On May 22, 2026, 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 first quarter of 2026. Highlights from this edition include:

On May 22, 2026, 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:

On May 21, 2026, Cravath partner Evan A. Hill participated in the American Bankruptcy Institute’s 2026 New York City Bankruptcy Conference. The program, which featured insolvency and restructuring professionals from around the New York metro area, provided attendees with practical techniques and tips for meeting the challenges of today’s evolving insolvency landscape. Evan spoke on a panel entitled “Bankruptcy Sales: From Rocky Roads to Detours and Deals,” which discussed how creative bankruptcy strategies can help companies overcome substantial challenges and ultimately lead to successful outcomes.

On May 22, 2026, Lawdragon announced the inclusion of 19 Cravath partners in its annual list of the “500 Leading Global Litigators.” The list, assembled based on research and vetting by peers, celebrates the lawyers who dazzle with their fluency in law, language and global business alongside their commitment to the rule of law as a framework for addressing differences.

On May 19, 2026, Cravath partner Nicholas A. Dorsey participated in the International Bar Association’s 10th Global Entrepreneurship Conference: Legal Challenges in Closely Held Businesses: Strategies for Success and Sustainability, which was held May 17-19, 2026 in Vienna, Austria. Nick co-chaired a session entitled “Venture Capital: Traditional vs. Corporate Investment Approaches,” which explored the balance between financial return and strategic value, the differences in decision-making flexibility and how access to corporate and family office resources can shape both investment outcomes and innovation potential.

Cravath represented the underwriters in connection with the $750 million registered notes offering of Canadian National Railway Company. Canadian National Railway Company engages in the rail and related transportation business. The transaction closed on May 12, 2026.

Patrick Urda is the Chief Judge of the United States Tax Court. In this episode of On Tax, he and Cravath partner and host Len Teti talk about Chief Judge Urda’s path to the federal government and the professional friendships, chance encounters and open‑mindedness that led him there. Chief Judge Urda also reflects on the influence his family has had on his career and what he most enjoys about his current role.

On May 19, 2026, Cravath prepared a memo for its clients entitled “SEC Proposes Rule Amendments to Permit Optional Semiannual Reporting.” The memo examines the U.S. Securities and Exchange Commission’s recently proposed rule amendments that would allow SEC registrants required to file three quarterly reports per fiscal year under existing rules to elect to file a single semiannual report instead.

Cravath represented the underwriters in connection with the $750 million registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc., the world’s largest commercial real estate services and investment firm. The transaction closed on May 4, 2026.  

On May 17, 2026, Cravath partner David J. Kappos participated in the Best Practices in Intellectual Property 12th Annual Conference, which was hosted by Intellectual Property Resources in Tel Aviv and featured global decision‑makers and leading IP professionals to discuss global IP issues, trends and legislation. Dave served as one of the program’s co‑chairs and delivered opening remarks. He also participated in a fireside chat entitled “IP in the Geopolitical Race,” and spoke on a panel entitled “AI Issues in Strategic Agreements.” Dave also moderated a panel entitled “SEPs, Patent Pools and Platform Issues.”  

On May 12, 2026, Cravath published a memo for its clients entitled “Converting to a National Bank Charter.” The memo examines a recent increase in the number of state‑chartered banks seeking to become national banks and discusses the charter application process as well as certain associated benefits and other considerations.

On May 8, 2026, Lawdragon announced the inclusion of 6 Cravath partners in its annual list of the “500 Leading Global Cyber Lawyers.” The list, assembled based on research and vetting by peers, celebrates the lawyers who handle the most sensitive online threats to protect data and national security, fight for the digital rights of consumers against negligent companies and navigate the insurance, fintech and compliance aspects of complex tech transactions.

On May 8, 2026, Array Digital Infrastructure, Inc. (“Array”) confirmed that its board of directors has received a non‑binding proposal from Telephone and Data Systems, Inc. (“TDS”) to acquire all of the outstanding common shares of Array not currently owned by TDS. Currently, TDS owns approximately 81.9% of the outstanding capital stock of and 95.9% of the voting interests in Array. The proposal is conditioned on, among other things, the recommendation of a special committee of disinterested and independent directors of Array and the approval by a majority of the votes cast by disinterested stockholders. Cravath is representing the special committee in connection with the proposal.

Cravath represented the underwriters in connection with the $1.5 billion registered fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2026.

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 April 21, 2026.

On May 4, 2026, Cravath partner Nicole M. Argentieri was featured in the American Bar Association’s Global Anti‑Corruption Committee monthly newsletter, which highlighted her tenure at the U.S. Department of Justice, including as Acting Assistant Attorney General and Head of the Criminal Division, as well as her current work advising boards and companies on an increasingly dynamic enforcement landscape. In the Q&A, Nicole discussed navigating heightened risks in anti‑money laundering and national security, noting that she strives to provide a practical perspective to clients so they can understand the shifts in enforcement priorities and resources at the DOJ. Reflecting on her career and her favorite historical figure, Abraham Lincoln, Nicole described the importance of resilience and investing in personal relationships to sustain a demanding legal career, advising junior attorneys that “to be good at your job, you must invest in your relationships and stay connected to the people and causes that matter most to you.”

On May 5, 2026, Cravath partner Elad Roisman was named to Washingtonian’s list of “Washington DC’s 500 Most Influential People of 2026,” which recognizes the “power players who work to understand and shape rapidly shifting priorities across the capital.” Elad was highlighted for his reputation and work in the Banking & Finance category.  Elad, who is a member of Cravath’s Corporate Governance and Board Advisory Practice and Financial Institutions Group, as well as head of the Digital Assets Practice, also shared the best career advice he ever received: “Go into every meeting expecting to learn something new and be impressed.”

On April 26, 2026, the Harvard Journal of Law & Technology’s JOLT Digest published an article written by Cravath partner Sasha Rosenthal‑Larrea and associate Lucille D. Finn entitled “Beyond FLOPs: Shortcomings of FLOPs as a Model Classification Metric in AI Regulation.” The article examines the efficacy of a metric that is often used to determine whether an AI model should be regulated: the total number of floating point operations (“FLOPs”), a measurement of the total amount of computational effort used in the model’s training process. The authors outline where FLOPs fall short when used to evaluate a model’s sophistication or potential danger and urge regulators to retain an awareness of these limitations as they navigate AI policymaking and compliance.

On April 27, 2026, Integris, a national leader in managed AI and IT services backed by OMERS Private Equity, announced its intent, subject to regulatory approval, to acquire First Focus, the largest managed service provider serving small and midsize businesses in Australia, New Zealand and the Philippines. Cravath is representing Integris as U.S. counsel in connection with the transaction.

On April 28, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month.