in which supporting documentation for some of existing accrued liability balances could not be located. Further, the loss of employees (two out of every three worldwide) created a situation in which the institutional memory concerning the unsupported accruals no longer existed within the company.28

Marrocco J. was satisfied that "the enormous losses suffered by Nortel in fiscal 2000 and 2001 created a situation in which senior management, Nortel's Board of Directors and Nortel's auditors were concentrating their efforts and energy on doing what was necessary to make sure that Nortel had sufficient cash reserves to survive."29

In the Summer of 2003, Nortel began an enhanced review of its balance sheet (the "Balance Sheet Review").30 It was through the Balance Sheet Review that the extent of the issue was discovered.31 Marrocco J. concluded that the "comprehensive balance sheet review" which resulted in the first restatement was, indeed comprehensive and that its scope was reasonable.32 He accepted evidence heard at the trial that the first restatement reflected a concerted effort by senior management at Nortel, including the 3 defendants, to correctly re-state the $900 million in excessive accrued liabilities on the balance sheet identified in the comprehensive balance sheet review.33

The Restatements were not Evidence of Fraud

The evidence at trial showed that Nortel restated its financial statements for the year 2000 through Q2 2003 on two occasions.34 Marrocco J. conceded that "[i]n the abstract, it is true that the fact that accrued liability balances in Nortel's balance sheet were restated is capable of supporting an inference that, in their original form, the financial statements misrepresented Nortel's financial results"; however, he concluded that "[b]ased on the evidence that [he] heard, [he] should not draw such an inference in this case."35 Marrocco J. then warned of the dangers of giving credence to that inference,36 stating:

It would be imprecise and dangerous to conclude, without knowing the specifics of the transactions, that Nortel's prior published financial results were false because transactions...were restated. The more accurate statement is that Deloitte changed its mind about the accounting treatment for these transactions and, as a result, previously-published financial statements had to be changed.37

After looking at the evidence of specific transactions in the periods, he concluded:

I am not satisfied by the evidence in this case, including the fact that the second restatement resulted in financial statements which were different than Nortel's previously-published and restated financial statements, proves that the previously-published and restated financial statements misrepresented Nortel's financial results.38

In short, as summarized by Marrocco J.:

I am satisfied that Nortel's original financial statements for the years 2000, 2001, 2002 and Q1 '03 and Q2 '03 properly reflected Nortel's financial reality.39

Materiality is Key

Materiality played an important role in Marrocco J.'s decision, for he framed the constituent elements of the Crown's allegations as follows:

Count 1: "the Crown has to prove that the accused knew that Nortel's financial statements contained misrepresentations that were material to the decision of a member of the investing public to buy, hold or sell Nortel publicly-traded securities."

Count 2: "the misrepresentation of Nortel's financial results created the economic risk that Nortel Networks Corporation would pay money to the defendants that ought not to be paid to them."40

Marrocco J. accepted the definition of materiality provided by the report prepared by the Crown's expert, Mr. Robert Chambers:

The omission or misstatement of an item in a financial report is material if, in the light of surrounding circumstances, the magnitude of the item is such that it is probable that the judgment of a reasonable person relying upon the report would have been changed or influenced by the inclusion or correction of the item.41

After reviewing the transactions at issue, Marrocco J. was satisfied that they were not material.42 In particular, Marrocco J. accepted the evidence of Bruce Richmond, one of Deloittes' Senior partners on the Nortel file, that the $900 million in excess accrued liabilities on the balance sheet that were re-stated in the first restatement, were not material to Nortel's financial results in 2001 and 2002, primarily because of the $33 billion of losses Nortel experienced in those years.43

Marrocco J. also rejected the Crown's theory that if it were not for the release of $80 million in accrued liabilities in Q1 03, profit targets necessary for the payment of bonuses would not have been met.44 A draft memorandum by Deloitte & Touche, prepared within the time frame of the allegations, analyzes the release of the $80 million in detail and concludes that "the thresholds for these two bonuses would have been met whether or not the $80 million in accrued liability balances is released to the profit and loss statement."45 Marrocco J. accepted that conclusion: the bonuses would have been payable with or without the release of the $80 million.46

The Importance of Nortel's Open and Candid Relationship with its Auditors

Nortel's relationship with Deloitte & Touche figures prominently in Marrocco J.'s judgment—he understood that it could not be underestimated.47 He asserted the importance of this relationship for context and found:

I am satisfied that Nortel was a significant Deloitte & Touche client. I am satisfied that Deloitte & Touche were embedded in one form or another in all aspects of Nortel's operations. The evidence is replete with communications between Nortel staff and Deloitte staff. Many of the witnesses testified that, when Deloitte asked for information, it was provided. This assertion is amply borne out by the documentary record.48

Marrocco J. understood that the inferences the Crown had asked him to draw were not justified given the complexities of the whole situation—the tech crash, the forced downsizing of Nortel, and Nortel's longstanding, candid relationship with D&T. He declined to give those inferences effect,49 stating

The restated releases referred to in the evidence lead me to the conclusion that the decision to restate on account of an error can be the same thing as saying that there was a decision to restate on account of a difference of opinion. The difference of opinion can occur with the benefit of hindsight. The difference of opinion can be influenced by new information. As indicated earlier, when deciding to restate an accrued liability balance, sometimes Deloitte disagreed with itself. The specifics of each restated item are a story, the details of which cannot be inferred from the ending....50


The decision of Marrocco J. in Regina v. Dunn, Beatty and Gollogly is the first time a Canadian criminal court has considered an allegation of accounting fraud against corporate executives, based on a prosecution claim that the existence of fraud can be inferred from the restatements themselves.

This claim was firmly rejected by Marrocco J., having regard to his factual findings that the differences between the first restatement, the second restatement, and the original accounting was not attributable to fraud but rather to different thresholds between the first and second restatement and, more fundamentally, to D&T changing their minds concerning the proper accounting for the transactions at issue. In the end, Justice Marrocco's decision was a resounding victory for the accused, and a fundamental rejection of the Crown's case reflected in his central finding that:

"Nortel's original financial statements for the years 2000, 2001, 2002, Q1 '03 and Q2 /03 properly reflected Nortel's financial reality".

* The decision is reported at R v. Dunn 2013 ONSC 137 (Ontario Superior Court of Justice)


1 R v. Dunn, 2013 ONSC 137 at paras. 328 and 358.

2 Ibid. at para. 314.

3 Ibid. at para. 315.

4 Ibid. at paras. 343-345.

5 Ibid. at paras. 303-306.

6 Ibid. at para. 532.

7 Ibid. at para. 336.

8 Ibid. at para. 1181.

9 Ibid. at paras. 541-542, 1128, 1182-1183.

10 Ibid. at para. 1188.

11 Ibid. at para. 6.

12 Ibid. at para. 8.

13 Ibid. at para. 8.

14 Ibid. at para. 9.

15 Ibid. at paras. 10-11.

16 Ibid. at para. 12.

17 Ibid. at paras. 16 and 24-25.

18 Ibid. at paras. 26-28.

19 Ibid. at para. 29.

20 Ibid. at para. 76.

21 Ibid. at paras. 142-164.

22 Ibid. at paras. 1090-1091.

23 Ibid. at para. 211.

24 Ibid. at paras. 118 and 212.

25 Ibid. at para. 1129.

26 Ibid. at para. 1130.

27 Ibid. at para. 1131 and 1135.

28 Ibid. at para. 1133.

29 Ibid. at para. 1137.

30 Ibid. at para. 1171.

31 Ibid.

32 Ibid. at paras. 1171, 1175.

33 Ibid. at paras 310-312.

34 Ibid. at paras. 257 and 265.

35 Ibid. at para. 1185.

36 Ibid. at para. 1187.

37 Ibid. at para. 1179.

38 Ibid. at para. 1182.

39 Ibid. at para. 325.

40 Ibid. at paras. 48-52.

41 Ibid. at paras. 54 and 59.

42 Ibid. at paras. 481, 523, 602, 808, 1128, 1161.

43 Ibid, at para. 523.

44 Ibid. at paras. 667-668.

45 Ibid. at para. 700.

46 Ibid. at paras. 1147-1152.

47 Ibid. at para. 126.

48 Ibid. at para. 130.

49 Ibid. at para. 1187.

50 Ibid. at para. 1184.

To view original article, please click here

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions