Where Are All the Financial Regs Lawyers?: The Morning Minute
The news and analysis you need to start your day.
April 25, 2023 at 06:00 AM
4 minute read
Financial Services and Banking
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WHAT WE'RE WATCHING
O LAWYERS, WHERE ART THOU? - Recent bank failures have once again thrown the spotlight on law firms' regulatory offerings, fueling demand for financial services experts. The problem is, those folks are hard to come by. Already a competitive field, the lateral market for such partners is hot despite a more cautious approach to hiring in this economy. As Law.com's Jessie Yount reports, some are finding a shortage of available talent with the expertise they seek. "A lot of firms are realizing it's very hard to repurpose existing attorneys who haven't been working in this area because it's a steeper learning curve than other areas of the law," said Dan Binstock, a partner and Washington, D.C.-based legal recruiter at Garrison & Sisson.
MY CHEMICAL FINANCE - Defense and plaintiffs attorneys rarely agree on matters of a billion-dollar scale. Heck, plaintiffs attorneys hardly ever agree with each other. When it comes to "forever chemicals," however, everyone seems to concede that the human and environmental cost could be astronomical. In the realm of PFAS (poly- and per-fluoroalkyl substances) litigation, all bets are off. But, as Law.com's Christine Schiffner reports, being on the same side might end there. Defendants are facing a joint effort by plaintiffs firms and state attorneys general in suits with so much in potential damages that some wonder whether a bailout fund akin to what the automobile industry saw will be necessary for those facing PFAS liability.
ON THE RADAR - Bellagio Hotel and Casino and its operator MGM Resorts were sued Monday in Nevada District Court. The court action, filed by Nersesian & Sankiewicz on behalf of Theodore Lichtenstein III, accuses the Bellagio of unlawfully confiscating $20,200 in casino chips from the plaintiff that he earned while gaming at the Bellagio. Counsel have not yet appeared for the defendants. The case is 2:23-cv-00629, Lichtenstein, III v. Bellagio, LLC, d/b/a Bellagio Hotel and Casino 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.
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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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