Lookzy: all your daily legal news in 0.1 billable hours. Litigation, deals, lateral moves and industry news; we cover it all.

Welcome to Lookzy. In today's Lookzy:

• Details from SBF's unsealed indictment

• $2 billion bank fraud conspiracy

• The billionaire suing the IRS

• Milbank makes an acquisition

SBF'S UNSEALED INDICTMENT

"One of the biggest financial frauds in American history." Damian Williams, the US Attorney for SDNY, did not mince words in his announcement of charges being unsealed against Sam Bankman-Fried, the FTX founder we reported yesterday had been arrested.

SDNY did not hold back on charges, either. SBF is facing counts of:

• Conspiracy to commit wire fraud on customers

• Wire fraud on customers

• Conspiracy to commit wire fraud on lenders

• Wire fraud on lenders

• Conspiracy to commit commodities fraud

• Conspiracy to commit securities fraud

• Conspiracy to commit money laundering

• Conspiracy to defraud the United States and violate the campaign finance laws

The SEC and CFTC are looking to make their mark as well. SBF is now in Bahamian custody, initially seeking to get bail (denied) and then fight extradition (unlikely). A brainstorm suggests that SBF's ultimate sentencing will likely be dramatic.

Contagion surrounding FTX's implosion is continuing to affect a number of crypto exchanges, lenders, investors and...celebrities. After reportedly losing significant amounts of money in FTX, Tom Brady has now hired Latham to protect him against a flurry of suits against Brady and others for marketing FTX.

ECON SNAPSHOT

The difference between special bonuses and layoffs.

THE VERDICT

Arguing today's litigation news

More SDNY news. Danske Bank pleaded guilty to bank fraud conspiracy in the US, providing banking services to customers through its Estonian branch despite risk of money laundering, agreeing to forfeit $2 billion.

Direct listings. SCOTUS agreed to hear an appeal by Slack, which had argued that an investor suing the company over alleged misstatements made during the company's direct listing needs to first prove that the shares such investor purchase at the time of the direct listing were registered shares, rather than unregistered shares sold by insiders. Gibson is representing Slack.

Tax disclosure. Ken Griffin, the billionaire founder and CEO of Citadel, sued the IRS and Treasury Department, seeking damages over their leak of his tax records. Griffin reported an average annual income of almost $1.7 billion between 2013 and 2018 and paid an average federal tax rate of 29.2% during that time - not bad.

Big tech antitrust. Alphabet's Google sought dismissal of a 2020 lawsuit by the DOJ which alleged that Google violated antitrust law in its search business. If the suit is not dismissed, trial is set for September 2023.

FTC fight. Pharma company Illumina Inc promised to continue selling its DNA sequencing services to other firms in a bid to keep the FTC from voting to try to block Illumina's $7.1 billion acquisition of Grail Inc., a biotech firm. Illumina had originally closed the deal without US or EU regulatory approval; the FTC had filed a complaint to stop the deal, which was then overruled by the FTC's chief administrative law judge.

THE DEAL

Wheelin' and dealin' today's corporate news

Hot off the grill. BDT Capital Partners, a 48.2% shareholder in Weber Inc., the grill company, agreed to purchase all remaining shares in the company, implying a $3.7 billion valuation for Weber. Cravath is repping BDT, Davis Polk is repping Weber and SullCrom is repping the special committee of Weber's board.

Twitter legal. After being gutted, Twitter's in-house legal department is reportedly being supported by a number of lawyers from SpaceX, including Chris Cardaci, SpaceX VP of Legal, and Tim Hughes, SpaceX SVP, Global Business and Gov't Affairs. Their biggest concern? Ensuring that the FTC consent decree Twitter FTC consent decree signed in 2011 is not violated, which could potential impose massive financial penalties on the company. Elon has apparently parted ways with Quinn Emanuel Alex Spiro, his long-time personal lawyer we previously mentioned here.

Chinese IPO in the US. Zeekr, a spin-out from Chinese EV car company Geely, submitted a confidential registration statement to the SEC as it looks to be the first major Chinese company in more than two years to IPO in the US. Zeekr is reportedly hoping to raise more than $1 billion and be valued at over $10 billion through the IPO.

Holding debt. Elliott Management, which recently closed on its $16 billion acquisition of Nielsen, the media data company, supported the financing of its purchase by buying part of the debt its lenders were seeking to offload in the market at a discount, given the riskier lending climate. In other debt news, Elon Musk's lenders including Morgan Stanley are seeking to book some the losses from the billions in debt in they are holding in such a way that it minimizes its impact on profits, for now continuing to wait to attempt to sell off the debt, likely at a steep discount.

Buying drugs. Japanese pharmaceutical company Takeda agreed to acquire a business unit housing an autoimmune drug from Nimbus Therapeutics for $4 billion, with another potential $2 billion in milestone payments depending on the drug's development. Cleary is repping Takeda and Goodwin is repping Nimbus.

BUSINESS OF THE FIRM

Lateral Moves:

• Milbank acquired Scottish corporate law firm Dickson Minto. Dickson Minto's 30-lawyer London-based PE team will join Milbank's operations in London while the firm's Edinburgh operations will remain independent.

• The Senate voted 65-31 to elevate U.S. Magistrate Judge Dana Douglas of Louisiana to the 5th Circuit.

Industry News:

• A new litigation finance firm, Lex Ferenda Litigation Funding LLC, opened in New York and is "well on the way" to closing its initial $100 million fund.

• Has your firm still not announced bonuses? You likely are not alone. Check out the latest updates to the Lookzy Reverse Bonus Tracker below for the full list of who has announced and who's left. Have any details about typical timelines for firms that haven't announced yet? Reply to this email and we can update.

BOILERPLATE

Alright, back to billing. That's all, folks!