CLOs

News Corp has been sued by Google search engine rival Brave Software, which seeks to forestall a lawsuit by Rupert Murdoch's company for when readers are directed to copyrighted articles from the Wall Street Journal and New York Post, reports Reuters (13 March, Stempel). In a Wednesday complaint filed in San Francisco federal court, Brave said News Corp sent a cease-and-desist letter threatening litigation and demanding compensation for the alleged misappropriation of copyrighted articles by "scraping" its websites and indexing their content. Brave countered that it is "fair use" to index website content, "which all search engine operators must do to exist." It also accused News Corp of threatening to disrupt advances in generative artificial intelligence, saying chatbots such as OpenAI's ChatGPT and Google's Gemini rely on search engine responses.

From "News Corp Sued by Brave Software"
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France's competition regulator approved Carrefour's acquisition of the French operations of retailer Louis Delhaize, reports MarketWatch (13 March, Whittaker). The watchdog on Thursday said that the approval is subject to Carrefour divesting seven stores to competitors, the termination of a franchise agreement, and the sale of a shopping center adjoining one of the stores which is to be divested. In October 2023, the European Commission referred Carrefour's acquisition of Louis Delhaize's French operations, which included 186 stores and all of its property assets, to the regulator. The French grocer was granted permission by the French competition authority to complete the transaction while its investigation was continuing. The regulator cleared the acquisition Thursday after its investigation found it wouldn't harm competition in the supply of everyday consumer goods. It did however identify eight local markets where the deal could pose competition risks and therefore placed divesture and termination requirements on Carrefour. The divestitures are intended to safeguard local competition and do not require the closure of stores.

From "Carrefour's Acquisition of Louis Delhaize's French Operations Cleared by Regulator"
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Ski wear brand Perfect Moment has appointed Kristine Marvin to the new position of general counsel, according to a release published by Business Wire (13 March). Marvin previously served as vice president and general counsel at Timberland. Prior, she held corporate positions at Goodwin Procter.

From "Perfect Moment Appoints Kristine Marvin as General Counsel"
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Alcohol is at the front lines of a global trade war, reports the Wall Street Journal (14 March, Cooper, Chung, Meichtry). US President Trump on Thursday opened a new front, threatening a 200 percent tariff on imports of all alcoholic beverages from the European Union. Trump’s salvo was a response to the EU’s decision to move forward on a 50 percent levy on US whiskey.

From "Alcohol Lands on Front Lines of Global Trade War"
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Drugmaker Mallinckrodt struck a deal to buy Endo in an effort to build a diversified pharmaceuticals company with a robust US footprint, reports the Wall Street Journal (13 March, Stewart). The companies said Thursday they reached a definitive agreement to bring together their generic pharmaceuticals businesses and Endo’s sterile injectables business, which they aim to separate from the combined company at a later date. Endo’s shareholders will receive US$80 million in cash and will own 49.9 percent of the combined company. Mallinckrodt’s shareholders will control the rest, for an implied pro forma enterprise value of US$6.7 billion. The new company will remain based at Mallinckrodt’s headquarters in Dublin, Ireland, and is expected to be listed on the New York Stock Exchange. Mallinckrodt President and Chief Executive Siggi Olafsson will become president and CEO of the combined business, and Endo Director Paul Efron will serve as chairman, the companies said. Mallinckrodt will continue as the holding company for the combined business, with Endo a wholly owned subsidiary.

From "Mallinckrodt, Endo Merger to Create Diversified Pharmaceuticals Firm"
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Meta won a legal victory on Wednesday against a former employee who published a memoir, reports the New York Times (13 March, Isaac), as an arbitrator temporarily prohibited the author from promoting or further distributing copies. Sarah Wynn-Williams last week released a book that describes a series of allegations of sexual harassment and other inappropriate behavior by senior executives during her tenure at the company. Meta pursued arbitration, arguing that the book is prohibited under a nondisparagement contract she signed as a global affairs employee. During an emergency hearing on Wednesday, the arbitrator found that Meta had provided enough grounds that Wynn-Williams had potentially violated her contract.

From "Meta Seeks to Block Further Sales of Former Employee’s Memoir"
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South Korea's National Assembly on Thursday passed an amendment to the Commercial Act to expand boards of directors’ fiduciary duties to minority shareholders, reports the Korea Economic Daily (13 March, Kim, Hwang). The move drew strong criticism from business leaders, who warn it would expose more companies, especially smaller ones, to management disputes and foster a risk-averse culture. Despite opposition from the ruling People Power Party, the liberal Democratic Party, which holds a parliamentary majority, pushed ahead with the bill. It added a clause that requires directors to fulfill their fiduciary obligations in the best interest of shareholders. Under the current law, the duties apply only to the companies themselves.

From "South Korean Parliament Passes Bill to Expand Boards’ Fiduciary Duties"
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Deutsche Bank AG was sued by a former employee seeking around €152 million in damages for alleged harm caused to his career by criminal proceedings in Italy related to Banca Monte dei Paschi di Siena SpA, reports Bloomberg (13 March, Sirletti, Schuetze). Five other former Deutsche Bank employees involved in the Monte Paschi case also threatened to bring their own claims in an English court, the bank said. In the original case, Monte Paschi managers were accused of colluding with Deutsche Bank staff to hide losses at the Italian lender by using complex derivatives trades, leading to a misrepresentation of the firm’s finances between 2008 and 2012. After a conviction at the first instance in 2019, the six Deutsche Bank staff were fully acquitted in 2022 by a Milan appeals court which found that there were no grounds for trial. In October 2023, Italy’s high court upheld the acquittal, which is now therefore final.

From "Former Employee Sues Deutsche Bank for US$165 Million over Career Hit"
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A senior lawyer at the company behind Australia's Ticketek distributed a letter to executives alleging the ticketing and live event group had a serious workplace problem where managers humiliated and overworked staff, reports the Australian Financial Review (14 March, Buckingham-Jones, Thompson). The document was sent after the lawyer left TEG, and suggested management hire a human resources consultant to assess the issues raised and undertake audits on a number of senior leaders. TEG, meanwhile, announced on Wednesday that its long-serving Chief Executive Geoff Jones would step down and become the company’s chair. He will be replaced by former Woolworths Chief Executive Brad Banducci.

From "Ticketek Owner TEG Mired in Workplace Allegations amid CEO Reshuffle"
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Crown Castle Inc. has reached an agreement with an EQT AB fund and Zayo Group Holdings Inc. for each to buy separate parts of its fiber business for a combined value of US$8.5 billion, reports Bloomberg (13 March, Davis, Hytha). The EQT Active Core Infrastructure fund will acquire Crown Castle’s small cells business, according to separate statements by the companies. Zayo, which is backed by EQT and DigitalBridge Group Inc., will independently acquire Crown Castle’s fiber solutions business. Crown Castle, announcing the conclusion of its strategic review, said the transaction is expected to close in the first half of 2026.

From "Crown Castle Sells Its Fiber Business for Combined US$8.5 Billion"
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A US court has ruled that Abercrombie & Fitch must pay for the legal fees of former CEO Mike Jeffries as he defends criminal charges of sex trafficking, reports BBC News (13 March, Croxford). The fashion brand had signed an agreement in 2014 when the ex-CEO resigned, covering him for the costs of any criminal proceedings which arose from his position. The company had argued in court that the charges, which allege Jeffries ran an international prostitution and sex trafficking business, related to his personal life and not his work. But a judge found that the charges, filed last year, were tied to his corporate role.

From "Abercombie & Fitch Must Pay for ex-CEO's Criminal Defense"
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Several people have been arrested and homes searched as part of an investigation into alleged bribery and corruption at the European Parliament relating to the Chinese technology giant Huawei, reports the UK's Guardian (13 March, Rankin). “The alleged bribery is said to have benefited Huawei,” Belgium’s federal prosecutor said in a statement on Thursday afternoon, after an earlier statement that did not mention the company. The first statement said that several individuals had been arrested for questioning over their alleged involvement “in active corruption within the European Parliament”, as well as forgery and use of forgeries. The prosecutor said the alleged offenses were “committed by a criminal organization” and had been practiced regularly and discreetly from 2021 to the present. People involved in the alleged criminal “cash for influence” scheme are suspected to have been paid for taking political positions or to have received “excessive gifts” such as food, travel expenses, and invitations to football matches. All this was done for “promoting purely private commercial interests in the context of political decisions”, the prosecutor said. Investigators are also examining whether money laundering took place, as they suspect intermediaries may have received payments to disguise the trail.

From "Arrests Made in EU Bribery Investigation Linked to Huawei"
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The US Environmental Protection Agency (EPA) announced on Wednesday that it will begin the process of dismantling dozens of rules passed under the previous administration, reports the Washington Post (12 March, Joselow). In news releases, EPA Administrator Lee Zeldin said the agency will roll back some of former US President Joe Biden’s most consequential climate and environmental regulations. He specifically cited rules aimed at speeding the nation’s shift to electric vehicles, slashing planet-warming emissions from power plants, and safeguarding waterways from harmful pollution. “Today is the most consequential day of deregulation in American history,” Zeldin wrote in an opinion piece in the Wall Street Journal on Wednesday. "We are driving a dagger through the heart of climate-change religion and ushering in America’s Golden Age.”

From "EPA Moves to Dismantle Dozens of Environmental Rules"
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Greenland’s pro-business opposition party won the island’s closely-watched parliamentary election on Tuesday, reports CNN (12 March, Yeung, Kent). The center-right Demokraatik party, which advocates for a slower approach to independence from Denmark, is leading with 29.9 percent of the vote, overtaking the ruling left-wing party IAInuit Ataqatigiit, according to preliminary official results. US President Trump's idea expressed desire to annex the territory has thrown an international spotlight on the election and raised questions about the island’s future security as the United States, Russia, and China vie for influence in the Arctic. All the dominant parties in Greenland, a Danish autonomous territory rich in oil and gas, agree on the desire for independence from Denmark. Analysts say the US president’s expressed stance has given the Arctic territory more bargaining power with Denmark.

From "Greenland’s Center-right Opposition Wins Election"
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In a Monday meeting with top executives from PepsiCo, W.K. Kellogg, General Mills, and other large companies, US Health Secretary Robert F. Kennedy Jr. said that a top priority would be eliminating artificial dyes from the nation’s food supply, reports the New York Times (12 March, Creswell, Jewett). In addition, he warned the companies that they should anticipate significant change as a result of his quest for “getting the worst ingredients out” of food, according to a letter from the Consumer Brands Association, a trade group. While Kennedy said in the meeting that he wanted to work with the industry, he also “made clear his intention to take action unless the industry is willing to be proactive with solutions,” the association wrote. Later on Monday, Kennedy issued a directive ordering the US Food and Drug Administration to revise a longstanding policy that allowed companies — independent of any regulatory review — to decide that a new ingredient in the food supply was safe. Put in place decades ago, the policy was aimed at ingredients like vinegar or salt that are widely considered to be well-understood, and benign. But the designation, known as GRAS, or “generally recognized as safe,” has since grown to include a far broader array of natural and synthetic additives.

From "Kennedy Rattles Food Companies With Vow to Rid Food of Artificial Dyes"
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Exxaro Resources Ltd. appointed Ben Magara as chief executive officer, reports Bloomberg (13 March, Burkhardt), a month after the previous leader of the South African coal miner resigned. Magara, previously the CEO at Lonmin Plc, will take over on April 1, Exxaro said in a statement on Thursday. Nombasa Tsengwa, who had been on precautionary suspension over claims related to workplace conduct, resigned last month over the handling of a probe into the allegations.

From "Exxaro Appoints Ex-CEO of Platinum Miner to Head Coal Extractor"
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French publishers and authors said Wednesday they’re taking Meta to court, reports the Associated Press (12 March, Chan), accusing the social media company of using their works without permission to train its artificial intelligence (AI) model. Three trade groups said they were launching legal action against Meta in a Paris court over what they said was the company’s “massive use of copyrighted works without authorization” to train its generative AI model. The National Publishing Union, which represents book publishers, has noted that “numerous works” from its members are turning up in Meta’s data pool, the group’s President Vincent Montagne said in a joint statement. Montagne accused Meta of “noncompliance with copyright and parasitism.” The National Union of Authors and Composers, which represents 700 writers, playwrights and composers, said the lawsuit was necessary to protect members from “AI which plunders their works and cultural heritage to train itself.” The Societe des Gens de Lettres, which represents authors, is the third group. They all demand the “complete removal” of data directories Meta created without authorization to train its AI model. Under the EU's Artificial Intelligence Act, generative AI systems must comply with the 27-nation bloc’s copyright law and be transparent about the material they used for training.

From "French Publishers and Authors Sue Meta over Copyright Works Used in AI Training"
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The UK Competition and Markets Authority (CMA) said its inquiry group had found the mobile browser market, dominated by Apple and Google, was not working well for consumers and businesses, reports Reuters (12 March, Sandle), supporting its decision to launch an investigation into the sector in January. The group said most of its concerns related to Apple's policies about accessing the Internet on its devices using its Safari browser. Following provisional findings published in November, the CMA opened an investigation under its new powers in January. It will decide if either or both companies have "strategic market status" (SMS) in mobile ecosystems, a wider remit than the browser market looked at by the inquiry group. The group said if the companies were designated with SMS status, the CMA should consider interventions such as enhancing the ability of rivals to compete by offering new features.

From "UK Antitrust Body Raises Concerns About Apple and Google's Mobile Browsers"
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The Australian Securities Exchange is considering allowing dual-class shares to be listed for the first time, reports Reuters (12 March, Murdoch), as the exchange operator and the corporate regulator try to revive the nation's lackluster listings market. ASX's group executive of listings, Blair Beaton, said dual-class shares are not allowed in Australia so far, placing the domestic market at a disadvantage compared to its major global rivals. "The ASX is the only major exchange that does not allow dual-class shares and there's a range of views on this topic," Beaton said in an interview on Wednesday. News Corp last year successfully defended a bid by Starboard Value, which attempted to have the media company's dual-class share structure wound back. The ASX contemplated introducing dual-class shares in 2007, but faced pushback from investors and shelved the plan. Beaton said Australia's equity market had matured since then and the idea should be re-examined in consultation with market participants. The ASX and the Australian Securities and Investment Commission (ASIC) have been under pressure to implement regulatory change to help revive sagging listing volumes in Australia. Initial public offerings raised US$2 billion in 2024, LSEG data showed, of which US$1.3 billion was raised by a single company, datacenter trust Digico. So far in 2025 only listed investment trusts have debuted on the ASX after raising A$300 million each and the 2024 total, excluding Digico's contribution, was a near-decade low. ASIC urged the ASX last month to consider streamlining its IPO approvals process to help make it easier for companies to list.

From "Australia Considers Allowing Dual-class Share Listings"
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Top executives at Impax Asset Management have lost their jobs, reports the Financial News (12 March, McGachey), as the London-listed ESG investor slashes costs after losing a major fund mandate. Group General Counsel Zack Wilson is among the 30 employees who were let go by the fund manager after St James’s Place pulled £5.1 billion. Impax is cutting 10 percent of its 300-strong workforce after taking a hit to revenue from slumping assets under management, it revealed ahead of its annual general meeting. Asset managers have tightened their belts and slashed jobs to combat rising costs and the shift into cheaper passive strategies. Schroders and Liontrust have indicated they will slash headcount this year, following lay-offs at Fidelity International, BlackRock, and Abrdn in 2024. Impax, which focuses on sustainable investing, has been hit especially hard as investors shun ESG funds.

From "Impax General Counsel Exits as 30 Staff Cut"
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