Shearman And Sterling

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Shearman & Sterling Earns Top Rankings In 2021 US Legal 500

June 17, 2021

Shearman & Sterling earned top rankings in the latest edition of The Legal 500–United States guide, attaining 39 practice rankings and 20 partner recognitions, demonstrating our reputation as a go-to firm for highly complex cross-border transactions and high-profile disputes.

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Global Banking Regulators Eye Capital Requirements for Banks Cryptoasset Exposures

June 17, 2021

On June 10, 2021, the Basel Committee on Banking Supervision (BCBS) issued a public consultation on a proposal that would apply regulatory capital requirements for banks’ exposures to cryptoassets (the “Consultation”). While banks’ exposures to cryptoassets are currently limited, the BCBS is concerned about the “absolute size” and “rapid developments” of the cryptoasset market. In particular, the BCBS regards the growth of cryptoassets and related services as having the potential to raise financial stability concerns and increase risks faced by banks, including liquidity, credit, market, operational, and legal and reputation risks.

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EOS’ Acquisition Financing of mod IT

June 17, 2021

Shearman & Sterling advised EOS Partners GmbH on the financing of the acquisition of mod IT Services GmbH, a full-service provider for digital workplace management and IT security solutions.

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Petrobras Accelerated Tender Offers and $1.5 Billion SEC-Registered Bond Offering

June 16, 2021

Shearman & Sterling, long standing underwriter’s counsel to Petróleo Brasileiro S.A. – Petrobras (Petrobras), advised BofA Securities, Inc., Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc., J.P. Morgan Securities LLC, MUFG Securities Americas Inc., Santander Investment Securities Inc., and UBS Securities LLC as dealer managers in connection with a 5-day accelerated tender offer for 13 series of outstanding SEC-registered debt securities and a contemporaneous issuance of a new series of SEC-registered debt securities by Petrobras Global Finance. N.V., or PGF, guaranteed by Petrobras.

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Azul’s Rule 144A/Regulation S Offering of $600 Million Senior Notes

June 16, 2021

Shearman & Sterling advised Azul and its affiliates Azul Linhas Aéreas Brasileiras S.A. and Azul Investments LLP in connection with a Rule 144A and Regulation S offering of US$600 million aggregate principal amount of 7.250 percent senior notes due 2026.

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Shearman & Sterling Announces 14 New Partners

June 16, 2021

Global law firm Shearman & Sterling announces 14 new partners, effective July 1, 2021. The new partners represent eight practices and span six offices including New York, London, Tokyo, Dubai, Abu Dhabi and Milan.

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Shinsun Holdings (Group) Co., Ltd.’s Debut Senior Notes Offering

June 16, 2021

Shearman & Sterling represented the initial purchasers in connection with Shinsun Holdings (Group) Co., Ltd.’s debut offering of $200 million 10.5% senior notes due 2022.

Perspective

DOE Launches Energy Earthshot to Spur Low Cost, Clean Hydrogen

June 16, 2021

On June 7, 2021, Secretary of Energy Jennifer M. Granholm launched the U.S. Department of Energy (DOE) Energy Earthshots initiative. This Earthshots program aims to accelerate breakthroughs in net-zero carbon technologies in the United States and around the world, while creating clean energy jobs and achieving the Biden-Harris Administration’s goal of a net-zero carbon emission economy by 2050.[1]

Perspective

Second Circuit Holds That 1-800 Contacts Lawfully Protected Its Trademark In Online Search Auctions

June 15, 2021

On June 11, 2021, the United States Court of Appeals for the Second Circuit issued a decision in a closely watched case regarding the intersection of IP and antitrust principles. See 1-800 Contacts, Inc. vs. Federal Trade Commission, 2021 WL 2385274, Case No. 18-3848 (2nd Cir. Jun. 11, 2021). In its decision, the Second Circuit vacated the U.S. Federal Trade Commission’s (FTC) decision finding that 1-800 Contacts’ (1-800) settlement agreements regulating the use of its trademarks in search advertising auctions violated the antitrust laws. The Second Circuit held that, while trademark settlements are not immune from antitrust scrutiny, the FTC improperly deemed the agreements “inherently suspect” and also wrongly concluded that they violated the antitrust “rule of reason.” In so doing, the Second Circuit touted the procompetitive benefits of trademark enforcement and made clear the FTC’s decision was “antithetical to the procompetitive goals of trademark policy.”

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Shearman & Sterling Continues to Grow Leveraged Finance Offering

June 15, 2021

Global law firm Shearman & Sterling today announces the appointment of Rahul Chatterji as a Leveraged Finance partner in the Finance practice, based in London. This follows the appointment of Sanjeev Dhuna and Gary Hamp in London and Heather Water Borthwick in New York.