Global law firm Shearman & Sterling is serving as pro bono counsel to USRowing – the national governing body of the sport of rowing that operates under the auspices of the United States Olympic and Paralympic Committee – in response to recent reports of alleged sexual abuse by a coach.

Adam Hakki (New York-Litigation), the Firm’s Global Managing Partner and Head of the Firm’s Litigation Practice and Disputes Unit, and partner Lyle Roberts (Washington D.C.-Litigation) will be participating in Practising Law Institute’s “Securities Litigation 2023: From Investigation to Trial” program on March 20, 2023. This program takes attendees through all the issues that can arise in the most complex securities matters — from the initial government investigation to the filing of the civil cases to either settlement or trial.

The issue of how investment research should be paid for by investors is controversial, long-standing and seemingly perennially the subject of legislative iterations, failure and unintended consequence and more reform. Before the mid-2000s, it was allowed for investment advisers to pay more than the lowest possible commission for brokerage and research, without being deemed to have breached their fiduciary duty, provided that the amount paid for research was reasonable in relation to the value of the research, and the advisers made certain disclosures about their practices. This remains allowed in the U.S. In the U.K., then later in the EU, various measures have been introduced to unbundle execution fees from research costs. The most onerous – and perhaps a now-receding high water mark of such interventions – occurred with the second Markets in Financial Instruments package (MiFID II). That regime is now the subject of multiple proposals for reform.

Shearman & Sterling advised Credit Suisse, BofA Securities, SVB Securities and Van Lanschot Kempen acting as private placement agents in the business combination and $91 million PIPE transaction between European Biotech Acquisition Corp. and Oculis SA.

Shearman & Sterling secured several rankings among a wide variety of practices in the 2023 edition of Chambers Europe serving to underscore the excellence of the firm’s work on behalf of global clients.

Shearman & Sterling represented Hurricane Finance Plc (the “Issuer”) and its subsidiaries in connection with its add-on issuance of £15 million of 8.000% Senior Secured Notes due 2025 (the “Additional Notes”).

Mark Chorazak, partner in Shearman & Sterling’s global Financial Institutions Advisory & Financial Regulatory practice, discussed liquidity management and regulation with Law360, in light of the recent collapse of Silicon Valley Bank.

Shearman & Sterling Global Project Development & Finance Practice Group Co-Leaders and partners, Ben Shorten and Cynthia Urda Kassis, discuss the project finance work that was recognized as part of Law360’s Practice Group of the Year – Project Finance Category, a prestigious award the global law firm received earlier this year.

Shearman & Sterling Financial Restructuring & Insolvency partner Mark Shapiro told Bloomberg News on March 15 that the U.S. government has taken prompt and necessary steps to safeguard the country’s financial system following the collapse of Silicon Valley Bank.

Shearman & Sterling is representing SWOCTEM GmbH, a wholly-owned subsidiary of Prof. Dr. E.h. Friedhelm Loh, in connection with a voluntary public takeover offer to acquire all outstanding shares of Klöckner & Co. SE against a cash offer price of EUR 9.75 per share. The takeover offer is scheduled to be launched at the end of March, upon review and approval by the German financial supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) and will be subject to customary conditions including antitrust and FDI approvals in the EU and several other jurisdictions. The offer will not contain a minimum acceptance requirement.