Linklaters Americas

The Supreme Court’s decision in Purdue does not necessarily preclude the enforcement of broad exculpation provisions and nonconsensual third-party releases in the cross border context. When included in a foreign restructuring plan, such provisions may be recognized and enforced through a Chapter 15 proceeding. Judge Glenn’s recent decision in New Fortress Energy elaborates on and confirms what an emerging line of cases had already suggested: foreign restructuring plans containing broad exculpation and non-consensual third-party releases can be recognized and enforced under Chapter 15, Purdue notwithstanding. For companies whose boards, sponsors or other related parties and affiliates are confronting enterprise-threatening liabilities, this distinction may be determinative of outcome. Read it here: https://lnkd.in/gFSkmw5M. Reach out to our Restructuring & Insolvency team for more: Michael H. Torkin, Daniel Guyder, Penelope Jensen, Christopher J. Hunker, Richard Hodgson, Nick Le Masurier, Juliana Leite de Barros, Julia Matthews, Liam Robinson, James Warboys, Francois Kopf, Mathieu Della Vittoria, Richard Woodworth, Roberta Cheung, Francesco Faldi, Ettore Consalvi, Ben Crosse, Francisco Sainz-Trápaga Dueñas, Riaz Janjuah, Dr Sabine Vorwerk, Max K. and Damien Gomez.

We had another standout year of continued momentum across our U.S. practice. Highlights include:   🚀 U.S. revenue more than doubled and profit quadrupled since 2021 📈 39% year-over-year growth in U.S. profit 🤝 Advised clients on their most complex, high-stakes matters, including for Dow, Atlantic Alumina, Rio Tinto, Johnson & Johnson, The Lycra Company, Allstate, Glencore, BASF, Volkswagen, Tate & Lyle, Liberty Global, Chefs’ Warehouse, QIA, La Caisse, Desjardins and more 👥 More than 75% growth in our U.S. partnership over the past four years, including the addition of market-leading teams across M&A, disputes and finance ⭐ Continued to add top talent to our U.S. platform, including the arrivals of partners Christopher Boehning, Daniel Levi and Kristina Trauger, and the election of Sara Arrow, Shruti Chopra, Jonathan Gafni and Janet Lee to the partnership 🏆 Recognized with top accolades by Forbes, Benchmark Litigation, Law.com, The American Lawyer and The M&A Advisor   Thank you to our clients for partnering with us on their most important matters and to our colleagues across the firm whose dedication makes that work possible. We look forward to building on this momentum in the year ahead.   Learn more 👇

In separate decisions issued on April 30 and May 11, 2026, Vice Chancellor Travis Laster of the Delaware Court of Chancery addressed 12 counts arising from a cram-down financing in Guilbeau et al. v. Footprint International Holdco, Inc. et al. The Court reaffirmed the narrow application of the implied covenant of good faith and fair dealing in dismissing all contractual claims and allowed certain director fiduciary duty claims to proceed following entire fairness review. Notably, Vice Chancellor Laster imputed the knowledge of the allegedly liable directors to their respective designating investor funds in allowing an aiding and abetting claim against such funds to survive the motion to dismiss. Click here to view https://lnkd.in/gs74C42Y and connect with the team to learn more: George Casey, Heiko Schiwek, Elena Rubinov, Gregory Gewirtz, Clara Pang, Pierre-Emmanuel Perais, Vinita Sithapathy and Kristina Trauger.

New York Governor Kathy Hochul signed Executive Order No. 62, establishing the first statewide moratorium on new hyperscale data centers in the United States. The order temporarily pauses state environmental permits for one year for data centers that “consume or can consume” 50 megawatts or more of energy while the state develops what the Governor’s office described as a “nation-leading regulatory framework” for data center development. The action comes amid unprecedented demand: as of May 2026, nearly 12 gigawatts of data center load requests are in the New York Independent System Operator interconnection queue, with more than 8 gigawatts entering in 2025 alone. New York’s action reflects a broader national trend — more than 300 data center-related bills have been filed across more than 30 states in 2026, and over 100 local moratoriums have been adopted nationwide. Read more https://lnkd.in/gG6NE62v and reach out to Lauren Bachtel and Andres Armada for additional insight.

The U.S. merger review playbook is changing. State attorneys general are increasingly pursuing their own merger investigations and challenges, creating new risks even for transactions that have cleared federal review. In a new article for Dow Jones Risk Journal published today, Linklaters U.S. Antitrust & Foreign Investment Counsel Ben Bauer and Associate Keisy Germosen examine how state attorneys general are increasingly exercising their independent authority including through: ✅ New state-level “mini-HSR” filing regimes. ✅ Independent investigations and merger challenges. ✅ Litigation that continues even when federal agencies settle or clear transactions. As state enforcers become more active and assertive, companies, investors and in-house counsel should reassess transaction planning, regulatory risk allocation and filing strategies to account for an increasingly complex enforcement landscape. Read more: https://lnkd.in/eqcDTSAm.

New York has enacted Real Property Law § 327-a, which took effect June 3, 2026. The law imposes affirmative obligations on sellers, condominium and cooperative boards, and homeowners' associations to identify and remove discriminatory restrictive covenants from recorded instruments affecting real property. Although discriminatory restrictive covenants are generally unenforceable under existing state and federal law, outdated discriminatory language still commonly appears in older deeds, declarations and other recorded instruments. The law targets restrictions that restrict ownership, occupancy or use of real property on the basis of protected class, often found in older declarations and deeds. Read more: https://lnkd.in/gVVTVvxc and connect with the authors for additional insight: Yelena N. and Kali Krownapple.

The Linklaters SEC Transactions and Compliance (“STAC”) Group’s quarterly round-ups provide our updates and thoughts on the latest developments in SEC rulemaking and other matters of U.S. federal securities law.    In our Q2 2026 round-up, we cover the SEC’s plans for IPO and disclosure reforms, fast-track index inclusion, SEC enforcement developments and further Section 16(a) exemptions. Read it here: https://lnkd.in/gpeEpkmV. Reach out to our SEC Transactions and Compliance team for more: Jeffrey Cohen, Kristina Trauger, Pam Shores, Mike Bienenfeld, and Igor Rogovoy.

The U.S. Securities and Exchange Commission issued conditional exemptive relief that makes it easier to conduct abbreviated debt tender offers, particularly for issuers seeking to conduct partial repurchases or exchange offers involving a wider category of institutional holders. The 2026 Exemptive Order supersedes the SEC’s 2015 no-action letter on abbreviated tender offers. Read more: https://lnkd.in/gphtBtjQ and connect with the team for additional insight: Yaroslav Alekseyev, Mike Bienenfeld, Jeffrey Cohen, Cecil Quillen and Kristina Trauger.

Join our U.S. Banking team. We are seeking a talented mid-level to senior associate (class of 2016–2021) to join our New York office. Applicants should have experience representing sponsors, borrowers, arrangers, agents, and lenders in U.S. domestic and international banking transactions. Learn more and apply: https://lnkd.in/eaw-fW6r.