Financial Regulation Is Big Law's Newest Battleground: The Morning Minute
The news and analysis you need to start your day.
January 25, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
SUPREME DISAPPOINTMENT - On Monday, the U.S. Supreme Court celebrated the start of the NFL playoffs by punting what could have been a decisive case regarding attorney-client privilege. In In re Grand Jury, No. 21-1397, the district court and the Ninth Circuit both said a law firm hired to prepare tax returns for a client could not shield its communications with that client from disclosure in a criminal investigation. As Law.com's Maria Dinzeo reports, the justices' decision (or lack thereof) was a blow to in-house counsel seeking clarity on how attorney-client privilege applies to their everyday dealings. Susanna McDonald, Association of Corporate Counsel vice president and chief legal officer, said the court missed an opportunity to weigh in on whether attorney-client privilege applies to "dual purpose" communications that contain advice on multiple legal and nonlegal issues. "In-house counsel need clarity on how all courts will view their client communications so that they can provide the best possible legal advice while also fulfilling their role as a strategic business partner," McDonald said.
RELENTLESS REGULATION - Big Law is making big investments in regulatory capabilities as tech and financial services become ever more intertwined. In recent months, Orrick, Davis Wright, Paul Hastings, Cooley, Wilmer, Polsinelli, Cravath and Fenwick have all welcomed regulatory partners. So what's behind this trend? "For a long time, industries stayed in their own lane," Kent Zimmermann, a law firm consultant at Zeughauser Group, told Law.com's Jessie Yount. "Financial services was in one lane, tech was in one lane, life sciences was in one lane. Today they're all converging, partly because of tech-driven innovation. That is partially why [those sectors] are increasingly regulated."
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ON THE RADAR - TrackMan Inc., which sells golfing simulators and other golf-centered products, filed a copyright infringement lawsuit against GSP Golf d/b/a GSPro and Davor Bogavac on Tuesday in New York Southern District Court. The suit, brought by White & Case, accuses the defendant of misappropriating the plaintiff's software to develop a competing line of golfing simulators. Counsel have not yet appeared for the defendants. The case is 1:23-cv-00598, TrackMan Inc. v. GSP Golf AB et al. Stay up on the latest deals and litigation with the new Law.com Radar.
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
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Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
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Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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