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WHAT WE'RE WATCHING

BIG BUCKS – Latham & Watkins has secured a $1 billion judgment on behalf of UBS Securities in a long-running contract dispute against bankrupt hedge fund manager Highland Capital Management, dating back to the early days of the financial crisis. As Tom McParland reports, a New York trial court Justice Marcy Friedman ordered two funds affiliated with Highland to pay $520 million in damages and another $520 million in statutory interest for their refusal to cover UBS' losses under a failed agreement to securitize collateralized loan obligations and credit-default swaps in 2008.

MO FOR MOFO - Financial numbers for 2019 are flowing in to Law.com affiliate The American Lawyer for this year's Am Law 100 and 200, and among the latest are those from Morrison & Foerster, which reported a revenue increase of 10% to $1.15 billion. Revenue per lawyer went up 4%, to $1.14 million. Profits per equity partner grew 3.3% to $2.05 million, marking the first time the firm has surpassed the $2 million point.

BY THE BOOK – The manuscript of John Bolton's upcoming book, "The Room Where It Happened," is at the heart of the Senate's impeachment trial of President Trump. And what happens if the book by the ex-national security adviser ends up containing classified information, as the White House's National Security Council has said after a preliminary review of it? Jacqueline Thomsen reports that if the NSC insists on classified details being redacted from the book, Bolton can go to court to challenge the classification. He'll have to prove that information was already released by Trump officials to get a judge to rule in his favor and let the details be published.

EDITOR'S PICKS

Facebook Agrees to $550M Deal to Settle Biometric Suit Over 'Tag Suggestions'

Sullivan & Cromwell Blasts 'Tortured' Claims in $13M Suit Over Laos Project

 Freshfields Says It Had No Deal With Recruiter Seeking Credit for Klingsberg Move

 Law Deans Implore Federal Judges to Follow Clerk Hiring Plan

 LendingUSA Hires Experienced Fintech Attorney as General Counsel

 Prosecutors Say Avenatti 'Sold Out' Client in Shakedown of Nike in Opening Statement

 Trespass Add-Ons to ADA Website Suits Face Uncertain Future

 

WHILE YOU WERE SLEEPING

EXPANSION – U.K.-based law firm DWF is set to acquire global legal and managed services business Mindcrest, based in Chicago, for $18.5 million. Meganne Tillay reports that the transaction is expected to be completed within six weeks. DWF will have offices across 33 locations employing about 4,200 people. Chicago-based Mindcrest provides litigation support, legal analytics, compliance, and contracts for large international corporate clients.

WHAT YOU SAID

"We think of ourselves a bit as Cannabis 2.0."

— Axel Bernabe, assistant counsel to N.Y. Gov. Andrew Cuomo, on a proposal by Cuomo to create a single state office to handle regulation and taxation of the marijuana industry.

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