On November 18, 2025, Axalta Coating Systems Ltd. (“Axalta”) and Akzo Nobel N.V. announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. Cravath is representing Axalta in connection with the transaction.

Cravath partner Brittany L. Sukiennik was named a finalist for The American Lawyer’s 2025 Young Lawyer of the Year – Litigation award as part of the publication’s eighth annual Industry Awards. The Young Lawyer of the Year awards honor young lawyers who have shown exceptional work in any transactional or litigation practice, including handling notable matters, showing business development prowess, improving systems of service delivery or otherwise providing exceptional work for clients and positive impacts to their organization.

Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.

Cravath partners John W. White and Jennifer S. Leete participated in the 43rd Annual SEC and Financial Reporting Institute Conference, which was co‑hosted by the University of Southern California’s Leventhal School of Accounting and Financial Executives International on June 11‑12, 2025, in Los Angeles. The conference hosted industry leaders, accounting executives and policy setters from the U.S. Securities and Exchange Commission, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board to discuss recent SEC and financial reporting issues. John is Chair of the Institute’s Advisory Council.

On November 12, 2025, Cravath partner John W. White participated in Financial Executives International’s 2025 Corporate Financial Reporting Insights Conference, which was held virtually from November 11‑13. John, as a past Director of SEC’s Division of Corporation Finance, spoke on a panel entitled “The Road Ahead: Perspectives from Former Regulators and Standard Setters,” during which former senior leaders from the SEC, the Financial Accounting Standards Board and the Public Company Accounting Oversight Board had an in depth discussion covering the current state of financial reporting and disclosure and shared their expectations for the years ahead.

On November 17, 2025, Johnson & Johnson announced it has entered into a definitive agreement to acquire Halda Therapeutics OpCo, Inc., a clinical‑stage biotechnology company with a proprietary Regulated Induced Proximity TArgeting Chimera (RIPTACTM) platform to develop oral, targeted therapies for multiple types of solid tumors, including prostate cancer, for $3.05 billion in cash. Cravath is representing Johnson & Johnson in connection with the transaction.

On November 10, 2025, Cravath European counsel Lawrence J. Verhelst delivered a guest lecture at the Faculty of Law of the University of Namur in Belgium as part of its Comparative Law course. Lawrence’s lecture focused on the common law tradition and provided a general introduction to the law and legal system of the United States, including its history and institutions.

On November 17, 2025, Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a leading Japanese insurance company and subsidiary of MS&AD Insurance Group Holdings, Inc., announced it has agreed to acquire an 18% equity interest in Barings LLC (“Barings”), an asset management company and wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), from MassMutual. MassMutual will receive approximately $1.44 billion as a result of the transaction. Barings will continue to operate as an independent subsidiary of MassMutual. Cravath is representing MSI in connection with the transaction.

On November 13, 2025, Cravath European counsel Nicoleta D. Lupea delivered a guest lecture at Sciences Po Law School in Paris as part of the course entitled “Cross‑border M&A Transactions,” which provided an overview of a deal cycle and explored the main themes that arise in international M&A transactions.

On November 13, 2025, Cravath partner Evan Norris participated in the Global Investigations Review Live: National Security Risks & Compliance 2025 conference, which was held in Washington, D.C. The event brought together private practitioners, government officials and in‑house counsel to discuss the enforcement and investigations landscape, including evolving sanctions regimes and anti‑money laundering pressures, as well as trade and export controls. Evan spoke on a panel entitled “DOJ Rule on Bulk Sensitive Personal Data,” which reviewed how lawyers and companies are approaching the rule’s required Data Security Program, including best practices, benchmarking and question marks.

On November 12, 2025, Cravath partner Evan A. Hill participated in “Latest Developments in Mass Tort Litigation,” a webinar event hosted by Expert Webcast. The virtual panel, which featured bankruptcy and restructuring professionals, reviewed key developments in mass tort litigation, including recent case law and legislative action, increased scrutiny of bankruptcy filings, multi‑district litigation, Texas Two-Step and the impact of technology on case management. 

On November 5, 2025, Cravath partner John W. White participated in the 57th Annual Institute on Securities Regulation, which was presented by the Practising Law Institute from November 5‑7 in New York. John first spoke on a panel entitled “Accounting and Auditing Developments,” which focused on new accounting standards, the SEC’s exploration of semi-annual reporting, PCAOB updates and best practices for interacting with the SEC staff on accounting matters. There followed a panel entitled “Corp Fin Hot Topics: What’s on the Agenda for the Division of Corporation Finance?,” during which John, who previously served as Director of the Division of Corporation Finance, joined other former senior SEC staff members in a lively discussion of Division priorities, rulemaking initiatives, new interpretive positions and what lies ahead for the Division in 2026.

Cravath partner Margaret T. Segall and of counsel Nicole M. Peles authored a chapter entitled “Navigating the Complex Landscape of Merger Remedies in Dynamic Industries: Insights from Antitrust Authorities” for Global Competition Review’s “Merger Remedies Guide – Sixth Edition,” published on October 31, 2025. The chapter discusses common types of merger remedies, the challenges they face in dynamic industries including the pharmaceutical/biotechnology and technology sectors and the different approaches antitrust authorities use to address them.  

On November 10, 2025, Cravath partners D. Scott Bennett and C. Daniel Haaren and of counsel Lisa M. Kohl participated in “Securities Offerings 2025: A Public Offering From Start to Finish,” a program presented by the Practising Law Institute in New York. The program simulated a public offering from start to finish. Dan chaired the program, delivered opening remarks and appeared on panels entitled “Underwriting Arrangements, Listing Process and FINRA Review,” which reviewed the underwriting and stock exchange listing processes and “Ethics, Due Diligence and the Offering Process,” which surveyed ethical issues that arise in the due diligence and offering processes and how to avoid them. Scott and Dan spoke together on a panel entitled “Introduction to the Law of Securities Offerings,” which reviewed the basic legal framework for registered public securities offerings. Together, Dan and Lisa appeared on panels entitled “Working Effectively with the SEC: Preparing Your Registration Statement,” which covered registration statement preparation and SEC review processes and “Financial and Accounting Disclosures in Offering Documents and Related Considerations,” in which panelists discussed financial disclosure and other offering documentation processes.

On November 7, 2025, Cravath partner Elad Roisman participated in the fourth annual BCVC Founder Summit, which was hosted by Bloccelerate VC in New York. The event convened founders, CEOs, policymakers and industry leaders in digital asset, AI and other domains to discuss the most challenging problems in the space. Elad moderated a roundtable discussion with SEC Chair Paul Atkins.

Jack Bernstein is the Senior Tax Partner at the law firm Aird & Berlis in Toronto, Canada. In this episode of On Tax, he and Cravath partner and host Len Teti discuss how Jack built his international tax practice, and the essential role relationship building has played throughout his career. They also share advice for young tax associates just starting out and reflect on the ways in which writing articles, attending conferences and joining law organizations helps legal professionals both hone their craft and establish themselves in the market.

Cravath partners Alyssa K. Caples, Nicholas A. Dorsey and Daniel J. Cerqueira spoke at the International Bar Association’s 2025 Annual Conference, which was held November 2-7 in Toronto and convened legal professionals from across the globe.

On November 10, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the third quarter of 2025. Highlights from this edition include:

On November 10, 2025, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, restructuring, regulatory and corporate governance landscape. This edition covers:

In November 2025, Cravath received the 2026 Best Law Firms “Law Firm of the Year” award in Commercial Litigation, ranked by Best Lawyers. Only one law firm is honored in each practice category for their “outstanding performance, experience, and excellence within the legal profession.” Awards are given based on a combination of peer reviews, client feedback, leadership interviews and firm submitted data.