Another Stellar Batch of Litigator of the Week Runners-Up and Shout Outs
Boies Schiller Flexner, Bernstein Litowitz Berger & Grossmann, Kessler Topaz Meltzer & Check and Grant & Eisenhofer won more than $600 million in damages for shareholders of Fannie Mae and Freddie Mac at trial against the Federal Housing Finance Agency.
August 18, 2023 at 07:25 AM
7 minute read
Quick TakesOur first runners-up this week are lawyers at Boies Schiller Flexner, Bernstein Litowitz Berger & Grossmann, Kessler Topaz Meltzer & Check and Grant & Eisenhofer who scored a big win for shareholders of Fannie Mae and Freddie Mac in a dispute with the Federal Housing Finance Agency that has its roots in FHFA's bailout of those congressionally chartered companies during the subprime mortgage crisis. After a two-week trial and eight hours of deliberations, a federal jury in Washington, D.C. this week found that the FHFA improperly amended stock purchase agreements to sweep up the net worths of Fannie and Freddie and avoid paying shareholders dividends. Jurors awarded shareholders a total of $612.4 million in damages. The trial team for the plaintiffs included Kenya Davis and Hamish Hume of Boies Schiller, who presented opening and closing arguments respectively, as well as Robert "Rocky" Kravetz of Bernstein Litowitz and Lee Rudy of Kessler Topaz.
Mike Bonanno of Quinn Emanuel Urquhart & Sullivan and Ethan Glass of Cooley take home our other runner-up spot this week for securing a summary judgment win for the National Association of Realtors in a high-stakes antitrust case accusing the association of conspiring to prevent listings from real estate startup REX from showing up on Zillow. REX had sought upwards of $1 billion from NAR, but Senior U.S. District Judge Thomas Zilly in Seattle this week found that the optional NAR policy cited by REX didn't support the "existence of an alleged agreement" with Zillow, and dismissed NAR from the case outright.
Shout out to lawyers at Baker Botts and Gibbs & Bruns who got appellate affirmance of a trade secrets trial win for off-shore drilling equipment maker Dril-Quip Inc. and Richard Murphy, an employee who joined from rival FMC Technologies Inc. FMC alleged that Murphy conspired with Dril-Quip to steal trade secrets to develop its VXTe subsea tree system. But in a 60-page unanimous opinion last week, the First Court of Appeals in Houston, Texas found the trial evidence supported the jury's finding that FMC didn't have a trade secret that qualified for protection. The Baker Botts team representing Dril-Quip included partners Macey Reasoner Stokes, Paul Morico, Danny David, Liz Flannery, David Wille, Amy Hefley, Susan Kennedy, Thomas Phillips, and associates Travis Gray, Elisabeth Butler, Amy Bergeron and Nischay Bhan. Murphy was represented by Barrett Reasoner, Brice Wilkinson, Ross MacDonald, Conor McEvily and Shannon Smith of Gibbs & Bruns.
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View AllLaw Firms Mentioned
- Paul Hastings
- Grant & Eisenhofer
- Quinn Emanuel Urquhart & Sullivan
- Gibbs & Bruns
- Covington & Burling
- Cooley
- Barroway Topaz Kessler
- Mayer Brown
- Boies Schiller Flexner
- Baker Botts
- Davis Polk & Wardwell
- Bernstein Litowitz Berger
- Morris, Nichols, Arsht & Tunnell LLP
- Hunton Andrews Kurth
- Latham & Watkins
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