The Firm serves as litigation counsel to AcBel Polytech, Inc., a Taiwanese semiconductor manufacturer, in its federal lawsuit against Fairchild Semiconductor Corp. The case involves allegedly defective voltage regulators sold to AcBel by Fairchild’s Asian subsidiaries. On AcBel’s behalf, the Firm raised claims for breach of the implied warranty of merchantability, among other claims. After a two-week trial, the U.S. federal court in Boston ruled that Fairchild was liable for the actions of its Asian subsidiaries, which it had contested, but found that Fairchild had not breached the implied warranty of merchantability.
On appeal, the Firm argued that the district court misconstrued Massachusetts law on breach of warranty. The First Circuit agreed, vacated the adverse judgment, and remanded the case for further proceedings. The First Circuit also revived AcBel’s fraud claims, which the district court had dismissed on summary judgment. Zeb Landsman argued the appeal; Richard N. Chassin, Jesse T. Conan, and William H. Newman were on the brief.
The Firm has continued to serve over the past year as counsel to International Finance Corporation (IFC) in connection with IFC’s programs to mobilize additional funds via the sale of unfunded risk participations in IFC’s loans made with IFC’s own funds (“A Loans”), including via selling such participations on a programmatic or facility basis as part of IFC’s facility co-investment program (“FCP”). The first such facility-based sale of unfunded risk participations closed in April of 2018, and the Firm continues to work with IFC on refinements to the product.
Kenneth Stuart was co-moderator and one of the six panelists in a program on Crowdfunding and Initial Coin Offerings at the 29th Annual Meeting of the Inter-Pacific Bar Association on April 25, 2019 in Singapore. Panelists from Japan, Singapore, Taiwan, Columbia and India joined Ken and his co-moderator from Italy on the program and engaged in an inter-active discussion, with an audience numbering over 70 lawyers from more than 40 different countries. Among the topics covered were relevant country laws and regulations, market and judicial developments and related matters. The Inter-Pacific Bar Association is an international association of business and commercial lawyers with a focus on the Asia-Pacific region. The IPBA was founded in April 1991 and today has more than 1,600 members from 65 jurisdictions around the world.
The Firm served as international transaction counsel to International Finance Corporation (IFC) in connection with a loan for up to $$45450 million to Telecom Argentina, one of the leading telecommunications companies in Argentina. The financing will contribute to Telecom’s plan of expanding broadband coverage in the country focusing on underserved regions. The closing of the transaction occurred in March 2019.
Global Legal Chronicle.com Telecom – Argentina’s $$45450 Million Loan.
Actualización: Telecom Argentina logra préstamo con IFC para su expansión | LexLatin.
The Firm was pleased to assist with the continuation of inbound debt investments into Argentina, reinvigorated since the re-opening of the economy to international investment under President Macri’s administration.
The Firm served as counsel to LimaCorporate SpA, a leading manufacturer of orthopedic implants, in the Lima group’s establishment of a 3D printing manufacturing facility on the campus of the Hospital for Special Surgery (HSS) in New York. The facility will be dedicated to the manufacture of patient-specific custom orthopedic implants, including for highly complex cases, leveraging the close proximity to HSS’s treatment facility.
The alliance, which represents a further strengthening of the parties pre-existing commercial relationship, was formalized on January 4, 2019.
The Firm’s representation of Lima included advice and assistance on deal structure, real estate, governance and other areas, in negotiating transaction documents.
Patrick O’Brien and Matias Sueldo represented DEG and PROPARCO, two of our European Development Finance Institution clients, in a $$7070,000,000 financing of Produbanco in Ecuador. Produbanco is the 3rd largest player in Ecuador’s banking sector, and a member of the Promerica banking group (based in Panama and present in 9 Latin American countries). The financing involved a Tier 2 subordinated credit line, intended to allow the bank to bolster its regulatory capital, and a senior credit line. The senior portion is earmarked to finance Small and Medium Sized Enterprises (SMEs). SMEs are the main drivers of employment and growth in Ecuador, but are also the entities which find it hardest to obtain bank financing. This transaction closed in December, 2018.
Patrick O’Brien and Andres Sardi Garcia represented International Finance Corporation (IFC) and Inter-American Investment Corporation (IDB Invest) in connection with a $$10100 million secured credit facility to San Miguel, the largest citrus exporter in the Southern Hemisphere and one of the most important fruit exporters of Latin America and the Caribbean. The financing will contribute to San Miguel’s investment plan to expand its production in Argentina, Uruguay, Peru and South Africa of lemons, oranges, mandarin oranges, table grapes and avocados. The closing of the transaction occurred in the winter of 2018.
Global Legal Chronicle San Miguel’s $$10100 million loan
Lex Latin San Miguel recibe financiamiento de IFC, BID Invest y Rabobank
Yeein “Jennifer” Lee joined Becker Glynn’s real estate practice group as an associate in 2018. Ms. Lee is a graduate of Columbia University School of Law (J.D.) and Brown University (B.A.). Prior to joining the Firm, Ms. Lee handled real estate litigation for the Legal Aid Society.
The Firm represented the Dutch Royal FrieslandCampina N.V., one of the world’s largest dairy companies, in connection with its acquisition of Jana Foods, LLC and its affiliates. Jana Foods imports and markets FrieslandCampina’s Dutch cheese in the United States, along with other fine cheeses from the UK, Denmark, Australia, Ireland, and other countries. The acquisition will further strengthen FrieslandCampina’s position in supplying Dutch specialty cheese to the US consumer. The transaction closed on November 15, 2018. The Becker Glynn deal team included Susanne von Türk, Anne Smith, and Tianpu Zhang. FrieslandCampina’s press release regarding this transaction is available here: https://www.frieslandcampina.com/en/news/frieslandcampina-acquires-cheese-importer-jana-foods-united-states/.
The Firm served as counsel to LimaCorporate SpA, a leading manufacturer of orthopaedic implants, in its recent strategic milestone-based acquisition of Tennessee-based TechMah Medical LLC, a medical device software company. The transaction closed on September 5, 2018. Financial details were not disclosed. The transaction will allow LimaCorporate to offer innovative digital solutions (software and smart instruments) to be used in combination with LimaCorporate’s orthopaedic implants.
The Firm’s representation of LimaCorporate included performing legal due diligence, and advice and assistance on deal structure, and negotiation and drafting of transaction documentation to execution, including acquisition, management and ancillary documentation.