Recent Developments Highlight Fundamental Legal Considerations for DAOs

We recently wrote about the emergence of a new breed of business organizations — decentralized autonomous organizations (DAOs) — to contend that the governance design for these blockchain-based organizations should heed some of the hard-fought lessons that have helped to form the pillars of modern corporate governance.  It is also important to confront certain features … Continued

This article was co-authored by Kevin S. Schwartz (Partner), David M. Adlerstein (Counsel), David E. Kirk (Associate) and Sabina M. Beleuz Neagu (Summer Associate) at Wachtell, Lipton, Rosen & Katz (New York).


U.S. UPDATE – White-Collar and Regulatory Enforcement: What Mattered in 2021 and What to Expect in 2022

Introduction The Biden administration has just completed its first full year in office, and the talk has been tough.  New leadership at DOJ, the SEC, the FTC, the CFTC, and other regulatory and law enforcement agencies have issued statements and policy revisions signaling their intention to train more focus on white-collar and regulatory enforcement.  We … Continued

Editor’s Note: This article was co-authored by John F. Savarese, Ralph M. Levene, Wayne M. Carlin, David B. Anders, Sarah K. Eddy and Carol Miller of Wachtell, Lipton, Rosen & Katz


New York Rejects Effort to Extend the Reach of U.S. Fiduciary Litigation

Since early 2020, a consortium of well-funded plaintiffs’ law firms have pursued an aggressive campaign of derivative litigation in the New York courts against major European companies, including Deutsche Bank, UBS, Volkswagen, Barclays, Novartis, and Bayer (represented by this Firm).  While the lawsuits differed in detail, they shared a strategic purpose: to drag international companies … Continued

This memo was authored by William D. Savitt, Noah B. Yavitz and Emily R. Barreca at Wachtell, Lipton, Rosen & Katz


ESG – ACTIVISM – GOVERNANCE UPDATE: Carbon, Caremark, and Corporate Governance

*Originally distributed on May 27, 2021.  Developments this week highlight the urgent imperative for boards and management teams to address climate-related challenges as part of their regular risk assessment practices: A Dutch court held Royal Dutch Shell partially responsible for global warming and ordered the company to reduce its carbon emissions. Engine No. 1, an … Continued

Editors’ Note: This memo was authored by William D. Savitt, Sabastian V. Niles and Sarah K. Eddy at Wachtell, Lipton, Rosen & Katz


CHINESE UPDATE: Some key points in the first abuse case on China online retail platform players

On April 10, 2021, the State Administration for Market Regulation (“SAMR”) imposed administrative penalties on a leading Internet company for abusing its dominance in the China online retail market by engaging in exclusive dealing conduct. This article will sort out the key points of this case from four different aspects: relevant market definition, market dominance evaluation, “either or” (exclusive dealing) conduct, and the penalty amount. It will also offer suggestions on compliance for Internet platform undertakings.

Editors’ Note: Contributed by Fang He and Adam Li, both partners at JunHe and members of XBMA’s Legal Roundtable. Ms. He has broad experience in M&A, outbound investment, foreign direct investment and private equity. Mr. Li is a leading expert in international mergers & acquisitions, capital markets and international financial transactions involving Chinese companies.

Authored by Ms. Yingling Wei, Ms. Xuefei Bai, and Ms. Yuhang Ding. Ms. Wei, a partner at JunHe LLP, is the head of JunHe’s antitrust practice group and has extensive experience in merger control filings, antitrust compliance advice, antitrust government investigations and antitrust private enforcement litigations. Ms. Xuefei Bai, a partner at JunHe’s antitrust practice group, has rich experience in antitrust law, and has assisted many well-known domestic and foreign companies in merger filings and antitrust government investigations. Ms. Yuhang Ding is an associate at JunHe’s antitrust practice group.


CHINESE UPDATE: The Recent Judicial Development of “Piercing the Corporate Veil” in China

The Recent Judicial Development of “Piercing the Corporate Veil” in China 1.      Summary of “Piercing the Corporate Veil” and the relevant regulations “Piercing the corporate veil” (also known as “forward disregard of corporate personality”, hereinafter referred to as the “forward disregard”), originated in the United States.  The doctrine is used to prevent shareholders … Continued

Editors' Note: This article was authored by Zhenyong (Allan) Ye, a partner at JunHe. Mr. Ye has broad experience in foreign related dispute resolution, cross-border enforcement, and crisis management services.  Sien Bi (Associate) and Jin Wang (Intern) also contributed to the article. The authors give special thanks to Adam Li (Partner), who edited extensively the English version of this article.


U.S. UPDATE – Bracing for the “Antitrust” Tech Storm

The widely reported lawsuit against Google, brought this week by the Department of Justice and 11 state attorneys general, marks the most significant antitrust enforcement action in the United States against a major technology company in two decades.  As set out briefly below, the suit warrants careful consideration, both for what it alleges and what … Continued

This article was co-authored by Ilene Knable Gotts (Partner), Ronald C. Chen (Partner) and Kevin S. Schwartz (Partner) at Wachtell, Lipton, Rosen & Katz (New York).

Ilene is a partner in the Antitrust Department. She is regularly recognized as one of the world’s top antitrust lawyers, including being recognized by “Euromoney’s Women in Business Law” with a Lifetime Achievement Award in 2019.

Ron is a partner in the Corporate Department. He is also a Lecturer in Law at Stanford Law School, where he teaches a course on Mergers and Acquisitions, and Co-Chair of the International Bar Association’s annual conference on Mergers and Acquisitions in the Technology Sector.

Kevin is a partner in the Litigation Department. He serves on the Executive Committee of the New York City Bar Association, where he was previously Chair of the Judiciary Committee, and is also a Visiting Lecturer in Law at Yale Law School.


FRENCH UPDATE: Revised Key Topics for Boards of Directors and Senior Management in Relation to the COVID-19 Crisis

This is a revised summary version of our initial client memos regarding the crisis. In his speech on March 16, President Macron stated, “we are at war,” six times.  Since then, businesses continue to assimilate and react to the radical changes that have occurred over the last weeks.  The government and various regulators, including the … Continued

The Coming Impact of ESG

The Coming Impact of ESG Recent months have seen institutional investors and other stakeholders, notably BlackRock and State Street, stressing the importance of comparable and decision-useful ESG disclosures by their portfolio companies.  Such calls follow in the wake of growing interest among investors and other stakeholders in understanding and assessing the performance of companies based … Continued

CANADIAN UPDATE – Top Competition and Foreign Investment Review Trends and Issues for 2020

*This article was originally distributed on January 21, 2020 In our annual forecast of the year ahead for Canadian competition and foreign investment review law, we evaluate how developments in 2019 will influence these areas of the law in 2020. We discuss below the main issues and trends to watch for this year. Continued Focus … Continued

Editors’ Note: This article was co-authored by John Bodrug, Anita Banicevic and Jim Dinning, partners at Davies Ward Phillips & Vineberg LLP (Toronto).


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