Four Decades for Justice
Cravath partners Faiza J. Saeed, Karin A. DeMasi and Tatiana Lapushchik were named to Crain’s New York Business’s 2020 list of “Notable Women in Law,” which was published on December 16, 2019. The feature honors “dedicated, gifted and determined female lawyers.”
Crain’s highlighted Faiza’s work on mergers and acquisitions, corporate governance and crisis management, including her representation of Disney in its $85 billion acquisition of 21st Century Fox, as well as her work as a trustee of the Paley Center and New York‑Presbyterian Hospital.
The feature notes Karin’s role as managing partner of the Firm’s litigation department and her work on class actions in securities, antitrust and general commercial disputes as well as her extensive pro bono work, including serving as counsel in a case addressing the constitutionality of a proposed state ban on race conscious admissions which was decided by the U.S. Supreme Court.
Crain’s recognized Tatiana as a leading lawyer in banking and finance, who frequently represents leading financial institutions, including JPMorgan and Goldman Sachs. The profile notes that since April 2018, Tatiana has counseled clients on transactions totaling a collective value of nearly $100 billion.
Deals & Cases
On June 20, 2018, The Walt Disney Company (“Disney”) announced that it signed an amended acquisition agreement with Twenty-First Century Fox, Inc. (“21st Century Fox”) under which Disney will acquire 21st Century Fox for $85 billion, rebuffing an interloper bid by Comcast to its original $66 billion agreement. The pending acquisition includes the Twentieth Century Fox Film and Television studios, along with its cable and international TV businesses. Immediately prior to the acquisition, 21st Century Fox will separate the Fox Broadcasting network and stations, Fox News Channel, Fox Business Network, FS1, FS2 and Big Ten Network into a newly listed company that will be spun off to its shareholders. Cravath is representing Disney in connection with the transaction.
Deals & Cases
On September 18, 2018, a Delaware jury returned a unanimous verdict in favor of Cravath client DRIT LP (“DRIT”) in a patent licensing dispute with Glaxo Group Limited and Human Genome Sciences, Inc. (“GSK”). The jury found that GSK had breached the implied covenant of good faith and fair dealing when it statutorily disclaimed a U.S. patent covering GSK’s lupus drug, Benlysta® to cut off its obligation to pay royalties to DRIT on U.S. sales of Benlysta®. The case arose out of a 2008 agreement under which GSK agreed to pay Biogen Inc. royalties on sales of Benlysta® in exchange for Biogen’s rights to certain intellectual property covering the medication. In 2012, DRIT, an investment vehicle managed by Cravath client DRI Capital, purchased Biogen’s royalty stream. In April 2015, after making royalty payments to DRIT for three years, GSK voluntarily disclaimed the royalty‑bearing patent and ceased paying royalties to DRIT. The matter was tried for six days before a jury in the Delaware Superior Court.
Deals & Cases
Cravath represented JPMorgan Chase Bank, N.A., as administrative agent and lead arranger, in connection with the arrangement of $12 billion of credit facilities made available to DowDuPont Inc. and its soon to be spun‑off subsidiary Corteva. This transaction is in connection with DowDuPont’s announced separation into three public companies. The facilities consisted of a $3 billion five‑year revolving credit facility, a $3 billion three‑year revolving credit facility, a $3 billion revolving credit facility and a $3 billion term loan facility. The transaction closed on November 12, 2018.
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