Highlights of our work in 2018
Winning strategy allows Toshiba's US$18 billion transaction to proceed
We developed an innovative bifurcation strategy that created the conditions for our clients Toshiba Corporation (Toshiba) and Toshiba Memory Corporation (TMC) to reach global settlement of three ICC arbitrations with several SanDisk companies controlled by Western Digital Corporation. The companies agreed to withdraw all their claims with prejudice, thereby allowing Toshiba to proceed with TMC's US$18 billion sale.
Groundbreaking victory in French class action case
We achieved a victory for BNP Paribas Group in a groundbreaking French Supreme Court (Cour de Cassation) judgment dismissing the plaintiffs' entire claim regarding unfair terms the bank allegedly used in a specific portfolio of loan agreements. This is one of the first significant civil class actions under French law and is receiving substantial coverage in the French and global media.
Acquittal of foreign exchange trader after extensive antitrust investigation
After a three-week trial, we won the acquittal of Richard Usher, a foreign exchange trader, on all charges of conspiracy to violate the Sherman Antitrust Act. The acquittal came after a five-year multimillion-dollar investigation by the US Department of Justice's Antitrust Division. We also represented Mr. Usher in an investigation by the UK Serious Fraud Office, which declined to prosecute.
Largest-ever offshore drilling chapter 11
We advised the coordinating committee representing a bank group holding US$7.4 billion in secured debt on the successful restructuring of Seadrill Limited, one of the world's largest offshore oil drilling companies. The restructuring involved more than a quarter of the world's largest 100 banks and was the largest offshore drilling chapter 11 in history.
Victory for Pfizer in patent disputes
We successfully represented Pfizer and Wyeth in inter partes reviews and post-grant review proceedings brought by Merck Sharpe & Dohme Corp. in the US Patent and Trademark Office. Merck sought to invalidate Pfizer patents, including Prevnar 13,® which generated US$3.6 billion-plus in revenues in the United States in 2016. Some of the matters are on appeal.
Multibillion-dollar putative ERISA class action dismissed
We represented Anthem, Inc. in winning dismissal of a putative ERISA class action challenging Anthem's pharmacy drug pricing practices. The case stemmed from Anthem's sale of NextRx, its in-house pharmacy benefit manager (PBM), to Express Scripts, Inc. (ESI) and its ten-year PBM agreement with ESI for provision of PBM services. The US District Court for the Southern District of New York held that Anthem was not acting as an ERISA fiduciary when it sold NextRx and entered into the agreement. The case is pending appeal in the Second Circuit.
Landmark class-certification victory for Allergan
For pharmaceutical giant Allergan, we won reversal of class certification by the US Court of Appeals for the First Circuit in an antitrust monopolization case where plaintiffs challenged the development of a new phthalate-free version of its ulcerative colitis drug, Asacol.® The landmark ruling precludes the widespread use of aggregate proof and post-trial affidavits in class actions as a substitute for fact-finding by juries.
Saudi bank dropped from terrorism case
We achieved a decisive victory for Al Rajhi Bank when the US District Court for the Southern District of New York dismissed outright a terrorism case brought against the Bank and HSBC by or on behalf of US nationals injured or killed in a terrorist attack in Jordan; the plaintiffs had alleged that Al Rajhi Bank conspired with HSBC affiliates to provide access to US dollars and financial services to "Al Qaeda in Iraq."
Successful settlement of decade-long €7 billion dispute
A cross-border team from eight Firm offices advised Finnish electricity producer Teollisuuden Voima Oyj (TVO) on negotiating a global settlement ending its decade-long arbitration against French nuclear group Areva and German technology group Siemens regarding construction of a nuclear power plant in Finland. The agreement guarantees the plant's completion and includes payment to TVO of a €450 million settlement indemnity, an incentive payment for a maximum amount of €150 million and a penalty for a maximum amount of €400 million.
Taiwanese tech giant wins in Germany
We successfully represented Taiwanese tech giant MSI before two German courts in an unfair competition and trademark litigation, focusing on MSI's globally famous tagline "No. 1 in Gaming," in which the plaintiff claimed a misleading use of the tagline by MSI.
EU General Court annuls abuse of dominance findings
We represented French pharmaceutical company Servier in its challenge of a European Commission decision on patent settlement agreements in pharmaceutical markets. The EU General Court partially annulled the decision, notably overturning all findings of abuse of dominance under Article 102 of the Treaty on the Functioning of the European Union, the first time that a Commission decision on this issue has been fully overturned since the 1970s.
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