Credit: Adobe Stock/ALM Discover Hires Interim Legal Chief as $35B Sale to Capital One Faces New Hurdles
Discover had hoped to complete its sale before Hope Mehlman exits as legal chief Nov. 27. But Capital One recently acknowledged that completing the deal this year is no longer a possibility.
November 06, 2024 at 08:25 AM
4 minute read
Financial Services and Banking
The original version of this story was published on Corporate Counsel
Discover on Tuesday hired a former general counsel of the U.S. Department of Commerce as interim legal chief—a move that follows Capital One acknowledging that its hope of wrapping up its $35 billion purchase of the credit card giant by year-end is no longer realistic.
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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.
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