CLOs

A federal jury on Tuesday ruled against Sarah Palin, the former governor of Alaska and Republican vice-presidential nominee, in her years-long defamation lawsuit against the New York Times (23 April, Robertson, Enrich). Palin sued The Times in 2017 after the newspaper published an editorial that wrongly suggested she had incited a deadly shooting in Arizona years earlier. The case became a bellwether for battles over press freedoms and media bias, with Palin’s lawyers saying they hoped to use it to attack a decades-old Supreme Court precedent that makes it harder for public figures to sue news outlets for defamation.

From "Palin Loses Libel Retrial Against New York Times"
Abstract News © 2025 SmithBucklin

Helvetia Holding AG agreed to combine with Baloise Holding AG to form Switzerland’s second-largest insurance group, reports Bloomberg (22 April, Doenecke, Foerster), marking one of the biggest deals in European finance this year and the biggest in Switzerland. The transaction adds to a wave of dealmaking across different parts of the European finance industry.

From "Helvetia to Combine with Baloise to Form No. 2 Swiss Insurer"
Abstract News © 2025 SmithBucklin

The United States set new duties as high as 3,521 percent on solar imports from four Southeast Asian countries, reports Bloomberg (22 April, Chediak, Dlouhy). The duties announced Monday are the culmination of a year-long trade probe that found solar manufacturers in Cambodia, Vietnam, Malaysia, and Thailand were unfairly benefiting from government subsidies and selling exports to the United States at rates lower than the cost of production. The investigation was sought by domestic solar manufacturers and initiated under former US President Biden. While the duties are set to benefit domestic manufacturers, they also will pinch US renewable developers that have long relied on inexpensive foreign supplies.

From "US Imposes Tariffs on Asian Solar Imports"
Abstract News © 2025 SmithBucklin

Six of the top policy groups representing the US automotive industry are joining forces to lobby the White House against 25 percent tariffs on automobile parts scheduled to take effect May 3, reports CNBC (22 April, Wayland). The group – representing franchised dealers, suppliers, and almost all of the major automakers – say in a letter to US Department of Commerce Secretary Howard Lutnick and other top Trump administration officials that the upcoming levies could jeopardize US vehicle production.

From "Auto Groups Lobby Trump Administration Against Parts Tariffs"
Abstract News © 2025 SmithBucklin

The Paris court of appeals ruled on Tuesday the French market watchdog must reconsider whether a mandatory buyout offer is or was necessary when the former media conglomerate Vivendi completed its multibillion-euro split last year, reports Reuters (22 April, Loeve). Vivendi spun off its Canal+, Louis Hachette, and Havas businesses last December; all are now listed as standalone companies in London, Paris, and Amsterdam respectively. The breakup was championed by Vivendi's largest shareholder Bollore SE, the holding company of French billionaire Vincent Bollore. While a reversal of the breakup appears unlikely, the ruling intensifies the existing legal battle between Paris-based investment fund CIAM, a minority Vivendi stakeholder that opposed the breakup, and Vivendi. By siding with the small activist fund CIAM, the court has partially annulled a previous decision from the French financial market regulator. Last November the French market watchdog, the Autorité des marchés financiers, found that Bollore did not control Vivendi and so it did not have to examine whether Bollore should have filed a buyout bid or not. Bollore holds a 30.4 percent stake in the spinoffs, while it retains 29.3 percent of Vivendi's share capital. The court found that Vincent Bollore, "who controls the Bollore Group, has effectively determined, through the voting rights at his disposal, the decisions at Vivendi's general meetings." It added, "Therefore, it is appropriate to recognize the existence of Vincent Bollore's control over Vivendi." The demerger was approved with more than 97 percent of the votes at a shareholder meeting last year. CIAM claims that the split allowed Bollore to extend its control over the group without making a buyout offer.

From "French Court Orders Market Watchdog to Review Vivendi's Breakup"
Abstract News © 2025 SmithBucklin

UniCredit said Tuesday that it isn’t in a position to make any conclusive decision on its takeover offer for smaller rival Banco BPM, reports the Wall Street Journal (22 April, Calatayud, Vardon), after the Italian government set out conditions that the bank argues could lead to unintended results. The Italian bank said Tuesday that the prescriptions imposed by Rome translate into constraints to the way in which the combined entity would run its future credit activities and liquidity and on the group’s activities in Russia, where it has been winding down its operations but is yet to exit fully. UniCredit launched a surprise US$10 billion-plus bid for Banco BPM in November in an attempt reinforce its position as Italy’s second-largest bank by assets. The lender has sought to expand through dealmaking under Chief Executive Andrea Orcel in the past few months. It built a large stake in Germany’s Commerzbank last year, though its interest in engineering a tie-up faced political opposition in the country, and also became one of insurer Generali’s top shareholders.

From "UniCredit Puts Decision on Banco BPM Bid on Hold After Italy Imposes Conditions"
Abstract News © 2025 SmithBucklin

Marks and Spencer (M&S) says it has been dealing with a "cyber incident" affecting some of its services over the last few days, reports BBC News (22 April, McMahon). The UK retailer said its Click and Collect service had been impacted by technical issues along with its ability to collect contactless payments. The incident marks the latest in a series of IT problems to hit major high street names. Morrisons experienced significant problems with their Christmas orders last year, with deliveries cancelled and discounts not applied on the biggest grocery shopping day of the year. This was followed by two major outages on what was pay day for many in the first two months of this year. And in January, serious IT problems at Barclays affected the bank's app and online banking. It was later disclosed the firm could face compensation payments of £12.5 million. In February, several banks, including Lloyds, faced outages, leaving businesses unable to pay staff.

From "M&S Says Cyber 'Incident' Hitting Click and Collect Orders"
Abstract News © 2025 SmithBucklin

FMC Corporation, a global agricultural sciences company, appointed Sara Velazquez Ponessa as executive vice president, general counsel, and corporate secretary, effective June 1, according to a release published by PRNewswire (22 April). She will succeed Michael F. Reilly, who will retire, effective July 1. Ponessa previously served as senior business counsel at FMC from 2012 to 2018. Following her time at FMC, she served as the first general counsel and secretary of Livent Corporation, where she led the legal aspects of the company's successful 2018 initial public offering and its 2019 spinoff from FMC Corporation. Most recently, Ponessa served as vice president, general counsel and secretary at Arcadium Lithium plc.

From "FMC Names Sara Velazquez Ponessa as General Counsel"
Abstract News © 2025 SmithBucklin

Unilever is threatening to halt funding to the Ben & Jerry’s Foundation, reports Reuters (22 April, DiNapoli). Unilever is asking Ben & Jerry’s Foundation to agree to an expedited audit of its donations to continue the funding, which amounts to roughly US$5 million annually and is determined by a formula based on sales of the brand's ice cream, according to insiders. Ben & Jerry's sued Unilever in November to stop alleged efforts to dismantle its board and end its social activism, which has included protesting Israel's actions in Gaza and supporting a movement to defund police.

From "Unilever Threatens to Pull Funding from the Ben & Jerry's Foundation"
Abstract News © 2025 SmithBucklin

Boeing agreed to sell portions of its Digital Aviation Solutions business to Thoma Bravo in a deal worth US$10.55 billion, reports the Wall Street Journal (22 April, Marchese, Terlep). The move is part of Boeing’s broader effort to slash costs and raise money as it burns billions of dollars a quarter and struggles with a quality crisis in the wake of last year’s fuselage-panel blowout on an Alaska Airlines flight. Chief Executive Kelly Ortberg last year said he would cut 17,000 jobs. He also raised more than US$24 billion in equity to keep the company afloat. Executives have been exploring asset sales that could bring in much-needed cash while shedding noncore or underperforming units, an approach Ortberg has described as “pruning” the jet maker’s portfolio rather than overhauling it. As part of the agreement, Boeing will keep its core digital capabilities that use aircraft and fleet-specific data to provide fleet maintenance, diagnostics, and repair services to its commercial and defense customers.

From "Boeing to Sell Some of Its Navigation Business in US$10.55 Billion Deal"
Abstract News © 2025 SmithBucklin

A federal court on Tuesday allowed US President Trump's tariffs against a group of small businesses to remain in force, reports Reuters (22 April, Knauth), saying the businesses had not shown they would immediately be harmed by new taxes on imports. A group of five companies sued the White House last week, in one of five lawsuits arguing that the president had overstepped his authority when he imposed sweeping tariffs on foreign trading partners. The small businesses asked for a temporary restraining order to immediately block the tariffs, but a three-judge panel of the US Court of International Trade ruled that the tariffs can remain in place while the lawsuit proceeds. The panel will instead hear arguments over a proposed longer-term pause for the tariffs at a May 6 court hearing in Washington, DC.

From "US Court Keeps Trump Tariffs in Force Against Group of Small Businesses"
Abstract News © 2025 SmithBucklin

Brazil’s JBS SA has received approval from the US Securities Exchange Commission (SEC) for its proposed share listing in New York, reports Bloomberg (23 April, Couto), clearing another hurdle in the meatpacker’s pursuit to boost its market valuation. The world’s top meat supplier obtained a so-called declaration of effectiveness, according to an exchange filing late Tuesday from JBS, signaling that the SEC has no objections to the offering of securities. Shareholders will vote on the listing at an extraordinary general meeting on May 23, the company said. JBS has argued for years that its valuation compared to its peers such as Tyson Foods Inc. and Hormel Foods Corp. is capped because the company isn’t listed in the United States. The meatpacker previously said that a New York Stock Exchange listing could almost double its market value to US$30 billion.

From "Brazilian Meat Giant JBS Gets SEC Approval for New York Listing"
Abstract News © 2025 SmithBucklin

South Korea’s LG and Samsung have sued India’s government to quash a policy which increases payouts to electronic-waste recyclers, reports Reuters (21 April, Kalra), joining other major companies in contesting the country’s environmental rules citing business impact. The lawsuits, set to be heard on Tuesday with other challenges, mark an escalation of a standoff involving foreign companies’ and the government over its stance towards waste management practices. India is the third-biggest e-waste generator behind China and the US, but the government says only 43 percent of the country’s e-waste last year was recycled and at least 80 percent of the sector comprises informal scrap dealers. Daikin, India’s Havells, and Tata’s Voltas have already sued over the policy.

From "LG, Samsung Sue Indian Government over Electronic-waste Pricing Policy"
Abstract News © 2025 SmithBucklin

The US Supreme Court on Monday declined to hear freight rail giant CSX’s bid to revive its antitrust lawsuit accusing rival Norfolk Southern of illegally restricting access to a terminal in Virginia, reports Reuters (21 April, Scarcella). The justices turned away CSX’s appeal of a lower court's ruling last year that the company sued too late, missing a four-year window to bring claims for US antitrust law violations. CSX had argued the statute of limitations should not be applied in its lawsuit. CSX sued Norfolk Southern in 2018 in federal court in Virginia, accusing the rival shipper of conspiring with Norfolk & Portsmouth Belt Line Railroad to set an excessive fee for services at Virginia's Norfolk International Terminals, one of the most important East Coast terminals.

From "US Supreme Court Rebuffs CSX Bid to Revive Antitrust Suit Against Norfolk Southern"
Abstract News © 2025 SmithBucklin

The Wall Street Journal (22 April, Cloonan) reports that the US Federal Trade Commission (FTC) has sued Uber over deceptive billing and cancellation practices regarding its Uber One subscription service. The lawsuit alleges that the ride-hailing company's subscription service not only charged consumers without their consent but also failed to deliver promised savings and made it difficult for users to cancel. Some customers who signed up for a free trial were automatically charged before their trial ended, the suit further charges. FTC Chairman Andrew Ferguson said the lawsuit is an example of the administration “fighting back on behalf of the American people.”

From "FTC Sues Uber, Alleging Deceptive Billing, Cancellation Practices"
Abstract News © 2025 SmithBucklin

Chipotle Mexican Grill will open a storefront in Mexico and look to expand into additional markets in Latin America, reports the Wall Street Journal (21 April, Jacob). The burrito chain on Monday said it signed a development agreement with Alsea, a restaurant operator in Latin America and Europe, to open a location in Mexico by early 2026. The company’s push into Mexico will test its international-expansion strategy. It signed its first international development agreement in July 2023 with Alshaya Group to open restaurants in the Middle East. Alshaya currently operates three Chipotle restaurants in Kuwait and two in the United Arab Emirates. Chipotle’s existing international portfolio includes 58 locations in Canada, 20 in the UK, six in France, and two in Germany.

From "Chipotle to Open Mexico Location, Testing Expansion into Latin America"
Abstract News © 2025 SmithBucklin

US Health Secretary Robert F. Kennedy Jr. will direct food manufacturers to phase out eight petroleum-based food dyes that are found in hundreds of thousands of grocery-store staples, reports the New York Times (22 April, Severson). The plan, expected to be described in detail at an event on Tuesday, targets dyes used in cereals, sports drinks, and a host of other foods. The US Department of Health and Human Services has not outlined a regulatory path to enforce the changes, but wants them to be made by the end of 2026. The eight dyes are widely used within the United States, but products made for the European markets — where companies are required to use warning labels if they add them — and Canadian markets already use natural color substitutes. The secretary is expected to announce the approval of additional natural dyes at Tuesday’s event.

From "Kennedy Plans to Phase Out Commonly Used Food Dyes"
Abstract News © 2025 SmithBucklin

Walgreens has agreed to pay up to US$350 million in a settlement with the US Department of Justice, who accused the pharmacy of illegally filling millions of prescriptions in the last decade for opioids and other controlled substances, reports the Associated Press (21 April, Ding). The US drugstore chain must pay the government at least US$300 million and will owe another US$50 million if the company is sold, merged, or transferred before 2032, according to the settlement reached last Friday. The government’s complaint, filed in January in the US District Court for the Northern District of Illinois, alleges that Walgreens knowingly filled millions of illegal prescriptions for controlled substances between August 2012 and March 2023. These include prescriptions for excessive opioids and prescriptions filled significantly early. The settlement resolves four cases brought by former Walgreens employee whistleblowers. In 2022, CVS and Walgreens agreed to pay more than US$10 billion in a multi-state settlement of lawsuits brought against them over the toll of the opioid crisis. Over the past eight years, drugmakers, wholesalers and pharmacies have agreed to more than US$50 billion worth of settlements with governments, with most of the money required to be used to fight the opioid crisis.

From "Walgreens to Pay up to US$350 Million in US Opioid Settlement"
Abstract News © 2025 SmithBucklin

Nomura Holdings Inc. agreed to purchase Macquarie Group Ltd.’s US and European public asset management business for US$1.8 billion, reports Bloomberg (21 April, Choudhury, Bourke), marking the Japanese brokerage’s most significant overseas acquisition since it bought Lehman Brothers assets in 2008. The deal will enable Nomura to scoop up about US$180 billion in client assets, it said in a statement on Tuesday. Tokyo-based Nomura has been expanding in asset management to generate more stable income and reduce its reliance on volatile trading and investment banking. It’s seeking to capitalize Japanese individuals’ growing appetite to invest their US$15.8 trillion of financial assets as the country emerges from decades of deflation.

From "Nomura’s Biggest Deal Since Lehman Creates US$770 Billion Funds Unit"
Abstract News © 2025 SmithBucklin

Brian Kemp, governor of Georgia, signed two new laws overhauling the US state’s litigation system on Monday, reports the Associated Press (21 April, Kramon). Among other things, the laws limit when businesses and property owners can be held liable for negligence and add regulations to trials aimed at lowering jury awards. The new legislation will also make structural changes to trials and add restrictions and requirements for how lawyers can make their cases. In addition, one of the bills will regulate third-party litigation funders.

___

From "Georgia Governor Brian Kemp Signs Off on Sweeping New Limits on Lawsuits"
Abstract News © 2025 SmithBucklin