Consumer Products and Services

On December 11, 2025, the U.S. Court of Appeals for the Ninth Circuit unanimously affirmed the U.S. District Court for the Northern District of California’s finding that Apple Inc. (“Apple”) committed civil contempt based on Apple’s willful violations of a permanent injunction that Cravath client Epic Games, Inc. (“Epic”) previously secured against Apple. The Court of Appeals affirmed several contempt sanctions imposed by the District Court against Apple, while modifying or reversing in part certain other sanctions and remanding to the District Court for further proceedings. The Court also unanimously affirmed the denial of Apple’s request to vacate or modify the permanent injunction based on recent California state court decisions and denied Apple’s request to reassign the case to a different district judge on remand.

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

Cravath represented Booking Holdings Inc. in connection with its €1.5 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on November 7, 2025.

On November 3, 2025, Kenvue Inc. (“Kenvue”), a global consumer health leader, and Kimberly‑Clark Corporation (“Kimberly‑Clark”), a global personal care leader, announced an agreement under which Kimberly‑Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly‑Clark common stock on October 31, 2025. Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly‑Clark shares for each Kenvue share held at closing. Upon closing of the transaction, current Kenvue shareholders are expected to own approximately 46% and current Kimberly‑Clark shareholders are expected to own approximately 54% of the combined company on a fully diluted basis. Cravath is representing Kenvue in connection with the transaction.

On December 9, 2025, Cravath partner Gary A. Bornstein was featured as a 2025 Competition MVP by Law360, which highlighted his representation of Epic Games in separate antitrust lawsuits against Apple and Google, including securing a District Court decision that Apple violated an anti‑steering injunction, and a victory at the Ninth Circuit affirming Epic Games’ antitrust trial victory and permanent injunction against Google. In the profile, Gary discussed the satisfaction of winning difficult cases, explaining it’s “always a more gratifying victory when the outcome is not assured.” Gary also addressed the challenges of antitrust work, noting that antitrust issues are “company‑defining” and that “working as outside counsel on those cases is really counseling the senior people at the company on issues that go to the heart of their business. It requires you to have a commercial perspective on what's going on.” 

On December 9, 2025, Cravath was recognized by the Financial Times in connection with its annual “North America Innovative Lawyers” report, which showcases “the most innovative work and legal services that lawyers have developed for clients in North America.” The Firm received “Highly commended” honors in the “Dealmaking” category for its representation of Vista Outdoor in its $1.125 billion sale of Revelyst to SVP and $2.225 billion sale of The Kinetic Group to CSG.

On June 25, 2025, Cravath partner Gary A. Bornstein was named to Bloomberg Law’s inaugural “Unrivaled” list, which recognizes 32 trial lawyers nationwide “who lead the legal profession in high-stakes and impactful trials and settlements.” The accompanying profile highlighted Gary’s representation of Epic Games in its successful antitrust litigation against Google, which has included victory in a jury trial determining Google engaged in anti-competitive behavior in the distribution of mobile apps and handling of in-app payments. Gary explained his trial strategy of “keeping it simple and letting the evidence speak for itself.” Gary also spoke about the importance of credibility in the courtroom, saying “judges and juries always spot inauthenticity, and they never forgive you when you breach their trust. We are advocates, but we cannot advocate effectively if our audience does not believe what we say.” Offering advice to young trial lawyers, Gary said: “Say yes. When opportunities arise, take them. Even if you think you’re not ready, grab the chance to learn. At the beginning of your career, every time you speak in court, you get better at it.”

Cravath partner Gary A. Bornstein was named to The Hollywood Reporter’s “New York Power Lawyers” list, which recognizes New York’s top entertainment lawyers, selected based on “the impact of their cases, the profiles of their clients and their reputation for success,” and was published in the June 4, 2025 issue of The Hollywood Reporter Magazine. The feature highlighted Gary’s representation of Epic Games in its successful antitrust litigation against Google, requiring Google to distribute alternative app stores on the Google Play Store, and against Apple, securing a permanent injunction against Apple’s anti‑steering policies for in‑app payments.

Cravath partners Gary A. Bornstein and Kevin J. Orsini were named to Crain’s New York Business’s list of “Notable Litigators and Trial Attorneys,” published on March 24, 2025. The list honors “a talented cohort” of litigators and trial attorneys who are “shaping precedent and advocating for their clients across industries and issues.”