Senior Partner Adam Hakki (New York-Litigation) and partner Lyle Roberts (Washington D.C.-Litigation) will be participating in Practising Law Institute’s “Securities Litigation 2024: From Investigation to Trial” program on April 29, 2024. 

Shearman & Sterling represented ENGIE Energía Chile S.A. (EECL), a Chilean power company and subsidiary of the ENGIE group, in connection with an offering of $500 million of its 6.375% Green Senior Notes due 2034

On the cusp of our forthcoming merger to become A&O Shearman, the firm takes great pride in congratulating the Shearman & Sterling Food Service Team for achieving certification as a Center for Excellence by FLIK Hospitality Group, one of the country’s foremost corporate dining and hospitality providers. The certification reflects the outstanding work of the firm’s food service and hospitality crew, whose talents and dedication made it possible to earn recognition as a “Best in Class” business.

Partner Lyle Roberts (Washington, D.C.-Litigation), counsel George Anhang (Washington, D.C.-Litigation), and associate Billy Marsh (Dallas-Litigation), filed an amicus brief on behalf of the Washington Legal Foundation (WLF) urging the Supreme Court to grant review of the Ninth Circuit’s recent opinion in Facebook, Inc. v. Amalgamated Bank and decide whether a public company’s risk disclosures under Item 105 of Regulation S-K can form the basis of a viable securities fraud class action under Rule 10b-5 if they do not disclose instances in which a risk has materialized in the past.

On April 3, 2024, the Department of Labor (DOL) released its final rule amending Prohibited Transaction Exemption 84-14 (PTE 84-14). PTE 84-14 exempts from ERISA’s prohibited transaction rules certain transactions between parties in interest and plans managed by a Qualified Professional Asset Manager (QPAM) when the conditions of the exemption are met.^[1] The final rule (1) expands the type of conduct that will render a QPAM ineligible to rely on the exemption, (2) provides for a transition period in which to cease conducting transactions that are no longer exempt if a QPAM becomes ineligible for the exemption, (3) requires that QPAMs register with the DOL and (4) increases certain AUM and equity thresholds necessary for QPAM qualification. The final rule also attempts to provide clarity as to the extent to which a QPAM must be involved in a transaction in order to take advantage of the exemption and adds certain recordkeeping requirements.

Shearman & Sterling advised BNP Paribas, J.P. Morgan, National Bank of Canada Financial Markets and TD Securities, as joint book-running managers, and BMO Capital Markets, Deutsche Bank, Morgan Stanley and Scotiabank, as co-managers, in connection with a Rule 144A/Regulation S offering by Ontario Teachers’ Finance Trust (“OTFT”) of US$1.5 billion aggregate principal amount of 4.625% Senior Notes due 2029. 

Shearman & Sterling Private Equity partner Alain Dermarkar has been recognized by Texas Lawbook as a top dealmaker in the state of Texas for 2023. Over the course of the year, Alain advised clients in 13 transactions valued at $3.27 billion.

Welcome to the first 2024 edition of Shearman & Sterling’s Fifth Circuit Securities Litigation Quarterly.

Allen & Overy (A&O) and Shearman & Sterling (Shearman) today announce the first partner promotions for the combined firm, A&O Shearman. A total of 41 partners have been elected to the partnership by their current respective firms.