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Perspective

Shearman & Sterling Lawyers Co-Author Two-Part Series on Board’s Shifting Role in Cyber

Feb 20, 2018

As large-scale data breaches become regular occurrences and new regulations are implemented, shareholder derivative suits are increasingly being used by investors seeking to be made whole after data breaches. Boards of directors need to take note and understand the increasing costs and risks these suits pose. In a two-part article series for the Cybersecurity Law Report, Counsel Jeewon Kim Serrato (San Francisco-Privacy & Data Protection), head of the Private & Data Protection practice; and associates Marc Elzweig (Menlo Park-Privacy & Data Protection) and David Lee (New York-Privacy & Data Protection) review the evolving understanding of the board of directors’ responsibility for cybersecurity and consider recent shareholder derivative suits filed in the wake of data breaches as case studies in Part one.  Part two draws on the recent cases and identifies five lessons that boards may learn from these suits – lessons that are applicable to companies seeking to assess litigation risks related to data breaches and that also provide a practical starting point for managing cybersecurity risks in general.

Perspective

Trump Infrastructure Plan Proposes Expansion of Federal Credit Programs

Feb 20, 2018

Last week, the White House released to Congress its long-awaited infrastructure plan—a 53-page Legislative Outline for Rebuilding Infrastructure in America.  The Outline reflects the central themes of the infrastructure “fact sheet” published last May and analyzed in our related client alert.  However, the Outline is far more descriptive than the broad principles set forth in the fact sheet as to the specific policies and programs the Trump Administration would support in a legislative process.  To date, little attention has been given to the Administration’s proposed enhancements to existing federal programs. The Administration recognizes that four key federal credit programs, including three programs administered by the U.S. Department of Transportation and one by the Environmental Protection Agency, are working and proposes to expand both their budget and the scope of projects they are able to support.

News

Adam Hakki Named Securities Lawyer of the Year

Feb 16, 2018

Adam Hakki, global head of Shearman & Sterling’s Litigation group, was named the “2018 Securities Lawyer of the Year” for the entire United States by Benchmark Litigation, a leading guide to the top litigation firms and attorneys in the United States. Adam, one of six shortlisted lawyers, received the award at a ceremony held on February 15, 2018 in New York.

Event

PANEL - Robotics and AI: How Will Boards Embrace Tomorrow’s Technologies?

Feb 15, 2018

Partner Chris Forrester (Menlo Park-Capital Markets) spoke on a panel titled “Robotics and AI: How Will Boards Embrace Tomorrow’s Technologies?” at a program hosted by Stanford University’s Rock Center for Corporate Governance and the Silicon Valley Directors’ Exchange on February 15, 2018 at Stanford Law School. Fellow panelists included George Kadifa, Managing Director at Sumeru Equity Partners; Michelle K. Lee, visiting Professor of Law at Stanford Law School and Former Director at the U.S. Patent & Trademark Office and former Undersecretary of Commerce for IP; Roy Nicholson, Principal of Advisory Services at Grant Thornton; and Jorge L. Titinger, founder of Titinger Consulting and Director of Hercules Capital and XCerra. 

News

KME AG’s €300 Million Senior Secured Notes Offering

Feb 14, 2018

Shearman & Sterling represented Goldman Sachs International, BNP Paribas, Deutsche Bank, Banca Akros S.p.A. Gruppo Banco BPM, Banca IMI and Raiffeisen Bank International on KME AG’s €300 million offering of its 6¾% senior secured notes due 2023. The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on February 9, 2018.

Perspective

Financial Regulatory Developments Focus

Feb 14, 2018

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

Event

Shearman & Sterling Hosts Mining and Renewable Energy Investment Event

Feb 13, 2018

Shearman & Sterling partnered with the Government of Quebec and Hedge Connection to host a conference entitled “Financing the Future of Mining & Renewable Energy Through Leading Quebec Companies.”

Perspective

LSTA’s Argument That CLO Managers Are Not “Securitizers” in Open-Market CLOs Carries the Day in Court. Now What?

Feb 12, 2018

On February 9, 2018, the D.C. Court of Appeals ruled that treating managers of open-market CLOs as “securitizers” subject to the risk retention rules exceeded the statutory authority to promulgate rules to implement the risk retention requirements under Section 941 of the Dodd-Frank Act.

News

The Province of Ontario’s $3 Billion Bond Offering

Feb 12, 2018

Shearman & Sterling represented the Province of Ontario in connection with its public offering of  $3 billion of its 2.55% bonds due February 12, 2021.  Application has been made to the Luxembourg Stock Exchange (LSE) for the bonds to be admitted to trading on the Euro MTF Market of the LSE.  

Event

PLI’s Drafting and Negotiating Corporate Agreements 2018 Seminar

Feb 12, 2018

Partner Michael Dorf (San Francisco-Mergers & Acquisitions) presented at PLI’s “Drafting and Negotiating Corporate Agreements 2018” seminar on February 12, 2018 in San Francisco. The program provided a foundation for creating effective agreements for complex transactions.