Does McDermott IP Trio's Split Portend More Rate-Induced Departures?: The Morning Minute
The news and analysis you need to start your day.
November 27, 2023 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
PRESSURE'S RISING - This section's called "What We're Watching" for a reason: we're on the lookout not just for full-blown trends, but for inklings of what might one day become a full-blown trend. Case in point: three of McDermott Will & Emery's longtime IP partners have relocated to distributed firm Rimon P.C., citing their new firm's greater flexibility on rates. "Basically, the biggest issue is our rates were too high to do patent prosecution," one of the partners, Tomoki Tanida told Law.com's Justin Henry. Does this mean we're going to see more of these Big Law defections in 2024? If history is any indication, it seems like a good bet, particularly since, as we noted in this space recently, rate hikes are not likely to decelerate any time soon.
REGULATORS MOUNT UP! - The European Union is setting the standards in many areas of regulation, spurring U.S. regulators to try to get ahead on issues such as artificial intelligence, former agency and division heads told Law.com's Maydeen Merino. "There's a natural competition among regulators to try to be the first," said Maneesha Mithal, a Wilson Sonsini Goodrich & Rosati partner who led the Federal Trade Commission's Division of Privacy and Identity Protection for more than a decade. "In the privacy and consumer protection area, there's absolutely competition among regulators to try to be the most innovative, to try to be the most splashy [and] to try to stay on trends," she added.
ON THE RADAR - Stardust Power Inc., an American manufacturer of battery-grade lithium products, is going public through a SPAC merger with Global Partner Acquisition Corp. II. As a result of the merger, Stardust Power will be listed on the Nasdaq with a post-transaction equity value of approximately $490 million. The transaction, announced Nov. 21, is expected to close during the first half of 2024. Greenwich, Connecticut-based Stardust Power was represented by Norton Rose Fulbright. The blank check company is advised by a Kirkland & Ellis team including corporate partners Lauren Colasacco and Jennifer Gasser. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with 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.
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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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