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:

• Details on Trump's historic criminal indictment

• Gwyneth Paltrow is fully cleared at trial

• Bed Bath & Beyond's hail mary financing move

• More details on who might bid $10B for Subway

Was this email forwarded to you? Subscribe below.

ECON SNAPSHOT

The difference between special bonuses and layoffs

THE VERDICT

Arguing today's litigation news

Historic indictment. Former President Donald Trump was reportedly indicted on criminal charges by a Manhattan grand jury yesterday. The official charges remain sealed, but the investigation leading to the indictment is centered on $130,000 in hush money paid to Stormy Daniels by Trump's former lawyer, Michael Cohen, and the accompanying falsifying of business records to hide such payment by Trump and his business. According to rumors, there could be up to 34 counts related to falsifying business records. Trump is expected to be arraigned on Tuesday, which should provide clarity on the indictment. This criminal indictment is first for a former president.

Free Gwyneth. An 8-person Utah jury ruled that Gwyneth Paltrow was not responsible for various injuries sustained by a man during a ski slope collision in 2016. The jury ruled that the man was 100% at fault for the collision and awarded Paltrow the $1 in symbolic damages that she had asked for in a countersuit.

Sanctions bite. The US Federal Reserve and Treasury Department’s Office of Foreign Assets Control fined Wells Fargo & Co. about $97.8 million for inadequate oversight of its sanctions compliance risks from 2010 to 2015, settling charges a subsidiary facilitated more than $532 million worth of prohibited transactions in violation of sanctions against Iran, Syria, and Sudan.

Patent wars. The US Court of Appeals for the Federal Circuit affirmed a decision from the US Patent and Trademark Office that invalidated a $502.8 million patent infringement verdict from 2020 patent licensing company VirnetX Inc. had originally won against Apple. Apple and VirnetX have waged a 13-year fight in the courts.

THE DEAL

Wheelin' and dealin' today's corporate news

Hail Mary. Bed Bath & Beyond has terminated its $1 billion fundraising deal with hedge fund Hudson Bay Capital Management LP and instead launched an effort to sell up to $300 million of common stock in the open market. The distressed retailer said that if the sale of up to $300 million of new shares doesn’t go through, its next move will likely be to file for bankruptcy.

$10B footlong. Roark Capital Group and other private equity firms are reportedly among potential buyers considering bidding for sandwich chain Subway that could be worth $8-$10 billion. Subway is likely to seek closer to a $10 billion valuation.

Unusual consortium. Singapore’s sovereign wealth fund GIC, executives from HR software provider Works Human Intelligence and a new Bain Capital fund agreed to jointly buy Works Human Intelligence for an aggregate of $2.6 billion. GIC will hold ~50% of the shares upon closing.

Bankrupt makeup. Forma Brands, the bankrupt owner of the Morphe makeup brand, reached an agreement with lenders Jefferies Finance LLC and Cerberus Capital Management to be acquired in exchange for $690 million in debt relief. This agreement was reached according to a court filing. No better bids emerged during the company’s Chapter 11 proceedings.

BOILERPLATE

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