Law Firms, Clients Don't See Eye-to-Eye on Pricing | GameStop Litigation Expands Beyond Robinhood | Body Glove Sues Over Soured Distribution Deal: The Morning Minute
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February 10, 2021 at 06:00 AM
5 minute read
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WHAT WE'RE WATCHING
COMMUNICATION COSTS - What would happen if law firms and their clients stopped being polite and started getting real? Probably nothing that MTV would be interested in filming—but improved communication, especially when it comes to pricing, would likely do wonders for both in-house and outside counsel. It's clear that tip-toeing around the issue isn't working. As Law.com's Dan Packel reports, a new report compiled by the Blickstein Group and the Legal Value Network in collaboration with software company Intapp, reveals a significant gap between pricing professionals within law firms and in-house legal operations experts over the value of technology and each side's role in developing alternative fee agreements. But there's no need to be discouraged by these results, Christopher Ende, chief value officer at Goulston & Storrs and an officer and board member at the LVN, said, noting that "more dialogue between buyers and sellers" would go a long way. "The word that strikes me is 'opportunity,'" said Ende. "When you look at the questions together, certain themes emerge as both sides work with each other as partners."
ESCALATING TRADE WAR - Looks like Robinhood is now joined by a merry menagerie of co-defendants. As Law.com's Amanda Bronstad reports, litigation over a run on stock in GameStop and other companies—which touched off an abrupt trading halt on Jan. 28—has expanded beyond beyond Robinhood and its customers, with attorneys now alleging a conspiracy to manipulate the market that involved several other online trading platforms, hedge funds and clearinghouses. While most of the lawsuits first filed alleged consumer fraud and breaches of fiduciary duty against Robinhood on behalf of its customers, the latest class actions brought claims under antitrust law, naming dozens of defendants such as hedge fund Citadel and brokerage firm TD Ameritrade Inc. They claim the companies, which restricted stock purchases for smaller investors while allowing hedge funds to buy shares, conspired to restrain the market and manipulated stock prices.
HIGH AND DRY - Becker & Poliakoff filed a breach-of-contract lawsuit Tuesday in New York Southern District Court on behalf of Body Glove IP Holdings, owner of the "Body Glove" trademark found on a popular line of watersports apparel and accessories. The complaint targets Exist Inc. and Joshua Glickman, alleging the defendants still owe $225,000 on a distribution agreement that ended in a wipeout. Counsel have not yet appeared for the defendants. The case is 1:21-cv-01181, Body Glove IP Holdings, LP v. Exist, Inc. et al. Stay up on the latest deals and litigation with the new Law.com Radar.
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EDITOR'S PICKS
Meow! A Lawyer's Mishap on Zoom Is Going Viral By Angela Morris
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Eleanor M. Lackman of Mitchell Silberberg & Knupp has entered an appearance for Canon, the Japanese camera maker, and the Brooklyn Nets in a pending trademark infringement lawsuit. The case, filed Sept. 16 in California Central District Court by T-Rex Law on behalf of technology company Phinge Corporation, pursues claims against the defendants for their ongoing use of the 'Netaverse' mark. The suit contends that the defendants' use of the mark in connection with a virtual reality platform will likely create consumer confusion. The case, assigned to U.S. District Judge Consuelo B. Marshall, is 2:24-cv-07917, Phinge Corporation v. Yankees Entertainment and Sports Network, LLC et al.
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Who Got The Work
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