Pillsbury Winthrop Shaw Pittman

Letter from Europe: sudden impact — the effect of a judicial decision on the economy

By Paul Harris

I was once interviewed live on Bloomberg radio at some god-awful hour in the morning, following a 30 per cent drop in the share price of Ely Lily resulting from a negative decision in a patent case by the US Court of Appeals in the District of Colombia. If you’d listened carefully, you could almost pick up the rasp of my unshaven face against the telephone receiver.

The news slot was aimed at brokers and bankers in the financial market. The interviewer was clearly keen for me to be some sort of soothsayer — to wring my hands and pronounce the forthcoming doom of Ely Lily, and of the pharma industry as a whole…

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