What a difference a quarter makes. Even as deal numbers for the third quarter continue to numb, some really big deals are beginning to unfold in the fourth — particularly in the energy sector — with two $60 billion whoppers in the past three weeks. But a recent analysis by Pitchbook suggests that they are only the beginning. With an estimated global total of $1.4 trillion in dry powder available, dealmakers who have been eyeing market variables may be ready to pounce. This week’s CDT Roundup looks the possibility of a coming breakout, along with the usual roster of lawyers and firms who reported $68 billion over 18 different deals.
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Susman Godfrey in Letter: Ed Blum May ‘Misunderstand’ its DEI Programs
Three days before Winston & Strawn became the target of legal activist Ed Blum’s third lawsuit, another firm operating in Texas — Susman Godfrey — responded to a demand letter defending its DEI programs to Blum. “We believe both programs fully comply with all relevant laws,” the letter says.
‘Reminds Me of the Facebook Relationship Status — It’s Complicated’
Seven trial lawyers have been contacted by parties involved in corporate bankruptcies and restructurings before U.S. Bankruptcy Judge David Jones of Houston between 2018 and 2022 to inquire about potential legal claims they have against the judge or the law firm that employed his live-in girlfriend during those five years. No new lawsuits have been lodged and no one is publicly claiming that they were wronged as a result of Judge Jones’ secret romantic relationship with a partner in Jackson Walker’s bankruptcy practice.
But the controversy surfaced last week in an ongoing bankruptcy case. U.S. Trustee Kevin Epstein asked Judge Marvin Isgur, who is overseeing the GWG Holdings restructuring, to postpone awarding more than $1 million in legal fees to Jackson Walker, who served as co-lead debtor’s counsel, while the U.S. trustee’s office investigates. Judge Jones served as the mediator in the case and the lawyer worked on the case.
Litigation Roundup: Paxton Gets TRO to Stop Razor Wire ‘Destruction’ at Border, ITC’s Win Against Enviro Claim Affirmed in Case of First Impression
In this edition of Litigation Roundup, a jury sides with a Baylor graduate in a lawsuit over the alleged mishandling of her sexual assault complaints, a woman sexually assaulted by her masseuse has a $1.8 million punitive award wiped out on appeal, and a judge in Texas puts a nationwide halt to a new Consumer Financial Protection Bureau rule that would require lenders collect certain data from small business borrowers.
Ed Blum Sues Winston Challenging DEI Fellowship
The lawsuit, filed Monday in Houston federal court, alleges one of Winston’s diversity fellowship programs “has been racially discriminating against future lawyers for years” because the only law students considered for the DEI-oriented fellowship are those who “belong to a group that is ‘diverse,’ ‘disadvantaged’ or ‘historically underrepresented’ — Winston’s shorthand for not a straight white male.” Winston is the third law firm to be sued by conservative legal activist Edward Blum and his organization, American Alliance for Equal Rights.
SEC Charges Austin’s SolarWinds, CISO with Fraud
The U.S. Securities and Exchange Commission filed fraud charges Monday against SolarWinds Corporation, an Austin publicly traded company that provides information infrastructure software used by thousands of businesses and government agencies, for alleged failures regarding cybersecurity risks and vulnerabilities. The SEC’s complaint filed in New York that accuses SolarWinds and its chief information security officer, Timothy G. Brown, with making “materially false and misleading statements and omissions related to SolarWinds’ cybersecurity risks and practices in at least three types of public disclosures” between 2018 and 2020.
Regulations Cutting Roofers Out of Insurance Claim Process Challenged
Tensions between free speech and public protection were exposed during SCOTX arguments on licensing requirements for public adjusters. The justices posed hypotheticals about professions including lawyers, doctors and journalists, but the prevailing image was that of a roofer standing atop a house calling the insurance company.
SCOTX Denies Bid to Skip Over 5th COA in Judicial District Reapportionment Challenge
Keresa Richardson has argued to the courts that the malapportionment of the 14 judicial districts in Texas is a “disease” and that the use of docket equalization measures to even the workload among the courts is a “field dressing.” Richardson is alleging both issues constitute violations of the equal protection clause of the Constitution.
TMCP Panel: Diversity Fatigue Rampant on Both Sides of the Corporate Aisle
White lawyers, a word of caution: Your colleagues of color are sick of having to constantly educate you on racial issues and the nuances of diversity, equity and inclusion. Lawyers of color: We know you are exhausted, but there are still benefits — both institutional and personal — in continuing to play the game.
These were the two main takeaways during a panel discussion of law firm partners Thursday afternoon at the Texas Minority Counsel Program’s 31st annual conference in Houston.
Pharma Marketer Guilty in $60 Million Fraud and Kickback Scheme
Quintan Cockerell was paid millions to steer doctors to write expensive, often needless, prescriptions to two Fort Worth pharmacies, federal investigators said. After a week of testimony and four days of deliberations, a jury in the court of U.S. District Judge Karen Gren Scholer agreed on Thursday.