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🧩 One of the largest venture financing rounds ever

PLUS: Tiger Woods' ex-gf's lawsuit, S&C's $17M January legal bill, Silvergate's voluntary liquidation...

Lookzy: all your daily legal news in 0.1 billable hours. Plain English coverage of deals, litigation and legal trends trusted by lawyers at Cravath, Latham, Skadden, Gunderson and elsewhere.

Welcome to Lookzy. In today's Lookzy:

  • Tiger Woods' ex-gf's second suit against him

  • One of the largest venture financing rounds ever

  • Silvergate Bank 'voluntarily liquidates'

  • S&C's $17 million January legal bill

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Arguing today's litigation news

Suing Tiger. Erica Herman, the ex-girlfriend of golf legend Tiger Woods, has filed a lawsuit against him in Florida, seeking to nullify a non-disclosure agreement that she signed when they started dating. The suit seeks to nullify the NDA under the federal Speak Out Act, which prevents the enforcement of NDAs in instances of sexual assault and harassment. This suit follows an October 2022 suit in which Herman seeks $30 million in damages related to an "oral tenancy agreement" allowing her to stay at Woods' residence, which Woods breached when he locked her out following their breakup.

Multi-district rules. General counsels and other legal officers at over 30 prominent companies including General Motors and Exxon Mobil signed on to a letter to the civil rulemaking body for the federal judiciary, urging it to have judges overseeing multi-district litigation direct plaintiffs’ attorneys to reveal more about their cases early on.

Epstein connection. JPMorgan Chase & Co. sued its former executive Jes Staley on Tuesday over his relationship with Jeffrey Epstein. The bank claimed that Staley hid the true nature of his ties with Epstein and exposed the bank to potential liability for aiding Epstein’s illegal activities. The lawsuit came after the US Virgin Islands sued JPMorgan last month for allegedly facilitating Epstein’s activities. Staley, who left JPMorgan in 2013 and became the CEO of Barclays until 2020, exchanged suggestive emails with Epstein.

Lawyers get paid. Plaintiffs’ lawyers in a capacitor antitrust litigation were awarded $66 million in fee awards by a California federal judge. This brings total lawyer compensation in the case to more than $187 million, which is 31% of the settlement amount. The case involved a global price-fixing scheme by capacitor manufacturers that resulted in settlements worth $605 million.


Wheelin' and dealin' today's corporate news

Massive fundraising. Stripe is reportedly raising $6 billion at a $50 billion valuation in a financing round including VC firms Thrive Capital, General Catalyst, Andreessen Horowitz and Founders Fund. The funding round is one of the largest venture rounds in a private technology startup ever, though Stripe's valuation is down massively from the $95 billion at which it was once valued. As previewed in yesterday's Lookzy, proceeds will go toward helping early Stripe employees exercise their restricted stock units before they expire and then toward organizing a tender offer for employees to sell shares; the company reportedly does not intend to use this financing to raise corporate funds for Stripe. The size of this financing round suggests that a Stripe IPO is unlikely this year.

'Voluntary liquidation'. Silvergate Capital Corp., the parent company of Silvergate Bank, announced on Wednesday that it will shut down its bank operations and voluntarily liquidate its assets. The bank, which was one of the few major banks to support the cryptocurrency industry, cited recent industry and regulatory developments as the reason for its decision. Silvergate Bank was founded in 1988 and had more than $6 billion in assets as of December 2022. Silvergate hired Cravath for representation.

Uber spin-off. Uber Technologies Inc. is exploring either selling or spinning off its freight logistics division, Uber Freight, into a separate public company. The move would allow Uber to focus on its core businesses of mobility and delivery, while giving Uber Freight more autonomy and flexibility to grow.

Up for bidding. Several private equity firms, including Advent International Corp. and CVC Capital Partners, are considering bidding for a stake in Lufthansa Technik AG, a subsidiary of Deutsche Lufthansa AG that provides maintenance, repair and overhaul services for aircraft. The deal could value Lufthansa Technik at more than $5.9 billion and help Lufthansa recover from the pandemic-induced slump in air travel. Lufthansa has hired Goldman Sachs Group Inc. to advise on the sale process, which is expected to start in the second quarter of 2023.


Lateral Moves:

  • Former SEC commissioner Allison Herren Lee is joining whistleblower law firm Kohn, Kohn & Colapinto as of counsel.

  • Jones Day hired partner Lily Zhang from Mintz.

Industry News:

  • Sullivan & Cromwell billed FTX $16.9 million for 14,569 hours of work in January on the crypto exchange’s bankruptcy case, according to a report citing court filings.


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