Legal News

Visa is “abandoning its $5.3 billion planned acquisition of Plaid Inc.,” a fintech startup that the DOJ had called an upstart “but important competitive threat to Visa” in its antitrust lawsuit challenging the deal....By: Robins Kaplan LLP

The German M&A/PE market was off to a good start in 2020, but then the COVID-19 pandemic hit, unsettling the market and leaving many market participants to wonder whether we were going to face a situation comparable to the financial crisis in 2007, when there was a shutdown in the capital markets and M&A dropped precipitously....By: Latham & Watkins LLP

The United States Supreme Court has again granted a petition to examine standing in the context of class actions, specifically whether Article III of the Constitution permits members of a certified class to recover money damages when members of the certified class suffered no actual injury. This issue was presented to the Supreme Court after the Ninth Circuit issued an opinion and order in Ramirez v. TransUnion LLC, 951 F.3d 1008 (9th Cir. 2020), finding absent class members in a class action......

In Crashfund LLC v. FaZe Clan, investors in Wanderset Inc. sued successor e-gaming company, FaZe Clan. Wanderset investors claimed that their agreements with Wanderset granted them conditional rights to obtain stock proportionate to their investment upon a “change of control.” The investors also claimed that FaZe Clan refused to issue stock to them after a…...By: Nutter McClennen & Fish LLP

2020 was the year of the special purpose acquisition company (“SPAC”), with over $ 70 billion raised in deal value, a five-fold increase over 2019. SPACs are a large, growing and ebullient market. A SPAC is a shell company with no operations that raises capital in an initial public offering (“IPO”) for the purpose of merging with and taking public an unspecified existing company. SPACs can be a faster and more efficient method of going public, compared to the conventional direct or underwrit...

Selling your company for a huge profit sounds enticing. What could be wrong with getting a huge up-front payment at capital gain rates in lieu of years of future sweat for an uncertain return and ordinary income treatment? That is certainly true, but there are some potholes in the road to be aware of before embarking on this journey. This article gives a realistic view of the ups and downs of this process in a typical sale....By: Greenberg Glusker LLP

31 December - The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have....By: Proskauer Rose LLP

An important update to Georgia’s statutory lien waiver laws took effect on January 1, 2021. The amendment to Georgia’s mechanic’s lien law alters the form for interim and final lien waivers. Essentially, the new statute clarifies that lien waivers only waive lien or bond rights against the property and do not waive the right to file a lawsuit for nonpayment or other claims. The law also extends the deadline to file an affidavit of nonpayment from 60 days to 90 days......By: Bradley Arant Boul...

A roundup of the principal new rules and amendments promulgated by the SEC in 2020 that public companies with December 31 fiscal years should consider when preparing their Annual Reports on Form 10-K for 2020. Public companies should review the descriptions of their business, legal proceedings, and risk factors in light of the modernization amendments to Regulation S-K that became effective in November 2020....By: Pillsbury Winthrop Shaw Pittman LLP

By means of Resolution No. 77896 of 2020, the Superintendence of Industry and Commerce (SIC) in Colombia established the value of operational income and/or total domestic assets that should be considered when evaluating the need for conducting merger control....By: Holland & Knight LLP