On 8 March, the Competition Appeal Tribunal (the “CAT”) handed down a third judgment in two years in the hydrocortisone litigation (the“Judgment”),[1] overturning its own Hydrocortisone (Cartel Infringements) judgment of 29 September 2023. The CAT found that the provisional
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Raw Deal: Seller Ordered to Pay Buyer Over Twice the Purchase Price in Post-Closing Purchase Price Adjustment Dispute
In a February 28, 2024 opinion, the Delaware Court of Chancery confirmed an arbitrator’s award resulting in a seller of a $40 million company unexpectedly having to pay a buyer over twice that amount – $87 million – in a…
CMA to scrutinise competition in the veterinary sector
On 12 March 2024, the UK Competition and Markets Authority (CMA) provisionally decided to refer the veterinary sector for a formal market investigation. The CMA has identified a range of competition concerns, including the effects of recent consolidation in the…
The German M&A Market – Q1/2024
Please click here for the latest edition of the Cleary Gottlieb M&A Telegram for Germany.
SEC Announces “AI-Washing” Cases Against Investment Advisers
On March 18, 2024, the SEC announced two enforcement actions against investment advisers for so-called “AI-washing” and violations of the Marketing Rule. Using the playbook from the Enforcement Division’s “green-washing” cases in the ESG space, the SEC found that the…
EU Court of Justice confirms earlier case law on broad interpretation of “personal data” and offers extensive interpretation of “joint controllership”, with possible broad ramifications in the AdTech industry and beyond
On March 7, 2024, the Court of Justice of the European Union (the “CJEU”) handed down its judgment in the IAB Europe case, answering a request for a preliminary ruling under Article 267 TFEU from the Brussels Market Court.[1]…
SEC Approves Amendments to Enhance Disclosure of Order Execution Information
On March 6, 2024, the Securities and Exchange Commission (“SEC” or “Commission”) adopted amendments to the disclosure requirements of Rule 605 of Regulation NMS for order executions of stocks listed on a national securities exchange.[1] The final rule…
Lexology Panoramic Foreign Investment Review 2024 – United States (CFIUS)
Cleary Gottlieb partner Chase Kaniecki and associates Samuel Chang, William Dawley, and B.J. Altvater co-authored the United States chapter in Lexology Panoramic: Foreign Investment Review 2024.…
Biden Administration Executive Order Targets Bulk Data Transactions
The Biden administration recently issued Executive Order 14117 (the “Order”) on “Preventing Access to Americans’ Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern.” Building upon earlier Executive Orders[1], the Order was motivated by…
New Privacy Laws Enacted in New Jersey and New Hampshire
On January 16, 2024, New Jersey officially became one of a growing number states with comprehensive privacy laws, as Governor Phil Murphy signed Senate Bill 332 (the “New Jersey Privacy Act”) into law.[1] New Hampshire followed closely behind,…