Firm News - Troutman Pepper Locke

BOSTON – Troutman Pepper Locke advised Osisko Development Corp., a continental North American gold development company focused on past-producing mining camps located in mining-friendly jurisdictions with district scale potential, in the closing of its $203 million private placement of units, and its $450 million credit facility with Appian Capital Advisory Limited, a UK-based private equity firm specializing in mid-market investments in metals and mining. For more information, see the press release.

Osisko Development will use the combined proceeds from these transactions to fund the construction of its Cariboo gold project.

The Troutman Pepper Locke team that advised Osisko Development was led by Tom Rose, Shona Smith, Nicole Edmonds, Jason Langford, Joe Cataldo, and Mark Goldsmith.

Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle strategic deals for clients ranging from industry-leading, Fortune 100 corporations to emerging companies. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling.

Troutman Pepper Locke

Troutman Pepper Locke helps clients solve complex legal challenges and achieve their business goals in an ever-changing global economy. With more than 1,600 attorneys in 30+ offices, the firm serves clients in all major industry sectors, with particular depth in energy, financial services, health care and life sciences, insurance and reinsurance, private equity, and real estate. Learn more at troutman.com.

NEW YORK – Troutman Pepper Locke advised Deluxe, a Trusted Payments and Data company, in its acquisition of CheckMatch, a service that digitizes the delivery of paper checks. For more information, see the press release.

Consistent with Deluxe’s strategy, this acquisition will expand the Deluxe Payment Network (DPN) solution. The DPN solution digitally connects physical lockboxes across the Deluxe network, which helps to more efficiently process payments made to thousands of businesses across the U.S. By adding CheckMatch to the platform, Deluxe further extends the company’s digital payments scale, enabling potential revenue and cost synergies.

The Troutman Pepper Locke team that advised Deluxe was led by Steven Khadavi, Wallace Bao, Dave Wormser, Emma Teman, and Emily Newcomer.

Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle strategic deals for Fortune 100 corporations and middle market transactions for private equity clients. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling.

Troutman Pepper Locke

Related Industries + Practices

PHILADELPHIA – Troutman Pepper Locke advised OrthoFundamentals, LLC, a pioneering, U.S.-based company with innovative implants and sterile-packed, single-use instrument kits for SI Joint Fusion, in its sale to Demetra, an innovative and independent international medical company and leader in providing bone cements, spacers, and biomaterials for orthopedic applications and PJI infection control. For more information, see the press release.

This move represents a bold step in Demetra’s strategy to revolutionize spinal care through innovation, sustainability, and clinical effectiveness. With the United States being one of the most dynamic, technologically advanced, and high-potential health care markets, the establishment of the U.S.-based division consolidates Demetra’s commitment to expanding its footprint in North America while laying the groundwork for progressive international growth.

The Troutman Pepper Locke team that advised OrthoFundamentals was led by Joe Kadlec, Laura Kleinberg, Lele Meng, Kevin Miserez, Mike Crumbock, Fielden Fleming, and Noreen Onimus.

Troutman Pepper Locke’s leading Health Care and Life Sciences Practice encompasses the entire spectrum of health care and life sciences companies. The team collaborates across disciplines to solve complex legal challenges confronting clients, offering a full suite of corporate, intellectual property, regulatory, and litigation services. Few law firms have a comparable health care and life sciences practice, and Troutman Pepper Locke draws on its deep industry knowledge to provide the precise, holistic advice and guidance clients need throughout their business cycles.

Troutman Pepper Locke

DETROIT – Matt Lund, a partner in Troutman Pepper Locke’s Business Litigation Practice Group, was named to Michigan Lawyers Weekly’s “Go To Lawyers” for business litigation. The program recognizes the top lawyers in a given practice area based on nominations and an independent selection process.

According to Michigan Lawyers Weekly, those recognized as “Go To Lawyers” are regarded as experts in their field and well-versed in the nuances of related case law, statutes, and regulations clients will encounter. Honorees also have a demonstrated record of success, receive regular referrals, and think creatively.

Lund is a trial attorney with a diverse complex litigation practice covering subject matter areas ranging from federal securities disputes and high-value contract and business tort claims to federal CERCLA and state law environmental matters. He has represented employers and defended executives in the U.S.’ largest corporations and has published material on the rights of corporate officers regarding advancement and indemnification of defense costs.

Troutman Pepper Locke’s Business Litigation Practice has a successful track record defending and prosecuting high-stakes commercial matters in federal, state, trial, and appellate courts throughout the U.S. The team handles complex multidistrict cases, class actions, and single-case litigations, representing both mid-market companies and Fortune 500 industry leaders. Additionally, Troutman Pepper Locke represents clients before administrative boards, government agencies, and domestic and international alternative dispute tribunals.

Troutman Pepper Locke

NEW YORK – Troutman Pepper Locke’s Private Equity, Emerging Company and Venture Capital and Mergers and Acquisitions practices achieved strong results in the Q2 2025 global league table rankings released by The Deal, LSEG (formerly Refinitiv), and PitchBook. Notably, Troutman Pepper Locke jumped eight positions in The Deal’s Private Equity League Tables report, ranking No. 36, from No. 44 last quarter.

“The notable improvement in our rankings from Q1 to Q2 2025 underscores Troutman Pepper Locke’s dedication to growth and excellence in the private equity space,” remarked Paul Mahoney, leader of Troutman Pepper Locke’s Private Equity and Investment Funds Practice. “As we continue the integration of Troutman Pepper Locke this year, we are realizing the power of our enhanced platform for our private equity clients and are committed to continuing this upward trajectory and providing unparalleled service to our clients.”

The Deal | Q2 2025 Private Equity League Tables

#36 Private Equity Law Firm

LSEG | Q2 2025 Global Private Equity and Venture Capital Review

Advisors to Company: LBO & Related Rounds Based on Round Value

#5 Ranked Firm

Advisors to Company: All Private Equity Stage

#6 Ranked Firm

Advisors to Company: LBO & Related Rounds Based on Number of Rounds

#25 Ranked Firm

Advisors to Company: Venture Capital Rounds Based on Number of Rounds

#19 Ranked Firm

Advisors to Company: Americas/All Private Equity Stages Based on Round Value

#6 Ranked Firm

PitchBook | Q2 2025 Global League Tables

Private Equity Deals

Geography

#23 Most Active in U.S.

U.S. Regions

#17 Most Active in West Coast

#23 Most Active in Great Lakes

#13 Most Active in the South

#18 Most Active in New England

Sector

#15 Most Active in B2C

#23 Most Active in Financial Services

#18 Most Active in Health Care

Representing

#20 Most Active in U.S. Companies

#18 Most Active in U.S. Investors

Venture Capital

#13 Most Active in New England

#13 Most Active in Mountain and Midwest

#23 Most Active in U.S. Companies

M&A

#25 Most Active in U.S. Investors

Consistently recognized as a top-tier practice, Troutman Pepper Locke’s corporate attorneys regularly handle middle market transactions for private equity clients alongside strategic deals for Fortune 100 corporations. Core areas of service include mergers and acquisitions, corporate finance, corporate governance, securities laws compliance, capital markets transactions, and other significant domestic and cross-border transactions, as well as general corporate counseling. The firm has a strong focus in the private equity and private fund services space, advising clients on matters including fund formation, growth equity investments, leveraged buyouts, recapitalizations, and exit transactions.

Troutman Pepper Locke

HOUSTON – Elizabeth Phillips Corey, an attorney in Troutman Pepper Locke’s Environmental and Natural Resources Practice Group, has been recognized by Law360 as a 2025 Rising Star in the Environmental category. This esteemed distinction recognizes attorneys under 40 who are “practicing at a level usually seen from veteran attorneys.” Editors combed through 1,100 submissions before selecting winners based on career accomplishments in their respective disciplines.

“I like helping our clients come up with environmental solutions and strategies that ultimately help drive toward their broader business goals,” said Corey. “I like being part of a team with the client, and it’s especially fun when the client has a unique challenge, or we need to come up with a creative solution to their environmental issue.”

Corey’s practice focuses on sophisticated environmental law and strategy. She advises clients on diverse environmental issues nationwide, ranging from facility regulatory compliance to complex air quality permitting and compliance, chemical use authorizations, underground injection approvals and aquifer exemption applications, and transaction-related matters. Corey also counsels clients on complex international waste transportation and management issues, emergency response and reporting, geothermal energy permitting, and environmental compliance audits of nationwide facilities.

Corey’s practice often involves unique issues at the juxtaposition of technology and environmental law, such as determining the regulatory regime for chemicals that are manufactured in outer space and returned to earth or the regulatory authorization process and compliance requirements for novel nanomaterials.

Troutman Pepper Locke

BOSTON – Troutman Pepper Locke advised Protos Security (Protos), the leading national tech-enabled managed services provider delivering integrated protection solutions across North America, in its divestiture of Mulligan Security, including MG Security Services, to Allied Universal. For more information, see the press release.

This divestiture is a key step in Protos’ strategic plan to increase its investment in, and purposefully focus its efforts on, its managed services platform while accelerating growth. Protos’ singular focus is to drive a differentiated, data-driven, and tailored service experience for customers seeking a better way to manage their security programs. This divestiture reinforces Protos’ commitment to investing in high-growth areas where technology and operational excellence drive measurable client outcomes.

The Troutman Pepper Locke team that advised Protos was led by Nick Stawasz and Taylor Bartholomew and included Mike Crumbock, Howard Goldberg, Reid Oetting, Monica Vu, Mike Swallow, and Madison Fitzgerald. The firm also previously advised Protos in its acquisitions of Mulligan Security and MG Security Services, creating one of the largest security firms in the country, which enabled Protos to provide greater program flexibility and high-quality services to its clients.

Troutman Pepper Locke

Despite the avalanche of lawsuits and enforcement actions related to tracking technology, companies can take at least some solace in a recent decision curtailing Video Privacy Protection Act (VPPA) lawsuits. On July 28, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of its May 1, 2025, decision affirming an Eastern District of New York court’s order in Solomon v. Flipps Media, Inc. d/b/a Fite, d/b/a Fite TV,[1] dismissing a putative class action alleging violations of the VPPA.

This victory, however, should be read in light of the recent significant increase in California Invasion of Privacy Act claims after efforts to amend the law stalled in the California legislature and after a jury found Meta liable for potentially substantial damages for violating that law. Further, regulators have focused on tracking technologies, including recent enforcement actions by the California Privacy Protection Agency costing entities millions of dollars. These recent developments are a reminder that the decision to implement tracking technologies is no longer just a marketing decision. It is a decision that has significant legal impact that can cost companies millions of dollars.

Nonetheless, the Second Circuit’s recent VPPA decision is significant and beneficial for defendants. Below, we provide an overview of the decision and its context.

Background

In Flipps Media, plaintiff Detrina Solomon, a subscriber to defendant Flipps Media’s streaming service, sued the company claiming it violated the VPPA by deploying the Meta Pixel on its website, and allowing it to share her video viewing information with Meta without her consent. The video viewing information that allegedly was shared consisted of the URL containing the title to a video contained on webpages she allegedly visited along with her Facebook ID number (FID), which identified her Facebook profile. Flipps Media filed a motion to dismiss in response to the lawsuit on the basis that the complaint failed to plausibly allege Flipps Media disclosed “personally identifiable information” under the VPPA.[2]Flipps Media argued that it did not share “personally identifiable information”[3] because the information transmitted by the Pixel consisted of lines of code containing a sequence of characters, letters, and numbers which were not interpretable by an ordinary person.

On September 30, 2023, the district court granted the motion and dismissed the complaint. In its ruling, the district court adopted the “ordinary person” standard for determining “personally identifiable information” under the VPPA. Under the “ordinary person” standard, which had been previously adopted by the Third Circuit in In re Nickelodeon Consumer Priv. Litig.[4] and the Ninth Circuit in Eichenberger v. ESPN, Inc.,[5] only information “that would readily permit an ordinary person to identify a specific individual’s video-watching behavior” qualifies as “personally identifiable information” under the VPPA. [6] This “ordinary person” standard, has not been followed by the First Circuit. In Yershov v. Gannett Satellite Info. Network, Inc.,[7] the First Circuit adopted a “reasonable foreseeability” standard, which simply requires proof that the information being shared was reasonably and foreseeably likely to reveal the identity of an individual and the videos that individual viewed or requested.

In Flipps Media, the district court adopted the “ordinary person” standard, rather than the “reasonable foreseeability” standard and found the lines of code containing the URL and FID that were transmitted to Meta could not be interpreted by an ordinary person as disclosing the identity of the plaintiff and the videos she watched. Accordingly, the district court found the complaint could not plausibly allege the sharing of “personally identifiable information” and dismissed the complaint. The district court also denied the plaintiff’s motion seeking leave to amend.

Appeal to the Second Circuit

On October 27, 2023, plaintiff appealed the order, dismissing her complaint to the Second Circuit. In her appeal, the plaintiff’s primary argument was that the Second Circuit should adopt “a variation of Yershov’s reasonable foreseeability standard and hold that ‘personally identifiable information under the VPPA encompasses specific information about a consumer, disclosed by a video tape service provider to a particular recipient, that the provider knows the recipient can use to personally identify that consumer.'”[8] Alternatively, the plaintiff argued that the information transmitted by the Pixel met both the “reasonable foreseeability” and “ordinary person” standards for “personally identifiable information.”

On May 1, 2025, the Second Circuit issued its first opinion interpreting the definition of “personally identifiable information” under the VPPA, affirming the dismissal of the plaintiff’s complaint. In the opinion, the Second Circuit examined both the “reasonable foreseeability” and “ordinary person” standards, and concluded that the language, legislative history, and specific context of the VPPA dictate that the statute precludes knowingly disclosing information that would allow an ordinary person to identify a specific person’s video-watching behavior, not information “that only a technology sophisticated third-party” could use to identify specific customers.[9] In particular, the Second Circuit held that the VPPA’s focus is on what the disclosing party provides, not what the recipient can do with the disclosed information. Applying the “ordinary person” standard, the court found that lines of code displaying the video title, URL, and the plaintiff’s FID could not be read by an ordinary person to identify the specific videos on Flipps Media‘s website the plaintiff had watched. In reaching this conclusion, the Second Circuit focused on the characters, numbers, and letters interspersed within the words of the title and ruled it “implausible that an ordinary person would understand, with little or no extra effort … the video title.”[10] As for the FID, the court found that the FID “would be just one phrase embedded in many other lines of code” and therefore it was “not plausible” that an ordinary person would see the phrase, conclude it was a person’s FID, and use it to access the person’s Facebook profile.[11]

Request for En Banc Review

The plaintiff filed a petition for en banc review of the Second Circuit’s ruling. In the petition, the plaintiff challenged the court’s adoption of the “ordinary person” standard as being contrary to the text and purpose of the VPPA. The plaintiff argued that the “reasonable foreseeability” standard, which would focus on whether Meta, as opposed to an ordinary person, could interpret the information the Pixel transmitted, should be applied. The plaintiff further argued that the review of the court order was necessary because the decision had “effectively shut the door for Pixel-based VPPA claims.”

On July 28, 2025, the Second Circuit denied the plaintiff’s request for an en banc review. The plaintiff now has until October 26, 2025, to file a petition for certiorari with the U.S. Supreme Court.

Takeaways

The Flipps Media decision is the first circuit court ruling to apply the ordinary person standard to VPPA claims premised on information transmitted by the Meta Pixel. This commonsense approach is welcomed by digital streaming companies, the news media, and entities that offer video clips on their websites. Businesses now have the trio of cases, Nickelodeon, ESPN, and Flipps Media, to combat VPPA claims at the pre-answer motion to dismiss stage. While a petition to the Supreme Court may still occur, the sound reasoning of the Second, Third, and Ninth Circuits should prevail and put an end to VPPA claims premised on the transmission of information through the Meta Pixel.

Despite the Flipps Media decision, businesses that employ tracking technologies should understand the technologies being deployed and the various type of data being shared in order to reduce the risks of additional lawsuits being pursued under different theories.

[1] Solomon v. Flipps Media, Inc. d/b/a Fite, d/b/a Fite TV, No. 2:22-cv-05508 (E.D.N.Y. 2022).

[2] The defendant also argued that the complaint did not plausibly allege that the plaintiff is a “consumer” of a “video tape service provider” as those terms are defined by the statute. The trial court rejected this argument and it was not substantively addressed on appeal.

[3] The VPPA does not specifically define “personally identifiable information” (PII). Instead, it states that PII under the statute “includes information which identifies a person as having requested or obtained specific video materials or services from a video tape service provider.” 18 U.S.C. § 2710(a)(3).

[4] In re Nickelodeon Consumer Priv. Litig., 827 F.3d 262, 267 (3d Cir. 2016).

[5] Eichenberger v. ESPN, Inc., 876 F.3d 979, 985 (9th Cir. 2017).

[6] See In re Nickelodeon Consumer Priv. Litig., 827 F.3d at 267; Eichenberger, 876 F.3d at 985.

[7] Yershov v. Gannett Satellite Info. Network, Inc., 820 F.3d 482, 486 (1st Cir. 2016).

[8] Solomon v. Flipps Media, Inc. d/b/a Fite, d/b/a Fite TV, 136 F.4th 41, 51 (2d Cir. 2025).

[9] Solomon, 136 F.4th at 52.

[10] Id. at 54.

[11] Id.

NEW YORK — Troutman Sanders and Pepper Hamilton officially became Troutman Pepper (Troutman Pepper Hamilton Sanders LLP) today, a national law firm with 1,100 attorneys in 23 U.S. cities. The new firm offers clients greater resources and bench strength, enhanced practices, and expanded geographical reach.

Troutman Pepper is one of the 50 largest law firms in the country, with offices in eight of the 10 largest U.S. markets. The firm supports some of the country’s biggest industry sectors, including health sciences, energy, real estate, insurance, finance, private equity, construction, and technology.

The new firm is led by Steve Lewis, Chair and Chief Executive Officer.

“The mission of our firm is a higher commitment to client care,” Lewis said. “We will surpass what clients expect or appreciate, focusing on what they value. Our expanded capabilities and bigger footprint will allow us to deliver a new level of service to our clients.”

The two firms were originally scheduled to merge on April 1 but postponed the combination until July 1 in light of the COVID-19 pandemic. While the merger was postponed, the firms partnered together to launch a COVID-19 Resource Center, with attorneys collaborating across firms to provide guidance to clients on legal and business issues related to COVID-19.

“Delaying the merger allowed us to prioritize the health and safety of our people,” Lewis continued. “In the interim, our firms have come together in meaningful ways to guide clients through this difficult time. As our industry and indeed all industries continue to grapple with the challenges created by the health crisis, we know that we are stronger as one firm and choose to move forward together.”

“The combining of the two storied firms presented an opportunity to seamlessly merge different but complementary strengths of each,” Lewis said. Troutman Sanders specialized in serving the energy, banking, finance, and insurance industries, while Pepper Hamilton was highly regarded for its health care, life sciences, and private equity practices.

Other key practices at Troutman Pepper include corporate, litigation, intellectual property, tax, and bankruptcy, among others.

In addition to focusing on the client experience, Troutman Pepper will also prioritize talent and innovation.

“Excellent attorneys have been the foundation of both firms, and we will continue to be at the forefront of the industry in developing and supporting our outstanding legal talent,” said Tom Gallagher, Vice Chair of Troutman Pepper. “We’ll also focus on innovation, in ways that lead to meaningful client outcomes.”

Gallagher said that the culture of Troutman Pepper is one that encompasses teamwork and respect, inclusion and diversity, and pro bono and community service.

“How we treat one another, create welcoming workplaces, and give back to our communities were values each of our firms honored,” he said. “They are the foundation of the Troutman Pepper culture.”

Additional officers of Troutman Pepper are Tom Cole, Managing Partner, and Andrea Farley, Chair of Troutman Pepper’s Partner Compensation Committee.

They will be joined by these department chairs:

Business Litigation Department – John West
Health Sciences Department – Rachael Bushey
Regulatory & Finance Department – Amie Colby
Specialized Litigation Department – Bill Belanger
Transactional Department – Mason Bayler

Troutman Pepper will have offices in 23 cities (in alphabetical order):

Atlanta, GA	New York, NY	Rochester, NY
Berwyn, PA	Orange County, CA	San Diego, CA
Boston, MA	Philadelphia, PA	San Francisco, CA
Charlotte, NC	Pittsburgh, PA	Silicon Valley, CA
Chicago, IL	Portland, OR	Virginia Beach, VA
Detroit, MI	Princeton, NJ	Washington, DC
Harrisburg, PA	Raleigh, NC	Wilmington, DE
Los Angeles, CA	Richmond, VA

About Troutman Pepper
Troutman Pepper is a national law firm known for its higher commitment to client care. With more than 1,100 attorneys in 23 U.S. cities, the firm partners with clients across every industry sector to help them achieve their business goals. Read more about the firm’s litigation, transactional, and regulatory practices at troutman.com.

ATLANTA – The UNC Law Alumni Association has recognized Alison Grounds, founder and managing partner of Troutman eMerge, with the Distinguished Alumni Award. Recipients of the award demonstrate excellence in the practice of law or other professions, noteworthy public service, and outstanding service to the school of law. Grounds will receive the award at the Law Alumni Association’s annual alumni awards presentation at the Carolina Club on Oct. 3, 2025.

The Distinguished Alumni Award is presented annually to a UNC School of Law graduate whose accomplishments and contributions have enhanced the law school and the practice of law or other professions at the local, state, national, or international level.

Grounds assists clients in all aspects of discovery in litigation and investigations and advises clients on proactive litigation readiness and data management issues. Clients rely on Grounds’ litigation experience and technology prowess to develop and manage the overall strategy and to advocate on their behalf during discovery disputes. She also assists clients with developing internal workflows and processes that leverage technology to improve efficiency and consistency across matters.

Grounds is the founder and managing partner of Troutman eMerge, a wholly owned subsidiary of the firm, which provides end-to-end, integrated discovery and data management services for legal matters. Troutman eMerge’s attorneys and technologists combine legal strategy with the latest technology to manage data, reduce costs, and identify facts needed to resolve disputes. Their novel approach effectively addresses two common causes of unanticipated costs and risks: disconnected stakeholders and processes. Grounds is a frequent speaker and author on eDiscovery issues and is ranked in Chambers USA and Legal 500, which recognize the top lawyers and law firms across the U.S. Additionally, she serves as chair of Troutman Pepper Locke’s innovation committee and is a leader of the firm’s generative AI task force.

Troutman Pepper Locke

Energy

Financial Services

Health Care + Life Sciences

Insurance + Reinsurance

Private Equity

Real Estate

Innovation

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Pro Bono

Alumni Network

Emerge

The Pepper Center

Learn + Connect

BLOG, Microsite + Podcast HUB

ACHIEVEMENTS

Related Industries + Practices

Energy

Financial Services

Health Care + Life Sciences

Insurance + Reinsurance

Private Equity

Real Estate

Innovation

plus

Pro Bono

Alumni Network

Emerge

The Pepper Center

Energy

Financial Services

Health Care + Life Sciences

Insurance + Reinsurance

Private Equity

Real Estate

Innovation

plus

Pro Bono

Alumni Network

Emerge

The Pepper Center

Learn + Connect

BLOG, Microsite + Podcast HUB

ACHIEVEMENTS

Related Industries + Practices

Smarter in your world deeper in your sector

Energy

Financial Services

Health Care + Life Sciences

Insurance + Reinsurance

Private Equity

Real Estate

Innovation

plus

Pro Bono

Alumni Network

Emerge

The Pepper Center

More than your voice in government. Your ally.

Troutman Pepper Locke’s program for Startup and Early-Stage Entrepreneurial Development

Market leading eDiscovery and data management services.

What We Think

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