Four Decades for Justice
On February 11, 2010, the United States District Court for the Southern District of New York dismissed all foreign plaintiffs who bought securities on a foreign exchange (representing approximately 90% of the putative class) in a federal securities fraud class action entitled, Cornwell v. Credit Suisse Group, et al. The class action was a so-called “f-cubed” litigation—foreign purchasers suing a foreign issuer over shares purchased on a foreign exchange.
Cravath is defending Credit Suisse and four of its Senior Officers (collectively, “Defendants”) in this action, in which the plaintiffs allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 relating to Credit Suisse’s reporting of collateralized debt obligations (“CDO”). Plaintiffs purported to represent a worldwide class of purchasers of Credit Suisse stock (traded on the Swiss exchange) and American Depository Shares (traded on the New York Stock Exchange). The Defendants filed a motion to dismiss the amended complaint under Rule 12(b)(1) for lack of subject matter jurisdiction which was granted by the Court on September 28, 2009. Thereafter, Plaintiffs filed a motion for leave to file a second amended complaint, which Defendants opposed as futile. On February 11, 2010, the Court denied the motion for leave to file a second amended complaint as to the foreign plaintiffs and granted the U.S. plaintiffs leave to file a further amended complaint.
The lawyers involved in the defense include partners Richard W. Clary and Darin P. McAtee and associates Yonatan Even, Benjamin D. Brutlag, Alexandra Reeve Givens and Nava S. Sanders.
Deals & Cases
November 27, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14 billion of credit facilities made available to RTX Corporation, an aerospace and defense company that provides systems and services for commercial, military, and government customers worldwide. The facilities consisted of a $10 billion bridge credit facility and a $4 billion term loan facility. The transactions closed on October 24, 2023 and November 7, 2023.
Deals & Cases
October 06, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $2.4 billion of credit facilities made available to Cencora, Inc., a leading global pharmaceutical solutions organization committed to improving patient access to products and enhance patient care. The facilities consisted of a $355 million tranche one revolving credit facility and a $2.045 billion tranche two revolving credit facility. The transaction closed on October 6, 2023.
Deals & Cases
August 30, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with an $800 million revolving credit facility made available to Albany International Corp. and certain of its subsidiaries. Albany International Corp. is a leading provider in the textile and materials processing business. The transaction closed on August 16, 2023.
Deals & Cases
August 30, 2023
Cravath represented the lead arrangers in connection with senior facilities to finance the pending acquisition of Palex Medical by funds advised by the private equity firms Apax Partners LLP and Fremman Capital. Palex Medical is a leading provider of high value‑added medical technology equipment and solutions in Southern Europe.
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