The Week at Ropes & Gray: Our Comprehensive Suite of Risk Assessment and Advisory Services; A Litigation Win for TravelCenters; Three Significant Deals; The End of LIBOR?; Accolades for Attorneys in our M&A and Investigations Practices
Weekly highlights of what’s happening at Ropes & Gray:
- 43% of the 300 respondents to a survey on legal and regulatory risk -- sponsored by Ropes & Gray -- feel their current risk management policies and practices meet all of their present needs, and 69% are not confident their current risk management policies and practices will be enough to meet their future needs. These findings and many others will be published on Monday, September 18 in a report by Ropes & Gray and FT Remark. “Without question, the research identifies opportunities for companies to bolster their risk defenses, particularly as they relate to greater participation in risk management across the entire enterprise,” said Ryan Rohlfsen, a partner in Ropes & Gray’s anti-corruption and international risk practice. Sign up to receive a copy of Ropes & Gray’s and FT Remark’s “Risky Business: Mitigating Exposure through Comprehensive Risk Management” on Monday. The report follows the firm’s launch of the Ropes Risk Mitigation & Management Model, a comprehensive suite of risk assessment and advisory services that offers an efficient, harmonized approach for mitigating complex risks.
- In a 101-page opinion issued by the Delaware Court of Chancery on September 11, the Court sided with TravelCenters of America (TA) in litigation regarding fees charged by Comdata to TravelCenters at its locations. “TA is pleased with today’s decision,” said Tom O’Brien, President and CEO of TravelCenters on Monday. The decision orders Comdata to honor TA’s contract terms and to reimburse TA for all excess amounts charged to TA since February 1, 2017, plus interest. Ropes & Gray’s litigation practice represented TravelCenters.
- Our corporate teams announced a number of deals this week:
- The firm represented Bain Capital and Navicure in a definitive agreement to unite with ZirMed. The combined company will provide hospitals, health systems, and ambulatory services organizations including physician practices with a comprehensive suite of analytics-driven solutions proven to help improve financial performance.
- A deal team represented Café Rio Holding, Inc., a portfolio company of affiliates of KarpReilly, LLC and Apax Partners, L.P., in the acquisition by Freeman Spogli & Co. of a majority interest in the company. Café Rio is a restaurant chain specializing in Mexican cuisine, and operates approximately 120 stores throughout the U.S.
- Ropes & Gray also represented leading private equity firm Berkshire Partners in its agreement to acquire Curriculum Associates, LLC from its owners. Founded in 1969, Curriculum Associates, LLC designs research-based print and online instructional materials, screens and assessments, and data management tools.
- Questions regarding the sustainability and desirability of the London Interbank Offered Rate (LIBOR) has prompted the UK Financial Conduct Authority to urge the phasing out of LIBOR and a transition to alternative reference rates by the end of 2021. “Market participants are urged to begin planning a transition to replacement rates anchored in observable transactions by 2021,” notes a new alert by our attorneys in London.
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