Yesterday the United States Supreme Court heard oral argument in a case raising questions of when investors have standing to sue under Sections 11 and 12(a)(2) of the Securities Act of 1933 (the “Securities Act”). Slack...more
On January 10, 2023, the Financial Industry Regulatory Authority (“FINRA”) issued its 2023 Report on FINRA’s Examination and Risk Monitoring Program (the “Report”). The Report, which is a more comprehensive version of FINRA’s...more
On April 26, 2022, the Division of Examinations (the “Division”) of the Securities and Exchange Commission issued a Risk Alert listing notable examples of deficiencies that its staff has identified regarding investment...more
On March 30, 2022, the SEC released highly anticipated proposed rules for transactions involving special purpose acquisition companies (SPACs). If adopted in their current form, these rules would purport to make wide-ranging...more
On October 28, 2021, at the American Bar Association’s National Institute on White Collar Crime, Deputy Attorney General Lisa O. Monaco announced revisions to the Department of Justice’s policies, all designed to strengthen...more
In connection with the continued efforts of New York State to grapple with the COVID-19 pandemic, a recent order updated the emergency measures in place impacting pending and potential litigation in New York and possibly...more
In connection with the continued efforts of New York State to grapple with the COVID-19 pandemic, a recent order updated the emergency measures in place impacting pending and potential litigation in New York and possibly...more
In connection with the continued efforts of New York State to grapple with the COVID-19 pandemic, a recent order updated the emergency measures in place impacting pending and potential litigation in New York and possibly...more
COVID-19 has acted as an accelerator, bringing into play scenarios which were previously only contingencies and making contingencies of (and requiring planning for) situations which were previously barely imaginable. The debt...more
On June 2, 2020, Judge Donald R. Cassling of the United States Bankruptcy Court for the Northern District of Illinois held that a state executive order suspending dine-in services to address the COVID-19 pandemic (the...more
In connection with the continued efforts of New York State to grapple with the COVID-19 pandemic, recent orders have updated the emergency measures in place impacting pending and potential litigation in New York and possibly...more
In connection with the continued efforts of New York State to grapple with the COVID 19 pandemic, recent orders have updated the emergency measures in place impacting pending and potential litigation in New York and possibly...more
In connection with the continued efforts of New York State and City to grapple with the COVID-19 pandemic, two recent orders have updated the emergency measures in place that impact pending and potential litigation in New...more
On April 30, 2020, the Chief Administrative Judge of the New York State Courts issued a Memorandum lifting some of the prior restrictions put in place concerning court filings and other activities in New York State trial...more
On March 11, 2020, the World Health Organization officially declared the coronavirus outbreak (“COVID-19”) a global pandemic. In addition to the human cost, COVID-19 continues to cause widespread disruption to commercial...more
For the first time since the last financial crisis started in August 2007, issues of systemic financial risk have come to the fore. Legal analysis, and an assessment of legal rights, obligations and liabilities, is vital for...more
As New York State and City continue to grapple with the COVID-19 pandemic, affecting all aspects of life and work including the legal system, two orders issued over the weekend have significantly increased the effect on...more
Today, the Supreme Court of Delaware reversed a decision of the Delaware Court of Chancery and affirmatively endorsed the enforceability of federal forum-selection provisions, in a Delaware corporation’s certificate of...more
COVID-19: DISCLOSURE AND CAPITAL MARKETS CONSIDERATIONS FOR US LISTED PUBLIC COMPANIES -
The outbreak and continuing spread of the novel coronavirus (“COVID-19”) and the related disruption to the worldwide economy are...more
On July 3, 2019, Chairman Jay Clayton of the Securities and Exchange Commission (SEC) issued a Statement Regarding Offers of Settlement (the “Public Statement”) to announce a significant shift in the SEC’s process of...more
8/8/2019
/ Bad Actors ,
Cease and Desist Orders ,
Enforcement Actions ,
Financial Institutions ,
Investment Company Act of 1940 ,
Proposed Legislation ,
Public Statements ,
Rulemaking Process ,
SEC Commissioner ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Settlement Negotiations
Welcome to the 2019 Shearman & Sterling Antitrust Annual Report.
Our seventh edition focuses on the contrasting use by regulators of antitrust laws with respect to the FANGs, and how antitrust is being enforced in the U.S....more
7/24/2019
/ Acquisitions ,
Antitrust Investigations ,
Antitrust Litigation ,
Competition ,
Competition Authorities ,
Corporate Counsel ,
Criminal Liability ,
Department of Justice (DOJ) ,
Digital Marketplace ,
Digital Media ,
Enforcement Actions ,
EU ,
Extraterritoriality Rules ,
Federal Trade Commission (FTC) ,
FinTech ,
Hiring & Firing ,
Leniency Programs ,
Merger Controls ,
Mergers ,
No-Poaching ,
Recruitment Policies ,
State Aid ,
Trump Administration ,
UK Brexit
On June 25, 2018, the U.S. Supreme Court, in a 5-4 decision by Justice Thomas, held that provisions in American Express Company’s (“American Express”) and its operating subsidiary’s contracts with merchants that restricted...more
7/2/2018
/ American Express ,
Anti-Steering Rules ,
Anticompetitive Agreements ,
Antitrust Provisions ,
Burden of Proof ,
Credit Card Surcharges ,
Merchant Fees ,
Merchants ,
Ohio v American Express ,
Rule-of-Reason Analysis ,
SCOTUS
The European Commission (EC) and other national competition authorities (NCAs) have traditionally shied away from investigating allegations of excessive pricing and appearing as price regulators. Commissioner Vestager warned...more
4/26/2018
/ Abuse of Dominance ,
Actavis Inc. ,
Antitrust Investigations ,
Court of Justice of the European Union (CJEU) ,
EU ,
Excessive Pricing ,
Hoffman LaRoche ,
Merck ,
Pay-For-Delay ,
Pfizer ,
Pharmaceutical Industry ,
Prescription Drugs ,
Pricing ,
Treaty on the Functioning of the European Union (TFEU) ,
UK ,
UK Competition Appeal Tribunal (CAT)
In perhaps the most hotly anticipated judgment in the European competition law world this year, the Court of Justice of the European Union (CJEU) handed down its landmark ruling on September 6, 2017 in Intel’s appeal against...more
4/26/2018
/ Abuse of Dominance ,
Anti-Competitive ,
Antitrust Litigation ,
Appeals ,
Court of Justice of the European Union (CJEU) ,
EU ,
European Commission ,
Intel ,
Rebates ,
Rebuttable Presumptions ,
Rules of Civil Procedure
Large online platforms such as Amazon, Facebook and Google have a strong presence in Europe. Although general competition law principles apply to them, cases concerning online platforms give rise to a lot of novel questions...more
4/24/2018
/ Abuse of Dominance ,
AirBnB ,
Amazon ,
Antitrust Provisions ,
Competition Authorities ,
EU ,
Facebook ,
Google ,
Online Platforms ,
Social Networks ,
Treaty on the Functioning of the European Union (TFEU)