Litigation

On April 30, 2025, the U.S. District Court for the Northern District of California granted Cravath client Epic Games, Inc.’s (“Epic”) motion to enforce a nationwide permanent injunction against Apple, Inc.’s (“Apple”) anti‑steering policies for in‑app payments. Epic secured the injunction to restrain and prohibit Apple’s anticompetitive conduct and fees, following a three‑week bench trial in May 2021, in which Cravath also represented Epic. In its April decision, the Court ruled that Apple was in willful violation of the 2021 injunction, having thwarted the injunction’s goals and continued its anticompetitive conduct. The Court noted that “Apple willfully chose not to comply with this Court’s Injunction. It did so with the express intent to create new anticompetitive barriers which would, by design and in effect, maintain a valued revenue stream; a revenue stream previously found to be anticompetitive. That it thought this Court would tolerate such insubordination was a gross miscalculation.” As a result, the Court enjoined Apple from implementing its new restrictions and fees that violated the injunction, effective immediately.

On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.

On April 4, 2025, Rogers Communications Inc. (“Rogers”) announced it has entered into a definitive agreement with funds managed by Blackstone, backed by leading Canadian institutional investors, for a CDN$7 billion equity investment. Under the terms of the transaction, Blackstone will acquire a non-controlling interest in a new Canadian subsidiary of Rogers that will own a minor part of the Rogers wireless network. Following the transaction, Blackstone will hold a 49.9% equity interest (with a 20% voting interest) in the new subsidiary. Rogers will maintain full operational control of its network and will include the financial results of the new subsidiary in its consolidated financial statements. At any time between the eighth and twelfth anniversaries of closing, Rogers will have the right to purchase Blackstone’s interest in the new subsidiary. Rogers intends to use the net proceeds from the transaction to repay debt. Cravath is representing Rogers as U.S. counsel in connection with the transaction.

On March 18, 2025, Wiz, Inc. (“Wiz”), a leading cloud security platform headquartered in New York, and Google LLC (“Google”) announced they have signed a definitive agreement for Google to acquire Wiz for $32 billion, subject to closing adjustments, in an all‑cash transaction. Once closed, Wiz will join Google Cloud. Cravath is representing Wiz as regulatory counsel in connection with the transaction.

On March 17, 2025, PepsiCo, Inc. (“PepsiCo”) announced that it has entered into a definitive agreement to acquire poppi, a prebiotic soda brand, for $1.95 billion, including $300 million of anticipated cash tax benefits for a net purchase price of $1.65 billion. The transaction also includes an additional potential earnout consideration subject to the achievement of certain performance milestones within a specified period after closing of the transaction. Cravath is representing PepsiCo in connection with the transaction.

On May 12, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2025. Highlights from this edition include:

On May 12, 2025, Cravath published the latest edition of its Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

On May 7, 2025, Cravath partner Sharonmoyee Goswami participated in the 7th annual Life Sciences Patent Network North America–Spring Conference, which was hosted by Life Sciences Intellectual Property Review from May 6‑7 in Boston. The conference hosted law firms, in‑house patent counsel and executives from pharmaceutical and biotech companies to discuss the latest legal rulings, legislative changes and strategic approaches transforming the life sciences IP landscape. Sharon spoke on a panel entitled “Patenting Women’s Health: The Rise of Femtech,” which reviewed topics about patenting products and services designed to support women’s health, including how to overcome eligibility hurdles for biomarkers and addressing divided infringement issues for diagnostics.

On May 2, 2025, Cravath partners David J. Kappos, John D. Buretta, Noah Joshua Phillips, Sasha Rosenthal‑Larrea, Evan Norris, Michael L. Arnold and Kimberley S. Drexler were named to Lawdragon’s list of “500 Leading Global Cyber Lawyers” in recognition of their work advising clients on incident response and preparation, corporate governance and disclosure matters, investigations and regulatory enforcement, and transactional and competition matters related to data privacy and cybersecurity. The list recognizes “world leaders in privacy, data, security, incident response, and the deals and lawsuits that revolve around all things Cyber.”

On April 18, 2025, Cravath partner Jesse M. Weiss participated in the Penn Carey Law Antitrust Association’s annual symposium, which was held at the University of Pennsylvania in Philadelphia. The symposium, entitled “Silicon Valley and the Sherman Act: Monopolization and Information Sharing in the Age of AI,” convened academics and antitrust practitioners to discuss topics related to monopolization and the implications of advancements in AI and technology for antitrust law. Jesse spoke on a panel about monopolization cases and issues in technology industries.