US mergers, capital calls and HSF under scrutiny: the best of Legal Week last week
The best news and analysis from Legal Week during the past seven days
February 06, 2017 at 10:12 AM
2 minute read
Transatlantic relations dominated the legal as well as mainstream press last week, with mergers, integration efforts and salary hedging all attracting attention.
First up was Norton Rose Fulbright which, not content with the transatlantic merger that created it, is on course for a second US merger after entering into merger talks with Chadbourne & Parke.
The discussions, which started sometime in the summer last year, could give the verein giant the more significant New York presence it has sought for years. We canvassed City partners for their views on the prospects for the proposed union, which has particular crossover in disputes, energy and project finance.
Carrying on the merger theme, last week also saw the go-live date of newly combined Eversheds Sutherland – the new firm's management set out integration plans to both Legal Week and US sister title The American Lawyer.
Meanwhile, early transatlantic adopter Hogan Lovells has called on its partners to pay in additional cash in a bid to boost its capital reserves. Partners will pay in an extra 7.5% more capital each year for the next five years – equating to around £10m each year.
Here's the best of the week's other news and analysis:
- 'A sharper environment' – is HSF's corporate culture shift behind the recent run of partner exits?
- Former Olswang partners hit with extra tax bill
- Kirkland caps London associate salaries against currency fluctuations
- Lloyds completes specialist sub-panel review with 24 firms winning spots
- Clyde & Co recruits 10 partners for new US offices in Washington DC and Chicago
- DLA Piper sets sights on Ireland in European expansion push
- Quinn sees first City lateral partner exit as litigator Davies joins Latham
- Freshfields management saw 8% pay rise to £18m in 2015-16, LLPs show
- BP kicks off UK panel review following new GC appointment
- Quinn Emmanuel prepares to bring shareholder claim against BT
- Legal Week Innovation Awards launch with call for entries from cutting-edge candidates
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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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