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🧩 Ryan Reynolds' billion-dollar M&A deal

PLUS: Trademarking the F-word, banking contagion spreads, Norfolk Southern sued over train derailment...

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:

  • Banking contagion spreads; will CS collapse?

  • EU says company can't trademark the F-word

  • Norfolk Southern sued over train derailment

  • Ryan Reynolds' billion-dollar company sale

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ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

"F------ Awesome". The EU's General Court rejected US clothing company FA World Entertainment Inc. appeal to trademark the phrase "F------ Awesome" for a number of products ranging from clothing to skateboards. The court's decision upholds a previous ruling by the EU Intellectual Property Office, whose issue was the lack of distinctiveness of the potential mark, rather than its vulgarity.

Right to repair. Tesla faces a slew of antitrust class action lawsuits alleging the company's restrictive "right-to-repair" policies violate federal and state competition laws. Plaintiffs argue that Tesla's policies force owners to rely on the automaker for repairs and part replacements, driving up costs and stifling independent repair shops.

East Palestine. The State of Ohio has filed a lawsuit against Norfolk Southern Corp. following the February 3rd train derailment, which led to significant environmental damage and threatened public health. Ohio's Attorney General accuses the railway company of negligence and violating state environmental laws.

Meta's industry fight. eBay urged a judge to block Meta from deposing an eBay corporate executive as Meta aggressively seeks information from rivals and others in the tech industry, such as VC firm Sequoia, related to Meta and the industry as a whole as Meta builds its defenses to an antitrust suit by the FTC. Quinn Emanuel is representing eBay and Davis Polk is representing Meta.

THE DEAL

Wheelin' and dealin' today's corporate news

Contagion spreads. As potential fallout from SVB and banking contagion, First Republic Bank is reportedly exploring strategic options including a potential sale. Although the bank has not officially commented on the rumors, sources claim that it is working with advisors to consider different options. First Republic Bank has a market capitalization of around $32 billion and could be an attractive acquisition target for larger financial institutions.

CS on the brink. Credit Suisse disclosed it would borrow as much as $53.7 billion from the Swiss National Bank to shore up its liquidity after an extremely volatile day for bank stocks. The Swiss National Bank pledged to backstop CS as credit default swaps on the Swiss bank reached levels not seen since the Great Financial Crisis.

SVB's parent. SVB Financial Group, the parent company of Silicon Valley Bank which was closed by regulators, is reportedly exploring seeking bankruptcy protection as one option for selling assets that include its investment bank and venture capital business. The Company is also exploring other restructuring and recapitalization alternatives.

Deadpool sells. T-Mobile announced it agreed to acquire Ryan Reynolds' prepaid wireless company Mint Mobile for $1.35 billion. Reynolds' reportedly owns 25% of the company. This acquisition will allow T-Mobile to expand its prepaid offerings and gain access to Mint Mobile's customer base. Reynolds' previously sold his gin company Aviation Gin to Diageo for $610 million in 2020.

BUSINESS OF THE FIRM

Lateral Moves:

  • Allen & Overy hired partner Todd Beauchamp from Latham.

  • Donald Flexner, co-founder of law firm Boies Schiller Flexner, dies.

Industry News:

  • PwC partnered with AI startup Harvey and will give 4,000 legal professionals access to its generative legal AI technology. Have you tried Harvey? Let us know your thoughts if so.

BOILERPLATE

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