Funding Crises: An Empirical Study of the Paycheck Protection Program

By William A. Birdthistle and Joshua Silver December 15, 2020 by renholding

Soon after the coronavirus pandemic erupted in the spring, Congress enacted the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, pumping $2.2 trillion into the economy. Now, nine months later, many of that law’s critical elements have ended or will …

Insider Trading and Strategic Disclosure

By Joshua Mitts December 9, 2020 by renholding

With COVID-19 cases rising rapidly around the world, Pfizer’s announcement on November 9, 2020, that its coronavirus vaccine was highly effective in early trials offered a rare bright spot for the coming winter.[1] But the news was soon dampened …

Quinn Emanuel Discusses COVID-19 M&A Litigation in Delaware

By Christopher D. Kercher, Diane Cafferata and Kimberly Carson December 8, 2020 by Nisha Chandra

Many high-profile transactions impacted by the COVID-19 pandemic have fallen apart between signing and closing, resulting in litigation – often in the Delaware Court of Chancery – focused on whether the buyer had an obligation to close. Buyers backing out …

Wachtell Lipton Discusses Workplace Wellness and Employee Mental Health As Investor Engagement Priorities

By Andrea K. Wahlquist, Sabastian V. Niles, Lauren M. Kofke and Carmen X. W. Lu December 2, 2020 by renholding

With the prospect of global vaccines on the horizon, companies worldwide continue to address the challenges of pandemic management and recovery on their businesses, the communities and constituencies they serve and especially on their employees. As companies seek to prioritize …

Alternative Venture Capital: The New Unicorn Investors

By Anat Alon-Beck December 1, 2020 by renholding

The COVID-19 outbreak provides fertile ground for sweeping regulatory changes. On May 19, 2020, for example, President Trump issued “Regulatory Relief to Support Economic Recovery Executive Order 13924”, which prompted the U.S. Securities and Exchange Commission (“SEC”) and Department …

Kirkland & Ellis Discusses New EU Foreign Direct Investment Regulations

By Michael Casey, Marcus Thompson and Thomas Wilson November 13, 2020 by Nisha Chandra

The European Union has recently taken a significant step in regulating foreign direct investment (“FDI”). As of October 11, 2020 a new EU regulation related to inbound foreign investment (the “FDI Regulation[1]”) became binding on all 27 Member …

Bank Lending During the Pandemic

By Iftekhar Hasan, Panagiotis N. Politsidis and Zenu Sharma November 12, 2020 by renholding

Since the beginning of 2020, COVID-19 has prompted a surge in economic uncertainty, causing interruptions in business supply chains and revenues that now threaten the survival of companies. Companies struggling to meet their fixed expenses and existing obligations respond by …

Skadden Discusses Shareholder Derivative Suits Around COVID-19, Racial Equality

By Virginia Milstead November 5, 2020 by snehapandya

As the last few years have shown, shareholder derivative litigation — claims brought by a shareholder purportedly on behalf of a company against its board of directors or senior management for alleged breaches of fiduciary duty — is often brought …

Skadden Discusses Sustainability-Linked Loans and COVID-19

By Seth E. Jacobson and Kristoffer A. Gredsted November 2, 2020 by snehapandya

Pre-COVID-19, pressure from investors, stakeholders and regulators helped jump-start green financing. The onset of the pandemic brought a temporary chilling effect to the global economy, but because sustainability-linked loans (SLLs) were developed to fill a critical gap in financial markets, …

To Mask Or Not To Mask? It’s Not a Constitutional Question

By Daniel R. Karon and Giliann E. Karon October 29, 2020 by renholding

In 1979, police in Pensacola, Florida, arrested Ku Klux Klan member B.W. Robinson for covering his face at a rally. He pleaded no contest so he could appeal his conviction to the Florida Supreme Court. Once there, Robinson challenged the …

SEC Chair Clayton Speaks on Regulations for Funds’ Use of Derivatives

By Jay Clayton October 29, 2020 by renholding

Today [October 28], we are considering a new rule to provide an updated and comprehensive regulatory framework for the use of derivatives by registered investment funds, including mutual funds and exchange traded funds (ETFs). I have spoken before on the

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Has the Stock Market Become Less Representative of the Economy?

By Frederik P. Schlingemann and René M. Stulz October 19, 2020 by renholding

In the summer of 2020, with the U.S. economy bearing the impact of the COVID-19 pandemic, the unemployment rate was as high as it had been any time since 1948, and the NASDAQ and the S&P 500 indices reached their …

Kirkland & Ellis Discusses Shareholder Activism Trends in Real Estate Investment Trusts After COVID-19

By Michael Brueck, Shaun Mathew and David Perechocky October 19, 2020 by Nisha Chandra

Even before the emergence of the COVID-19 pandemic, shareholder activism had become a mainstay of public company life in the real estate investment trust world. But in the wake of the pandemic, which upended business as usual in a number …

Gibson Dunn Discusses Stock-for-Stock Mergers During the Coronavirus Crisis

By Stephen I. Glover, Eduardo Gallardo, Alisa Babitz, Marina Szteinbok and Ann-Marie Harrelson October 15, 2020 by Nisha Chandra

The widespread economic uncertainty caused by COVID-19 poses distinct challenges for buyers and sellers seeking to identify M&A opportunities, as companies evaluate the impact of the pandemic on their businesses to date, and seek to predict its future impact. Continued …

Arnold & Porter Discusses Waste and Abuse of Covid-19 Relief Funds

By Michael Roig, Kevin Toomey and Jonathan Green October 14, 2020 by renholding

For the last several months, Arnold & Porter has been tracking the Department of Justice’s announcements of fraud cases involving the alleged misappropriation of funds provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). So far, …

Bankruptcies and the Covid-19 Crisis

By Jialan Wang, Jeyul Yang, Benjamin Charles Iverson and Raymond Kluender October 13, 2020 by renholding

The COVID-19 pandemic has disrupted normal life and triggered massive economic slowdowns. In the United States, consumer spending has dropped dramatically and unemployment temporarily hit the highest levels since the Great Depression. As a result, many experts have projected a …

Cleary Gottlieb Discusses Business Interruption Claims in the UK After COVID-19

By James Brady, Ufuoma Brume, Tim Vogel, Lina Bensman and Canem Ozyildirim October 8, 2020 by Nisha Chandra

Following the decision of the English High Court[1] in the high profile test case brought by the UK’s Financial Conduct Authority (the “FCA”), the UK insurance industry faces the prospect of being liable to cover losses relating to COVID-19 …

M&A Breakups: The Trends and Reasons Behind Corporate Divorces

By Henrik Cronqvist and Désirée-Jessica Pély September 10, 2020 by renholding

Though mergers and acquisitions bring companies together in expensive and thoroughly documented transactions, many end eventually in ruptured unions. In a recent study of 1,365 mergers and acquisitions by S&P 500 firms between 1983 and 2010, we found that 46 …

Debevoise & Plimpton Expects More New York Regulatory Enforcement of Banking and Financial Services

By Courtney Dankworth, Eric Dinallo, Greg Lyons, David Sewell and Brenna Rae Sooy September 10, 2020 by renholding

As American businesses, including financial institutions, adjust their operations in the wake of the coronavirus pandemic (COVID-19), the need to work closely with state regulators has become increasingly apparent. As anticipated, under the current federal administration we have seen state …

Insider Trading and Geographic Proximity: Evidence from Covid-19

By Erin Henry, George A. Plesko and Caleb Rawson September 1, 2020 by renholding

The COVID-19 pandemic has dramatically changed how businesses operate, resulting in unprecedented stock market effects. While the U.S. stock market has historically shown little to no reaction to an infectious disease outbreak, COVID-19 precipitated a global stock market downturn now …

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The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

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