The Week at Ropes & Gray: Litigation Team Secures $15 Million Verdict; Two Transactions; GDPR Deadline Approaches; A Momentous Sports Betting Decision; Lowering Prescription Drug Prices; Cryptocurrency & International Risks; Credit Funds Forum

Weekly highlights of what’s happening at Ropes & Gray:

• After a seven-week jury trial in state court in Manhattan, a Ropes & Gray team led by senior counsel Jerome Katz secured a $15 million verdict for our client, Casita, L.P., an investor in various private equity funds.
• Two transactions of note announced by our clients include:
  • TPG Growth, the middle market and growth equity platform of global alternative investment firm TPG, will acquire HALO Branded Solutions, a leading marketing services platform. Ropes & Gray represented TPG Growth in the transaction.
  • Audax Private Equity sold Senneca Holdings, Inc., a designer and manufacturer of a broad portfolio of specialty doors and enclosure solutions, to Kohlberg & Company, L.L.C. Ropes & Gray represented Audax in the sale.
• The GDPR countdown, final days edition. With the May 25 deadline for the EU's General Data Protection Regulation just days away, it is critical for businesses to evaluate their compliance with the strict new rules. In a new alert, Ropes & Gray London-based privacy & cybersecurity partner Rohan Massey examines Article 30 of the GDPR, which contains an obligation for data controllers and processors to maintain a record of processing activities in certain circumstances.
• The U.S. Supreme Court held that the Professional and Amateur Sports Protection Act, which barred states from legalizing sports wagering within their borders, violates the 10^th Amendment of the U.S. Constitution. Our attorneys analyze the decision in this alert. Litigation & enforcement partner Richard Batchelder said, “States looking to find another source of revenue, as well as dynamic and innovative companies focused on enhancing the experience of both the casual and dedicated sports fan, will act quickly to take advantage of the changing landscape made possible by this momentous decision.”
• President Trump outlined his administration’s plan for curbing prescription drug prices. Health care partner Tom Bulleit comments on President Trump’s speech in a number of articles, as well as in this analysis published by Law360. For insight on additional noteworthy regulatory developments and issues, please visit our Capital Insights page.
• As digital currencies continue to evolve, the anonymous and decentralized nature of the cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws. Our litigation & enforcement attorneys identify the risks of potential civil and criminal penalties for individuals and businesses when digital currency transactions span international borders.
• Credit funds continue to gain traction as successful platforms for asset managers. To foster discussion about this growing trend, Ropes & Gray hosted a half-day conference in New York for legal, compliance, operations and business professionals at credit managers or investors in credit. The forum featured a keynote address by Lawrence H. Summers, former director of the National Economic Council for President Obama; a report on the findings from an in-depth survey–commissioned by Ropes & Gray and co-produced with Debtwire–of 100 credit fund managers in the U.S. and U.K.; and panels on tax and fund structuring, regulatory challenges, and transactional approaches. Email CreditFunds@ropesgray.com to request a copy of the report, which will be available on Tuesday, May 22.
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