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.
Big Banks’ Legal Costs Continue in the Face of Currency Manipulation Fines
At the end of October, many big banks edited their earnings reports to reflect increased legal costs, indicating that the banks were close to reaching a settlement with regulators over foreign currency market manipulation.
LabCorp to Buy Covance
On November 3rd, Laboratory Corporation of America Holdings (“LabCorp”), one of the largest U.S. medical testing companies, agreed to buy Covance for about $6.1 billion. By acquiring one of the biggest providers of contract medical research, LabCorp is creating a business that performs both routine medical testing and research for drug companies, an unusual combination.
AT&T Looks to Establish First North American Mobile Service Area
Looking to gain a foothold in Mexico, AT&T, the second largest wireless provider in the United States after Verizon Wireless, has agreed to buy the country’s third largest wireless company, Iusacell, for $2.5 billion.
GoPro to Offer an Additional $800 Million in Shares
In a securities filing on Monday, GoPro disclosed that it would sell up to $800 million of its stock in a secondary offering. The company itself could sell as many as $100 million in shares, while current owners could sell off an additional $700 million.
Luxembourg has become a Tax Haven for International Companies
Recent documents published by the International Consortium of Investigative Journalists (“ICIJ”) indicate that some 340-plus international companies, including such household names as Pepsi, IKEA, and FedEx, have been channeling profits through Luxembourg in order to avoid billions of dollars in taxes.
Silicon Valley Juggernauts Continue to Struggle with No-Poaching Claims
Microsoft and Redwood City-based company Oracle, a database and software developer, are the latest Silicon Valley tech companies to be sued for allegedly using illegal tactics to keep employee wages low. Complainants are attempting to join with a similar 2011 claim against other Silicon Valley companies like Apple and Google.
Recap: A Conversation with Sean McKessy, Chief of the SEC Whistleblower Office
On November 5, 2014, the Berkeley Center for Law, Business and the Economy (BCLBE) welcomed Sean McKessy, Chief of the SEC’s Office of the Whistleblower, to Boalt Hall for a talk on the whistleblower program and its three main aspects: confidentiality, anti-retaliation protection and payouts.
Recap: Perspectives on Venture Capital Finance—A Conversation with Bob Gunderson
On November 3, the Berkeley Center for Law, Business and the Economy (BCBLE) hosted a lunchtime talk with Bob Gunderson, a founding partner of Gunderson Dettmer. Mr. Gunderson discussed his firm’s origins, shared his unique perspective on venture capital finance, and offered advice for young attorneys and entrepreneurs.
Bittersweet Results Shared After European Central Bank Stress Tests
The European stock market surged after stress tests revealed on October 26th that most European banks are healthy, where all but 13 of its leading banks have enough capital to survive another economic storm.