Fee Tracker: Penn State's Sex Abuse Tab, Herbalife and Twitter
W&C Fights for Fees Tied to Foreign Policy Libel Suit
Lawyers from Williams & Connolly and Levine Sullivan Koch & Schulz are seeking a combined total of more than $200,000 in legal fees and costs for their work fending off a libel suit brought against Foreign Policy magazine and writer Jonathan Schanzer, according to sibling publication The Blog of Legal Times. In the suit, which was filed in September 2012, Palestinian-Canadian businessman Yasser Abbas claimed Schanzer's June 2012 story contained unfounded accusations of corruption against his father, Palestinian Authority President Mahmoud Abbas.
The BLT reported in late September on the suit’s dismissal—click here for U.S. District Judge Emmet Sullivan's 37-page ruling—and now Williams & Connolly is seeking $100,481 in legal fees and costs for its work advising Foreign Policy, which is owned by The Washington Post Company. Schanzer’s lawyers from First Amendment shop Levine Sullivan want $107,174, according to The BLT. New York’s Melito & Adolfsen is representing Yasser Abbas in the litigation.
For Wilson Sonsini, a Modest Take of a Major IPO
While Silicon Valley stalwart Wilson Sonsini Goodrich & Rosati has been busy with a flurry of tech-related IPOs in recent weeks, the biggest one of all is yet to come: the listing planned by social networking company Twitter, which is hoping to raise $1.4 billion in a future float. In an SEC filing last week, Twitter disclosed that it would incur $2 million in legal fees and expenses in connection with the IPO. While Wilson Sonsini is advising Twitter, Davis Polk & Wardwell has taken the lead for underwriters led by Bank of America/Merrill Lynch, Deutsche Bank, Goldman, JPMorgan Chase and Morgan Stanley. The filing also shows that Twitter’s newly appointed general counsel Vijaya Gadde, a Wilson Sonsini alum, earns a base salary of $250,000. Twitter has passed Facebook as the most popular social network among teens, according to a recent report from a U.S. investment bank.