Gibson Dunn is once again one of the Fearsome Foursome — the four law firms that corporate counsel and other legal decision-makers say they most dread having to face off against in litigation, according to The BTI Consulting Group’s BTI Litigation Outlook 2026 report.
“We are part of the Fearsome Foursome because we win,” says partner Helgi Walker, Co-Chair of the firm’s global Litigation Practice Group, “and we win because we work harder, think smarter, strategize more creatively, and dig deeper than our peers. When we show up in a case for our clients, our opponents know the fight just got tougher and the stakes higher.”
The Litigation Outlook report is based on surveys and interviews with general counsel and other legal decision-makers at large organizations with $1 billion or more in revenue.
Gibson Dunn is home to the most preeminent trial practice in the world. We lead the market in trial victories across industries, practices and venues. Clients call on us to handle their most consequential and bet-the-company matters. We win cases that change our world and make a major difference for our economy and society. Our winning track record is unparalleled. When the stakes are highest and the evidentiary and legal challenges appear insurmountable, clients turn to Gibson Dunn to take control and win.
Reed Brodsky of Gibson, Dunn & Crutcher and Bill Burck and Avi Perry of Quinn Emanuel Urquhart & Sullivan represented the co-CEOs of technology company Next Jump Inc. in a criminal trial where they were accused of bribing the co-defendant, four-star Navy Admiral Robert Burke, with the promise of a $500,000 job in exchange for a government contract. After U.S. District Judge Trevor McFadden in Washington, D.C., granted a defense motion to sever Burke’s trial from the government’s case against the executives last year, jurors found Burke guilty in May. But last week, with a Quinn Emanuel team representing Next Jump’s Charlie Kim and a Gibson Dunn team representing his co-CEO Meghan Messenger, jurors deadlocked after more than a week of deliberations, and the judge declared a mistrial. The Gibson Dunn team included of counsel Sam Raymond and associates Simone Rivera and Francesca Broggini. The Quinn team included of counsel Fritz Scanlon and Christopher Clore, and associates Rachel Frank and Brett Raffish.
Gibson Dunn partner Elizabeth Papez and of counsel Melanie Katsur teamed with Kressin Powers counsel Zach Martin to help hospital bed maker Hill-Rom knock out claims that the company engaged in anticompetitive practices in the markets for standard, intensive care unit and birthing beds. U.S. District Judge John Gallagher in Allentown, Pennsylvania, last week dismissed the suit with prejudice, holding that the plaintiff, Reading Hospital, failed to plead a plausible antitrust claim or provide any specific detail about Hill-Rom’s corporate enterprise agreements with health systems. The Gibson Dunn team included Caeli Higney, Julian Kleinbrodt, Kristen Limarzi, Amanda Sterling, Connie Lee and Aaron Cheung. The Kressin Powers included Brandon Kressin and Richard Powers.
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Reprinted with permission from the September 19, 2025 edition of “The AmLaw Litigation Daily” © 2025 ALM Global Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or asset-and-logo-licensing@alm.com.
Gibson Dunn advised Dianthus Therapeutics, Inc., a clinical-stage biotechnology company dedicated to advancing the next generation of antibody complement therapeutics to treat severe autoimmune diseases, on its $288 million offering of common stock and pre-funded warrants.
Our corporate team was led by partners Ryan Murr, Branden Berns, and Melanie Neary and included associates Nicholas Linke, Jasmine Vitug, and Lauren Guzman.
Shout-out to a Gibson, Dunn & Crutcher team led by partner Trey Cox and associates Travis Jones and Cody Johnson, who secured a plaintiff-side win for client Energy Transfer. Louisiana District Judge Laurie Hulin granted summary judgment voiding the transfer of the Sea Robin Gas Processing Plant, finding that Energy Transfer’s midstream energy rival Enterprise did not “strictly follow the language of the agreement” governing transfer of plant ownership. Energy Transfer’s team also included Gibson Dunn associates Robert Frey and Lara Kakish and local counsel Jimmy Ordeneaux of Plauché Maselli Parkerson.
Shout-out to a separate Gibson Dunn team led by partners Kristin Linsley and Samuel Eckman, who secured a ruling knocking out claims brought by families of victims of the 2022 mass shooting at Robb Elementary School in Uvalde, Texas, against Meta Platforms Inc. and Instagram. The plaintiffs claimed that Instagram exposed the shooter to “aggressive, combat-fetishizing, and unlawful marketing” for the firearm used in the shooting. But Los Angeles County Superior Judge William Highberger held last week that the shooter himself was the proximate cause of the harm and any conduct by Meta and Instagram was “so far attenuated from plaintiffs’ harm that it is only negligible or theoretical.” The judge granted Meta’s demurrer without leave to amend, but denied anti-SLAPP motions brought by the company and codefendant Activision Blizzard Inc. The Gibson Dunn team included associates Jamila MacEbong and Lindsay Laird and former associate Allie Miller.
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Reprinted with permission from the September 12, 2025 edition of “The AmLaw Litigation Daily” © 2025 ALM Global Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or asset-and-logo-licensing@alm.com.
Gibson Dunn is advising Technip Energies on its $556 million acquisition of Ecovyst Inc.’s Advanced Materials & Catalysts business.
Our corporate team is led by partner Tull Florey and includes associates Ashley Whittington, Adri Langemeier, George Hang, Caroline Bakewell, and Nathan Halaney. Senior counsel Greg Nelson and associate Nathan Sauers are advising on tax; partners Krista Hanvey and associate John Curran are advising on benefits; partners Sophia Hansell and Attila Borsos are advising on antitrust; partner Chris Timura is advising on international trade; partner Daniel Angel and associate Andrew Hartman are advising on intellectual property and transition; and of counsel Richard Sen and associate Stefan Koller are advising on real estate.
“Great players make the coach look really good. And so, I am very focused on great players, because that’s where it all starts,” said partner Trey Cox when he joined host Mike Spivey on a recent episode of the Status Check podcast to discuss his leadership philosophy and commitment to mentoring the next generation of legal professionals. “There’s no way I could accomplish, or we could accomplish, the things that we can accomplish without all of the talented people that we have here.”
On the podcast, Trey spoke about his journey into law — from choosing a law school to becoming a litigation heavyweight and Co-Partner in Charge of our Dallas office — what he looks for in legal talent, and why resilience is such a vital attribute. “I like a little mutt in the dog … I’m happy to have the perfect pedigree, but I also like to see someone who survived, someone who fought, someone who had overcome very hard things. That’s somebody that I’m going to take a very significant, very special interest in and help develop.”
He also spoke about the importance of growth through experience. “They call it the practice of law for a reason. You continue to practice, you continue to grow, you continue to develop,” he said. “I want to get you here, and I want you to fail as fast as you possibly can, because those are the experiences and that’s how you grow.”
Trey is Co-Chair of our firm’s global Litigation Practice Group.
Listen to the full episode of the podcast: https://www.spiveyconsulting.com/blog-post/interview-with-trey-cox/
September 10, 2025 – James J. Moloney, a longtime Gibson Dunn partner, has been named Director of the Division of Corporation Finance at the Securities and Exchange Commission (SEC).
Barbara Becker, Chair and Managing Partner of Gibson Dunn, said: “Jim has been integral to building our securities regulation and corporate governance practice into the powerhouse it is today. He has been a trusted colleague, advisor, and mentor throughout his time at Gibson Dunn, and we wish him the very best as he returns to public service and takes on this important new role.”
Jim is a co-leader of Gibson Dunn’s Securities Regulation and Corporate Governance Practice Group. For more than two decades, he has advised public companies, their boards, and independent board committees on securities law reporting, corporate compliance programs, mergers, regulatory investigations, and stock exchange proceedings.
Previously, Jim spent six years at the SEC, serving his final three years as Special Counsel in the Office of Mergers & Acquisitions in the Division of Corporation Finance. In addition to reviewing merger transactions, Jim was the principal drafter of Regulation M-A, a comprehensive rulemaking on takeovers and shareholder communications adopted by the Commission in October 1999. Jim began his legal career as an associate at Gibson Dunn in 2000.
“I’m excited to return to the Commission at this pivotal time in securities regulation, and I want to thank the firm for the unique opportunity to advise such a broad base of stellar clients alongside so many talented individuals,” said Jim.
Gibson Dunn’s Securities Regulation and Corporate Governance Practice Group regularly represents Fortune 100 and 500 companies on a variety of disclosure and regulatory issues, corporate governance issues, and shareholder matters. The firm has a deep bench of senior SEC alumni and longstanding relationships with the stock exchanges and the proxy advisory and governance-rating services.
Partner Ibrahim Soumrany has spoken to Arab News about the resilience of Tadawul, the Saudi Exchange, amid a global downturn in initial public offerings (IPOs). He also explored how this trend could signal a broader shift in the deployment of global capital.
He told the publication: “Tadawul is the largest stock exchange in the MENA region by market capitalization. Its high free-float requirement ensures liquidity, and Tadawul’s inclusion and weighting in MSCI EM and FTSE indices boosts demand from passive global funds.”
Ibrahim highlighted several factors driving this momentum, including strong valuation premiums, robust institutional demand, and consistent oversubscription in retail tranches. He also pointed to the privatization of state assets and IPOs from major family-owned conglomerates as key contributors to Tadawul’s continued strength.
Gibson Dunn advised Marriott Vacations Worldwide Corporation on the offering of $575 million aggregate principal amount of 6.500% senior notes by its wholly owned subsidiary, Marriott Ownership Resorts, Inc.
The Gibson Dunn team was led by partners Doug Horowitz and Atma Kabad and included associates Victoria Dodev and Mariana Lozano.
Partner Jennifer Sabin and associate Eva Gao advised on tax; partner Krista Hanvey and associate Lucy Hong advised on benefits; and partner Adam M. Smith, of counsel Samantha Sewall, and associate Mason Gauch advised on international trade.
Gibson Dunn secured two major pro bono victories under New Jersey’s anti-SLAPP statute, the Uniform Public Expression Protection Act (UPEPA), winning the first-ever attorneys’ fees awards under the statute after closing a loophole that would have denied defendants in anti-SLAPP lawsuits that were voluntarily dismissed the statutory right to seek recompense.
Since 2023, the firm has represented a Jewish news outlet, a rabbi, and a synagogue in New Jersey state court, defending against claims stemming from flyers and online posts that allegedly featured a photo of the plaintiff and urged him to grant his wife a get, a Jewish bill of divorce.
After the plaintiff voluntarily dismissed the initial lawsuit, Gibson Dunn moved to reopen the case for the limited purpose of seeking attorneys’ fees under New Jersey’s anti-SLAPP law. Our firm argued that allowing the dismissal to stand would undermine UPEPA’s core purpose and reward the plaintiff’s strategic attempt to avoid fee liability. The trial court heard oral argument on April 4, 2024, but denied the motion to reopen.
On May 15, 2025, after securing leave to file an interlocutory appeal, partner Akiva Shapiro presented oral argument before the Appellate Division. Two weeks later, in the first published decision under UPEPA, the Appellate Division unanimously reversed the trial court’s ruling and directed the lower court to hear Gibson Dunn’s order to show cause. The court reasoned: “Permitting the dismissal of defendants’ order to show cause to stand would contravene legislative intent and create a loophole in the UPEPA allowing SLAPP plaintiffs to financially harm New Jersey residents who are the subject of their lawsuits and then strategically dismiss their suits, depriving our residents of the statutory right to seek recompense.”
Following the remand, the plaintiff filed a second lawsuit targeting some of the same defendants and raising similar claims. Our firm responded by filing orders to show cause in both cases, seeking dismissal and attorneys’ fees under UPEPA.
Associate Brian Yeh argued both motions at a consolidated hearing on August 20, 2025. At its conclusion, the Superior Court granted both orders to show cause, dismissed the cases with prejudice, and awarded Gibson Dunn reasonable attorneys’ fees and costs. Akiva argued in opposition to a sanctions motion filed by the plaintiff, which the court denied from the bench.
Gibson Dunn now intends to submit its calculation of reasonable attorneys’ fees and costs in both matters.
Alongside Akiva and Brian, our team included associates Apratim Vidyarthi, Beshoy Shokralla, and Ahin Lee. The cases are Satz v. Starr et al., No. BER-L-00596-23, and Satz v. Turk et al., No. BER-L-3175-25, Superior Court of New Jersey, Law Division, Bergen County.
Gibson Dunn was honored with four awards at the 13th annual LMG Life Sciences Americas Awards, presented in New York City on September 4.
Our firm received the following honors:
- Licensing & Collaboration Attorney of the Year – Karen Spindler
- Hatch-Waxman Litigator of the Year (Branded) – Charlotte Jacobsen
- Impact Deal of the Year – Arrowhead Pharmaceuticals Global License & Collaboration with Sarepta Therapeutics
- Impact Case of the Year – LEQSELVI (Deuruxolitinib) Litigation
In addition, Gibson Dunn was shortlisted in the following categories:
- Licensing & Collaboration Attorney of the Year – Ryan Murr
- Licensing & Collaboration Firm of the Year
- Firm of the Year – Intellectual Property
- General Patent Litigation Firm of the Year
- General Patent Litigator of the Year – New York – Jane Love
- Antitrust Firm of the Year
- Antitrust Practitioner of the Year – Eric Stock
- Government Investigations Attorney of the Year – John Partridge
- Government Investigations Firm of the Year
The only legal directory dedicated to recognizing top law firms and practitioners in the life sciences sector, LMG Life Sciences celebrates excellence across litigation, transactions, and individual achievement.
The Securities and Exchange Commission’s enforcement division has long protected US markets by rooting out fraud and other misconduct. But despite many changes in the enforcement function, the Wells process—the mechanism through which prospective respondents are given notice of potential charges and allowed to explain why action is unwarranted—remains largely the same.
Since the 1970s, the commission has created specialized units, flattened the organizational chart, and embraced new theories in response to high‑profile scandals and market events. Enhanced remedies have developed through the Insider Trading Sanctions Act of 1984, the Remedies Act of 1990, the Sarbanes–Oxley Act in 2002, and Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010.
Revisiting the Wells process periodically makes sense for the staff, the agency, and respondents, and wouldn’t weaken enforcement. Instead, it would enhance the consistency and reliability of charging decisions, improve perceptions of fairness, and reduce the risk that the agency’s extraordinary but necessary powers are misused.
Need for Reform
The SEC’s growing reach has amplified the stakes of every enforcement action. The scope of data involved for collection and production in an investigation likely looks far different compared with the 1970s. Penalties can seem to bear little relation to the statutory framework and relevant legislative histories, and negligence claims under statutes not intended to be punitive are increasingly common. Respondents face lifetime bars, multimillion‑dollar fines, and follow‑on civil litigation.
At the same time, the division’s discretion can seem opaque and inconsistent. Certain practices foster uncertainty and undermine the process’s core purpose: to ensure that both staff and commissioners consider all relevant material before imposing sanctions.
Process Criticisms
Wells submissions come in a wide variety. Chairman Paul Atkins referenced some submissions that may shade facts or advance bad arguments, some that nudge the commission in a different direction, and some that may be truly exceptional. Regardless of the substance, improvements could be made to the process.
Lack of uniformity and predictability. Investigations with similar facts can result in entirely different procedures. Some regional offices and groups routinely send notices and allow for meaningful advocacy; others don’t. Even within a single investigation, the enforcement manual affords the staff broad discretion to deny access to non‑privileged documents or to bypass the notice altogether when they deem time is of the essence.
Limited transparency. Many Wells notices identify only the statutes and remedies the staff intends to recommend. Without a factual proffer, counsel must piece together the case from testimony and subpoenaed documents, often with only a few weeks to respond. Reverse proffers and “open jacket” reviews, where the staff shares the core evidence and legal theory, remain inconsistent. The commission doesn’t publish statistics on how often notices are issued, how frequently submissions change outcomes, or whether certain offices are more receptive than others. This opacity makes it difficult to advise clients and undermines public confidence.
Fairness concerns. The Wells process was created when the SEC primarily sought injunctions and disgorgement. Today, a submission may be used by the staff in subsequent litigation and shared with other regulators. Courts have held that submissions are discoverable by private litigants and not protected by settlement‑privilege rules.
Expressing remorse or offering remediation carries downside risk. Further, the time afforded to prepare a submission is often too short. Respondents may have spent years cooperating with an investigation only to be given 14 to 21 days to rebut complex allegations and propose appropriate remedies. Meetings with senior enforcement officials are limited, and guidance on what makes an effective submission is minimal.
Enhancing Wells
Improving the Wells process doesn’t require diminishing enforcement or taking away all discretion; it requires codifying practices that promote fairness, consistency, and transparency.
Adopt uniform rules. Through notice‑and‑comment rulemaking, the SEC could formalize when a Wells notice will be provided, the content it must contain, and the presumptive response period. Consistency should be the goal. Absent exigent circumstances, every respondent should receive a notice or similar process that identifies the conduct at issue, the applicable statutes, and the key facts on which the staff relies. A baseline 35‑day response window would give counsel time to review the record and prepare a meaningful submission.
Guarantee file access. Respondents should have a presumptive right to review non‑privileged portions of the investigative file. Denials should require approval by senior officials and a written explanation. A reverse proffer or charge conference should be standard to ensure respondents understand the evidence and theory they must address.
Protect advocacy. The commission should treat advocacy in a Wells submission as non‑admission settlement material that can’t be used as an admission of wrongdoing. Sharing with other agencies should be limited to instances where the submission contains false statements or where sharing is legally required. The SEC should seek a narrow FOIA exemption for closed‑investigation submissions to reduce the risk of discovery by private litigants.
Publish metrics. Regularly publishing anonymized statistics on the number of notices issued, the percentage of investigations closed after submissions, and the average response period would build confidence and help practitioners advise clients.
Resource fairness for individuals and small businesses. Large corporations may be able to afford extensive advocacy; individuals and small businesses often can’t. The commission should provide guidance templates and, where appropriate, pro bono resources for pro se respondents and small businesses. An independent advisory committee could assess whether the process remains fair and recommend improvements.
The enforcement division’s formidable authority is vital to market integrity. A strong enforcement program will always remain key to protecting investors and the integrity of our markets. But with great power comes the responsibility to afford those under investigation an opportunity to be heard. The Wells process was born out of a recognition that fairness enhances enforcement by ensuring the staff and commissioners see the complete picture.
By formalizing procedures, improving transparency, and respecting due process, the commission can restore balance, strengthen the legitimacy of its enforcement program, and better serve the investing public.
This article does not necessarily reflect the opinion of Bloomberg Industry Group, Inc., the publisher of Bloomberg Law, Bloomberg Tax, and Bloomberg Government, or its owners.
Author Information
David Woodcock and Osman Nawaz are partners at Gibson Dunn.
Reproduced with permission. Published September 4, 2025. Copyright 2025 Bloomberg Industry Group 800-372-1033. For further use please visit https://www.bloombergindustry.com/copyright-and-usage-guidelines-copyright/
Gibson Dunn is advising Arrowhead Pharmaceuticals on its global licensing and collaboration agreement with Novartis for ARO-SNCA, Arrowhead’s preclinical-stage siRNA therapy targeting alpha-synuclein for the treatment of synucleinopathies, as well as for additional collaboration targets utilizing Arrowhead’s proprietary Targeted RNAi Molecule (TRiM™) platform.
Arrowhead will receive $200 million as an upfront payment and is eligible to receive up to $2 billion in potential milestone payments, plus royalties on commercial sales.
Our Life Sciences team is led by partners Karen Spindler and Ryan Murr and includes partners Pamela Lawrence Endreny, Benjamin Fryer, and Sophia Hansell, along with associates Michael Dziuban, Ryan Rott, and Anna Searcey.
Gibson Dunn advised on Ford Motor Credit Company LLC’s public offering of £400 million aggregate principal amount of 6.184% Fixed Rate Notes due 2031. The offering closed on August 29, 2025.
The proceeds of the offering will be used for general corporate purposes, including for the purchase of receivables, for loans, and for use in connection with the retirement of debt. Barclays Bank PLC, HSBC Bank plc, ICBC Standard Bank Plc, Lloyds Bank Corporate Markets plc, and NatWest Markets Plc acted as agents for the offering.
Ford Motor Credit Company is the financial services arm of Ford Motor Company. It is headquartered in Dearborn, Michigan.
Our team was led by partners Andrew Fabens and Robert Giannattasio and included associates Sarah Ediger and Mariana Lozano.
Partner Dennis Friedman is the recipient of this year’s New York Law Journal Lifetime Achievement Award.
Dennis is a preeminent M&A lawyer who exemplifies the highest standards of legal excellence. Beyond his extraordinary practice, his mentorship has guided generations of lawyers, leaving an indelible mark on our profession. Dennis’s distinguished career and many accolades reflect this remarkable legacy — a legacy richly deserving of this honor.
Read more about Dennis and his exceptional career.
Partner Rosemary Spaziani recently spoke with IFLR about the impact of the implementation of the U.S. GENIUS Act, as well as new proposals on the Basel III global capital standards and bank supervisory reform, and how these developments will affect regulators, lawyers, and clients.
Ro explained that the GENIUS Act introduces a regulatory framework that many fintech clients are encountering for the first time: “Being supervised at a prudential level is just not something that most of these fintechs are accustomed to, but they really want to understand what that means.”
She also underscored the significance of the implementation of the U.S. approach to the Basel III proposals, particularly in ensuring a level playing field for the large U.S. banks operating globally. “In the traditional banking world, that’s fairly critical,” she added.
Gibson Dunn topped Debtwire’s lead counsel (subscription required) ranking in July, securing six new engagements, and also remained well ahead in the year-to-date ranking, with 29 mandates. Restructuring mandate activity in the U.S. and Canada was up 36% compared to last year.
Debtwire’s Restructuring Advisory Mandates Report for the U.S. and Canada ranks advisors based on the total number of in-court and out-of-court representations. The lead counsel category tracks the main restructuring/bankruptcy counsel retained by a party.
Gibson Dunn announced today that Bradley P. Smith has joined the firm’s New York office as a partner in the Antitrust and Competition Practice Group. Brad counsels clients on a wide range of antitrust issues, including pre-merger notifications under the Hart-Scott-Rodino (HSR) Act.
“We are thrilled to welcome Brad to the Gibson Dunn team,” said Kristen Limarzi, Global Co-Chair of Gibson Dunn’s Antitrust and Competition Practice Group. “Brad is an in-demand, well-rounded antitrust lawyer whose experience guiding clients through successful merger clearances will be invaluable—particularly in today’s shifting regulatory landscape, where acquirers face significantly heightened demands under the new HSR rules.”
“Gibson Dunn has built a premier platform that spans all areas of antitrust law, offering an outstanding foundation to deepen my practice and begin the next chapter of my career at this pivotal moment in antitrust enforcement,” said Brad. “With the recent overhaul of the HSR filing requirements—the most significant change in over 45 years—clients are facing a more complex and demanding regulatory landscape. I’m excited to join such a talented and collegial team to help clients meet these new challenges and advise them across the full spectrum of antitrust issues.”
A global leader in antitrust law, Gibson Dunn advises clients across a wide range of industries, with world-class practitioners covering every major area of antitrust and competition law. The team includes more than 250 practitioners across the U.S., Europe, and Asia.
About Bradley P. Smith
Brad advises clients on a wide range of antitrust issues, providing substantive antitrust advice in both merger and non-merger cases. He is recognized for his experience counseling clients on pre-merger notifications under the HSR Act, having guided clients through hundreds of M&A transactions and represented technology, life sciences, financial services, transportation, and industrial entities in completed transactions collectively valued at more than $500 billion. His antitrust work includes some of the largest and most high-profile matters on record. Prior to joining Gibson Dunn, Brad served at another international law firm. He earned his law degree from Yale Law School in 1997.
Partner Matt Donnelly was interviewed recently by Tax Notes about President Trump’s executive order directing the Treasury Department to “strictly enforce the termination of the clean electricity production and investment tax credits under sections 45Y and 48E of the Internal Revenue Code for wind and solar facilities.”
“The guidance is much more tempered than what the executive order might have been contemplating,” Matt said.
Partner Trey Cox is the subject of The Texas Lawbook’s latest Asked & Answered [PDF] feature, which highlights the work of leading Texas lawyers and offers insight into their lives outside the courtroom.
In this wide-ranging interview, Trey discusses growing Gibson Dunn’s Texas presence, touches on some notable recent courtroom wins, shares how he developed his style of practice, comments on the firm’s commitment to pro bono work — and even talks about life with his three daughters and his wife, an equally accomplished lawyer.