Quinn emanuel trial lawyers

Mergers & Acquisitions Litigation

Introduction Print

We represent a diverse array of clients of all sizes and industries including Fortune 500 companies, investment funds, large corporate stockholders, individual officers and directors, lenders, and startups.

Quinn Emanuel provides litigation counsel to its clients to facilitate their business objectives in corporate deals, whether by enjoining transactions, ensuring they are consummated, or vindicating our clients’ rights when transactions fall apart or issues arise after a deal closes.  In addition to our varied courtroom and arbitration experience, we just as often advise clients on strategies to avoid litigation or otherwise negotiate successful results short of a lawsuit.  Although we are a litigation only firm, clients routinely consult us before or at the outset of a deal, either in anticipation of litigation or simply because they value our perspective, expertise, and experience.  We are often asked to value IP assets and assess pending lawsuits.  We regularly work side-by-side with clients’ transactional teams to develop their deal strategies.

Our extensive experience litigating significant transaction-related disputes includes:

  • Leveraged buy-outs, restructurings, and large complex sale and merger transactions
  • Defending and blocking transactions through temporary restraining orders and preliminary injunctions
  • Enforcing financing agreements
  • Tender offer litigation
  • Representing special committees of outside directors
  • Shareholder class actions
  • Breach of representations and indemnification claims
  • Asserting and defending fiduciary-related claims on behalf of directors and controlling shareholders
  • Earn out obligation litigation
  • Fraudulent conveyance claims
  • Valuing assets such as patents and assessing liabilities such as lawsuits

Because we are one of the few top-tier firms that can be adverse to major financial institutions and money center banks, and we do not have a corporate transactional practice or “business conflicts”, we can take on a variety of clients and have litigated every side of the transaction table.  We can assemble a team and make it to court the same afternoon.  Our unparalleled reputation as a trial law firm also ensures that our client’s adversaries know that we will go the distance to trial, if necessary, and win.

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Recent Representations Print

Notable Representations

  • We defended MassMutual and its investment advisor subsidiary Babson Capital Management, against breach of fiduciary duty claims brought by Paul Davis related to MassMutual’s investment in Scottish Re (a Cayman Island Company). We obtained dismissal of all claims asserted against our clients on the grounds that the Plaintiff lacked standing to assert derivative claims under Cayman law and because the court lacked jurisdiction over certain of our clients. These decisions were upheld by the First Department, although a procedural question concerning Cayman Island law is pending before the New York Court of Appeals.
  • We represented Access Industries (“Access”), and various of its officers and related companies, in a multi-billion dollar lawsuit brought by a Litigation Trustee representing various creditors of LyondellBasell Industries AF SCA (“LBI”) and its affiliates. LBI was owned by Access entities and created through a merger of two petrochemical companies in 2007. It filed for bankruptcy in early 2009. Shortly after the bankruptcy filing, the Trustee brought numerous claims against Access and its founder, Len Blavatnik, alleging mismanagement and fraud in the creation of LBI and seeking to recover billions of dollars in damages and allegedly fraudulent transfers. Following a 13-day bench trial in the Bankruptcy Court for the Southern District of New York, the judge issued a 173-page decision finding for Access on all but one small claim (resulting in an award to the Trustee of only $7.2 million).
  • We represented Alteva, Inc.—a leading provider of Unified Communications and Collaboration services that include Voice over IP (VoIP) and cloud services—and its board of directors in a suit filed in New York state court by a shareholder of Alteva.  The shareholder, who requested that the court certify a class of public shareholders, alleged that the company and its board of directors breached their fiduciary duties to public shareholders by entering into a proposed multi-million dollar merger agreement with an entity affiliated with Momentum Telecom, Inc.  We successfully opposed plaintiff’s request for a temporary restraining order enjoining the shareholder vote on the proposed merger, as well as its subsequent request for a preliminary injunction enjoining the same.  Due to our successful opposition of both motions, the vote was allowed to proceed and the shareholders approved the proposed merger.  The case was subsequently dismissed with prejudice.
  • We represented Crest Financial Limited, formerly the largest minority stockholder of Clearwire Corporation, a telecommunications company holding highly coveted broadband spectrum, in prosecuting its lawsuit to block Sprint Nextel Corporation’s attempted acquisition of Clearwire below fair market value.  As a result of Clearwire’s challenge in court, Sprint substantially raised its offer, thus mooting the lawsuit.
  • We represented J. Christopher Burch and C. Wonder in a Delaware Chancery Court action against Tory Burch and the directors of Tory Burch LLC.  We filed a lawsuit asserting breach of fiduciary duty claims in the context of a proposed sale of Mr. Burch's equity interests in the multi-billion dollar Tory Burch fashion brand, and also defended against counterclaims filed by Tory Burch.  We achieved a highly favorable settlement in less than four months after winning our motion for expedited discovery and proceedings, enabling Mr. Burch both to consummate a sale of his interests in Tory Burch LLC and to continue to operate his new fashion brand, C. Wonder.
  • We represent Access Industries Holdings in actions arising out of the $20.9 billion Lyondell-Basell takeover.  We are defending Access Industries, the deal sponsor, against claims brought by the litigation trustee for fraudulent transfer and preference claims, among others. 
  • We represented Access Industries and its subsidiaries in shareholder class action litigation arising out of Access’s purchase of Warner Music Group.  We successfully negotiated a dismissal with prejudice for Access Industries and its subsidiaries.
  • We represented MHR Fund Management, its founder, Dr. Mark H. Rachesky, and its affiliated funds relating to Carl Icahn’s 2010 hostile bid for control of Lions Gate Entertainment Corp.  Icahn brought suit in both Canada and New York, seeking to undo a series of transactions in which MHR, a large shareholder, acquired additional shares in the company.  Following a four day trial, the Supreme Court of British Columbia rejected Icahn’s bid to rescind the transactions or sterilize MHR’s votes.  Two months later, the New York Supreme Court denied Icahn’s request for a preliminary injunction.
  • We represented the officers and directors of Lukoil North Americas in litigation commenced by the Liquidating Trustee of Getty Petroleum Marketing Inc., a former Lukoil subsidiary, challenging Getty’s complex restructuring that involved a cash infusion of more than $580 million and the sale of more than 300 gas stations.  The matter was settled during a lengthy trial without any payment by our clients.
  • We represented Solutia Inc. upon its exit from its Chapter 11 proceeding against Citibank, Goldman Sachs, and Deutsche Bank when the banks refused to fund the necessary $2 billion exit financing, in connection with the banks' claim the credit market downturn constituted a materially adverse change entitling them to terminate the funding agreement. On the eve of closing arguments during the trial, the banks agreed to settle and provide the $2 billion in exit financing needed to fund the plan.
  • We represented Live Nation in a successful defense of aiding and abetting breach of fiduciary duty claims brought by Ticketmaster shareholders claiming they did not receive sufficient value in connection with the Live Nation/Ticketmaster merger.
  • We are representing Sabine Oil & Gas and affiliates in connection with a shareholder class action pending in New York Supreme Court arising out of a publicly announced transaction with Forest Oil. 
  • We are representing a South American power generation company and its selling shareholders in a $700 million contract dispute arising out of a share-purchaser agreement.
  • We represented an international pharmaceutical company in litigation concerning breaches of representations and warranties in an agreement for the purchase of a pharmaceutical business. 
  • We represented an AIG subsidiary in litigation arising out of the failure to sell a portfolio company.
  • We are representing the selling shareholders of Brazilian company MindSolutions that was sold to a US-based company in an action for breach of earn out obligations.
  • We represented Morgan Stanley as syndicate lender in litigation arising out of a leveraged buy out by a private equity firm. 
  • We represented a British publicly traded company seeking to enjoin the merger of US-based public companies. 
  • We represented the Chairman of Leap Wireless in connection with shareholder class actions pending in San Diego Superior Court arising out of the publicly announced acquisition by AT&T, which settled on favorable terms.
  • We represented the NewPage Creditors Committee, asserting $2 billion in fraudulent transfer claims arising out of the company’s failed leveraged merger transaction.  We obtained a mediated settlement resulting in $30 million in cash recoveries, a waiver of the secured creditors’ $50 million deficiency claim, and establishment of a litigation trust, all for the benefit of unsecured creditors.
  • We are currently representing Gaming & Leisure Properties in a lawsuit regarding an asset acquisition agreement to purchase the Meadows Casino in May 2014.  Gaming & Leisure has sued for fraudulent inducement, breach of contract, and a declaration that a Material Adverse Effect occurred by virtue of the company’s poor financial performance.
  • We represented the President of the Bill Hannon Foundation, a $70 million foundation that contributes to Catholic charities and education, in a corporate governance dispute among board members.  We resolved the dispute successfully and obtained Court-approved appointment of three additional directors, including the President of Santa Clara University.  
  • We are defending the last of the Peregrine-related securities actions on behalf of Peregrine’s former Chairman, John Moores.  After obtaining dismissal on the pleadings of the most significant claims, we obtained court approval of a favorable settlement dismissing Mr. Moores from consolidated federal class actions and a related state-court action that sought more than $2 billion from him.  After a prominent shareholder and former Harbinger director opted out of settlement and sought leave to bring claims against the Peregrine outside directors, we persuaded the district court that leave to amend would be futile.  Following an appeal, remand, and second dismissal, the case is once again pending appeal. 
  • We obtained complete summary judgment in a case brought against our client by companies owned by Ronald Perelman, which had been seeking over $135 million for alleged fraud in connection with the sale of an educational software company.
  • We defeated an attempt by the purchaser of an auto component manufacturing company to obtain substantial damages from investment fund and management sellers based on alleged breaches of the merger agreement and alleged fraudulent representations during the diligence period for the acquisition.
  • We represented Northrop against seven class actions alleging various federal securities law violations arising from a failed merger.  The actions were dismissed and the dismissal was affirmed on appeal. 
  • We represented Johnson & Johnson and defeated a preliminary injunction seeking to enjoin a $1.3 billion merger with Conor Medsystems. 
  • We represented Hughes Electronics and its directors in claims brought by shareholders arising out of an aborted merger.  We obtained complete dismissal of breach of fiduciary duty claims, and affirmance from the Delaware Supreme Court.
  • We represented the directors and venture backers of Epinions in litigation related to the merger with Dealtime to form Shopping.com.  We achieved dismissal of the claims and then removed the amended case to federal court, leading to a confidential settlement.
  • We represented GE Commercial Finance in litigation related to a merger and the subsequent revelation of accounting irregularities at HBOC. 
  • We represented outside directors in defending fraud claims related to a spin-off of a subsidiary into a newly formed entity, Crown Paper.  The matter was dismissed and the dismissal was affirmed after Ninth Circuit argument.
  • We represented Superior National Insurance Group and its successor litigation trust in claims arising from the acquisition of four workers' compensation insurance companies and its subsequent bankruptcy filing.  We obtained in excess of $150 million in settlements from the seller and its actuaries, including a $137 million settlement from HealthNet a few weeks before trial.
  • We represented Vivendi in defense of an "all holders, best price" rule class action filed by the Milberg Weiss firm arising from Vivendi's tender offer for U.S. Filter Corp.  We obtained dismissal on the pleadings and the waiver of plaintiff's right to appeal.
  • We represented Carat Interactive in an arbitration involving claims by shareholders of an acquired interactive media company under an "earn out" provision in the stock purchase agreement. 
  • We represented the internet start-up company 1GlobalPlace  in a successful arbitration against Verisign, a major internet services company, concerning the contractual interpretation of an “earn out” provision in the merger agreement under which Verisign acquired 1GlobalPlace. 
  • We represented the investment company Waterton Management and its manager in a securities action arising from the merger of two internet companies shortly before the dot com bubble burst.  We obtained summary judgment on claims of common law fraud, securities fraud, and negligent misrepresentation, which was affirmed on appeal. 
  • We obtained a defense judgment for a defendant assisted living company in a trial in which the plaintiff claimed $750 million in damages due to corporate self-dealing during a merger transaction.
  • One of our partners defeated efforts by Nextel Partners, a Nextel affiliate, to enjoin changes to Nextel's brand following the merger of Nextel and Sprint, and to block Sprint Nextel's multimillion dollar rollout of the combined company's new brand.
  • One of our partners acted in one of the largest ever LCIA arbitration involving an M&A and corporate governance five-party dispute, related to the RUSAL joint venture, with claims valued at $50 billion.
  • One of our partners represented the publicly traded general partner of Enterprise ProductsLP and certain of its directors in Delaware litigation challenging the $9 billion transaction in which Enterprise acquired the general partner.
  • One of our partners represented three private equity firms in a Texas shareholder litigation over the terms of a management buyout of Kinder Morgan, Inc.
  • One of our partners represented a publicly traded MLP in Delaware and Missouri courts challenging the MLP’s acquisition of its general partner.
  • One of our partners defended Global Industries Board of Directors in litigation in the Southern District of Texas challenging its merger with Technip. 
  • One of our partners defended Statoil in class actions challenging its acquisition of Brigham Exploration.
  • One of our partners defended the directors of C&J Industries in litigation challenging an inversion transaction with Nabors Industries.
  • One of our partners defended breach of fiduciary duty claims by unit holders against the directors of the general partner of Brightburn Energy Partners challenging amendments to unit holder voting rights.
  • One of our partners represented a major European airline in the purchase of a 20% interest in a leading US airline that led to governance disputes, litigation in New York and Delaware, and ultimately a sale of the equity back to the issuer as well as the creation of a successful, long-term trans-Atlantic alliance that benefits from antitrust immunity.
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