Lookzy: all your daily legal news in 0.1 billable hours. Plain English coverage of deals, litigation and legal trends trusted by lawyers at Cravath, Latham, Skadden, Gunderson and elsewhere.

Welcome to Lookzy. In today's Lookzy:

• Goldman's billions in legal losses

• A VC publicly steps down from a startups' board

• LIV Golf's overly aggressive player contracts

• A company gives in just hours after an activist strikes

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ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Billions in losses. Goldman Sachs Group Inc. disclosed that it is expecting to incur $2.3 billion more in potential losses from legal proceedings than the reserves it originally had set aside for such matters last year.

Antitrust #1. The Department of Justice is reportedly preparing to file an antitrust suit to block Adobe's acquisition of Figma as soon as next month. Adobe announced the $20 billion acquisition in September 2022 and expects to close the deal this year.

Antitrust #2. The DOJ is reportedly considering filing an antitrust suit against Google in regards to Google Maps and Google's use of location data, with DOJ officials meeting with Google's competitors and customers.

Drafting software.  Akin Gump lost its attempt to dismiss four of five counterclaims filed by Xcential Legislative Technologies in a suit over ownership rights to legislation-drafting software that each side says was its idea. Akin Gump had sued Xcential in DC for misappropriation of trade secrets, breach of contract, and other causes of action, alleging in its complaint that Xcential’s Bill Synthesis software, for which Xcential filed a patent application, was actually invented by an Akin Gump attorney, Louis Agnello, who is counsel to the firm. Holland & Knight is representing Xcential.

Superseding indictment. A superseding indictment was unsealed against FTX founder Sam Bankman-Fried, now including 12 charges, up from eight. The indictment lists the FEC as a fraud victim and is explicit about SBF's attempt to purchase political influence, including the following quote: "A political consultant working for BANKMAN-FRIED asked CC-1 [co-conspirator 1] to make the contribution and told CC-1, "in general you being the center left face of our spending will mean you giving to a lot of woke sh-t for transactional purposes."

THE DEAL

Wheelin' and dealin' today's corporate news

Pay to play. VC firm Sequoia resigned from the board of directors of crime app Citizen after Citizen proposed a pay-to-play "cram down" in which existing investors would be forced to participate in a new fundraising round or otherwise be diluted at a 10:1 ratio. Sequoia is one of Citizen's earliest and largest backers, having led the company's $12 million Series A; Citizen has raised a total of $133 million.

LIV Golf. Court filings have revealed some of the extensive restrictions included in certain LIV golfers' contracts. For example, some contracts require players to play in every LIV event as a fundamental condition of their contract, with LIV retaining "sole discretion" in the number, location and dates of events; LIV has already exercised that discretion to increase the number of events from 8 to 14. Full thread here.

Big deal. Pfizer Inc. is reportedly in talks to acquire biotech company Seagen Inc. for more than $30 billion.

Moving fast. Union Pacific announced it is replacing CEO Lance Fritz just hours after shareholder Soroban Capital Partners sent a letter to the Union Pacific board seeking Fritz' ouster due to underperformance.

SEC guidance. SEC Chair Gary Gensler gave an in-depth interview to New York Magazine on all things crypto, including his thoughts on SBF and that Bitcoin is the only crypto token that is not inherently a security.

BUSINESS OF THE FIRM

Lateral Moves:

• Apollo Global Management announced that it hired Sullivan & Cromwell partner Whitney Chatterjee as its new general counsel.

Something fun: Art collective MSCHF filed an amicus brief in Jack Daniel's "Bad Spaniel" Supreme Court case, first sending a box of crayons to the Court and followed by a connect-the-dots style coloring book with a specific page dedicated to each Justice and clerk. See all the coloring book pages here.

BOILERPLATE

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