Free Speech, Due Process and Trial by Jury
The week ending April 12 saw 14 deals reported with an aggregate value of only $2.7 billion. Don't let that mislead. It's both better and worse than the numbers suggest. There were 10 M&A/funding deals. But the bulk of the M&A/funding value was provided by a $1 billion fund closing. That and more in this week’s CDT Roundup, The Texas Lawbook's regular feature highlighting the work Texas dealmakers are doing inside and outside the state.
Texas litigation powerhouse Susman Godfrey filed a federal lawsuit late Friday accusing President Donald Trump of issuing unconstitutional executive orders against it and other law firms and claiming the president’s actions are “a grave threat to this foundational premise of our Republic.”
U.S. Bankruptcy Judge Marvin Isgur ended a hearing Friday morning in the GWG Holdings case after finding lawyers for the trustee had failed to meet their due process obligations under the constitution to provide bondholders with notice of how a proposed settlement would impact them. “I find there is not due process notice and this is not a close call,” he said, adding the effort of the lawyers to inform bondholders, some of whom put their life savings in the company, that they could expect to get back only about 3 percent of what they invested was “completely deficient” and “an embarrassment.”
Faced with the threat by President Donald Trump of potentially ruinous executive orders, five of the largest and most profitable corporate law firms in the U.S. — including four that have large operations in Texas — reached settlement agreements Friday with the White House that require them to allow an independent outside counsel to monitor their recruiting and hiring practices for possible discriminatory efforts.
The event was described as a “fireside chat,” intended as a brief, informal Q&A session to kick off the 8th Annual Bench Bar Conference for the Northern District of Texas. The discussion featured NDTX District Clerk Karen Mitchell and NDTX Chief Judge David Godbey. They began by addressing the dynamics of the district and common challenges related to budgeting and policy, including the impact of AI. However, the conversation also took a more serious turn as they talked about the issue of judicial death threats. “Non-elected, active citizens will send me death threats and publish my personal information on the internet and encourage like-minded people to try to kill me,” he said. “That’s a different ballgame.”
Large corporate law firms have faced unprecedented actions, including presidential executive orders targeting them and more. The Texas Lawbook established an open forum for lawyers, general counsel, law professors and judges to provide substantive responses to seven questions in an online survey. We're publishing the individual responses from our readers.
Chief U.S. District Judge for the Western District of Texas, Alia Moses, has taken control of the 34 bankruptcy cases where the U.S. Trustee is seeking to clawback millions in fees awarded to Dallas-based Jackson Walker. “This unique case nevertheless requires stiff measures. The need to reestablish public trust and confidence in the court system alone impels withdrawal in this highly unusual case,” she wrote.
Roughly one month after deciding a bankruptcy judge should determine whether a former CEO can proceed with his lawsuit alleging he was the victim of a conspiracy carried out in proceedings before former bankruptcy judge David Jones, a federal judge changed her mind this week.
The Texas litigation powerhouse Susman Godfrey said Thursday morning that it will fight President Donald Trump’s executive order signed Wednesday that accuses the Houston-based law firm of “egregious conduct and conflicts of interest” and representing “clients that engage in conduct undermining critical American interests and priorities.” The president’s EO came the same day that a Delaware judge gave lawyers for Susman Godfrey and their client, Dominion Voting Systems, a huge court victory against Newsmax Media in a multibillion-dollar defamation lawsuit related to the 2020 presidential election. Last week, Susman Godfrey joined an amicus brief that accuses President Trump of illegally using executive orders to punish law firms who represent clients or causes that he opposes.
Justice Boyd issued a statement that he’ll be leaving the bench “near the end” of the court’s term this summer. “I am honored and blessed to have served on the Texas Supreme Court these past 12 years,” he said. “I’m especially grateful to gov. Rick Perry for appointing me to the court in 2012, to the many Texans who have encouraged, supported, and voted for me though two statewide elections, to my many court and campaign colleagues and coworkers for their friendship and inspiration, and to my wife Jackie and our children for reminding me daily of life’s most important blessings.”
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