Financial Times Honors Ropes & Gray in Inaugural Edition of U.S. Innovative Lawyers Report
Firm Recognized for Innovation in Litigation and Restructuring
Ropes & Gray has been recognized in the first U.S. edition of the Financial Times’ Innovative Lawyers report. “To be ranked in the U.S. Innovative Lawyers report, a legal team needed to have exceeded client expectations in a market where those expectations were riding high,” the Financial Times editors wrote in the report, published Dec. 1.
Ropes & Gray was cited in the litigation category for its work on two cases:
- Freddie Mac securities fraud class actions: Securities litigation practice group leader Randy Bodner lead a team advising former Freddie Mac senior officers. The firm represents this group in numerous securities fraud class actions and derivative actions pending in multiple jurisdictions, which together assert damages exceeding tens of billions of dollars. The Financial Times writes, “Reversing the trend for longer, more complicated claim documents, the firm successfully revitalized a 1930s rule that requires plaintiffs to file a plain and simple claim. A useful defence tool against a glut of sub-prime class-action suits.”
- Jones v. Harris U.S. Supreme Court decision: Securities litigation partners John Donovan and Robert Skinner led a Ropes & Gray team in a victory for mutual fund advisor client, Harris Associates. The decision established the standard governing claims of excessive mutual fund fees. The Financial Times writes, “Challenging the perceived wisdom in cases attacking the size of advisory fees charged by mutual funds, the firm convinced the Court to determine an action in favour of its client without a full hearing.”
Ropes & Gray was “highly commended” in the automotive restructuring category:
- Plastech restructuring: Plastech was the largest minority-owned auto supplier in Michigan when it filed its Chapter 11 case unexpectedly in 2008. Business restructuring partner Keith Wofford led a team that included partners Stephen Moeller-Sally and Win Minot representing the steering committee of first lien term loan lenders in acquiring the interior and exterior parts divisions of Plastech through vehicles formed between the lenders and two separate joint venture partners. The Financial Times, writes, “Representing the main credit holders, the firm enabled the company to be sold to its current owners in a way that returned excellent return on investment for clients. Elements of the deal could be considered a precursor to later restructurings, as the deal involved similar innovations such as the use of collective action in the credit bid.”