Firm / Organisation

Orrick, Herrington & Sutcliffe LLP

This content is provided by Orrick, Herrington & Sutcliffe LLP.

Chairman: Mitch Zuklie
Number of lawyers worldwide: 1,100

Firm Overview:
Orrick is focused on serving clients in the technology and innovation, energy and infrastructure, and finance sectors globally. Founded more than 150 years ago, the firm today has 1,100 lawyers in offices across the US, Europe, Asia and Africa. The firm provides clients with innovative approaches to their most complex transactional, litigation and regulatory matters. Financial Times singled out Orrick as the ‘Most Innovative Law Firm in North America’ in 2016, 2017 and 2018, and Fortune has named the firm among the ‘100 Best Companies to Work’ for three years in a row.

Main Areas of Practice:

■ On behalf of Microsoft, Orrick argued a historic data privacy case before the Supreme Court. US v. Microsoft was a globally watched clash over the federal government’s right to seize private emails stored in foreign countries. Microsoft’s General Counsel called the case an ‘existential threat’ to the US tech sector. With the case pending, Congress enacted the CLOUD Act. This updated the Stored Communications Act in a way that addressed the concerns of Microsoft and the tech industry — and was heavily influenced by Orrick’s legal position throughout the litigation. The Supreme Court declared the case moot, but it was a clear victory for Microsoft, which strongly supported the legislation
■ Scored back-to-back wins for tech titans Microsoft and Twitter in major gender discrimination cases. The employment team persuaded two separate judges to reject bids for class certification of gender bias claims in less than two weeks. These cases were referred to as ‘the barometer for gender bias litigation in the tech industry’
■ Represented Oracle in the appeal, retrial on remand, and second appeal of the Oracle v. Google copyright trial; one of the most closely watched IP cases of the decade. The Federal Circuit unanimously found that Google’s use of Java was not fair use as a matter of law. In overturning the jury verdict, the Federal Circuit reaffirmed important copyright protections for software developers and set the stage for a new trial to decide how much Google should pay to Oracle in damages for its unauthorised use of Java
■ In the first nine months of 2018 Orrick helped clients raise more than $9.3 billion in venture capital financing in 620 deals. These included helping tech unicorns like Stripe with late-stage financings, helping three other tech companies cross the billion-dollar mark, and assisting 15 late-stage companies with mega-rounds raising over $100 million each
■ Advised Hedera Hashgraph on its $82.5 million Simple Agreement for Future Tokens (SAFT) round in August, totalling $100 million in SAFTs raised by the company in 2018. Hedera Hashgraph is the creator of a technology to overcome one of blockchain’s major flaws, which is that it is either fast and unsecure, or slow and secure
■ Secured a very successful resolution in the jury trial of Desktop Metal v. Markforged, one of the most significant litigations in the rapidly growing 3D printing industry. The case involved allegations of patent infringement, trade secret misappropriation, breach of contract, unfair trade practices and breach of fiduciary duty

Energy & Infrastructure:
■ Represented GE Energy Financial Services in a mezzanine debt financing of the 1,182 MW South Field combined cycle, gas-fired power project in Columbiana County, Ohio. Equity and financing totalled $1.3 billion
■ Advised BlackRock Renewable Power Group on the acquisition of a 156 MW levered portfolio of operational solar assets in the UK from Lightsource, the largest solar developer and operations and maintenance contractor in
■ Advised 8minutenergy Renewables in the $655.4 million sale of its Mount Signal 3 Solar Project (MS3), one of the largest photovoltaic projects in the world, to global private asset manager Capital Dynamics.
■ Advised VINCI Airports in the acquisition of nine airports and three partial management contracts, which allowed VINCI to establish itself in the US and expand its activities in Central America and Europe
■ Advised Gas y Petroquímica de Occidente, S.A. de C.V. (Mexico) and G2X Energy, Inc. (US), both subsidiaries of Switzerland-based Proman, in the development of a $1.3 billion petrochemical facility in Mexico. As part of this representation, the teams helped Proman close a first-of-its-kind transaction with Mexico’s Comisión Federal de Electridad to arrange for the purchase, sale and transportation of low-cost natural gas from the United States to the plant in Mexico
■ Advised in the construction of a 4,800MW hydroelectric project, Inga 3, as a first phase of a 40,000MW continental project ‘Grand Inga Dam’. Inga was recognised by the World Bank and the African Development Bank as the priority energy project for the African continent

Financial Services:
■ Advised the Texas Comptroller of Public Accounts on the issuance of $7.2 billion of Tax and Revenue Anticipation Notes (TRANs) for the State of Texas
■ Advised leading online consumer lending marketplace, Prosper Marketplace, in a deal with a consortium of institutional investors to purchase up to $5 billion of loans through the Prosper platform over the next 24 months. The investors in the consortium are affiliates of New Residential Investment Corp., Jefferies Group and Third Point, and an entity of which Soros Fund Management serves as principal investment manager. The consortium will also earn an equity stake in the company based on the amount of loans purchased. Warehouse financing of up to $1 billion will be provided by a syndicate of lenders including Credit Suisse, Deutsche Bank, Goldman Sachs and Morgan Stanley
■ Advised France’s second largest bank, Groupe BPCE and Natixis, as joint arrangers, on the EUR1.125 billion issuance of notes by BPCE Home Loans FCT 2018. The transaction marks the first public securitisation of residential mortgage loans by Groupe BPCE and is backed by prime home loans
■ Advised Fortress Investment Group, the notes subscriber, on the largest NPL securitisation in Europe, a EUR 17.7 billion securitisation of nonperforming loans originated by Unicredit. The transaction was among the most important NPL deals of 2017, garnering international scrutiny and hailed as a systemic deal for the Italian banking industry
■ Helped bank group KBC secure a complete dismissal of a long-running $1.5 billion RICO lawsuit in the Southern District of New York. The plaintiff, diamond manufacturing and distribution company Lazare Kaplan International, alleged the theft of $135 million 72 in diamonds from Lazare’s Belgian and other foreign subsidiaries.
■ Advised United Ventures SGR SpA, an independent Italian venture capital fund, and Vertis SGR SpA in their investment in Credimi SpA, an innovative startup and digital factoring platform that has provided over €170m to finance 3,000 companies


Total 3 contributions

Corporate M&A 2019 Law and Practice in France

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Structured Finance & Derivatives 2019 Law and Practice in France

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Robert Moyle, Joshua Raff, Gaelyn Sharp

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