On June 16, 2026, Cravath published a memo for its clients entitled “FFIEC Proposes Updates to Federal Banking Agencies’ Financial Institutions Rating System.” The memo examines the Federal Financial Institutions Examination Council’s recently released notice of proposed rulemaking to revise the Uniform Financial Institutions Rating System applicable to federally regulated insured depository institutions and federally insured credit unions.

On June 16, 2026, Olin Corporation and Huntsman Corporation announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to create a $12+ billion North American chemicals leader. Under the terms of the agreement, Huntsman shareholders will receive 0.5476 shares in Olin for every one share of Huntsman. Upon completion of the transaction, Olin shareholders will own approximately 54.5% and Huntsman shareholders will own approximately 45.5% of the combined company, which will be renamed OlinHuntsman Corporation. Upon closing of the transaction, current Olin President and Chief Executive Officer, Ken Lane, will serve as Chief Executive Officer of OlinHuntsman. Current Chairman, President and Chief Executive Officer of Huntsman, Peter Huntsman, will serve as non-executive Chairman of OlinHuntsman’s Board of Directors. OlinHuntsman’s Board of Directors will consist of ten members, with equal representation from Olin and Huntsman. The transaction is expected to close in the first half of 2027, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Olin’s shareholders and Huntsman’s shareholders. Cravath is representing Olin Corporation in connection with the transaction.

On June 15, 2026, Cravath prepared two companion memos for its clients entitled “The Bold and the Creative (Part I): SEC Proposes to Rationalize Filer Status Framework and Extend Accommodations to Significantly More Registrants” and “The Bold and the Creative (Part II): SEC Proposes Significant Registered Offering Reforms Designed to Incentivize Companies to Go and Stay Public and Seeks Public Comment on Further Modernization.” 

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2026 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.

Cravath named Aaron S. Cha and Joshua Kameel of counsels of the Firm, effective July 1, 2026. 

The 2026 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 14 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 71 Cravath attorneys were individually recognized by Legal 500 United States this year.

Cravath represented Element Fleet Management Corp. in connection with its $500 million 144A/Reg. S senior notes offering. Element Fleet Management Corp. is the largest publicly traded pure‑play automotive fleet manager in the world. The transaction closed on May 29, 2026.

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Murphy Oil USA, Inc., a wholly owned subsidiary of Murphy USA Inc. Murphy USA is an operator of fuel retail stores and gas stations in the United States. The transaction closed on May 27, 2026.

On June 9, 2026, Cravath partner Elad Roisman participated in the Capital Markets Summit, which was hosted by the U.S. Chamber of Commerce Center for Capital Markets Competitiveness in Washington, D.C. The event brought together top congressional and regulatory leaders as well as financial sector executives to discuss how to bolster America’s capital markets and promote effective regulation. Elad, former Commissioner and Acting Chairman of the SEC, spoke on a panel entitled “The Future of American Capital.” 

Bob Stack is the former Managing Director of Deloitte’s Washington National Tax Practice, a role he held until his recent retirement. Prior to his work for Deloitte, Bob served as the Deputy Assistant Secretary for International Tax Affairs in the Office of Tax Policy at the U.S. Department of the Treasury. In this episode of On Tax, he and Cravath partner and host Len Teti discuss how an early love of French language and international travel inspired Bob’s path to tax law in front of a live audience of students, faculty and alumni at the University of Virginia School of Law. They also talk about Bob’s tenure at the Treasury Department and reflect on the role senior colleagues play in building knowledge and confidence for professionals across the tax world.

On June 5, 2026, Lawdragon announced the inclusion of 22 Cravath partners in its annual list of the “500 X – The Next Generation.” The list, assembled based on research and vetting by peers, celebrates the “remarkable” lawyers who have “made their mark in fewer than 15 years in practice” and represent “the future of law.”

On June 4 and 5, 2026 Cravath partners John W. White and Jennifer S. Leete participated in the 44th Annual SEC and Financial Reporting Institute Conference, which is co‑sponsored by the University of Southern California’s Leventhal School of Accounting and Financial Executives International, in Los Angeles, California. The conference hosted industry leaders, accounting executives and policy setters, including the Chief Accountant of the U.S. Securities and Exchange Commission, the Chairman of the Financial Accounting Standards Board and the Chairman of the Public Company Accounting Oversight Board, to discuss recent accounting, auditing and financial reporting issues. John is Chair of the Institute’s Advisory Council and former director of the SEC’s Division of Corporation Finance; Jennifer is former associate director in the SEC’s Division of Enforcement.

The 2026 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate Crime & Investigations (Highly Regarded); Corporate/M&A (The Elite); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eleven areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Employee Benefits & Executive Compensation; Environment (Mainly Transactional); Intellectual Property (Patent: Transactional); Media & Entertainment (Corporate); Litigation (General Commercial: The Elite); Litigation (Securities); Tax; and White‑Collar Crime & Government Investigations (Highly Regarded). Fifty‑one Cravath lawyers were ranked across nineteen practice categories.

Cravath represented the European Investment Bank (“EIB”) in connection with its $1.5 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 May 21, 2026.

Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. Cravath also represented the dealer managers in connection with Kraft Heinz Foods Company's concurrent $1.1 billion cash tender offer. The transactions closed on May 21, 2026.

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior 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. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.'s concurrent $750 million cash tender offers. The transactions closed on May 21, 2026.

On May 28, 2026, Cravath of counsel Kathryn-Ann Stamm was honored at The Legal Benchmarking Group’s Women in Business Law Americas Awards in New York, where she was recognized as the 2026 “North America Intellectual Property Rising Star.” Now in its 15th year, the Awards program recognizes leading legal practitioners who are breaking new ground in their areas of expertise.

On June 1, 2026, Cravath announced that Michael Patrick Daly has joined the Firm’s Washington, D.C. office as a partner, following more than a decade of experience within the National Security Division (“NSD”) of the United States Department of Justice (“DOJ”).

On May 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.  

The Turnaround Management Association’s Journal of Corporate Renewal published an article by Cravath partners George E. Zobitz, Paul H. Zumbro and Evan A. Hill in its May 2026 issue. The article, entitled “Why Buyers Are Increasingly Turning to State Law to Acquire Distressed Assets,” discusses how buyers are using state law mechanisms like Uniform Commercial Code (UCC) Article 9 sales and assignments for the benefit of creditors (ABCs) to acquire distressed assets more efficiently than through Chapter 11 bankruptcy sales. The piece also reviews key implications for deal practice, emphasizing the importance of early coordination among stakeholders, conducting a credible marketing and valuation process and, if the buyer is a secured creditor, early consideration of a credit bidding strategy.