Akin Landmark Appellate Victory in US Court of Appeals 2nd Circuit Earns AmLaw Litigator of the Week Shout Out

Akin funds litigation partner Douglas Rappaport has earned a Litigator of the Week “shout-out” from The American Lawyer’s Litigation Daily for a landmark appellate victory on behalf Hudson Bay Capital Management when the United States Court of Appeals for the Second Circuit affirmed the complete dismissal with prejudice of a $310 million lawsuit brought by the plaintiff, Butterfly, the successor company to Bed Bath & Beyond. 

As the first federal appellate decision to squarely address the pleading standard a plaintiff must satisfy to challenge a blocker as “illusory,” the ruling establishes controlling precedent that provides critical protection for investors and issuers who rely on these commonly used contractual provisions across the investment management industry. 

The Akin team was led by Douglas Rappaport, who argued the appeal; appellate partner James Tysse and funds litigation partner Kate Shapiro on the brief; and investment management partners William Wetmore and Jason Daniel. The team also included litigation counsel Rick D’Amato, Michael Chen and Andrew McWhorter and associates Maddalena DeSimone and Dara Mouhot.