Facts & Figures: 6 sets of newsworthy data
From law firm billing practices to class action settlement rankings, an inside look at the numbers that count
June 01, 2012 at 07:36 AM
5 minute read
The original version of this story was published on Law.com
Uneasy Execs
Executives may have been biting their nails this proxy season, thanks to relatively new say-on-pay- provisions that allow shareholders to cast advisory votes on top executives' pay packages. They needn't have worried.
According to a new executive compensation survey from Skadden, Arps, Slate, Meagher & Flom the vast majority of proposals passed with more than 70 percent support.
70% Say-on-pay proposals that passed with more than 90 percent support
21% Proposals that passed with between 70.1 percent and 90 percent support
7% Proposals that passed with between 50 percent and 70 percent support
2% Proposals that got less than 50 percent support
Soaring Settlements
Even though class action settlements are down industry wide, some law firms still managed to rake in impressive profits last year, according to a new report from Institutional Shareholders Services Inc.
This seeming paradox is explained by the “increased concentration” of plaintiffs firms: The top securities class action firms—Bernstein Litowitz Berger & Grossman, Robbins Geller Rudman & Dowd and Labaton Sucharow—accounted for more than half of all securities class action settlements last year.
13 Total number of cases that Bernstein Litowitz settled as lead or co-lead counsel in 2011
$1.37 billion Total earnings for the firm's investors from those cases, an increase of 37 percent from 2010
$300 million Attorneys' fees and expenses resulting from those cases
$1.4 billion Total securities class action settlement funds in 2011—the lowest in 10 years—according to Cornerstone Research
More Mergers
Companies continue to predict that 2012 will be a big year for mergers, but smaller deals and strategic alliance transactions are even more popular, according to a new report from Deloitte. The professional services firm notes that businesses are less enthused about divestitures, leading them to miss out on valuable deals.
The report also noted the following statistics:
20% Companies that are actively pursuing major transactions, according to CFOs
46% Respondents who expect an increase in M&A activity
54% Respondents who expect an uptick in strategic alliance transactions over the next two years
40% Companies that regularly review their portfolios for divestiture opportunities
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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.
Who Got The Work
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.
Who Got The Work
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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