Law Firm News

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Baker Botts LLP

CNBC 'Power Lunch' Segment Features Baker Botts Partner Lahiri
CNBC's 'Power Lunch' program today featured Baker Botts partner Yasho Lahiri discussing why there is not a need for increased regulation of the nation's hedge fund industry when the U.S. Congress reconvenes in January.

Lahiri provided details on how the hedge fund industry is currently "regulated" by SEC guidelines and market forces. He was joined on the segment by Damon Silvers, a labor union representative, who discussed how increased regulation is needed to protect the "mom and pop" investor.

12-12-2006

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Leonard, Street and Deinard

Rita O'Keeffe authors Trademark Dilution Act article in Minnesota Lawyer
Rita O'Keeffe authored an article, "Recent legislation creates a new standard for trademark dilution claims," appearing in the "In-House Counsel Quarterly" special section of Minnesota Lawyer on Dec. 11.

12-12-2006

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Leonard, Street and Deinard

Utility, Energy and Regulatory Law Alert - December 12, 2006
The Federal Energy Regulatory Commission has announced it will conduct a technical conference in early 2007 to review its policies on Market Monitoring Units (MMU).

MMUs, described by the Commission as its "eyes and ears," are significant players in restructured electric markets. They have the authority to investigate--and refer to the Commission--tariff violations that can result in civil penalties of up to $1 million per day, establish prices in mitigated markets and propagate new mitigation measures that must be considered by the Commission.

In reviewing PJM Interconnection's tariff revisions, the Commission announced a generic conference to investigate issues with MMU policies more broadly, including the need to safeguard and advance the independence of the MMU and ensuring the transparency and clarity of its functions. In their concurring opinion, Commissioners Suedeen Kelly and Jon Wellinghoff indicated that the technical conference gives the Commission the opportunity to consider:

• what are "best practices" among the MMUs;
• whether the MMUs are structured to allow them to carry out their responsibilities in the most effective manner;
• whether the Commission should establish a Code of Professional Responsibility for market monitors, similar to the codes that govern the behavior of lawyers and accountants;
• whether the Commission should disclose to the MMU the dispensation of matters referred, subject to appropriate confidentiality restrictions;
• the appropriate role of the MMU in assessing the impact on markets of demand response resources; and
• whether provisions should be included in ISO/RTO tariffs in order to redress certain undesirable market behavior in an expeditious manner.

12-12-2006

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Kaye Scholer LLP

Rosenthal Reappointed to DC Circuit's Committee on Procedures
Steven Rosenthal, a partner in the Litigation Department of the Washington, DC office, has been reappointed by the United States Court of Appeals for the District of Columbia Circuit to the Circuit's Committee on Procedures for a three-year term ending in 2009. The Committee advises the Court of Appeals on revisions to its Rules and Operating Procedures and advises the Circuit on proposed revisions to the general Civil, Evidence, and Appellate Rules. The Committee has fifteen members, each appointed by the Court of Appeals for three-year terms.

12-12-2006

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Jenner & Block LLP

Weissmann Appointed to be Special Master in New York City Suit Against Gun Dealers
A federal judge recently appointed Jenner & Block Partner Andrew Weissmann to be the Special Master in connection with civil suits brought by the City of New York against several gun dealers.

New York City has filed two lawsuits against numerous gun dealers across the country as part of its effort to curtail the flow of illegally obtained firearms into the city. As part of a settlement agreement with several of the dealers, Mr. Weissmann, along with Associate Joshua A. Block, will monitor their operations to ensure the dealers’ sale practices comply with federal law. Any dealers found by Mr. Weissmann to have allowed illegal gun purchases can be required to pay various penalties.

In the civil suits, the City alleges that dealers sold firearms without the criminal background checks required by law. Additionally, the City alleges that many of the buyers used a scheme called “straw purchases,” where one customer would deal with the seller until the last moment of the sale when a second customer would then make a payment and pass a background check for the purchase.

Mr. Weissmann is the former Enron Task Force Director and former Chief of the Criminal Division for the U.S. Attorney’s Office for the Eastern District of New York. Joshua A. Block is an associate in the New York office of Jenner & Block, and a graduate of Yale Law School, who joined the firm after his clerkship for Second Circuit Judge Robert Sack.

Practice Groups:
Litigation Department
White Collar Criminal Defense and Counseling

12-12-2006

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Holland & Knight, L.L.P.

Holland & Knight Achieves Litigation Victory for Client Osceola County
Last week, the Florida Supreme Court entered a final order confirming victory for Holland & Knight client Osceola County, Florida, in a property rights claim filed against the County. This was the culmination of over seven years of litigation involving the compensation claim against the County, which initially involved a trial court judgment against the County that had mushroomed to nearly $4 million.

The Holland & Knight team was led by Orlando partner Scott Johnson, Orlando associate Mike Sjuggerud and Tampa appellate partners Steve Brannock and David Borucke.

The lawsuit was filed in 1999 by a disgruntled property owner, as a result of the County denying the owner a conditional use permit to continue operating a landfill in Osceola County. The owner claimed compensation for the "taking" of his landfill under theories of inverse condemnation and the Bert Harris Act (a Florida property rights law). The Orlando trial team filed a motion for summary judgment early in the case, arguing that the controlling law did not allow a claim for inverse condemnation and under the Harris Act. Notwithstanding the belief that controlling law compelled judgment for the County, the trial judge denied the motion. A week-long bench trial occurred thereafter in 2001, in which the court ruled for the owner and found that the County's denial of the permit resulted in an inverse condemnation and a violation of the Harris Act.

The case proceeded to a jury trial in 2003 for the purpose of the jury determining compensation to be awarded to the owner. After a week long trial, the jury returned a verdict for $1.4 million for the taking of the property rights of the owner. With the owner's additional claim of attorney's fees, costs and interest, the compensation judgment ultimately grew to approximately $4 million.

In 2002, Holland & Knight's appellate team was introduced to the case, and appealed the liability judgment, again arguing the same controlling principles of law that had been argued by the firm in the earlier motion for summary judgment. Following oral argument on appeal, the Fifth District Court of Appeal in Florida entered a 1-1-1 opinion in which each of the three appellate judges wrote an opinion reaching a different result. The practical effect was a 2 to 1 vote against the County, upholding the liability and damages judgment.

Based upon the record that had been developed by the Orlando trial team, and the belief that the appellate majority had reached an incorrect conclusion, Holland & Knight's appellate team filed a motion for rehearing. The appellate court considered the firm's motion for rehearing for approximately one year. In August 2006, the rehearing was granted by which one of the appellate judges revised her opinion, and agreed with the other appellate judge who had earlier voted for reversal in favor of the County, adopting in large part the legal and factual reasoning that had been argued by the firm in the initial motion for summary judgment. As a result of the change of opinion, the motion for rehearing led to a reversal of the initial appellate opinion, and by a 2 to 1 vote, resulted in the liability and damages judgments against the County being reversed in their entirety, ending in apparent victory for the County.

However, the property owner thereafter filed a petition with the Florida Supreme Court, requesting that the Supreme Court accept jurisdiction and argued that the County's motion for rehearing was without merit and that the initial opinion of the appellate court in his favor should be reinstated. On December 4, 2006, the Supreme Court entered it's final order denying jurisdiction. As a result, the defense victory for the County was confirmed, overturning the $4 million claim against the County.

12-12-2006

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Debevoise & Plimpton, LLP

Hertz in Initial Public Offering
Debevoise & Plimpton LLP represented Hertz Global Holdings, Inc. ("Hertz Holdings") in its initial public offering of 88,235,000 shares of common stock at a price per share of $15. The offering closed on November 21, 2006. The net proceeds to Hertz Holdings, after deducting underwriting discounts and estimated offering expenses, were approximately $1.26 billion.

Hertz Holdings was formed in 2005 by investment funds associated with Clayton, Dubilier & Rice, Inc., The Carlyle Group and Merrill Lynch Global Private Equity to acquire The Hertz Corporation from Ford Motor Company. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, London, Paris, Frankfurt, Washington, Moscow, Hong Kong and Shanghai.

The Debevoise team was led by partners John M. Allen, Jr. and Steven J. Slutzky and included partners David A. Brittenham, Gary M. Friedman and David P. Mason, counsel Heidi A. Lawson and associates Alexandra Alperovich, Lee Turnier Barnum, Olivia Dixon, Lisa B. Gorrin, Kristine Hutchinson, Daniel J. Magida, Brooke Monahan McKeever, Clara A. O’Brien and Steven N. Wayland

12-12-2006

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