Business & Practice

Wake Up Call: Willkie, Skadden Advise in Record $43B Int’l Payments Deal

March 18, 2019, 11:28 AM
  • Fidelity National Information Services Inc. (FIS) agreed to acquire Worldpay Inc. in a deal worth about $43 billion including debt, the biggest deal ever in the booming international payments sector. (BN) Willkie Farr & Gallagher advised FIS, while Skadden, Arps, Slate, Meagher & Flom advised Worldpay, according to the companies’ statement. (Businesswire.com)

  • Qualcomm Inc. won about a $31.6 million verdict against Apple Inc., in the first U.S. jury trial in its global dispute with the iPhone maker over how much it should pay for using the chipmaker’s patented technology. The verdict means Qualcomm can ask the judge for a sales ban, but it doesn’t cover Apple’s most recent iPhone models. (BN via BLAW) Qualcomm was advised by Quinn Emanuel Urquhart & Sullivan. Apple was represented by Fish & Richardson and Wilmer Cutler Pickering Hale and Dorr. (The Recorder)

  • PepsiCo Inc., advised by Gibson Dunn, beat back an appeal by consumers who alleged it deceptively markets Diet Pepsi. (BLAW)

  • Robins Kaplan is advising celebrity vegan chef Chloe Coscarelli and her business partner, chef Tom Colicchio, who are asking a New York federal court to declare that their short-term restaurant isn’t infringing the trademarks of another set of restaurants tied to Coscarelli. (BLAW)

  • Paul, Weiss, Rifkind, Wharton & Garrison continued its decade-long financial upswing in 2018. Its gross revenues jumped 10.6 percent, compared with the previous year, to top $1.439 billion. The firm’s profits per equity partner, up 10 percent to over $5.02 million, will likely be among the year’s very top notches for PEP, early data suggest. (American Lawyer)

  • Crowell added 30 lawyers in 2018, but its gross revenue slid 4.2 percent to $401 million, while profits per equity partner contracted 8.8 percent, to $1.019 million. (National Law Journal)

  • Corporate in-house legal teams and their outside law firms are still lagging on diversity, according to a recent report. (Corporate Counsel)

  • Willkie has been mum about the nationwide college admissions scandal that broke last week, apart from its announcement that its former co-chairman Gordon Caplan has been placed on a leave of absence from the firm and no longer holds any management responsibilities. (New York Law Journal)

  • The California charity at the center of the scandal listed no employees, had questionable documentation, and didn’t live up to its promises, but apparently attracted no IRS scrutiny. (BN)

  • Harvard University has a new general counsel and VP, as it promoted deputy GC Diane Lopez to take over from Robert Iuliano, who’s leaving after 16 years as the school’s top lawyer role to lead Gettysburg College. A Columbia Law grad, Lopez spent eight years as a New York commercial litigator at O’Melveny & Myers, and joined the Harvard legal department as a university attorney in 1994. (Corporate Counsel)

Lawyers, Law Firms, Deals, Laterals

  • Cozen O’Connor added two litigators to its growing Pittsburgh office. Commercial litigator Laura L. Reinhart, who defends Union Pacific, CSX Transportation Inc., and other major transportation companies in Federal Employers Liability Act-related cases, arrives from Burns White as of counsel. Gary Kelly, who served as GC at health products giant General Nutrition Corp., joined the firm’s labor & employment department as of counsel. (Cozen.com)

  • Chicago-based wealth management tech company Envestnet, advised by Mayer Brown, said it is acquiring PIEtech, Inc., the Virginia-based maker of MoneyGuide financial planning software, for about $500 million. Womble Bond Dickinson advised PIEtech. (Barrons.com)

  • Barnes & Thornburg said the former Michigan state solicitor general, Aaron Lindstrom, has joined the firm as of counsel in Grand Rapids in its litigation department. (BTlaw.com)

Legal Actions, Decisions

  • L.L. Bean Inc., advised by Steptoe & Johnson LLP, won dismissal of a proposed class suit challenging changes to its legendary lifetime return policy. (BLAW)

  • Manatt, Phelps and Phillips said it won a $31 million verdict, plus nearly $1 million in legal fees, for its client Leonard Schrage after a two-month bench trial in Los Angeles Superior Court, as the court found Schrage’s brothers had breached their fiduciary duties related to the automobile dealerships the three inherited from their father. (Leonard Schrage vs Michael Schrage et al No. BC 579623) (Manatt.com) (LACourt.org)

  • Big Four accounting firm PwC agreed to pay $335 million to settle Federal Deposit Insurance Corp. allegations that the firm was negligent in its audits of Colonial BancGroup Inc., an Alabama bank that collapsed after the 2008 financial crisis. (BN via BLAW)


  • Attorneys general of several states are saying the federal government has been to slow to react as Facebook, Google and other tech giants have piled up their users’ personal information and otherwise grown in power. And the AGs have started to take their own actions against those companies. (WaPo)

  • Attorney General William Barr formally invoked the state secrets privilege in a lawsuit brought by Twitter, which seeks to publish a more complete account of government surveillance requests. (Politico)

  • The U.S. Supreme Court’s June 21, 2018, ruling South Dakota v. Wayfair, which tossed out a 1992 standard that had limited states’ ability to tax remote sales, has proven a jackpot for tax software companies. (BLAW)

To contact the correspondent on this story: Rick Mitchell in Paris at rMitchell@correspondent.bloomberglaw.com

To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Molly Ward at mward@bloomberglaw.com

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