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
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
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