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10
World Report - USA
OCTOBER 2013
BIRd MaRELLa WInS MULtI-MILLIon JUdGMEnt aGaInSt LEXMaRK IntERnatIonaL In cLaSS actIon LaWSUIt aS aFFIRMEd BY aPPELLatE coURt
Los Angeles-based litigation firm Bird, Marella, Boxer, Wolpert, Nessim, Drooks & Lincenberg, P.C. won an appellate victory affirming a judgment that
totals
more than $10 million in damages, costs, attorney fees and interest in a class action lawsuit against Lexmark International, Inc. (“Lexmark”). The appellate court agreed with the trial court
that the company’s “use it or lose
it” vacation policy failed to compensate employees for unused vacation and personal choice days per California state law. Filed on behalf of a group of 178 current and former employees of Lexmark, the class action lawsuit sought compensation for unpaid wages and injunctive relief.
“This is an outstanding result for our clients who have been waiting since this
Baker & McKenzie Represents Investors in $77 Million Refinancing of Southern Railway Building
in Washington, dc Baker & McKenzie represented 1500 K Street LLC in the $77 million refinancing of an office building located at 1500 K Street NW in Washington, D.C. Baker & McKenzie acted as counsel for the borrower in connection with this financing.
1500 K Street LLC is a joint venture owned by Omega Capital S.L. (50%) and by Grosvenor USA Limited (50%). Omega Capital is a Spanish group of companies with interests in several real estate assets in the U.S. The loan was granted by Wells Fargo Bank, National Association.
Grosvenor USA on the refinancing of this important asset, which showcases our ability to advise our real estate clients on complex finance transactions with international components,” said José A. Morán, a partner in Baker & McKenzie's Banking & Finance practice.
This transaction involved the collaboration of
several The
11-story multi-tenant office building, known as
the
Southern Railway Building, contains 250,605 square feet of net rentable area on a 32,673 square parcel of land.
“We were pleased to advise Omega Capital
and
attorneys in Baker & McKenzie's Banking & Finance, Real Estate, Corporate, Bankruptcy, Hotels & Resorts practice areas throughout four offices. The Baker & McKenzie team included José A. Morán, Sarah H. Winston (Chicago), Juan C. Gonzalez (Chicago), Brian Zurawski (Chicago), Jennifer Markovich (Chicago), Megan R. Renze (Miami), Ira A. Reid (New York) and Laura Camarero (Madrid).
case was filed in 2005 to recover
lost vacation
wages,” said Bird Marella attorney Bonita D. Moore. “The company changed a lawful policy to one that violated the California Labor Code in order to save money,
and the
damages awarded reflect the injustice inflicted on the class members by the company. As to current employees, the trial court also issued an injunction
to bar the company from this type of behavior in the future.”
In 1991, Lexmark amended its company policy that complied with California law to one that required its employees to forfeit all vacation and personal choice days if not used by the end of each year. That policy directly violated California Labor Code section
227.3, which prohibits employee
forfeiture of vacation and requires payment for all vested vacation upon employment termination.
The case was originally filed by lead counsel Sheila Thomas of the Law Offices of Sheila Thomas.
Lexmark, an IBM “spin-off” company
based in
Lexington, Kentucky, has been in operation since 1991.
JP Morgan pays regulators $920m
JP Morgan Chase & Co is set to pay $920 million to regulators over the $6 billion loss that was suffered amid the ‘London Whale’ trades. Losses were built up in early
2012 at the US investment bank’s London office in derivatives trades, which also resulted in two former traders from the bank being criminally charged in the US.
The two deny claims that they tried to hide their losses by lying about their trade sizes.
The four regulators due to receive money from JP include the UK’s Financial Conduct Authority, who will receive approximately $220 million.
The SEC said in a statement
that bank’s
had been ‘failings’ the
there in
senior
management, adding that "JP Morgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses."
Latham & Watkins private funds conference in chicago discusses
market trends and regulatory strategies. Latham & Watkins recently hosted a morning of informative panel discussions in Chicago,
Partners and Latham & Watkins.
Illinois on
the current competitive operating
market trends and effective regulatory strategies private funds.
representatives environment, for
More than 75 attendees, including
from hedge funds and private equity firms, heard from a group of expert panellists from Energy Capital Partners, Golden Gate Capital, ABRY
Panel topics included:
Fundraising Market Terms and Trends, We’ve Been Registered for Over a Year – Now What?, JOBS Act Update, SEC Presence Exams – Field Observations, AIFMD Update and Tax Update.
“On behalf of Latham & Watkins and the Investment Funds Practice, we would like to extend a thank you to the market experts who
Partner said.
participated in the panels and to our attendees,” Nabil Sabki,
Investment Funds