Gibson Dunn advised Btech Holdings Limited on the first-ever admission of tokenized digital securities to the Official List of the Abu Dhabi Global Market (ADGM) and their admission to trading on the Recognized Investment Exchange (RIE) operated by Nest Exchange Limited.
The admission marks a significant milestone in the development of regulated markets for tokenized securities in the region, demonstrating that digital securities can be brought onto the Official List and into on-exchange trading to the same regulatory standard as conventional listed securities.
The tokenized securities (known as “bStocks”) were deemed Securities for the purposes of the Financial Services and Markets Regulations 2015 (FSMR) and are structured as Certificates over Shares. On June 11, 2026, the Financial Services Regulatory Authority (FSRA) of the ADGM approved the relevant prospectuses drafted by Gibson Dunn, and the securities were admitted to the Official List of Securities with effect from the same date.
Gibson Dunn acted as legal counsel to the issuer, advising on:
• the structuring of the tokenized digital securities issuance;
• the preparation of the FSRA-approved prospectuses; and
• the application for the admission to the Official List and to trading on the RIE operated by Nest Exchange Limited.
“This admission marks an important step in the development of regulated markets for tokenized securities in the ADGM,” said partner Sameera Kimatrai. “Bringing digital securities onto the Official List and into trading on a RIE, within the FSRA’s established framework, shows that tokenized instruments can be issued and traded to the same regulatory standard as conventional listed securities. We were proud to advise the issuer across every stage of this mandate.”
“Structuring these instruments as Certificates over Shares and taking them through FSRA prospectus approval and admission to the Official List required close coordination across our financial regulatory, capital markets, and digital assets teams,” said partner Jade Chu. “The result reflects both the maturity of the ADGM framework and the strength of our team’s collaboration with the client and the relevant market infrastructure.”
The Gibson Dunn team was led by partner Sameera Kimatrai and supported by partners Jade Chu, Hagen Rooke, and Mellissa Duru; of counsel Lauren Cook Jackson; and associates Aliya Padhani and Holly Alderton.
A Gibson, Dunn & Crutcher team led by partners Christopher Joralemon, David Kusnetz and Brad Hubbard secured a ruling from an intermediate Texas appellate court for mining giant Vale S.A. in a $500 million lawsuit brought by Itabiriçu Nacional de Pesquisa Mineral over mineral rights in an area of Brazil known as the Polygonal. Itabiriçu sued appellant Vale S.A. in Nueces County, claiming that Vale wrongfully appropriated iron ore from the area and sold some of it in Texas. Earlier this month, the Thirteenth District Court of Appeals held that the trial court wrongfully denied Vale’s special appearance in the case and dismissed all claims against the company for lack of personal jurisdiction. The Gibson Dunn team included partner Sydney Scott, of counsel Benjamin Wilson and associates Michael Klurfeld, Jack DiSorbo, Arjun Ogale, Hayato Watanabe, John Ito, Warren Bloom, Jon Greenberg and Michelle Gery.
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Reprinted with permission from the June 23, 2026 edition of “The AmLaw Litigation Daily” © 2026 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 announced today that Michael Schneidereit has joined the firm’s New York office as a partner in its premier Business Restructuring and Reorganization Practice Group. Michael focuses his practice at the intersection of distressed finance, bankruptcy litigation, and restructuring execution, advising on some of the market’s most significant liability management exercises, corporate reorganizations, and Chapter 11 proceedings.
“We have worked with Michael and across from him over the years—he is an extremely talented creditor-side restructuring and liability management litigator and a terrific complement to our team,” said Scott J. Greenberg, Global Chair of Gibson Dunn’s Business Restructuring and Reorganization Practice Group. “With restructuring and liability management activity continuing to accelerate and mandates becoming increasingly litigious, clients will benefit from his ability to seamlessly integrate transactional sophistication with litigation firepower. His arrival further cements Gibson Dunn’s continued dedication and investment in serving our clients across the most complex and high-stakes matters in the market.”
“Gibson Dunn has established itself as the clear leader in liability management and high-stakes restructuring,” said Michael. “Having worked with several partners here over the years, joining the firm feels like a reunion in the best possible way. I’m excited to be part of a team driving the evolution of creditor-side strategy while delivering innovative, litigation-ready solutions for clients navigating increasingly sophisticated capital structures.”
Gibson Dunn’s industry-leading Business Restructuring and Reorganization Practice Group advises on the largest and most complex restructurings globally, dominating the market in the U.S. and Europe. The group is widely recognized for its leadership in liability management transactions and other market-defining engagements. The team’s global restructuring platform is further distinguished by its bankruptcy litigation capabilities. For the past several years, the practice has consistently led the league tables in both Debtwire and Octus for creditor-side engagements and restructuring advisory mandates.
The team has continued to expand its global offering in recent years. Michael’s arrival follows the additions of partners Matthew Roose, Leo Plank, Eugene Park, Andrew Cheng, Chris Howard, and Presley Warner.
About Michael Schneidereit
Michael advises clients on high-stakes liability management transactions and distressed litigation, as well as complex corporate reorganizations and bankruptcy proceedings. He has represented lenders in negotiating and litigating many prominent liability management transactions and has advised both creditors and debtors across a wide range of industries, including financial services, retail, telecommunications, pharmaceuticals, logistics, real estate, sports, health care, and oil and gas.
Prior to joining Gibson Dunn, Michael served as a partner at another international law firm.
Texas Lawyer [PDF] reported on remarks made by partner Trey Cox (Dallas and Houston) at the State Bar of Texas annual meeting on June 12, 2026. Trey spoke about Gibson Dunn’s successful representation of Energy Transfer in its case against Greenpeace over protests that delayed the Dakota Access Pipeline.
In his speech, Trey summarized the true value of a closing argument. “By the time you stand up to present at closing, the people on the jury have already made a tentative decision,” he said. “Some people want to call it a closing argument, I actually prefer summation, because what you are doing is you are summing up the evidence, and you are trying to teach your friendly jurors how to argue with your unfriendly jurors in the real final argument, which takes place back in the jury room.”
The winning strategy in the Greenpeace trial, Trey said, was the ability to tie acts of sabotage, shown in police reports and protest photos, directly to Greenpeace’s internal emails, training records, and reimbursement documents.
“You can’t just have them get arrested,” Trey said. “You have to connect the dots and take it from an individual action all the way back to Greenpeace.”
Bloomberg Law’s New York Brief (subscription required) newsletter features an interview with Yaira Dubin, who joined the firm in April and leads our New York appellate practice, which she says has the potential for extensive growth: “Companies are here. New York has some of the most interesting legal questions across the country.”
Yaira rejected the notion that U.S. Supreme Court justices are rigid in their thinking. “You will see, if you listen to arguments, justices asking questions that are genuine—they want to know the answers—and those answers will affect how they think about the case,” she said.
In the interview, Yaira also discussed the book currently on her nightstand (“The Shards” by Bret Easton Ellis) and her favorite lunch spot (Sweetgreen).
“As a firm, we want to lead the global legal services market,” said Armando Albarrán, Partner in Charge of Gibson Dunn’s Madrid office, in an interview with Spanish national media outlet El Confidencial (subscription required).
In the interview about Gibson Dunn’s ambitions and reasons for opening a new office in Madrid, Armando said: “…there are a number of firms competing to establish themselves among that global elite. We want to be part of that global elite, which is why we’re expanding across Europe. We started in London, where we already have a strong presence. We also have offices in Germany, France, Switzerland, and Belgium. The goal is to support our clients by offering them a ‘premium’ service in each of those countries.”
Armando also discussed Spain’s transactional trends and prospects as well as the country’s economic importance in the EU, how the team in Madrid works with other teams at Gibson Dunn, such as London, and the role of AI in the legal sector.
Partner Jaysen Chung is quoted in Law360’s “Fed. Circ. Won’t Trade Detailed Verdicts for Efficiency,” (subscription required) which reports on the Federal Circuit faulting U.S. District Judge Rodney Gilstrap’s use of jury verdict forms that collapse all infringement allegations down to checking simply “yes” or “no.” The Federal Circuit said that frustration over lengthy trial times doesn’t negate Seventh Amendment rights. Jaysen said that Seventh Amendment concerns could be at issue with certain types of eligibility decisions moving forward.
Multinationals should start preparing now ahead of the 2028 deadline as the European Union recalibrates the anti-corruption landscape, write partner Katharina Humphrey, associate Karla Böltz, and legal trainee Maximilian Schach in their in-depth article for Law360 [PDF] on a new directive aimed at combating corruption.
They note that the directive “does not transform anti-corruption compliance overnight,” but for multinationals “the practical message is to start preparing early. Parallel investigations will become routine, and compliance management systems are now a quantifiable factor in the sanction outcome across the EU.”
Their article looks in more detail at the directive and what those changes mean in terms of risk exposure and compliance in companies operating across the EU.
Bloomberg Law [PDF] has profiled partner Sebastian Fain, who joined the firm in November 2025 as co-head of our cross-border M&A practice. The profile highlights Sebastian’s 18 years of M&A work along with the growth of Gibson Dunn’s M&A practice. According to Sebastian, “the goal is to continue building a marquee M&A practice.”
Five Gibson Dunn lawyers contributed to the latest edition of Lexology’s In-Depth: Transfer Pricing, which provides a practical overview of the main transfer pricing rules in key jurisdictions worldwide.
Partner Sanford Stark is the Editor of the publication. Sanford, along with partners Saul Mezei and Terrell Ussing and of counsel John Craig and Brad McCormack, co-authored the USA chapter.
The Daily Journal [PDF] has profiled partner Rachel Brass, who was named to its list of Top Women Lawyers 2026. The publication noted Rachel’s “deep command of antitrust law, sound judgment, and exceptional service.”
For her part, Rachel noted the evolving nature of the current antitrust landscape, calling it “dynamic, unsettled and facing more immediate potential change than in a long time.”
Rachel is Global Co-Chair of the firm’s Antitrust and Competition Practice Group.
On June 11, 2026, Gibson Dunn won a precedent-setting and case-ending victory in the Texas Court of Appeals, which reversed the denial of our client Vale S.A.’s special appearance and dismissed all claims brought by plaintiff Itabiriçu Nacional de Pesquisa Mineral Ltda. against Vale for lack of personal jurisdiction.
Based in Brazil, Vale is the world’s largest producer of iron ore. Itabiriçu, also a Brazilian company, sued Vale in Nueces County, Texas in October 2023, asserting claims for conversion, unjust enrichment, and conspiracy arising from Vale’s extraction of iron ore from an area known as the “Polygonal” within Vale’s Itabira Mining Complex in Brazil. Itabiriçu alleged that it possessed superior rights over the iron ore in the Polygonal and that Vale’s extraction of the iron ore therefore was conversion.
Itabiriçu further alleged that Vale processed the disputed ore and shipped it to a factory in Corpus Christi, Texas operated by two European steel manufacturing companies. Itabiriçu sought to collect more than $500 million, which it claimed represented Vale’s profits from selling the disputed ore. Vale filed a special appearance contesting personal jurisdiction. After two years of litigation and jurisdictional discovery on the special appearance issue alone, the trial court denied Vale’s special appearance on October 3, 2025 without issuing an opinion.
Vale appealed the trial court’s denial of the special appearance and moved for an emergency stay of proceedings pending the appeal. Such stay motions are rarely granted, but the Texas Court of Appeals granted Vale’s motion one day after Itabiriçu filed its opposition brief and before Vale even filed its reply brief—a victory that protected Vale from being forced to furnish expansive discovery to which Itabiriçu would have no right under the laws of Brazil (the proper forum for the dispute).
On June 11, just six days after merits briefing was complete, the court granted Vale an unconditional and complete win. In a memorandum opinion, the court held that “there is no ‘substantial connection’ between Vale’s contacts with Texas and the operative facts of Itabiriçu’s claims.” The court held that none of the acts Itabiriçu alleged Vale performed in Texas “are related in any substantial way to the actual conduct which Itabiriçu complains about in its suit” and concluded that “a trial on Itabiriçu’s conversion claim would focus predominantly—if not exclusively—on Vale’s activities in Brazil.” The court further found that even if a substantial connection existed between Vale’s alleged Texas contacts and Itabiriçu’s claims, exercising jurisdiction over Vale would not comport with traditional notions of fair play and substantial justice under the U.S. Constitution. The court ordered the dismissal of all claims against Vale.
In rejecting jurisdiction over Itabiriçu’s $500 million claims against Vale, the Texas Court of Appeal set important precedent for out-of-state defendants sued in Texas. Absent the Texas Supreme Court exercising its discretionary review authority, Vale’s victory in Texas is final and complete.
In a statement to the press, Executive Vice President of Legal Affairs at Vale, Sami Arap, highlighted both the performance of partners Chris Joralemon and David Kusnetz and the importance of vigorous defense and sovereignty in cases in which the matter must be exclusively decided in Brazil. The cross-office Gibson Dunn team representing Vale S.A. includes partners Christopher Joralemon, David Kusnetz, Sydney Scott, and Brad Hubbard, of counsel Benjamin D. Wilson, and associates Michael Klurfeld, Jack DiSorbo, Arjun Ogale, Hayato Watanabe, John Ito, Warren Bloom, Jon Greenberg, and Michelle Gery.
Gibson Dunn represented an affiliate of Related Companies, L.P. in the refinancing of 10 Hudson Yards with a $1.37 billion SASB CMBS mortgage loan from Wells Fargo Bank, National Association, German American Capital Corporation, Morgan Stanley Bank, N.A., and Goldman Sachs Bank USA as co-lenders.
The Gibson Dunn real estate team included partner Harry Silvera, of counsel Genta Stafaj, and associate Brendan Palmieri.
Gibson Dunn’s market-leading Business Restructuring and Reorganization practice has won the IFLR Europe Award for Restructuring Deal of the Year, for its representation of an ad hoc group of senior secured noteholders in the fully consensual recapitalization of Ardagh Group S.A.
The annual IFLR Europe Awards recognize standout cross-border work, innovation, and market-shaping deals. This year’s awards were presented in London on June 11.
Gibson Dunn secured a comprehensive victory for Bloomberg BNA in a multi-week Los Angeles Superior Court jury trial brought by a former legal-products sales employee. The plaintiff brought claims of sex and pregnancy discrimination, failure to prevent discrimination, and constructive termination/discharge against Bloomberg BNA, seeking both economic and emotional distress damages. The Court granted nonsuit in Bloomberg BNA’s favor on the failure to prevent discrimination claim, and the jury found in Bloomberg BNA’s favor on the remaining causes of action, awarding no damages.
The plaintiff alleged unfairness in assigned sales territories, commissions, compensation plans, maternity leave timing, and post-leave assignments. Specifically, the plaintiff claimed that after she announced her pregnancy, she was removed from her role and put in another one, but the facts clearly demonstrated that she had not performed well in her existing role and had enthusiastically accepted the new role. She also claimed that upon her return, she was again moved into a different role based on her pregnancy that resulted in her “inability” to earn commissions as a single mother, but the facts demonstrated a different reality.
Gibson Dunn’s strategy included highlighting the substantial evidence of support the plaintiff received from multiple managers despite her poor performance and lack of initiative, while also demonstrating the plaintiff’s lack of credibility. These strategies helped keep the jury focused on the absence of any adverse action or causation of harm telling a consistent story regarding the plaintiff’s performance and Bloomberg BNA’s business needs through all witnesses, including the plaintiff. A very clear pattern emerged that the plaintiff’s story at trial was inconsistent with her statements and actions during her employment, eviscerating her credibility. The case is a strong example of how disciplined trial strategy can overcome a sympathetic narrative and a complicated factual record.
The Gibson Dunn team included partners Michele L. Maryott and Marcellus McRae and associates Allison Mather, Eleni Ingram, Kathryn Chevalier, Haley Denler, and Daniel Liu.
Shout-out to a Gibson, Dunn & Crutcher trial team led by partners Michele Maryott, Marcellus McRae and associate Allison Mather, who represented Bloomberg BNA/Bloomberg Industry Group in a sex and pregnancy discrimination lawsuit brought by a former legal-products sales employee. Last week, after a multiweek trial, jurors in Los Angeles Superior Court sided with the company 11-1 on the plaintiff’s discrimination and constructive discharge claims, beyond the 9-3 threshold needed for a defense verdict. The Gibson Dunn team included associates Eleni Ingram, Kathryn Chevalier, Haley Denler and Daniel Liu.
To read the complete article visit Law.com (subscription required)
Reprinted with permission from the June 12, 2026 edition of “The AmLaw Litigation Daily” © 2026 ALM Global Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or asset-and-logo-licensing@alm.com.
The Best Lawyers in France™ 2027 has named 18 Gibson Dunn Paris lawyers as leaders in their respective practice areas, and The Best Lawyers: Ones to Watch in France™ 2027 has included seven of our lawyers. Partner Ahmed Baladi has also been named Lawyer of the Year for Information Technology Law.
The Best Lawyers in France™ 2027:
- Darko Adamovic (Energy Law; Project Finance and Development Practice)
- Ahmed Baladi (Information Technology Law; Intellectual Property Law; Media Law; Outsourcing; Privacy and Data Security Law; Technology Law; Telecommunications Law)
- Amanda Bevan-de Bernède (Banking and Finance Law; Insolvency and Reorganization Law)
- Clarisse Bouchetemblé (Mergers and Acquisitions Law)
- Eric Bouffard (Insolvency and Reorganization Law; Insurance Law; International Arbitration; Litigation; Product Liability Litigation)
- Bertrand Delaunay (Corporate Law; Insolvency and Reorganization Law; Mergers and Acquisitions Law; Private Equity Law)
- Jérôme Delaurière (Tax Law)
- Jean-Pierre Farges (Arbitration and Mediation; Banking and Finance Law; Insolvency and Reorganization Law; International Arbitration; Litigation)
- Pierre-Emmanuel Fender (Insolvency and Reorganization Law; Litigation)
- Benoît Fleury (Corporate Law; Insolvency and Reorganization Law; Leveraged Buyouts; Mergers and Acquisitions Law; Private Equity Law)
- Nataline Fleury (Insolvency and Reorganization Law; Labor and Employment Law)
- Dorothée Griveaux (Administrative Law; Energy Law; Public Law)
- Ariel Harroch (Corporate Law; Leveraged Buyouts; Mergers and Acquisitions Law; Private Equity Law; Real Estate Law; Securities Law; Tax Law)
- Vera Lukic (Information Technology Law; Intellectual Property Law; Media Law; Outsourcing; Privacy and Data Security Law; Technology Law; Telecommunications Law)
- Julia-Barbara Michalon (Banking and Finance Law; Insolvency and Reorganization Law; Structured Finance Law)
- Vincent Poilleux (Derivatives)
- Pauline Portos (Energy Law)
The Best Lawyers: Ones to Watch in France™ 2027:
- Imane Choukir (Insolvency and Reorganization Law)
- Martin Guermonprez (Insolvency and Reorganization Law; International Arbitration; Litigation)
- David Hania (Insolvency and Reorganization Law)
- Arnaud Moulin (Banking and Finance Law)
- Etienne Paletto (Project Finance and Development Practice)
- Charles Peugnet (Insolvency and Reorganization Law)
- Emma Vernhes (Banking and Finance Law)
In their article for the ABA Litigation Journal [PDF] partner Sam Liversidge and associate Courtney Spears discuss strategies for successfully managing complex litigation matters and teams.
They write that while large, complex cases may generate a lot of “noise” both internally and externally, “ensuring proper organization of teams with clear lines of communication and other authority from the outset will allow you to manage the noise level and channel it into a winning strategy.”
The Daily Journal (subscription required) has named partners Rachel Brass and Theane Evangelis to its Top Women Lawyers 2026 list, which recognizes “the women lawyers shaping California’s legal landscape.”
Gibson Dunn advised Cinven, KKR, and Providence in connection with the sale of the 50% stake held by Lorca Midco Limited in MasOrange to telecommunications company Orange for EUR 4.25 billion.
The sale is one of the largest telecommunications deals in Spain to date and represents the exit of Cinven, KKR, and Providence from its investment in MasOrange.
Advising on the sale were partner Armando Albarrán, senior associate Mario Pacini, and associate Alberto Broseta.