News

Editor's Picks

Wilmington Trust Settles SEC Disclosure Fraud Charges

By Jamille Sutton |

Wilmington Trust, a Delaware-based bank holding company owned by M&T Bank Corporation, agreed to pay $18.5 million to settle with the Securities and Exchange Commission, which charged the company with accounting and disclosure fraud for failing to properly report loans that were not being paid off after the financial crisis, the SEC announced Thursday.

SEC Creates New Office in Economic and Risk Analysis Division

By Jamille Sutton |

The Securities and Exchange Commission has created a new office within the Division of Economic and Risk Analysis to organize efforts in developing tools for risk assessment used to help support the SEC's activities, the agency announced on Thursday.

Pro Bono: Covington's Wrongful Conviction Case

By Wenxiong Zhang |

The client, a Louisiana man, is seeking compensation after spending 15 years in state prison.

Cognizant's Delivery Center in Kolkata.

Am Law Firms Advise on Pair of Health Care Mergers

By MP McQueen |

Monday was a big day for health care company mergers, with Latham & Watkins, Kirkland & Ellis and Skadden, Arps, Slate, Meagher & Flom taking the lead on two deals with a combined value of nearly $5 billion.

A TRW employee working in an auto parts manufacturing facility.

Am Law 100 Trio Rev Up for Auto Parts Mega-Merger

Simpson Thacher & Bartlett and leading German shop Gleiss Lutz are advising Michigan-based TRW Automotive on its $11.74 billion sale to Germany’s ZF Friedrichshafen, advised by Sullivan & Cromwell. Gibson, Dunn & Crutcher is counseling another party to the deal, which if completed will create the world's second-largest auto parts supplier.

Detroit Trial Elicits Unusual Apology from Kirkland, Syncora

By Susan Beck |

Less than a week after insurer Syncora dropped its opposition to Detroit's plan to emerge from Chapter 9 bankruptcy, the company and its lawyers at Kirkland issued an extraordinary public apology Monday for attacking the motives and good faith of the two mediators working on the city's reorganization.

FINRA Narrows Choice for New Head of Arbitration

By Jamille Sutton |

In its search for a new head of its arbitration unit, the Financial Industry Regulatory Authority has narrowed down the potential candidates to two of its own officials who have both worked in the arbitration unit and with FINRA for years, a person familiar with the matter told Reuters.

Donald Dunner

Lifetime Achiever: Donald Dunner

By Drew Combs |

The Finnegan Henderson name partner played a key role in creation of the U.S. Court of Appeals for the Federal Circuit.

The Churn

Sidley Snags Cam Kerry, Plus More Lateral Moves

By Brian Baxter |

Sidley Austin has hired Cameron Kerry, a former general counsel and acting secretary at the U.S. Commerce Department and younger brother of U.S. Secretary of State John Kerry, as senior counsel in Boston and Washington, D.C. The Am Law Daily looks at Kerry's hire and more in our latest roundup of lateral moves throughout The Am Law 200.

Paul Hastings Helps Tate's Whip Up Private Equity Buyer

By Brian Baxter |

Thomas Kruger, a corporate partner with Paul Hastings in New York, earlier this month helped good friend Kathleen King sell her famous Tate's Bake Shop this week to private equity firm The Riverside Company. The deal marks the end of a long journey for King, who more than a decade ago lost the name to the company she founded in Southampton, N.Y.

Federal Indictment May Provide Clues Into Cynk Technology

By Jamille Sutton |

Six individuals and six firms with offices in Belize in the same building as Cynk Technology Corp., the penny stock whose suspicious stock rise caught the attention of regulators, were charged with orchestrating a $500 million money laundering scheme.

Two Senators Introduce New Anti-Inversion Legislation

By Jamille Sutton |

Two federal lawmakers introduced a new anti-inversion bill that would stop companies who have moved their tax domiciles abroad from using a number of tax avoidance strategies, Sen. Charles Schumer’s office announced on Wednesday.

Former Exec of Advanced Cell Technology Settles SEC Charges

By Jamille Sutton |

Advanced Cell Technology and its former chief executive officer agreed to settled charges brought by the Securities and Exchange Commission alleging that the executive defrauded investors by waiting two years to report his sales of the company's stock.

Pay Gap Increases Between Equity and Nonequity Partners

By Ross Todd |

Meanwhile, a 47 percent gap between female and male partner pay isn't closing, says the new survey from Major, Lindsey & Africa.

Choate Hall, Foley Hoag Take Top Spot in Summer Associate Survey

By MP McQueen |

Summer associates are generally a happy bunch. But some are happier than others, like those who spent the summer at Boston-based Choate Hall & Stewart, which tied with Foley Hoag for No. 1 in The American Lawyer's 2014 Summer Associates satisfaction survey.

Squire Patton Boggs Website Fails to Keep Up With Merger

By Julie Triedman |

Three-and-a-half months after Cleveland-based Squire Sanders and Washington, D.C.-based Patton Boggs' merger into Squire Patton Boggs went live, the firm still has a split identity online.

Senator Elizabeth Warren (D-MA).

Student Loans, Moral Hazard and a Law School Mess

By Steven J. Harper |

Sen. Elizabeth Warren is promoting legislative relief for student debtors, but some law schools are poster children for the larger problem.

Criminal Charges Levied Against Dentons’ Ex-Montreal Tax Head

By Brian Baxter |

Constantine Kyres, who headed the tax group in Dentons’ Montreal office until earlier this year, has been accused of extortion and obstruction of justice by prosecutors in Canada as a result of a long-running corruption probe involving engineering giant SNC-Lavalin and the government of former Libyan dictator Muammar Gaddafi. But Kyres' lawyer plans to fight the charges.

Large Law Firm Mergers Now Coming to Latin America

By Brian Baxter |

Spanish legal giant Uria Menendez, an alliance partner of Magic Circle firm Slaughter and May, has agreed to take a 30 percent stake in Latin America’s first major cross-border law firm merger between Chile’s Philippi Yrarrazaval Pulido & Brunner and Colombia’s Prietocarrizosa. The trio will form Philippi Prietocarrizosa & Uria, a 220-lawyer firm with offices in both countries.

Jones Day, Kirkland Advise on Eastman Chemical Buy

By MP McQueen |

The two Am Law 100 firms are handling Eastman Chemical Company's purchase of global specialty chemical company Taminco Corp. for $1.8 billion in cash, plus debt.

Michael Cooper

Lifetime Achiever: Michael Cooper

By Drew Combs |

The Sullivan & Cromwell partner headed a multitude of public interest groups during his legal career.

Am Law Firms Score on Slew of Financial Services Deals

By MP McQueen |

A handful of Am Law 100 firms took lead roles on recent deals in the financial services sector, including Wachtell, Lipton, Rosen & Katz; Willkie Farr & Gallagher; Skadden, Arps, Slate, Meagher & Flom; and Squire Patton Boggs.

Alan Levin and Jerry Clements

Locke Lord, Edwards Wildman Leaders Discuss Proposed Union

By Brian Baxter |

Edwards Wildman Palmer and Locke Lord firm leaders speak with The Am Law Daily about the forces that drew their firms together and the timeline for a combination that would create Locke Lord Edwards sometime by January 2015.

The Careerist: Do Women Lack Guts?

By Vivia Chen |

It's not what you think: New study sheds light on why women aren't going for partnership and promotions.

SEC Charges Hedge Fund Manager with Defrauding Investors

By Jamille Sutton |

The Securities and Exchange Commission charged a Minneapolis hedge fund manager, his investment advisory firm Archer Advisors LLC, and his assistant with defrauding investors in two hedge funds out of over $1 million by charging fake research and expense fees, the agency announced Monday.

Jerry Clements

Locke Lord, Edwards Wildman Sign Letter of Intent to Merge

By Brian Baxter |

The two Am Law 100 firms, both of which are no stranger to combinations, have tentatively agreed to push forward with a potential merger that would create Locke Lord Edwards, a 1,076-lawyer firm with offices in 23 cities.

The Local Global Lawyer

By Aric Press |

In today's economy, firms need a foreign policy or they're missing an opportunity.

Two Am Law Firms Advise on General Mills' Organic Food Buy

By Jamille Sutton |

Faegre Baker Daniels is representing General Mills in its $820 million purchase of organic food company Annie's as the company looks to capitalize on the rapidly growing demand for organic and natural foods. Proskauer Rose is counseling Annie's.

The Churn

Jones Day Adds Two More Kirkland IP Litigators, Plus More Lateral Moves

By Brian Baxter |

The IP litigation exodus from Kirkland & Ellis continued this week as partners William Devitt and Matthew Hertko decamped for Jones Day in Chicago. The Am Law Daily has a look at those moves and more in our latest roundup of notable hires from throughout The Am Law 200.

Proskauer Helps Keep Bills in Buffalo

By Brian Baxter |

In what could be the largest-ever sale of a National Football League team, Proskauer Rose is advising the estate of the late Ralph Wilson Jr. on its agreement to sell the Buffalo Bills to shale gas industry billionaire Terrence Pegula for a reported $1.4 billion. A handful of other regional and Am Law 100 firms also have roles related to the sale.