Press Release November 21, 2013

Good Wins Update

Goodwin Procter’s litigation attorneys have recently delivered key victories on a wide range of complex legal matters for clients including:

Goodwin Procter Securities Litigators Win Dismissal of Suit Involving $1.5 Billion in Mortgage-Backed Securities Purchases

Goodwin securities litigators recently obtained the dismissal with prejudice of all claims in a suit brought by the FDIC as receiver for failed Guaranty Bank, which had purchased approximately $1.5 billion in mortgage-backed securities (“MBS”) issued by subsidiaries of Countrywide Financial Corporation. Countrywide was acquired in 2008 by Bank of America Corporation and formerly was one of the largest mortgage lenders in the country.

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Goodwin Securities Litigators Obtain Delaware Supreme Court Victory in Shareholder Derivative Suit

The Delaware Supreme Court ruled Tuesday that former shareholders of Countrywide Financial Corporation, formerly one of the largest mortgage lenders in the country, lack standing to continue pursuing putative shareholder derivative claims on behalf of Countrywide as a result of its acquisition by a subsidiary of Bank of America Corporation (“BAC”) in 2008. The Court rejected the shareholder plaintiffs’ argument that it had modified Delaware law concerning post-merger derivative standing in an earlier decision in 2010.

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Goodwin Litigators Prevail in Major Patent Contempt Trial for ePlus

A team of Goodwin IP litigators won a significant victory on August 16 for client ePlus, a leading provider of IT products and services. Judge Robert E. Payne of the U.S. District Court for the Eastern District of Virginia found that Lawson Software was in contempt of its permanent injunction order, and that Lawson’s alleged redesign of its electronic procurement systems continued to infringe ePlus’s patent. The injunction was based on a trial victory that Goodwin obtained for ePlus in January 2011. The court ordered that Lawson pay a compensatory award of $18.2 million, plus a daily fine thereafter of $62,362 until it purges the contempt.

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Goodwin Litigators Win Significant Appeal for Teva Pharmaceuticals

Goodwin Procter litigators recently won an appeal on behalf of client Teva Pharmaceuticals in the products liability case Guarino v. Wyeth, LLC. In its opinion, the Eleventh Circuit affirmed the dismissal of Teva and rejected a theory of liability that plaintiffs’ counsel have pursued against generic drug companies since the PLIVA, Inc. v. Mensing decision.

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