Litigation

On November 18, 2025, Axalta Coating Systems Ltd. (“Axalta”) and Akzo Nobel N.V. announced that they have entered into a definitive agreement to combine in an all‑stock merger of equals, creating a premier global coatings company with an enterprise value of approximately $25 billion. Cravath is representing Axalta in connection with the transaction.

On October 15, 2025, the United States District Court for the District of Minnesota granted Cravath client Louis Dreyfus Company LLC’s (“LDC”) motion to dismiss more than fifty lawsuits in consolidated antitrust litigation alleging a nationwide conspiracy to fix sugar prices.

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.

On September 2, 2025, the United States District Court for the Southern District of New York denied Loomis Sayles Trust Company’s (“LSTC”) motion for class certification in its breach of contract action against Cravath client Citigroup Global Markets Inc. (“Citigroup”).

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.

In November 2025, Global Investigations Review selected Cravath’s investigations practice for the GIR 100, a global guide to the world’s leading investigations practices, which recognizes the firms that can “handle sophisticated matters with confidence and expertise” and are “best equipped to navigate the legal, regulatory and reputational challenges of a corporate investigation.” Firms are selected through a combination of detailed submissions, client feedback and independent analysis.

Cravath partner Brittany L. Sukiennik was named a finalist for The American Lawyer’s 2025 Young Lawyer of the Year – Litigation award as part of the publication’s eighth annual Industry Awards. The Young Lawyer of the Year awards honor young lawyers who have shown exceptional work in any transactional or litigation practice, including handling notable matters, showing business development prowess, improving systems of service delivery or otherwise providing exceptional work for clients and positive impacts to their organization.

On November 13, 2025, Cravath partner Evan Norris participated in the Global Investigations Review Live: National Security Risks & Compliance 2025 conference, which was held in Washington, D.C. The event brought together private practitioners, government officials and in‑house counsel to discuss the enforcement and investigations landscape, including evolving sanctions regimes and anti‑money laundering pressures, as well as trade and export controls. Evan spoke on a panel entitled “DOJ Rule on Bulk Sensitive Personal Data,” which reviewed how lawyers and companies are approaching the rule’s required Data Security Program, including best practices, benchmarking and question marks.

On November 12, 2025, Cravath partner Evan A. Hill participated in “Latest Developments in Mass Tort Litigation,” a webinar event hosted by Expert Webcast. The virtual panel, which featured bankruptcy and restructuring professionals, reviewed key developments in mass tort litigation, including recent case law and legislative action, increased scrutiny of bankruptcy filings, multi‑district litigation, Texas Two-Step and the impact of technology on case management. 

Cravath partner Margaret T. Segall and of counsel Nicole M. Peles authored a chapter entitled “Navigating the Complex Landscape of Merger Remedies in Dynamic Industries: Insights from Antitrust Authorities” for Global Competition Review’s “Merger Remedies Guide – Sixth Edition,” published on October 31, 2025. The chapter discusses common types of merger remedies, the challenges they face in dynamic industries including the pharmaceutical/biotechnology and technology sectors and the different approaches antitrust authorities use to address them.