Landmark class action settles in Australia... Cooley’s Facebook win named “Top Verdict of 2015”… New partner at Corrs… Singapore banks, law firms disagree over NPL’s…
International law firm expands in Asia-Pac
Latham & Watkins is to open its sixth office in the region, in Seoul. South Korea has been eyed by the firm following a strategic review of Asia-Pac which began last summer and the new location builds on the success of the firm’s offices in Beijing, Hong Kong, Shanghai, Tokyo and Singapore.
Landmark class action settles in Australia
A case against McGraw-Hill Financial and Standard & Poor’s has been settled in Australia, subject to court approval and conditions. The action was brought by almost 100 investors including institutions, individuals, councils and charitable organisations which bought SDCO’s in Lehman Brothers Australia Ltd, which is in liquidation. The debt obligations were rated by S&P. The applicants in the case, who alleged negligence on the part of S&P, were advised by Squire Patton Boggs.
Cooley’s Facebook win named “Top Verdict of 2015”
The decision of the US Supreme Court to dismiss a patent infringement case brought against Facebook by Bascom Research LLP has been named the “Top Verdict of 2015” by The Daily Journal. Facebook was defended by Cooley and won the argument that the ability to ‘friend’ other users did not infringe four patents held by the plaintiff which then court said were “abstract ideas".
New partner at Corrs
Corrs Chambers Westgarth has appointed its fifth partner of the year so far. Jillian Button has joined the firm’s environment and planning group in Melbourne. Button was previously with Minter Ellison.
Singapore banks, law firms disagree over NPL’s
The potential for increased levels of nonperforming loans to result in more defaults is worrying law firms in Singapore. The view is in contrast to the city-state’s big banks who believe the level is manageable. NPL’s will have to increase due to weakness in the oil sector, the banks have said, but they are confident that they will not hit the highs seen during the financial crisis. News.markets reports that law firms including Rajah & Tann are concerned that distressed loans will spread across multiple sectors.
