Cravath’s New York Office Moves to Two Manhattan West
On June 12, 2018, the New York State Court of Appeals ruled in favor of Cravath client Credit Suisse in dismissing the Martin Act claim filed by the New York Attorney General relating to all residential mortgage‑backed securities (“RMBS”) sponsored by Credit Suisse in 2006 and 2007—about $40 billion worth of securities in total.
In December 2014, the New York Supreme Court denied Credit Suisse’s motion to dismiss the complaint for failure to timely commence suit under a three‑year statute of limitations period, finding that a six‑year limitations period applied. Credit Suisse filed an interlocutory appeal of the decision to the New York Appellate Division, First Department. The First Department affirmed the lower court in a split decision (3-2) in December 2016, and granted Credit Suisse leave to appeal to the New York Court of Appeals.
The state’s highest court agreed with Credit Suisse that the Martin Act (an investor protection statute which the NYAG argues is essentially a strict liability statute) is governed by a three‑year limitation period, not the six‑year period the NYAG has always argued should apply, and therefore dismissed the Martin Act claim with prejudice. This is significant not only for the Credit Suisse case, but for future NYAG proceedings in the investment industry generally.
The Cravath team included partners Richard W. Clary, who argued the appeal before the New York State Court of Appeals in March 2018, Michael T. Reynolds and Lauren A. Moskowitz, and associates Alexander V. Maugeri and Winnifred A. Lewis. The case is People of the State of New York v. Credit Suisse Securities (USA) LLC et al., No. 451802/2012 (N.Y. Sup.).
Deals & Cases
June 28, 2024
Cravath represented the term loan facility administrative agent and revolving credit facility administrative agent in connection with $2.43 billion of upsized credit facilities made available to Pactiv Evergreen Inc. and certain of its subsidiaries. Pactiv Evergreen Inc. is a leading manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America. The facilities consisted of an upsized $1.1 billion revolving credit facility and an upsized $1.33 billion term loan facility. The transactions closed on May 1, 2024, and May 28, 2024.
Deals & Cases
June 05, 2024
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $1.5 billion of credit facilities made available to Monster Beverage Corporation, a leading developer and distributer of energy drink beverages. The facilities consisted of a $750 million revolving credit facility and a $750 million term loan facility. The transaction closed on May 22, 2024.
Deals & Cases
May 21, 2024
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14.5 billion of credit facilities made available to The Home Depot, Inc., the world’s largest home improvement retailer, as part of the financing transactions undertaken in connection with the pending acquisition of SRS Distribution Inc. The facilities consisted of a $10 billion revolving credit facility, $3.5 billion 364‑day revolving credit facility and $1.0 billion three‑year revolving credit facility. The transaction closed on May 7, 2024.
Deals & Cases
May 16, 2024
Cravath represented the joint lead arrangers and joint bookrunners in connection with $1.3 billion of credit facilities made available to Cedar Fair, L.P., and certain of its subsidiaries, as part of the financing transactions undertaken in connection with the pending merger of Cedar Fair, L.P. and Six Flags Entertainment Corporation, two of the largest regional amusement park operators in the world. The facilities consisted of a $1.0 billion term loan facility and a $300 million revolving credit facility. The transaction closed on May 1, 2024.
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