Law360 names Firm “Practice Group of the Year” for International Trade and Bankruptcy 2023
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Law360 has named global law firm White & Case LLP Practice Group of the Year for both the International Trade and Bankruptcy categories. The annual awards select winners for their "landmark matters" and "general excellence."
This marks the second year in a row and third time overall the International Trade group has received this honor. Some of the Firm's 2023 landmark matters and deals include representing:
- Louis Dreyfus Company Sucos (LDC), a leading merchant and processor of agricultural goods, in the antidumping duty investigation of lemon juice from Brazil. LDC was the only exporter to receive a zero percent dumping margin in the investigation and is not subject to the antidumping duty order. As a result, LDC is the only Brazilian exporter that can sell in the US without antidumping duties.
- Kraken, a major cryptocurrency exchange, in voluntary self-disclosure proceedings before OFAC regarding the apparent violations of Iran sanctions relating to transactions conducted by users who appeared to be in Iran based on IP address information. White & Case negotiated a US$362,158 settlement; the maximum civil monetary penalty was more than US$270 million.
Highlights from the Firm's Financial Restructuring and Insolvency team in 2023 include, among others, representing:
- Boy Scouts of America (BSA) in a three-year restructuring that culminated in the largest settlement of sexual abuse claims in US history, establishing a trust of US$2.5 billion plus insurance rights worth at least US$4 billion. BSA's chapter 11 is the first such reorganization by a nonprofit chartered under Title 36 of the United States Code. Since emerging from bankruptcy in April 2023, BSA has obtained more than US$49 million in committed charitable donations and implemented robust supplemental youth-protection measures.
- The Official Committee of Unsecured Creditors in the chapter 11 case of Celsius Network, the first reorganization of a major cryptocurrency company. The Firm acted as fiduciary for 600,000 account holders who transferred more than US$5 billion to Celsius accounts before its bankruptcy filing. The reorganization plan, accepted by account holders with 96 percent in amount of claims voting, will distribute more than US$2 billion in liquid cryptocurrency to creditors.
Law360 will publish profiles on each practice in the coming weeks.