Law Firm News

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Law Firm News

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Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss Achieves Major Victory in ERISA Stock Drop Suit
Richard A. Rosen, Robyn Tarnofsky, Robert C. Fleder


On March 31 in an ERISA stock drop suit, Judge Stanley R. Chesler of the U.S. District Court for the District of New Jersey granted our motion to dismiss on behalf of our clients, semiconductor manufacturer Conexant Systems, Inc. and individual defendants. The complaint alleged that, in light of the decline in the price of the stock following the company's unsuccessful merger with GlobespanVirata, Inc., defendants breached their fiduciary duties under ERISA by offering company stock as an investment option in the company's 401(k) plan. We argued, inter alia, that the complaint should be dismissed because the plaintiff, who was a former participant in the company's 401(k) plan, lacked standing to assert the claims in the complaint. The briefing on the motion to dismiss was completed on March 10 and the district court granted the motion just three weeks later. We continue to represent the client in securities class actions and derivative suits arising out of the same events. The Paul, Weiss team includes litigation partners Richard Rosen and Robyn Tarnofsky, associates Dawn Barker and Kerry Quinn, former associates Seema Tendolkar and Melissa Freed, and paralegal Natasha Waglow; and employee benefits partner Robert Fleder.

03-31-2006

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Howrey, LLP

HOWREY CLIENT WHIRLPOOL ACQUIRES MAYTAG Deal subject of intense investigation and second request
Lawyers at Howrey LLP announced Friday that its client, Whirlpool Corporation, has successfully completed its acquisition of the Maytag Corporation.

The Howrey team, which guided the acquisition through an arduous review by the Department of Justice, including a second request, was led by Jim Rill, Mark Schechter, Roxann Henry and included Mike Cowie, Steve Weissman, Jackie Grise, Charles Loughlin, Brad Reynolds, Oral Pottinger, Ashley Bass, Melissa Jensen, Robin Moore, James Gagen, Kevin Salamat, Carlos Celestino, John Romney, Kristan McMahon, Artie DeCastro, Lisa Sullivan, Tom Ruffner, Chris Ha, and Louis Cristomo. CapAnalysis provided economic consulting advice with a team led by Oliver Grawe that included Jeff Rudnicki, Jonathan Bowater and Rick Ludwick.

In announcing the closing of its investigation into the merger, the US Department of Justice, Antitrust Division press release noted, ""After thoroughly investigating Whirlpool's proposed acquisition of Maytag, the Division determined that the proposed transaction is not likely to reduce competition substantially. The combination of strong rival suppliers with the ability to expand sales significantly and large cost savings and other efficiencies that Whirlpool appears likely to achieve indicates that this transaction is not likely to harm consumer welfare.

""The Division focused its investigation on residential clothes washers and dryers, though it considered the impact of the merger across the entire range of products offered by the two companies. Based on the evidence obtained during its extensive investigation, the Division found that this merger is not likely to give the merged entity market power in the sale of any of its products in the United States.”

According to Whirlpool, the combination of Whirlpool and Maytag will create substantial benefits for consumers, trade customers and shareholders, and be better able to compete in the increasingly competitive global marketplace.

Whirlpool Corporation is the world’s leading manufacturer and marketer of major home appliances, with annual sales of more than $19 billion, more than 80,000 employees, and more than 60 manufacturing and technology research centers around the world.

03-31-2006

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Sonnenschein Nath & Rosenthal LLP

Sonnenschein Celebrates 100th Anniversary
Law firm Sonnenschein Nath & Rosenthal LLP tomorrow will celebrate the 100th anniversary of its founding on April 1, 1906. During the past century, Sonnenschein has grown from three lawyers in a one-room office in Chicago to more than 700 attorneys and other professionals in nine cities across the United States. It is now the 48th largest law firm in the country, according to American Lawyer magazine.

“Our centennial is a time to reflect on the history and accomplishments of the firm and its people. But it also marks the beginning of what each of us intends will be another 100 years of outstanding service to our clients and communities,” said Duane C. Quaini, Sonnenschein chairman. “We can think of no better way to commemorate such a meaningful anniversary than through a significant contribution of time and other resources to innovative education initiatives that will truly make a difference in the lives of future generations.”

As a centerpiece of its centennial celebration, Sonnenschein has founded Legacy Charter School in Chicago’s North Lawndale community, one of the most economically distressed areas in the city. The school opened its doors on August 1, 2005, with approximately 230 students in pre-kindergarten through second grade; at full enrollment, expected in 2013, it will serve about 450 students through eighth grade. The firm provides financial and management support to the school, and its attorneys and staff are involved in the lives of its students in a variety of ways including activities such as tutoring and mentoring. Forbes magazine, which featured the Legacy initiative in its March 13, 2006 issue, notes that Sonnenschein is “quite likely the first law firm in the nation to run a charter school.”

Other educational efforts for the centennial are under way in Sonnenschein offices around the country. These include partnerships with:

Niles Home Preparatory School, an alternative school serving special needs children in the Kansas City, Mo., area
CALS Early College High School, a charter school located in the heart of downtown Los Angeles
St. Louis for Kids, an organization that promotes the availability of quality after-school programs throughout the St. Louis region
San Francisco Community School, a small and innovative teacher-run school located in the Excelsior district
Everybody Wins! literacy program and Marie-Reed Learning Center in the Adams-Morgan neighborhood of Washington, D.C.
The Building Excellent Schools organization as host of “Concert in the Park for Better Education,” a Summer 2006 celebration of charter school success in New York
In addition, Sonnenschein has created the Sonnenschein Scholars Foundation to fund, manage and direct a public service program involving first-year law school students. Over the next five years, two students each from 25 top law schools nationwide will be selected annually to receive summer stipends that will help underwrite their work with a public interest agency of their choice. The first class of Sonnenschein Scholars will be announced in April.

During its centennial year, Sonnenschein also will expand the Kids Enjoy Exercise Now (KEEN) program to New York and San Francisco. The firm is leading the national development of KEEN, which already has robust programs in Chicago, Kansas City, Los Angeles, St. Louis and Washington. These programs provide free recreational opportunities to children and young adults with disabilities by pairing them with trained volunteers for fun, noncompetitive activities.

Sonnenschein, with more than 700 attorneys and other professionals in nine U.S. cities and a global reach, serves the legal needs of many of the world’s largest and best-known businesses, nonprofits and individuals. For more information, visit www.sonnenschein.com.

03-31-2006

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Simpson, Thacher & Bartlett, LLP

Simpson Thacher Adds Experienced China Practice Partner
Simpson Thacher & Bartlett LLP announced today that Leiming Chen, a leading corporate finance practitioner based in Hong Kong, has joined the firm as a resident partner in Hong Kong and that Shaolin Luo, a Beijing-based lawyer, will join the firm as Counsel. Simpson Thacher also said that they plan to apply for registration of a Beijing office.

Pete Ruegger, Chairman of Simpson Thacher’s Executive Committee, said: “We are delighted to have Leiming Chen and Shaolin Luo join us. We are committed to serving our clients on their M&A and financing activities in China. We have a talented team, based in Hong Kong, working on our China practice and the addition of Leiming and Shaolin will significantly enhance our capital markets and M&A capabilities in China.”

Leiming Chen commented “I look forward to joining Simpson Thacher. They have a first-class M&A and capital markets practice globally and are committed to expanding their China practice. I am excited about the opportunity to leverage this terrific platform and strong commitment to China to help with China-based clients and with U.S.-based clients investing in China.”

Mr. Chen was previously a capital markets partner at Shearman & Sterling LLP. He received his law degree from Osgoode Hall, York University, Toronto in 1994 and his Bachelor of Arts from Hangzhou Teachers College, Hangzhou, China.

Mr. Luo was previously an M&A partner at the Beijing office of Fangda Partners. Prior to that, he was an associate with Shearman & Sterling LLP. He received an LLM in corporate law from New York University School of Law in 2000 and a law degree from Fudan University School of Law in 1995.

Simpson Thacher has 26 lawyers practicing throughout Asia, including 17 in Hong Kong and 9 in Tokyo.

About Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP (www.simpsonthacher.com) is a leading New York based firm, with offices in Hong Kong, London, Tokyo, Los Angeles, Palo Alto and Washington D.C. Simpson Thacher's Hong Kong and Tokyo offices advise on a broad range of Asian capital markets and merger and acquisition matters.

03-31-2006

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Dla Piper Rudnick Gray Cary Us, LLP

Senator George J. Mitchell, Chairman of DLA Piper, Commissioned to Lead Major League Baseball Investigation
Major League Baseball Commissioner Allan H. Selig has asked Senator George J. Mitchell, the chairman of law firm DLA Piper Rudnick Gray Cary, to lead an independent investigation into the past use of performance-enhancing drugs in Major League Baseball.

Mitchell will lead a national team of attorneys who have significant experience conducting investigations, either as former government prosecutors or agency enforcement professionals.

The following statement was delivered by Former Senator George Mitchell during a press conference at 2:00 p.m. EST on Thursday, March 30:

I accept the responsibility placed on me by the Commissioner in full recognition of the seriousness of the many issues raised by the task. The allegations arising out of the BALCO investigation or otherwise that Major League players have used steroids and other illegal performance-enhancing drugs have caused fans and observers to question the integrity of play at the highest level of our national game. These allegations require close scrutiny.

At the same time, the individuals who are alleged to have used these illegal substances are entitled to a deliberate and unbiased examination of the facts that will comport with basic American values of fairness.

In this investigation, I and those working with me will approach our work bearing these important considerations in mind. We will strive to complete an investigation that is thorough, objective and fair. Our mission will be to gather facts, not conjecture. We will provide those whose reputations have been, or might be, called into question by these allegations a fair opportunity to be heard.

I have been assured by the Commissioner that I will have complete independence and discretion as to the manner in which this investigation will be conducted, and that I will have unhindered authority to follow the evidence wherever it might lead. We will begin the investigation immediately.

I invite those who believe they have information relating to the use of steroids and other illegal performance enhancing drugs by Major League baseball players to come forward with that information so that it might be considered in the context of all of the evidence.
I further request full cooperation from all those we contact who might have relevant information.

I am grateful for the confidence placed in me by the Commissioner and will do my very best to justify that confidence in discharging this significant responsibility.

03-31-2006

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Paul, Hastings, Janofsky & Walker LLP

Paul Hastings Advises eTel On €30m Acquisition Of Austrian Based Internet Service Provider
Paul, Hastings, Janofsky & Walker LLP (“Paul Hastings”), a leading international law firm, acted for one of its long standing clients, eTel Group Ltd (“eTel”), a leading provider of voice, data and internet services, in its acquisition of EUNet Internet Services GmbH, Austria’s leading corporate internet service provider.

This €30 million transaction marks eTel’s eleventh acquisition across its Central European markets of Poland, Hungary, Czech Republic, Slovakia & Austria.

Paul Hastings' attorneys advised on all aspects of the acquisition and the debt and equity finance for the transaction. The team comprised of partner Joel Simon and associates Ronan O'Sullivan, Tuvi Keinan and paralegal Maria De Rienzo. US tax and corporate advice was provided by partner Andrew Short and associates Eric Holzer and Debbie Nwaobi from Paul Hastings' New York office.

03-31-2006

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Weil, Gotshal & Manges, LLP

Weil, Gotshal & Manges Advises Peach Holdings, Inc. on its Listing on the Alternative Investment Market
Weil, Gotshal & Manges, the international law firm, is advising Bear Stearns and Collins Stewart Limited in connection with the IPO of Peach Holdings, Inc. on the Alternative Investment Market (AIM) of the London Stock Exchange. Peach Holdings, Inc. is joining a small but growing list of US companies choosing to list on AIM. Collins Stewart Limited is acting as Nominated Advisor, Joint Lead Manager and Joint Lead Broker and Bear Stearns is acting as Joint Lead Manager and Joint Lead Broker through Bear, Stearns International Limited and Bear Stearns International Trading Limited, respectively.

103,888,889 ordinary shares in Peach Holdings, Inc. were admitted to trading of which 38,888,889 were placed by Bear Stearns and Collins Stewart at a price of 309 pence per share. Based on the initial public offering price the market capitalization was approximately £321,000,000. Total proceeds raised in the offering was £120 million, of which £108 million was for the selling shareholders and £12 million for the company.

Peach Holdings, Inc. is a specialty finance company that purchases high quality, deferred payment obligations such as structured legal settlements, lottery prizes and life insurance policies from individual holders.

The Weil Gotshal team was led by partners Graham Defries and Wayne Rapozo. Assistance was provided by associates Alex Hand, Aparna Ravi and Stephen Mortimer. US tax advice was provided by David Bower, William Horton and Matthew Elkin of the US offices of Weil Gotshal.

03-31-2006

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