The Week at Ropes & Gray: A Record-Breaking Deal in Japan; A Winning Summer for Litigators Continues into Fall; What’s Next after Obamacare Repeal Failure; A Data Breach at the SEC; Recognition for Firm’s Lawyers
Weekly highlights of what’s happening at Ropes & Gray:
- This week, as our Tokyo office celebrates its tenth anniversary, Ropes & Gray advised long-term client Bain Capital on the sale by Toshiba Corp. of its semiconductor business to a group led by Bain Capital for two trillion yen, or roughly $18 billion. The transaction is understood to be the largest deal in Japan since 2011, as well as both the largest private equity and leveraged finance deal ever seen in Asia. Investors for the Bain-led deal include Apple Inc., Seagate, Kingston, Hoya, Dell Technologies Inc. and SK Hynix.
- The Thursday announcement of the Bain-led Toshiba deal followed a separate Bain Capital Private Equity transaction on Sept. 25 in which Bain announced the sale of Carver Korea Co., Ltd., a leading skincare business, to Unilever for €2.27 billion. A cross-office team of Ropes & Gray private equity partners and associates advised Bain Capital.
- The firm’s summer-long litigation winning streak extended into the fall, when on Sept. 22 a motion to dismiss was granted in a putative healthcare-fraud class action brought against Walgreen Co. in the U.S. District Court for the Northern District of Illinois. The plaintiff alleged that Walgreens and other pharmacies improperly billed Medicare for insulin prescriptions, and asserted state-law claims for fraud and unjust enrichment. The court dismissed the case without allowing the plaintiff an opportunity to re-plead.
- When Senate Republican leaders announced on Tuesday that a vote would not be taken on the newest bill to repeal Obamacare, health care partner Tom Bulleit chimed in again with reporters, as he has on each of the Republican-led proposals. This time, he discussed with Law360 the likelihood of continued repeal and replace efforts from the Republican Party this year, given unsuccessful efforts to replace President Obama’s signature piece of legislation.
- Information security continues to be first-page news, and it’s certainly front of mind for our privacy & cybersecurity attorneys. Last week, the SEC disclosed that it was investigating a computer hack to its very own corporate filing system, called Edgar, which took place in 2016. Co-head of Ropes & Gray’s privacy and cybersecurity practice, Heather Sussman, weighed in on the security implications of the breach in two recent Wall Street Journal articles. Ms. Sussman noted that: “the federal government is facing the same security challenges that corporations are facing in an environment where they are trying to compete for scarce security talent on a Federal government budget.” Investment management partner Paulita Pike also provided remarks in a number of outlets, including in Pensions & Investments.
- Earlier this month, our global head of M&A, Paul Scrivano was named an “M&A Trailblazer” by The National Law Journal. This week, we announced that Mr. Scrivano has also now been named to the The Daily Journal’s 2017 list of the Top 100 Lawyers in California. Lawyers selected for the Top 100 list exhibited clear examples of cutting-edge legal work nationally and globally.
- The outstanding work of our E-Discovery counsel Shannon Capone Kirk has also been recognized this week; she was named to Massachusetts Lawyers Weekly’s Top Women in Law list. Ms. Kirk will be honored with fellow recipients at an event this November to celebrate the outstanding achievements made by exceptional women in Massachusetts law.
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