Morgan Lewis, a large Philadelphia law firm, approved the Bingham deal, with the majority of Bingham’s partners (227 of approximately 300) moving over and increasing Morgan Lewis’ headcount to nearly 2,000 lawyers. A total of 600 out of the currently 700 Bingham attorneys are expected to join Morgan Lewis. A condition of the deal set a period of time for key Bingham partners to stay at Morgan Lewis after the deal or forfeit their capital investment into the partnership. The deal is being referred to as a mass lateral hire and not a merger.
Morgan Lewis Approves Bingham Deal
English Administrative Court Highlights Unresolved Issues Concerning EU Pharmacovigilance Law and Enforcement Under the Penalties Regulation
This case raises important issues concerning the powers of the European Medicines Agency (EMA) and the powers and obligations of a national authority (in this case the Medicines and Healthcare products Regulatory Agency (the MHRA)) when conducting inspections relating to the adequacy of the pharmacovigilance systems of the holder of a marketing authorisation and whether it has complied with its obligations relating to the reporting of suspected adverse reactions associated with the use of its products, particularly where an infringement procedure relating to such matters is pending. In this case the infringement procedure relates to an investigation under the Penalties Regulation (EC) No 658/2007 (the Penalties Regulation)1 being conducted by the EMA; seemingly the first of its kind.
Court Finds CFIUS Violated Ralls Corporation’s Due Process Rights
On July 15, 2014, the United States Court of Appeals for the District of Columbia remanded Ralls Corporation’s (Ralls) precedent-setting case against the Committee on Foreign Investment in the United States (CFIUS or the committee) and President Obama to district court for the enforcement of Ralls’s right to due process.1 Ralls had argued,inter alia, that CFIUS and the president had unconstitutionally deprived it of its right to property by forcing it to divest that property for national security reasons. The court found that the president had not provided process sufficient to satisfy the Fifth Amendment, and that Ralls was entitled to (a) notice of the official action, (b) review of the unclassified portions of the evidence relied upon by the president in his decision and (c) the right to respond to that evidence. Separately, the court found that the district court also had incorrectly dismissed a number of Ralls’ other claims against CFIUS as moot, and remanded those additional claims for a hearing on the merits. The court’s decision may add a new layer of uncertainty to CFIUS processes, impact both applicants’ rights and committee procedures, and increase the number of tactical decisions involved in preparing for a CFIUS review.
Supreme Court Ruling in Halliburton II is a Partial Win for Defendants Facing Securities Class Actions
Yesterday, the U.S. Supreme Court issued its long-awaited decision in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), resulting in a partial win for defendants sued in putative securities fraud class actions.
Firm Insight: U.S. Supreme Court Affirms That Abstract Ideas Are Patent-Ineligible
In a unanimous decision, the U.S. Supreme Court affirmed the Federal Circuit’s en banc decision that petitioner Alice Corporation’s asserted patent claims are invalid for being directed to a patent-ineligible abstract idea. Applying a two-part framework, the Court held that the claims at issue are drawn to an abstract idea and that merely requiring generic computer implementation fails to transform that abstract idea into a patent-eligible invention.
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The Many Ways to do Public Private Partnerships
As local governments face increasing budget pressure, and as tools such as tax increment financing face increasing political hostility, real estate developers should remember that there are many opportunities for private developers to partner with public agencies to finance and build projects. There is certainly a great need for help in rebuilding and upgrading infrastructure and utilities, and the lack of available state and municipal funding for public improvement projects will mean great opportunities for developers through public private partnerships.
Read the article here.
FCC Issues Rules for First-Ever Incentive Auction of TV Broadcast Spectrum
On June 2, 2014, the Federal Communications Commission (FCC, or Commission) released rules designed to implement the first-ever incentive auction in which spectrum will be recovered from television broadcasters, who voluntarily choose to give up some or all of their spectrum usage rights in exchange for incentive payments, and subsequently auctioned for wireless broadband services through a forward auction process. Release of the rules follows last month’s FCC 3-2 vote along party lines to adopt a framework for the auctions as authorized by the Middle Class Tax Relief and Job Creation Act of 2012 (Spectrum Act).
Supreme Court Relaxes Standard for Patent Indefiniteness
In a decision issued on June 2, 2014, the U.S. Supreme Court lowered the bar for parties arguing patent indefiniteness under 35 U.S.C. § 112. Nautilus, Inc. v. Biosig Instruments, Inc., No. 13-369 (U.S. June 2, 2014). The unanimous decision, authored by Justice Ruth Bader Ginsburg, rejected the standard promulgated by the U.S. Court of Appeals for the Federal Circuit that a patent claim is indefinite “only when it is ‘not amenable to construction’ or ‘insolubly ambiguous.’” 715 F.3d 891, 899 (Fed. Cir. Apr. 26, 2013). Instead, the Supreme Court ruled that a patent claim is invalid where it fails to “inform those skilled in the art about the scope of the invention with reasonable clarity.” Nautilus, Inc., No. 13-369 at 11. Though the precise contours of the new “reasonable clarity” standard remain uncertain, this decision will allow parties to more easily challenge the validity of vague or ambiguous patent claims.
Inside the Courts: An Update From Skadden Securities Litigators
This quarter’s issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between late January and early May 2014. The cases address developing state and federal court trends in bylaws, class certification, fiduciary duties, insider trading, interpreting the U.S. Supreme Court’s Janus decision, PSLRA matters and applications of the securities laws to domestic and foreign corporations.
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The Latest Law Firm Merger: Squire Patton Boggs
Yesterday, Patton Boggs LLP and Squire Sanders announced that the two firms would merge to form Squire Patton Boggs, a firm that will employ 1,600 attorneys in “45 offices in 21 countries around the world.” This merger will place Squire Patton Boggs as one of the 25 largest firms in the world.