Transatlantic mergers, lockstep overhauls and KWM's disintegration in Europe - the best of Legal Week last week
The best news and analysis from Legal Week during the past seven days
December 19, 2016 at 09:45 AM
3 minute read
It may be almost Christmas, but law firm news showed no sign of slowing down last week.
Eversheds ended a recent lull in transatlantic merger activity on Friday (16 December) by sealing a tie-up with Atlanta's Sutherland Asbill & Brennan – securing the vote of well in excess of the two thirds majority required to give the go ahead to the first major UK-US merger since Norton Rose Fulbright was created in 2013. Eversheds Sutherland is now set to launch on 1 February.
The firm will no doubt be hoping to provide a stronger example of non-financially integrated mergers than KWM is currently offering, as its stricken European arm sees a daily stream of high profile exits ahead of a likely pre-pack administration filing that could happen next month.
With Dentons pulling out of the race to take on the bulk of the European business, leaving no single-firm takeover deals on the table, numerous firms emerged as potential acquirers of parts of the business, including Winston & Strawn.
Towards the end of the week, large team moves started to emerge. A six-partner real estate team – including practice head William Naunton – is set to join DLA Piper along with eight qualified lawyers and three trainees.
Greenberg Traurig, meanwhile, is also taking six partners from KWM's London office, including heavyweight real estate funds partner Steven Cowins, alongside a further 25 associates.
For all the background on KWM's current predicament, our Deconstructing KWM feature provides detailed insight into how KWM's European arm ended up in such as mess, as well as offering thoughts on how partners in Asia feel about the European problems.
Other highlights on legalweek.com during the past seven days:
- Linklaters London partners face longer route to the top after lockstep shake-up
- Slaughters hikes associate pay by up to 10% in overhaul of rewards and benefits
- CMS partners secure more than half of all practice and sector head roles at merged firm
- HSF global energy co-head to join Latham & Watkins in London
- RPC launches managing partner elections as Watmough steps down
- Deconstructing King & Wood Mallesons – how did the SJ Berwin tie-up go so wrong?
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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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