On September 16, 2025, Cravath partner David J. Kappos delivered the opening remarks at the World Intellectual Property Organization’s (“WIPO”) Inventor Assistance Program (“IAP”) Best Practice Summit 2025 in Geneva, Switzerland. WIPO’s IAP connects individuals and small businesses with professionals who help them navigate the patent system, “empowering underserved inventors” and “serving as a catalyst for global innovation, ensuring inventors worldwide have the chance to make a lasting impact.” The event celebrated the 10th anniversary of the IAP, which Dave founded and for which he serves as the steering committee chair.

On September 17, 2025, Cravath partner D. Scott Bennett participated in The L Suite’s 2025 General Counsel IPO Conference, which was held from September 16‑17 in San Francisco. The conference hosted general counsels and chief legal officers at early, growth and late‑stage private companies to discuss strategic insights and legal guidance for navigating the evolving IPO landscape, including market timing, raise sizing, managing late-stage investors, dual‑track and SPAC considerations and sector-specific momentum in areas like technology and AI. Scott co‑led a roundtable discussion entitled “Leading Through the Unknown: The GC’s Role in IPO‑Adjacent Crisis Management,” which explored how general counsels can proactively build crisis response into IPO planning, support the CEO and leadership team under pressure, maintain investor confidence and manage legal exposure when plans shift unexpectedly.

Cravath partner Margaret T. Segall authored a chapter entitled “United States: Government Investigations.” for Global Competition Review’s “Americas Antitrust Review 2026,” published on August 11, 2025. The chapter reviews recent DOJ and FTC enforcement activity, including merger challenges, settlements and non‑merger actions.

On September 13, 2025, Cravath partner Margaret T. Segall participated in the International Bar Association’s 29th Annual Competition Conference, which was held from September 12‑13 in Florence, Italy. The event brought together international practitioners, including law firms, government officials and academics, to discuss antitrust law developments. Maggie spoke on a panel entitled “A New Era for Merger Control: Industrial Policy, Competitiveness and Innovation,” which reviewed how Europe’s Draghi report, the Competition and Markets Authority’s “political reset,” the new U.S. administration and other international developments are playing out in merger enforcement.

On September 12, 2025, Cravath prepared a memo for its clients entitled “IRS Publishes Guidance for Determining Beginning of Construction for Solar and Wind Projects.” The memo examines the Internal Revenue Service’s recently issued Notice 2025-42 (“New Guidance”), which sets forth new rules for determining “beginning of construction” for solar and wind projects seeking to claim clean electricity credits under Sections 45Y and 48E of the Internal Revenue Code.

On September 5, 2025, LMG Life Sciences honored Cravath at the publication’s 2025 Americas Awards, which recognize “top firms, attorneys and in‑house counsel for their work in the life sciences industry over the past year.” The Firm was honored with an Impact Deal of the Year award for its representation of Johnson & Johnson in its $14.6 billion acquisition of Intra Cellular Therapies, Inc.

Cravath represented Weyerhaeuser Company (“Weyerhaeuser”) and its subsidiary, Weyerhaeuser NR Company, in connection with its $800 million term loan facility. The proceeds were used to finance the partial redemption of Weyerhaeuser’s 4.75% senior unsecured notes due in 2026 and for general corporate purposes. Weyerhaeuser is one of the world’s largest private owners of timberlands. The transaction closed on August 25, 2025.

On September 10, 2025, Intellectual Asset Management published an article by Cravath partner David J. Kappos and associate Leslie Liu entitled “Comparable Licences in FRAND Negotiations: A Principled Starting Point for Valuation.” The article examines the UK Court of Appeal’s decision in Optis v Apple, emphasizing the use of comparable licences as the primary reference point for determining FRAND rates. The article argues that anchoring FRAND determinations in real‑world licensing practices ensures both fairness and predictability, while preserving the integrity of the negotiation process and the value of innovations.

On September 9, 2025, Cravath partner Margaret T. Segall participated in “Hot Topics for In‑House Counsel 2025,” a program presented by the Practising Law Institute in New York. Maggie spoke on a panel entitled “Global Antitrust Issues for In‑House Counsel,” in which panelists discussed developments in the international and domestic antitrust landscape affecting in‑house counsel, including trends in global antitrust law, the evolution of the U.S. antitrust landscape, coordination among agencies and practical tips and strategies.

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 26, 2025.

Steve Gordon is a retired partner and former Head of the Tax Department at Cravath, who first appeared as an On Tax guest in the Season 1 pilot (listen to that episode here). In the show’s very first role reversal, Steve returns to talk with Cravath partner and host Len Teti not as a guest, but as a guest host for the Season 10 premiere of On Tax. They discuss Len’s path to practicing tax law, their time working together in the Firm’s Tax Department and the valuable problem‑solving role that tax practitioners play for clients.

Cravath represented American National Group Inc. in connection with its $500 million registered fixed‑rate reset junior subordinated notes offering. American National Group Inc. is a leading insurance company that offers a broad portfolio of insurance products, including annuities, pension risk transfer, individual and group life insurance and property and casualty insurance. The transaction closed on August 22, 2025.

On September 5, 2025, Lawdragon announced the inclusion of 38 Cravath partners in its list of the “500 Leading Litigators in America.” The list, assembled based on research and vetting by peers, recognizes “outstanding advocates” who have “made their mark representing clients in their most important courtroom, investigative and administrative battles” across cases spanning the areas of antitrust, finance, investigations, intellectual property, M&A and securities, among many others.

On August 28, 2025, a jury in the U.S. District Court for the Eastern District of New York unanimously concluded that Cravath clients American Express Company and American Express Travel Related Services Company, Inc., (together, “Amex”) are not liable for antitrust claims in a class action suit, brought by a class of debit card users and non‑rewards credit card users from eight states and Washington, D.C., alleging that the company’s non‑discrimination provisions are anticompetitive.

Cravath represented the underwriters in connection with the $1.5 billion registered senior notes offering of Verisk Analytics, Inc. (“Verisk”), a leading data, analytics and technology provider serving clients in the insurance sector. Proceeds of the offering will be used to partially finance Verisk’s acquisition of Exactlogix, Inc., doing business as AccuLynx.com. The transaction closed on August 21, 2025.

On September 2, 2025, the United States District Court for the Southern District of New York denied Loomis Sayles Trust Company’s (“LSTC”) motion for class certification in its breach of contract action against Cravath client Citigroup Global Markets Inc. (“Citigroup”).

Cravath represented the initial purchasers in connection with the $450 million and C$175 million 144A/Reg. S high‑yield senior notes offering of goeasy Ltd., a leading full‑service provider of goods and alternative financial services that improve the lives of everyday Canadians. The transaction closed on August 20, 2025.

Cravath represented the initial purchasers in connection with the $2 billion 144A/Reg. S high-yield first lien notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. The transaction closed on August 18, 2025.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Otis Worldwide Corporation, a leading elevator and escalator manufacturing, installation and service company. The transaction closed on August 8, 2025.

Cravath represented the administrative agent, lead arrangers and bookrunners in connection with $2 billion of credit facilities made available to Verisk Analytics, Inc. (“Verisk”), as part of the financing transactions undertaken in connection with its pending acquisition of Exactlogix, Inc. (“AccuLynx.com”). Verisk is a leading data, analytics and technology provider serving clients in the insurance ecosystem. The credit facilities consisted of a $750 million term loan facility and a $1.25 billion revolving credit facility. The transaction closed on August 15, 2025.