Law Firm News

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Law Firm News

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Davis Polk & Wardwell

EarthLink, Inc. Convertible Notes Offering and Call Spread Transactions
Davis Polk & Wardwell advised UBS Securities LLC and Bank of America Securities LLC as joint bookrunners of a $259 million SEC-registered offering by EarthLink, Inc. of its 3.25% convertible senior notes due 2026. Davis Polk also advised UBS Securities LLC and Bank of America Securities LLC as counterparties to call spread transactions in connection with the offering.

Based in Atlanta, Georgia, EarthLink is an Internet service provider providing nationwide Internet access and related value-added services to individual and business customers.

The Davis Polk corporate team included partner Joseph A. Hall and associates Mark M. Mendez, Shawei T. Wang and Mehrsa Baradaran. Partner John M. Brandow advised on the call spread transactions. Partner Po Sit and associate Yakov D. Mirocznik provided tax advice. Elizabeth Rollings was the legal assistant for the transaction. All members of the Davis Polk team work in the New York office.

11-29-2006

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Davis Polk & Wardwell

DWS Dreman Value Income Edge Fund Initial Public Offering
Davis Polk & Wardwell advised Morgan Stanley & Co. Incorporated in connection with the initial public offering by DWS Dreman Value Income Edge Fund, Inc. of $910 million of its shares of common stock. The fund is listed on the New York Stock Exchange under the symbol “DHG.”

The fund is advised by Deutsche Investment Management Americas Inc. and subadvised by Dreman Value Management, LLC, whose chairman David N. Dreman is a pioneer in contrarian value equity investing.

The Davis Polk corporate team included partner Joseph A. Hall and associates John K. Doulamis and Ross Oliver. Associate Scott Hogan provided Investment Company Act advice. Counsel Mary B. Conway and associate Kimberly A. Champlin provided tax advice. The NASD team included counsel Marcie A. Goldstein and legal assistant Peggy A. Petercsak. All members of the Davis Polk team are based in the New York office.

11-29-2006

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Vedder Price Kaufman Kammholz

Early Returns: Impact of the Class Action Fairness Act on Federal Jurisdiction Over State Law Class
Topic Description: Early Returns: Impact of the Class Action Fairness Act on Federal Jurisdiction Over State Law Class Actions Antitrust, Vol. 21, No. 1, Fall 2006

11-29-2006

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Lieff, Cabraser, Heimann & Bernstein, L.L.P.

WOMEN RENEW CHARGES OF SEX DISCRIMINATION AGAINST SMITH BARNEY
Five female financial advisors filed an amended class action lawsuit today in federal court in the Northern District of California, charging sex discrimination at Smith Barney, the retail brokerage arm of Citigroup, which is the nation's largest financial institution. Today's filing amends a class action complaint filed in March of last year by adding additional plaintiffs from Southern California and Florida, and amplifies the allegations in the original class action complaint.
"Today, two more women, from two more Smith Barney branches, have come forward to join the class action gender discrimination lawsuit against the company. Their stories confirm the allegations of the complaint that female financial advisors are not treated fairly and are denied compensation at Smith Barney branches from coast to coast," said Kelly Dermody of Lieff Cabraser Heimann & Bernstein in San Francisco, California, one of the firms representing the plaintiffs.
Adam Klein, of Outten & Golden, LLP in New York City, another of the plaintiffs' attorneys explained, "These courageous women have come forward to hold Smith Barney accountable for treating female brokers like second-class citizens. We are long past the day when 100% effort means 70% pay for women in the workplace."
The original plaintiffs, Renee Fassbender-Amochaev, Deborah Orlando and Kathryn N. Varner, and two new plaintiffs, Ivy So and Lisa Strange Weatherby, claim they were discriminated against with respect to their compensation at Smith Barney. Specifically, the women allege that Smith Barney:

* Systemically discriminates against women in allocating business opportunities
* Discriminates in the account distribution process, routinely assigning smaller and less valuable accounts to female brokers, including those who outperform their male counterparts, than to male brokers.
* Fails to provide women with the same level of sales support, administrative support, and other support as it provides to men.
* Maintains a corporate culture hostile to female professionals.

Cyrus Mehri of Mehri & Skalet, PLLC in Washington, DC, who also represents the plaintiffs, said "Smith Barney's corporate practices foster a good old boy culture, where men receive a disproportionate share of business opportunities. By bringing this case, these women will ultimately be a catalyst for systemic change."
Since the original complaint was filed, the plaintiffs have had several important victories in the case.

11-29-2006

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Hahn, Loeser & Parks, L.L.P.

Steve Chappelear featured in "Board Delays Decision on Fenner's Contract."
The Dublin school board released a sexual harassment complaint filed by Treasurer, Chris Mohr and the response to his allegations filed by Superintendent Linda Fenner. Steve Chappelear conducted the independent third-party investigation. His conclusion was that Dr. Fenner has not harassed Mr. Mohr. She has, accordingly, not violated the harassment policy of the Dublin City School District.

11-29-2006

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Hahn, Loeser & Parks, L.L.P.

Steve Chappelear's independent investigation for Dublin City School Board discussed in ""E-mails Show Close Friendship Gone Sour."
Steve Chapplear was hired by the Dublin City School Board to conduct an independent third-party investigation on the complaints filed by Superintendent Linda Fenner and Treasurer Chris Mohr on each other. The school board president would not allow Steve to explain why he rejected both complaints.

11-29-2006

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Brown, Raysman, Millstein, Felder & Steiner, L.L.P.

ADP Enters Sales-Tax Compliance Business With $125M Acquisition
The following article from the New Jersey Law Journal details a major transaction that the firm handled for our client Automatic Data Processing, Inc., with respect to IP due diligence and other IP-related issues.

Automatic Data Processing Inc., one of the world's largest payroll and human resources administration companies, is expanding into the sales-and-use tax compliance business.

The Roseland, N.J., company announced on Wednesday that it has acquired Taxware LP, a sales-tax compliance provider in Wakefield, Mass., for $125 million.

The move is part of ADP's strategy to become one-stop outsourcing center for its corporate clients' back-office needs, building on its principal business as a payroll processor.

The acquisition will allow ADP to automate sales, use, value-added and other consumption-tax calculation and filing for domestic and global client companies.

Taxware will be folded into ADP's Employer Services Division, the company said in announcing the acquisition. "This acquisition builds on our strong position in tax compliance services," said ADP CEO Gary Butler. . .

. . .Kenneth Adler, Frank DeRosa, and Kenneth Patterson, of New York's Brown Raysman, Millstein, Felder & Steiner, represented ADP in the deal, along with in-house counsel Lech Choroszucha.

11-29-2006

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