Latham's Huge UBS Win, Am Law Numbers Flow In, Bolton's Tell-All: The Morning Minute
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January 30, 2020 at 06:00 AM
4 minute read
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WHAT WE'RE WATCHING
BIG BUCKS – Latham & Watkins has secured a $1 billion judgment on behalf of UBS Securities in a long-running contract dispute against bankrupt hedge fund manager Highland Capital Management, dating back to the early days of the financial crisis. As Tom McParland reports, a New York trial court Justice Marcy Friedman ordered two funds affiliated with Highland to pay $520 million in damages and another $520 million in statutory interest for their refusal to cover UBS' losses under a failed agreement to securitize collateralized loan obligations and credit-default swaps in 2008.
MO FOR MOFO - Financial numbers for 2019 are flowing in to Law.com affiliate The American Lawyer for this year's Am Law 100 and 200, and among the latest are those from Morrison & Foerster, which reported a revenue increase of 10% to $1.15 billion. Revenue per lawyer went up 4%, to $1.14 million. Profits per equity partner grew 3.3% to $2.05 million, marking the first time the firm has surpassed the $2 million point.
BY THE BOOK – The manuscript of John Bolton's upcoming book, "The Room Where It Happened," is at the heart of the Senate's impeachment trial of President Trump. And what happens if the book by the ex-national security adviser ends up containing classified information, as the White House's National Security Council has said after a preliminary review of it? Jacqueline Thomsen reports that if the NSC insists on classified details being redacted from the book, Bolton can go to court to challenge the classification. He'll have to prove that information was already released by Trump officials to get a judge to rule in his favor and let the details be published.
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