Shearman & Sterling  acted as lead legal counsel to J.F. Lehman & Company (JFLCO) in its agreement to sell Lone Star Disposal (Lone Star) to Waste Connections US Holdings (Waste Connections).

Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any crypto-asset-related activity.” This notice requirement applies to all bank holding companies, savings and loan holding companies, and state-chartered member banks.

Partner Jonathan Swil (London-Litigation), counsel Mehran Massih (Munich-Environmental), counsel Edward Taylor (Hong Kong-International Arbitration) and senior associate James Matthews (London-Litigation) co-authored an article for Law360 titled “ESG Ruling Sends Out Warning to UK Parent Companies.”

The House U.S. Congress has passed, as of today, the Inflation Reduction Act (“IRA” or the “Act”), which is expected to be signed into law by President Joe Biden very soon. The IRA is one of the biggest investments in clean energy in history and a major step towards reducing the United States’ greenhouse gas emissions.

Partner Emmanuel Jacomy (Singapore-International Arbitration) and Counsel Edward M. Taylor (Hong Kong-International Arbitration) co-authored an article for the July edition of Asian Dispute Review titled “Emergency Arbitration in Mainland China: A New Dawn?”.

Asia Regional Managing Partner and Head of Greater China Lorna Chen, partner Wanda Woo, counsels Hae-Ran Song and Anil Motwani joined a webinar titled “Legal Aspects of ESG Investment” co-hosted by Shearman & Sterling and Association of Corporate Counsel Hong Kong on August 11.

Since late February 2022, the United States, the European Union and its member states, the United Kingdom, and many others—including Japan, Australia, New Zealand, Taiwan and Canada—have imposed sweeping new sanctions on Russia in response to its invasion of Ukraine.

Shearman & Sterling advised Citibank as administrative agent in connection with Hersha Hospitality’s $500 million senior secured credit facility.

Partner Agnès Dunogué (New York-Litigation) has been named to Benchmark Litigation’s “Top 250 Women in Litigation” guide for the second consecutive year. 

As discussed in our alert earlier this week, the recently announced proposed reconciliation package—the Inflation Reduction Act of 2022, H.R. 5376—would impose a new 15% minimum tax on the adjusted financial statement income of “applicable corporations” (the “Book Minimum Tax”). If enacted, the Book Minimum Tax would take effect for taxable years beginning after December 31, 2022, and apply to corporations (other than S corporations, RICs and REITs) that report average book profits over $1 billion over a three year testing period, determined on a group-wide basis.