Reuters has quoted Akin international trade partner Kevin Wolf in its article “US to reduce licensing by 80% for UK, Australia to boost AUKUS.” The article discusses the U.S. Commerce Department's Bureau of Industry and Security’s (BIS) recent decision to ease export control requirements for Australia and the United Kingdom under the AUKUS security pact. According to the article, this decision will reduce licensing burdens for trade valued at over $7.5 billion and allow for the export of certain military items and technology without a license, fostering defense trade between the countries. Kev ..read more

The Federal Trade Commission (FTC) has approved a final rule that would void and ban almost all worker non-compete agreements in the United States. However, the rule is already facing legal challenges and injunction efforts, with more likely to come, as critics question the FTC's legal authority to issue such a rule. In this installment of LaborSpeak, we provide a brief summary of the rule and discuss what employers need to know now. For previous LaborSpeak videos that discuss the status of non-competes, please click here and here. Have a question or a topic you’d like to see covered in a fut ..read more

The BTI Consulting Group, Inc. has recognized Akin as a leader in client service, having recognized the firm in its BTI Client Service A-Team 2024: The Survey of Law Firm Client Service Performance and on its list of law firms with the most improved client service. In the survey of law firm client service performance, the BTI noted that the A-Team, “sets the standard… to assess how law firms honestly stack up in client service delivery.” According to BTI, “the analysis is based on 17 objective ranking factors—all of which corporate counsel agree drive the strongest relationships with law firms ..read more

Labor & Employment Alert On April 23, 2024, the Federal Trade Commission (FTC) approved, by a 3-2 vote, a final rule that would void and ban nearly all employee non-compete agreements in the United States. The rule will take effect 120 days after it is published in the Federal Register. However, the rule will be subject to immediate legal challenge and injunction efforts, including on the grounds that the FTC lacks the legal authority to promulgate such a rule. In fact, the first lawsuits on this issue were filed within hours of the FTC announcing its vote. We will share a more comprehensi ..read more

(New York) – Akin advised Pharmakon Advisors, LP and its affiliated funds in a $200 million senior secured credit facility to Tarsus Pharmaceuticals, Inc., whose mission is to focus on unmet needs and apply proven science and new technology to revolutionize treatment for patients, starting with eye care. The Akin team was led by tax partner Geoffrey Secol, and included international trade partner Nnedinma Ifudu Nweke, tax partner David Snyder, senior counsel Jo-Ellyn Klein, counsel Sudhana Bajracharya and Ekaterina Lyashenko and associates Jake Gawlak and Angela Sbano. Further details on the t ..read more

International Trade Alert Key Points On April 17, 2024, based on a determination by the U.S. government that Nicolás Maduro and his representatives “have not fully met the commitments made” with respect to upcoming Venezuelan elections, the U.S. Department of the Treasury’s OFAC replaced GL 44, which had previously authorized transactions related to oil or gas sector operations in Venezuela, with a limited wind-down authorization, provided in GL 44A. Under GL 44A, U.S. persons have until May 31, 2024 to wind down transactions that were previously authorized by GL 44, unless separately authori ..read more

The OverRuled: Russia Trade Controls Resource Center has been updated with the following actions: 19 Apr 2024 (OFAC): ​The U.S. Department of Justice ("DOJ") announced that John Can Unsalan (aka Hurrem Can Unsalan) and his former business associate, Sergey Karpushkin, were sentenced to 6 years and 21 months in prison, respectively, for their roles in a conspiracy to commit money laundering and to violate U.S. sanctions imposed against Sergey Kurchenko and companies owned by Kurchenko. 15 Apr 2024 (OFAC): The Akin Summary document has now been posted for this action. ​OFAC des ..read more

Akin international trade partner Jaelyn Judelson has been selected as a 2024 MCCA Rising Star by Minority Corporate Counsel Association. MCCA’s annual list features “stellar attorneys” in the legal industry, notable for “law, ambition, and pursuit of excellence” and for their “deep compassion for those in need and a strong desire to give back to others.” The Rising Stars will be celebrated at MCCA’s annual Creating Pathways to Diversity Conference on Tuesday, September 24. Recently, Jaelyn was named a leader of influence by Los Angeles Business Journal (learn more here ..read more

For its article “PE continuation funds: GP appetite for secondaries faces supply-demand imbalance,” Mergermarket quoted investment management partner Fadi Samman. The article discusses how continuation funds are expected to become increasingly prominent as a liquidity option for GPs in the coming years, even as the outlook for private equity exits slowly improves and concerns about a supply-demand imbalance persist. On the continuation funds transaction process, Fadi said, “Since the GP is on both sides [of the transaction], there will always be a healthy dose of skepticism. As LPs have gotten ..read more

Bloomberg Law and LevFin Insights have quoted special situations & private credit partners Clare Cottle and Amy Kennedy, respectively, on the increasing trend of creditor cooperation agreements, a common tool used in U.S. restructurings, migrating to Europe. Both articles consider how creditor cooperation agreements are starting to enter the European market and how key differences in the U.S. and European legal landscapes could impact the importing tool. “As is so often the case, trends from the US market do migrate to Europe and creditor cooperation agreements are no exception,” said Clar ..read more