Litigation Partner Sean Murphy To Speak At IDC Independent Counsel Roundtable

The top ten largest class action settlements in securities cases in the U.S. have recouped tens of billions of dollars in damages.

On August 21, 2026, the Tenth Circuit granted the NCAA’s stay request in Wisne v. NCAA, temporarily restoring the NCAA’s age-based eligibility rules pending resolution of the appeal. Three weeks earlier, Judge Sweeney of the District of Colorado had issued a nationwide injunction that permitted athletes in the Class of 2022 to pursue a fifth year of eligibility.

This monthly newsletter examines critical developments in product liability and mass tort litigation, including FDA guidance on PFAS in medical devices, state-level AI regulation in legal practice...

A Fifth Circuit Court of Appeals ruling harshly criticizes a federal district judge for relying on AI-generated content in legal orders, revealing fabricated facts and poor legal analysis. The decision raises critical questions about the use of generative AI in legal practice and whether lawyers who adopt such technology are compromising their ethical obligations of competence, confidentiality, and integrity.

Two federal courts have reached opposing conclusions on whether expert witnesses must disclose their AI prompts during discovery. While one court treats prompts as discoverable methodology, another protects them as mental impressions while requiring disclosure of AI-generated outputs the expert consulted.

On the morning of July 4, 2025, catastrophic flooding on the Guadalupe River took 135 lives across the Texas Hill Country. Twenty-eight of them—25 school-aged campers, two young counselors and the camp's co-executive director—were at Camp Mystic, a century-old girls' camp near Hunt.

The U.S. Supreme Court will review a constitutional challenge to an 1868 federal law banning home distilleries, creating an opportunity to resolve a circuit split between the 5th and 6th Circuit Courts of Appeals. The case centers on whether the prohibition violates the Constitution's Taxation Clause or represents a legitimate exercise of congressional power to prevent tax evasion.

A federal court in California denied preliminary approval of a $2.3 million data breach settlement affecting over 220,000 individuals, finding seven critical deficiencies in the proposed agreement. The decision highlights the rigorous scrutiny courts apply to class action settlements, particularly regarding claims-made distribution processes, inadequate documentation of settlement value, and unexplained disparate treatment among class members.

A federal court rejected TikTok's attempt to use two prior nationwide class action settlements—totaling over $93 million—to dismiss new privacy claims brought by minors alleging violations of the Children's Online Privacy Protection Act. The ruling hinged on whether the current plaintiffs were demonstrably members of the earlier settlement classes based solely on the pleadings, raising critical questions about the scope and enforceability of broad settlement releases in successive privacy litiga

An ICC tribunal has ruled in favor of Galp in its dispute with Venture Global over the Calcasieu Pass LNG facility, finding that Venture Global breached its obligation to declare the facility operational in a timely manner. This decision adds to a series of contrasting outcomes in similar disputes involving other buyers, with damages yet to be determined in a hearing scheduled for 2027 or 2028.

On January 13, 2025, the Bureau of Industry and Security ("BIS") of the U.S. Department of Commerce issued an interim final rule on a Framework for Artificial Intelligence Diffusion...

On March 3, 2026, the International Swaps and Derivatives Association, Inc. (“ISDA”) and the Emerging Markets Traders Association (“EMTA”) published the 2026 FX Definitions (the “2026 FX Definitions”)...

The U.S. Treasury Department has proposed sweeping expansions to the Outbound Investment Rule program that would dramatically increase oversight of American investments in strategic sectors abroad. The proposed regulations would add hypersonic systems, advanced aerospace, and biotechnologies to existing restrictions on semiconductors, AI, and quantum computing, while designating Russia, Iran, Cuba, and North Korea as countries of concern.

On January 8, 2026, the Securities and Exchange Commission of the Philippines ("Philippine SEC") introduced revisions to the country's 2020 REIT Rules (the "2026 Revisions").

On January 29, 2026, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") issued General License No. 46, authorizing certain transactions that would otherwise be prohibited under the U.S.-Venezuela sanctions program.

Law students interested in practicing transactional law, from M&A to securities transactions, often ask how much business experience and training they need in order to launch a successful career.

The FCA has recently published a new 'dear CEO' letter setting out its updated supervisory strategy and priorities, including key risks and areas for improvement for regulated firms.

The Department of Justice's Antitrust Division has signaled renewed scrutiny of electricity generation and data center transactions, marking its first structural relief requirement in a generation merger since 2011. Milbank attorneys examine the implications of the DOJ's December 2025 action requiring divestiture of six power plants in Constellation Energy's $26.6 billion Calpine acquisition.

The Commodity Futures Trading Commission has proposed sweeping amendments to clarify when prediction market contracts on sports, elections, and entertainment are permissible under federal law. The rulemaking introduces a structured framework for evaluating event contracts, defining key terms like "gaming" and establishing criteria to assess whether such markets serve legitimate hedging and price discovery functions or cross the line into prohibited territory. At stake is the future of prediction markets in

Milbank LLP advised Singapore-based AGP International Holdings Pte. Ltd. ("AG&P") on its sale of a 20 percent minority stake to Osaka Gas Co. Ltd.