Paul Hastings

Earlier today, the Northern District of Texas issued a ruling regarding the Federal Trade Commission’s (FTC) Non Compete Clause Rule (“Rule”), which was set to prohibit most employee non compete agreements. In Ryan, LLC. v. FTC, Ryan, LLC (“Ryan”), the case before the Texas federal district court, a tax services and software provider challenged the Rule under several theories. The U.S. Chamber of Commerce and several other trade groups joined as plaintiff intervenors soon after. The court agreed with the plaintiffs, and Judge Ada Brown wrote as follows: “The Rule’s effective date is September 4, 2024. However, the text, structure, and history of the FTC Act reveal that the FTC lacks substantive rulemaking authority with respect to unfair methods of competition under Section 6(g). The Court GRANTS the motion for preliminary injunction and postpones the effective date of the Rule as applied to the Plaintiffs. While this order is preliminary, the Court intends to rule on the ultimate merits of this action on or before August 30, 2024.” Jennifer Baldocchi Carson Sullivan Jessica M. Chelsea Desruisseaux #FTC #NonCompete 

Paul Hastings advised Deutsche Bank, Goldman Sachs International and Morgan Stanley in connection with the successful offering of €300 million aggregate principal amount of 5.75% senior secured notes due 2029 by eircom Finance DAC and the repricing of €300 million aggregate principal amount of eircom Finco s.a.r.l.’s existing term loan B facility.   Maximilian Kirchner, Mo Nurmohamed, Rob Davidson and Katja Kaulamo led the team, which included Fabio Pazzini, Rebecca Bunyan, Harry Lee, James Wilkins and Kevin St. George.

Paul Hastings advised long-standing private equity client Abry Partners, and its portfolio company, Chambers and Partners, in the acquisition of Lamp House Strategy.   The team included Jamie Holdoway, Jane Song, Arun Birla, Jee Yoon Chung, Jacob Massey, Macario Chung, and Elise Wu.

Paul Hastings advised Unimetal in connection with its agreement to acquire Larpen Metallurgical Service.   The team was led by Jonathan Kellner, Filipe Lima, and Philippe (Phil) Seiler.

In a landmark decision that will significantly impact future reorganization plans, the Supreme Court categorically held in Harrington v. Purdue Pharma L.P., that bankruptcy courts lack the authority to approve nonconsensual third party releases as part of chapter 11 plans. This decision, one of the most consequential for bankruptcy practitioners in recent memory, will force an immediate shift in the manner in which direct third party claims are addressed and protected in bankruptcy going forward. Read our full alert to understand the practical implications of this pivotal ruling. Kris Hansen Ken Pasquale Daniel Fliman Ryan Montefusco Isaac Sasson Leonie C. Koch #PurduePharma #Bankruptcy

Effective today, most California employers will have to comply with California's new workplace violence prevention act. The act requires creation of a workplace violence prevention plan and historical log of workplace violence incidents, and institutes mandatory training and recordkeeping requirements. Chris Jalian Matthew Honig Nicole Tackabery #CaliforniaEmployer #WorkplaceViolencePreventionAct #SB553

Paul Hastings advised Oakley Capital on the disposal of its stake in idealista to international private equity firm Cinven. The team included Anu Balasubramanian and Jamie Holdoway.

Bolstering the firm's global Data Privacy and Cybersecurity practice, Paul Hastings is pleased to announce that Michelle Reed has joined the firm as a partner in Dallas.   A Chambers-ranked litigator for cybersecurity, privacy, and securities, Reed has more than two decades of experience advising corporate clients, their boards, and individuals on privacy and cybersecurity risks, regulations, enforcement, and class actions.   “With cybersecurity and data privacy remaining high on the agenda of boards, c-suites, audit committees, and GCs of large multinationals, Michelle’s extensive experience with corporate enterprise risks and global regulation is a valuable addition to our robust data privacy and cybersecurity team. Her unique skill set will greatly benefit our clients worldwide, particularly in addressing unique problems related to compliance and diligence,” said Global Managing Partner Sherrese Smith, who previously served as vice chair of the firm’s Data Privacy and Cybersecurity practice. 

Paul Hastings advised SYN Prop E Tech S.A. in the sale of interests in six shopping centers to XP Malls Fundo De Investimento Imobiliário - FII for more than R$2 billion, representing the largest real estate transaction in Brazil in 2024. The team was led by Jonathan Kellner, Thomas Ayres, and Philippe (Phil) Seiler.

Paul Hastings LLP has advised Infopro Digital in connection with the issuance of €520 million in aggregate principal amount of senior secured floating rate notes due 2031.   Patrick Bright led the team, which also included Jemma Lohr McPherson and Adnane Ayeb.