Cravath’s London Office Moves to 100 Cheapside
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.
Plaintiffs had asserted Amex violated the Sherman Act as well as the antitrust and consumer protection statutes of various states. In 2020 and 2021, the court granted Amex’s early dispositive motions, eliminating several state law antitrust and consumer protection claims as well as the federal Sherman Act claim. Plaintiffs filed an amended complaint in July 2023 and, in January 2024, the court granted in part plaintiffs’ motion for class certification, certifying said class of debit card users and non‑rewards credit card users from eight states and Washington, D.C. After a trial which began in July 2025, the jury unanimously found that Amex’s non-discrimination provisions do not unreasonably restrain trade.
Plaintiffs were seeking over $600 million in damages. While the jury awarded plaintiffs $12.5 million under Illinois consumer laws, it ruled in Amex’s favor on all antitrust counts, the core issue at stake in the trial. This was the latest attempt by various plaintiff groups to challenge rules that protect Amex’s brand, and which had previously been challenged by the Department of Justice. That prior challenge ultimately went to the Supreme Court, where Amex—also represented by Cravath—prevailed.
The Cravath team was led by partners Kevin J. Orsini, Helam Gebremariam and David H. Korn, along with partners Peter T. Barbur and Rebecca J. Schindel, and included associates Corey Matthews, Alexis Lazarczyk, Rachel Shapiro, Rebecca Spendley, Michael Walker and Jazmine K. Phillips‑Acie.
The case is Moskowitz, et al. v. American Express Company, et al., No. 19‑cv‑00566 (E.D.N.Y.).
Deals & Cases
August 29, 2025
On August 29, 2025, PepsiCo, Inc. (“PepsiCo”) and Celsius Holdings, Inc. (“Celsius Holdings”) announced an agreement to strengthen their long-term strategic partnership. As part of the agreement, (i) Celsius Holdings’ Alani Nu brand will move to the PepsiCo distribution system in the U.S. and Canada, (ii) PepsiCo has acquired $585 million in newly issued convertible 5% preferred stock while extending its existing preferred stock to the same conversion period and (iii) Celsius Holdings has acquired the Rockstar Energy brand in the U.S. and Canada from PepsiCo. PepsiCo will continue to own the Rockstar brand internationally. Celsius Holdings will become the strategic energy lead in the U.S., managing the Celsius, Alani Nu and Rockstar Energy brands, while PepsiCo will lead distribution for the Celsius Holdings portfolio in the U.S. and Canada. Cravath is representing PepsiCo in connection with the transaction.
Deals & Cases
August 21, 2025
On July 31, 2025, the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed a jury verdict won by Cravath client Epic against Google in the U.S. District Court for the Northern District of California that Google has engaged in illegal anticompetitive behavior in the distribution of mobile apps and in the handling of in‑app payments. The Ninth Circuit also unanimously affirmed the district court’s permanent injunction against Google. The district court’s injunction prohibits Google from providing benefits to phone manufacturers, app developers and others in exchange for favoring the Google Play Store, prohibits Google from requiring the use of its own payment solution and also requires Google to take steps to restore competition, such as carrying other app stores on the Google Play Store.
Deals & Cases
August 15, 2025
On August 14, 2025, Fitch Learning, a global leader in financial learning and professional certifications, announced it signed an agreement with Moody’s to acquire two of their businesses, Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a leading provider of professional certifications for the Canadian financial services industry. Cravath is representing Fitch Learning in connection with the transaction.
Deals & Cases
August 11, 2025
On August 10, 2025, International Money Express, Inc. (“Intermex”) and The Western Union Company (“Western Union”) announced they have entered into a definitive agreement under which Western Union will acquire Intermex in an all‑cash transaction at $16.00 per share, representing a total equity and enterprise value of approximately $500 million. Cravath is representing Intermex’s Strategic Alternatives Committee in connection with the transaction.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. ©2025 Cravath, Swaine & Moore LLP.