Cravath Publishes Summer 2026 Issue of Alumni Journal
Financial Services and Insurance
Cravath has been a leading advisor to a broad array of financial institutions, insurers and reinsurers for decades, including in some of the largest and most important transactions and cases in recent history. Our clients include commercial banks, including both U.S. and non-U.S. money‑center banks and large U.S. regional banks, investment banks, broker‑dealers, non‑traditional lending sources, fintech companies and non-bank firms, private equity funds, hedge funds, asset managers and investment advisors. We also represent diversified insurance and related financial services companies and leaders in the property and casualty insurance and reinsurance markets.
Our transactional capabilities include representing these clients, or their boards of directors, in connection with mergers, acquisitions, divestitures, spin-offs, regulatory matters, bank financings and capital market activities. Over the years, we have advised on groundbreaking deals employing first-use structures, handled critical transactions and assisted companies in navigating some of the most significant financial crises and post-crisis matters in this sector.
Our litigators routinely tackle the largest and most significant cases in the industry, representing financial institutions (or their outside directors or special committees) in securities class actions—including serving as nationwide coordinating counsel—antitrust class actions, RICO class actions, mergers & acquisitions litigation, bankruptcy litigation and shareholder derivative actions, as well as litigation arising under the Alien Tort Statute and matters involving non-U.S. law. Our litigators handle matters at the trial and appellate levels, in arbitrations and before government and regulatory bodies. In addition, our investigations team is a trusted advisor to financial institutions, their boards of directors and their senior executives regarding internal and government investigations, regulatory enforcement proceedings and white collar criminal defense matters involving the full range of corporate crises.
Our transactional capabilities include representing these clients, or their boards of directors, in connection with mergers, acquisitions, divestitures, spin-offs, regulatory matters, bank financings and capital market activities. Over the years, we have advised on groundbreaking deals employing first-use structures, handled critical transactions and assisted companies in navigating some of the most significant financial crises and post-crisis matters in this sector.
Our litigators routinely tackle the largest and most significant cases in the industry, representing financial institutions (or their outside directors or special committees) in securities class actions—including serving as nationwide coordinating counsel—antitrust class actions, RICO class actions, mergers & acquisitions litigation, bankruptcy litigation and shareholder derivative actions, as well as litigation arising under the Alien Tort Statute and matters involving non-U.S. law. Our litigators handle matters at the trial and appellate levels, in arbitrations and before government and regulatory bodies. In addition, our investigations team is a trusted advisor to financial institutions, their boards of directors and their senior executives regarding internal and government investigations, regulatory enforcement proceedings and white collar criminal defense matters involving the full range of corporate crises.
Deals & Cases
September 08, 2026
European Investment Bank’s $4 Billion SEC Registered Notes Offering
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 25, 2026.
Deals & Cases
August 31, 2026
Aon’s $17 Billion Acquisition of USI
On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.
Deals & Cases
August 26, 2026
State Street Corporation’s Offering of Depositary Shares
Cravath represented the underwriters in connection with the $500 million offering of depositary shares representing preferred stock of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on August 12, 2026.
Deals & Cases
August 24, 2026
State Street Bank and Trust Company’s $1.25 Billion Senior Notes Offering
Cravath represented the initial purchasers in connection with the $1.25 billion senior notes offering of State Street Bank and Trust Company, the principal banking subsidiary of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on July 23, 2026.
Deals & Cases
August 04, 2026
PNC Financial Services Group’s $2 Billion Registered Fixed Rate/Floating Rate Senior Notes Offering
Cravath represented the underwriters in connection with the $2 billion registered fixed rate/floating rate senior notes offering of The PNC Financial Services Group, Inc., one of the largest diversified financial services companies in the United States. The transaction closed on July 21, 2026.
Publications
September 10, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2026
On September 9, 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 second quarter of 2026. Highlights from this edition include:
Publications
September 10, 2026
Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance
On September 9, 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, tax, regulatory and corporate governance landscape. This edition covers:
Publications
August 31, 2026
Columbia Law School’s Blue Sky Blog Publishes Article by Lucas Beirne on Recent Shifts in Federal Banking Supervision
On August 28, 2026, Columbia Law School's Blue Sky Blog published an article by Cravath of counsel Lucas E. Beirne entitled "Challenging Examination Results." The article examines how recent shifts in federal banking supervision may create new opportunities for banking organizations to challenge examination findings, ratings downgrades and other material supervisory determinations. It discusses informal advocacy strategies, the role of agency ombudsmen and the formal appeals processes available and offers practical guidance for institutions seeking to challenge supervisory decisions.
Publications
August 25, 2026
Federal Reserve Board Proposes Update to Regulation O
On August 25, 2026, Cravath prepared a memo for its clients entitled “Federal Reserve Board Proposes Update to Regulation O.” The memo discusses the Federal Reserve Board’s request for comments on a proposed rulemaking to modernize Regulation O, which establishes limits on lending by a bank to individuals and entities that can potentially influence its lending decisions, as well as related governance and recordkeeping requirements for insider lending.
Publications
July 24, 2026
Jeff Dinwoodie Publishes Essay on Crypto Regulation in Yale Journal on Regulation Blog
On July 22, 2026, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation's Notice & Comment blog entitled "Non‑Security Crypto, Investment Contracts, and SEC Compliance." The essay examines whether the existing securities laws and SEC rules applicable to SEC‑registered entities apply in the context of a non‑security crypto asset that is subject to an investment contract (and is thus a securities transaction).
Deals & Cases
September 08, 2026
European Investment Bank’s $4 Billion SEC Registered Notes Offering
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 25, 2026.
Deals & Cases
August 31, 2026
Aon’s $17 Billion Acquisition of USI
On August 31, 2026, Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire USI, a leading provider of property & casualty, employee benefit, personal risk and retirement solutions for the middle market and the tenth largest U.S. insurance broker, from KKR and other shareholders for a total purchase price of $17 billion. Aon expects to fund the transaction, as well as related transaction expenses and other costs, with new debt raised across a range of maturities, subject to market conditions. The transaction has been unanimously approved by the Board of Directors of Aon and the Board of Directors of USI. Cravath is representing Aon in connection with the transaction.
Deals & Cases
August 26, 2026
State Street Corporation’s Offering of Depositary Shares
Cravath represented the underwriters in connection with the $500 million offering of depositary shares representing preferred stock of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on August 12, 2026.
Deals & Cases
August 24, 2026
State Street Bank and Trust Company’s $1.25 Billion Senior Notes Offering
Cravath represented the initial purchasers in connection with the $1.25 billion senior notes offering of State Street Bank and Trust Company, the principal banking subsidiary of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on July 23, 2026.
Deals & Cases
August 04, 2026
PNC Financial Services Group’s $2 Billion Registered Fixed Rate/Floating Rate Senior Notes Offering
Cravath represented the underwriters in connection with the $2 billion registered fixed rate/floating rate senior notes offering of The PNC Financial Services Group, Inc., one of the largest diversified financial services companies in the United States. The transaction closed on July 21, 2026.
Publications
September 10, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2026
On September 9, 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 second quarter of 2026. Highlights from this edition include:
Publications
September 10, 2026
Cravath Publishes Quarterly Review on Q2 2026 Trends in M&A, Activism and Corporate Governance
On September 9, 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, tax, regulatory and corporate governance landscape. This edition covers:
Publications
August 31, 2026
Columbia Law School’s Blue Sky Blog Publishes Article by Lucas Beirne on Recent Shifts in Federal Banking Supervision
On August 28, 2026, Columbia Law School's Blue Sky Blog published an article by Cravath of counsel Lucas E. Beirne entitled "Challenging Examination Results." The article examines how recent shifts in federal banking supervision may create new opportunities for banking organizations to challenge examination findings, ratings downgrades and other material supervisory determinations. It discusses informal advocacy strategies, the role of agency ombudsmen and the formal appeals processes available and offers practical guidance for institutions seeking to challenge supervisory decisions.
Publications
August 25, 2026
Federal Reserve Board Proposes Update to Regulation O
On August 25, 2026, Cravath prepared a memo for its clients entitled “Federal Reserve Board Proposes Update to Regulation O.” The memo discusses the Federal Reserve Board’s request for comments on a proposed rulemaking to modernize Regulation O, which establishes limits on lending by a bank to individuals and entities that can potentially influence its lending decisions, as well as related governance and recordkeeping requirements for insider lending.
Publications
July 24, 2026
Jeff Dinwoodie Publishes Essay on Crypto Regulation in Yale Journal on Regulation Blog
On July 22, 2026, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation's Notice & Comment blog entitled "Non‑Security Crypto, Investment Contracts, and SEC Compliance." The essay examines whether the existing securities laws and SEC rules applicable to SEC‑registered entities apply in the context of a non‑security crypto asset that is subject to an investment contract (and is thus a securities transaction).
Cravath Bicentennial
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