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☆ Twitter, now X, threatens suit against nonprofit studying hate speech and misinformation
▼ + stars: | 2023-07-31 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

Elon Musk's latest legal adversary: a nonprofit that studies hate speech and misinformation on social media. On July 20, X Corp., formerly known as Twitter, sent a letter to the Center for Countering Digital Hate, or CCDH, threatening to sue the British research nonprofit. The letter follows CCDH research published in June, which studied the propagation of hate speech on the social media platform since Musk's buyout. Other CCDH research found that the social media company failed to act on 89% of anti-Jewish hate speech and 97% of anti-Muslim hate speech on the platform. The letter from X Corp. to CCDH is one of a handful of legal threats or actions by the company in recent months.

Persons: Elon Musk's, CCDH, Musk, Imran Ahmed, Elon Musk, Ahmed, Satya Nadella, Wachtell, Lipton, Katz Organizations: X Corp, Twitter, Center, Meta, Rosen

☆ Pacific Seabed Mining Delayed as International Agency Finalizes Rules
▼ + stars: | 2023-07-23 | by ( Eric Lipton | More About Eric Lipton | ) www.nytimes.com time to read: +1 min

The effort to postpone the start has been led by nations including Costa Rica, Chile and France. The three nations urged other countries that are members of the Seabed Authority’s governing council to agree that no permit authorizing mining in international waters should be granted until regulations are finalized. “We are on the side of the ocean,” said Gina Guillén Grillo, Costa Rica’s representative to the Seabed Authority who has helped lead the opposition to seabed mining. While the Seabed Authority continues its work to determine environmental standards, as well as a royalty rate that will be paid by the mining contractors, among other matters, the Metals Company will continue to lobby other nations, Mr. Barron said. The Metals Company and Nauru, along with the delegation from China, which also has been aggressively pursuing seabed mining, pushed unsuccessfully at last week’s meeting for the Seabed Authority to set a goal of finalizing the regulations by 2024.

Persons: ”, Gina Guillén Grillo, Costa, ” Gerard Barron, Barron, Mr Organizations: Metals, Metals Company, The Metals Company Locations: Costa Rica, Chile, France, Nauru, Indonesia, Congo, China

☆ Salesforce hires activist lawyer from Wachtell, Lipton as legal chief
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Salesforce (CRM.N) appointed Wachtell, Lipton's Sabastian Niles as its chief legal officer on Monday, months after the leading activist lawyer helped defend the business software provider against several hedge funds that had called for changes at the company. "I'm thrilled to welcome Sabastian to Salesforce as part of our world-class management team," CEO Marc Benioff said. Wachtell, Lipton, Rosen & Katz is a major law firm sought out by corporate America to handle merger deals as well as activist investment firms' push for changes. Niles spent nearly 17 years at the law firm, where he began his career as a summer associate after earning his law degree from Harvard, rising to become a partner. Niles was part of the team at Wachtell when it advised Salesforce after Starboard Value, ValueAct and Elliott Investment Management pressured it for making key changes earlier this year.

Persons: Wachtell, Lipton's Sabastian Niles, I'm, Marc Benioff, Lipton, Katz, Niles, Bill Ackman's, Jeffrey Ubben, Mason Morfit's, Salesforce, Svea Herbst, Bayliss, Yuvraj Malik, Vinay Dwivedi Organizations: Rosen, Harvard, Bill Ackman's Pershing, Capital Management, Elliott Investment Management, Svea, Thomson Locations: Salesforce, America, Wachtell, New York, Bengaluru

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

☆ Heineken, Unilever and Oreo maker Mondelez accused of breaking promises to leave Russia
▼ + stars: | 2023-07-10 | by ( Matt Egan | ) edition.cnn.com time to read: +9 min

It’s shameful and unethical.”Sonnenfeld, who has testified before Congress about companies leaving Russia, is not accusing these corporations of breaking the law. ‘Implied endorsement of the Putin regime’The “poster child” for this problem is the popular Dutch brewing giant Heineken, Sonnenfeld said. In March 2022, just one month after the invasion of Ukraine, Heineken won praise for promising to leave Russia. “We expect a significant financial loss to the Heineken company. The Yale research said Mondelez shows “no tangible signs of progress towards exiting” and continues to do business in Russia.

Persons: Vladimir Putin, Jeff Sonnenfeld, Philip Morris, ” Sonnenfeld, “, ”, ‘, Putin, Sonnenfeld, Steven Tian, ExxonMobil –, ” Heineken, ” Mondelez, Mondelez, That’s, Lipton, Mark Dixon, Nestle, Kit Kat, Purina, Sbarro, Carl’s Jr, Carl’s, Yale, Tim Calkins, Calkins Organizations: New York CNN Business, Yale, Heineken, Unilever, CNN, ”, Institute . Yale, BP, ExxonMobil, Nabisco, Kyiv School of Economics, Agency, Nestle, WeWork, Mondelez, McDonald’s, Starbucks, Restaurants Holdings, CKE, Northwestern University’s Kellogg School of Management Locations: Russia, Ukraine, Moscow, Russian, ”, American, South Africa

☆ Twitter was hit with a massive $90 million legal fee that Elon Musk is now trying to fight in court. A former Twitter director saw the bill and responded, 'O My Freaking God,' court documents show.
▼ + stars: | 2023-07-08 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Twitter previously hired a law firm to force Elon Musk to complete the buyout of the company. The law firm, Wachtell, Lipton, Rosen & Katz, hit Twitter with a $90 million bill for its services. According to the suit, $84 million was wired to the law firm minutes before the deal closed. On Twitter, Musk accused Wachtell of specializing "in institutionalized corruption." Since he acquired the company, Musk has refused to pay expenses for some former employees, rent for the company's offices, and, previously, invoices for Google Cloud services.

Persons: Elon Musk, Wachtell, Lipton, Katz, Musk, Martha Lane Fox, Sean Edgett, Lane Fox Organizations: Twitter, Rosen, X Corp, Elon, San, Google Locations: San Francisco County

The complaint by Musk's X Corp, which owns Twitter, was filed on Wednesday in the California Superior Court in San Francisco. Musk accused Wachtell of exploiting Twitter by accepting, in the final days before the Oct. 27, 2022, buyout closed, huge "success" fees doled out by departing Twitter executives who were grateful that Musk would be forced to close. "Wachtell arranged to effectively line its pockets with funds from the company cash register while the keys were being handed over" to Musk, the complaint said. Musk wants to recoup "excess" fees that Wachtell charged under an agreement signed on the day of closing by one of its partners and Twitter's chief legal officer Vijaya Gadde. The case is X Corp v Wachtell, Lipton, Rosen & Katz, California Superior Court, County of San Francisco, No.

Persons: Elon Musk, Wachtell, Lipton, Katz, Musk, Vijaya Gadde, Martha Lane Fox, Sean Edgett, Mark Zuckerberg's, Carl Icahn, Icahn, Jonathan Stempel, Marguerita Choy Organizations: Rosen, Twitter, Musk's X Corp, California Superior Court, Tesla Inc, SpaceX, Fox, CVR Energy, X Corp, Thomson Locations: California, San Francisco, Delaware, Katz , California, Court, County, New York

Twitter’s parent company sued a leading corporate law firm on Friday for what it said were unjust payments related to Elon Musk’s $44 billion acquisition of the social media company last year. A $90 million payment that Twitter made to Wachtell, Lipton, Rosen & Katz, a top mergers and acquisitions firm, amounted to “unjust enrichment” and should be paid back, according to the lawsuit, which the parent company, X Corp., filed in San Francisco Superior Court. The lawsuit said Wachtell Lipton took “funds from the company cash register while the keys were being handed over” to Mr. Musk, who owns X Corp.Twitter’s previous management hired Wachtell Lipton after Mr. Musk tried to terminate his agreement to acquire the company last year. He was unsuccessful, and the purchase closed in October.

Persons: Elon, Wachtell, Lipton, Katz, Wachtell Lipton, Musk Organizations: Elon Musk’s, Rosen, X Corp, San, San Francisco Superior Court Locations: San Francisco, ”

☆ Elon Musk's Twitter sues top law firm Wachtell over $90 million fee for work under prior ownership
▼ + stars: | 2023-07-07 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Attorneys for Elon Musk filed suit this week against the law firm that represented Twitter when Musk was trying to take the company private last year, claiming the firm charged too much for its work. The lawsuit says Wachtell, Lipton, Rosen, and Katz, which was Twitter's firm prior to Musk's acquisition, racked up a $90 million "last minute" legal bill. Wachtell represented Twitter after Musk reneged on his initial offer to take Twitter private for $44 billion. The law firm helped close the deal in November 2022, and was paid that $90 million fee for its work securing the transaction, which was tendered at a significant premium to Twitter's public market valuation. Twitter sued Musk for not honoring his commitment to the company's shareholders, and Musk eventually relented, purchasing Twitter at the agreed upon price.

Persons: Elon Musk, Musk, Wachtell, Lipton, Rosen, Katz, Reid Collins, Tsai, It's, Ben Roth, — CNBC's Lora Kolodny Organizations: Tesla Inc, Elon, Twitter, X Corp, San Francisco, Google, Rosen Locations: San Francisco , California, Austin , Texas, Delaware, California, San Francisco

☆ Trump Real Estate Deal in Oman Underscores Ethics Concerns
▼ + stars: | 2023-06-20 | by ( Eric Lipton | ) www.nytimes.com time to read: +1 min

“It’s too hot — too hot,” said Mathan Mp, 38, who is from Tamil Nadu, the southernmost state of India, said as he took a break from supervising dozens of workers at the project site. Executives at DarGlobal, Dar Al Arkan and the Trump Organization declined to comment. The few remaining residents do not know a great deal about Mr. Trump, having only a general impression of him as a rich businessman and politician. “Trump — he is your king from America,” Mr. Talbi said, after inviting a visitor to his village inside to an air-conditioned room to sit on the floor and share a pot of tea. “Welcome to Oman.”

Persons: “, ”, Dar Al Arkan, Trump, Htim Talbi, “ Trump, ” Mr, Talbi Organizations: Mathan, Trump Organization, Trump, Mr Locations: Tamil Nadu, India, DarGlobal, Yiti, America, Oman

Adenza was created in 2021 when Thoma Bravo merged Calypso Technologies with AxiomSL and is expected to generate about $590 million in revenue this year. As part of the Adenza deal, Thoma Bravo will get a 14.9% stake in Nasdaq, making the private equity firm one of the company's biggest shareholders. Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. Goldman Sachs & Co and J.P. Morgan Securities are financial advisers to Nasdaq, while Qatalyst Partners is lead financial advisor to Thoma Bravo and Adenza. Wachtell, Lipton, Rosen & Katz is serving as legal adviser to Nasdaq, while Kirkland & Ellis is serving as legal adviser to Thoma Bravo and Adenza.

Persons: Thoma, Adena Friedman, Morningstar, Michael Miller, Friedman, Adenza, Andrew Bond, Holden Spaht, Thoma Bravo's Spaht, Goldman Sachs, Wachtell, Lipton, Katz, Ellis, Manya Saini, Anirban Sen, John McCrank, David French, Milana, Michelle Price, Sruthi Shankar, Nivedita Bhattacharjee, Nick Zieminski, Lisa Shumaker Organizations: Thoma Bravo, Nasdaq Nasdaq, Nasdaq, Calypso Technologies, REUTERS, OMX, International Securities Exchange, Rosenblatt Securities, Solutions, Goldman Sachs & Co, Morgan Securities, Qatalyst, Rosen, Kirkland, Adenza, Thomson Locations: New York City, U.S, Adenza, Bengaluru, New York, Washington

☆ Through Ties to Saudis, Golf Deal Promises Benefits to Trump
▼ + stars: | 2023-06-06 | by ( Eric Lipton | ) www.nytimes.com time to read: +1 min

The surprising deal on Tuesday ending a civil war in the world of professional golf stands to produce benefits for former President Donald J. Trump’s family business by increasing the prospect of major tournaments continuing to be played at Trump-owned courses in the United States and perhaps abroad. The outcome is the latest example of how the close relationship between Mr. Trump, the front-runner for the 2024 Republican presidential nomination, and Saudi Arabia, whose sovereign wealth fund is the force behind the upheaval in the golf world, has proved beneficial to both sides even as it has prompted intense ethical scrutiny and political criticism. Even as it has injected new money and competition into professional golf, Saudi Arabia has been accused of using its wealth to buff its global reputation and obscure its human rights record through sports. That campaign now seems to have yielded business opportunities and a higher profile in the golf world for Mr. Trump as he seeks another term in the White House. Since the establishment of LIV Golf, the Saudi-funded breakaway professional golf circuit, Mr. Trump and his family have aligned themselves with LIV against the PGA Tour at a time when the golf establishment in the United States and Britain had moved to shut Trump courses out of major professional competitions, a trophy that the Trump family had long sought.

Persons: Donald J, Trump, LIV Golf, LIV Organizations: Trump, Mr, PGA Locations: United States, Saudi Arabia, Saudi, Britain

After two years of sniping, lawsuits and ill will, the major men’s golf tours agreed to merge on Tuesday. The PGA Tour, which runs golf in North America; the PGA European Tour, which is known as the DP World Tour and holds events in much of the rest of the world; and the upstart LIV Tour agreed to merge their operations. The Saudi sovereign wealth fund, which spent billions to launch the LIV Tour, will invest in the new company, and the governor of that fund will become its chairman. The LIV Tour started last year and offered big-name players from the other tours huge sums to jump ship. Many players and officials of the PGA Tour were sharply critical of LIV, both for dividing the golf world and for associating with the Saudi government and its poor human rights record.

Persons: Dustin Johnson, Bryson DeChambeau, Brooks Koepka, Patrick Reed, Cameron Smith, Phil Mickelson, Tiger Woods, Rory McIlroy, LIV, ” Organizations: PGA European, LIV, PGA Locations: North America, Saudi

☆ Start-Ups Bring Silicon Valley Ethos to a Lumbering Military-Industrial Complex
▼ + stars: | 2023-05-21 | by ( Eric Lipton | ) www.nytimes.com time to read: +2 min

While waiting for a decision by the Pentagon, the company recently moved to lay off some employees. Mr. Roper, the former Air Force procurement boss, said another problem is the Defense Department’s historical insistence on creating its own solutions to problems instead of buying new technologies from commercial firms. He noted that artificial intelligence, for example, still has not been integrated into Air Force flight operations beyond some basic experiments. Mr. Austin, the defense secretary, recently announced that the Defense Innovation Unit will report directly to him, supervised by a new recruit from Apple. But for each success, there are many other tech start-ups struggling to pay bills as they wait for the Pentagon to make a purchase decision.

☆ Clarence Thomas' wife Ginni was paid nearly $100,000 for 'consulting' by a nonprofit that ended up filing an amicus brief to the Supreme Court: report
▼ + stars: | 2023-05-05 | by ( Erin Snodgrass | Matthew Loh | ) www.businessinsider.com time to read: +3 min

A conservative activist helped Ginni Thomas rake in nearly $100,000 for consulting, The Washington Post reported. Conservative lawyer Leonard Leo reportedly ensured Ginni Thomas' name was kept off the paperwork. Leo's nonprofit filed an amicus brief before the Supreme Court that same year. Ginni Thomas has previously courted controversy with her public, pro-Trump activities, and other conservative activism. Neither Ginni Thomas, nor a representative for the Supreme Court immediately responded to Insider's request for comment.

☆ Living and Breathing on the Front Line of a Toxic Chemical Zone
▼ + stars: | 2023-05-05 | by ( Eric Lipton | ) www.nytimes.com time to read: +1 min

Juan López had just returned home from his job supervising the cleaning of giant tanks that hold toxic chemicals produced along the Houston Ship Channel, one of the largest petrochemical complexes in the world. He was ready to sit down to dinner with his wife, Pamela López, and their four school-age children at their small house across the highway from the plants. “I make good money where I’m at,” he said. “But I always felt like it was only me that was getting exposed, because I am working in the tanks with the chemicals. When the smell comes, all we can really do is try to keep everyone inside.

NEW YORK, May 4 (Reuters) - The practice of short selling is coming under increased scrutiny as shares of regional banks remain under pressure, with some calls for more regulatory oversight of the practice. Short sellers, who borrow shares they expect to fall and hope to repay the loan for less later to pocket the difference, have profited from the banking crisis. During the financial crisis, short selling was temporarily banned in the U.S., although a New York Federal Reserve review later showed the curb did not achieve the intended effect. The SEC declined to comment on Thursday when asked if it should impose a short selling ban. While some market participants criticized the practice, others, like non-profit group Better Markets, said short sellers warned markets about the challenges regional banks were facing.

☆ A new sign of panic in the US banking industry: Law firm Wachtell Lipton calls on SEC to crack down on short selling of bank stocks.
▼ + stars: | 2023-05-04 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +3 min

Influential law firm Wachtell Lipton says the SEC needs to respond by stopping bets against bank stocks in the form of short sales. Read the law firm's memo here. On Thursday, the law firm Wachtell Lipton sent a memo to clients asking the Securities and Exchange Commission to crack down on the short selling of bank stocks. Calls for limits on short selling can be seen as a sign of stress in the financial system. Other longer-term solutions may include reinstitution of the traditional up-tick rule, and aggressive enforcement combating abusive short sales, market manipulation and groups acting in concert.

Investors are using provisions in Delaware corporate law to demand internal Fox records to investigate how Fox's leaders acted as its Fox News network aired segments on Trump's false claims that he lost the 2020 presidential election due to voter fraud, two sources confirmed. In moves not previously reported, shareholders are looking for records such as board minutes, emails and texts that may contain evidence that Fox directors and executives were derelict by allowing the network to air the false claims. It was not clear how many Fox shareholders are pursuing information demands. Fox has argued that Dominion's case falls short of proving actual malice and its damages request is "untethered from reality." If Fox prevails in the Dominion case, the shareholders' cases would not be as strong, said Ann Lipton, a professor at Tulane University Law School.

Former President Donald J. Trump provided the first look at his post-presidency business dealings on Friday with a new personal financial disclosure. Though light on specifics, the documents filed with the Federal Election Commission revealed lower-than-expected values on his social media company, two additional hefty bank loans and a new income stream for former first lady Melania Trump. The former president filed his disclosure after requesting multiple extensions. The financial disclosure shows cumulative income from January 2021 to Dec. 15, 2022, as required by the Federal Election Commission, and the value of assets as of December 2022, according to a person familiar with the documents. Trump’s social media company takes a valuation hitThe disclosure valued the parent company of Truth Social, the former president’s social media platform and personal megaphone, at between $5 million and $25 million.

April 12 (Reuters) - A U.S. judge on Tuesday approved a $75 million settlement between Smithfield Foods Inc and a class of consumers who accused the pork producer of conspiring to restrict supply in order to keep prices artificially high. Pork consumers last year settled with Smithfield rival JBS SA for $20 million. The judge in a separate order on Tuesday awarded nearly $25 million in legal fees to the plaintiffs firms representing the consumer class. The consumer class attorneys said in a court filing in January that they'd spent more than 37,000 hours pursuing antitrust claims over four years. The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No.

April 7 (Reuters) - The federal judge who on Friday suspended approval of the abortion pill mifepristone is a former Christian legal activist whose small courthouse in Amarillo, Texas, has become a go-to destination for conservatives challenging Biden administration policies. U.S. District Judge Matthew Kacsmaryk, an appointee of former Republican President Donald Trump, had a long track record of opposing abortion and LGBTQ rights before the U.S. Senate confirmed him in 2019 to a life-tenured position as a federal judge. FAVORED VENUESince then, his courthouse has become a favored venue for conservative legal activists and Republican state attorneys general pursuing lawsuits seeking to halt aspects of Democratic President Joe Biden's agenda - often with success. In October, Kacsmaryk vacated Biden administration guidance requiring employers to allow transgender workers to dress and use bathrooms consistent with their gender identities. Reporting by Nate Raymond in Boston, Editing by Alexia Garamfalvi, Bill Berkrot and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Pool via REUTERSApril 8 (Reuters) - The federal judge who on Friday suspended approval of the abortion pill mifepristone is a former Christian legal activist whose small courthouse in Amarillo, Texas, has become a go-to destination for conservatives challenging Biden administration policies. U.S. District Judge Matthew Kacsmaryk, an appointee of former Republican President Donald Trump, had a long track record of opposing abortion and LGBTQ rights before the U.S. Senate confirmed him in 2019 to a life-tenured position as a federal judge. When anti-abortion groups in November filed a lawsuit challenging the U.S. Food and Drug Administration's more than two-decade old approval of the abortion pill mifepristone, they filed in Amarillo, guaranteeing the case would be heard by Kacsmaryk. FAVORED VENUESince then, his courthouse has become a favored venue for conservative legal activists and Republican state attorneys general pursuing lawsuits seeking to halt aspects of Democratic President Joe Biden's agenda - often with success. While the district's chief judge could order cases be reallocated, he has not.

And that has the impact of postponing some announcements," said Anu Aiyengar, global head of M&A at JPMorgan Chase & Co (JPM.N). M&A volumes dropped 44% to $282.7 billion in the U.S. and 70% to $81.87 billion in Europe. Reuters Graphics"Having a well-functioning financing market is a critical ingredient for M&A. Global M&A volumes in Q1 2023LACK OF CONFIDENCEThe depressed market valuations also presented an opportunity for prominent activist investors to launch new proxy fights, with dealmakers anticipating a boost to M&A volumes from activist campaigns in the coming quarters. "Inflationary pressures aren't subsiding as fast as people expected; there's still a lot of geopolitical tensions, and in a lot of ways, the disruption in the financing market is intensifying," Langston said.

☆ Bath & Body Works adds director, Third Point backs off proxy fight
▼ + stars: | 2023-03-06 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

[1/2] Shoppers wait in line outside a Bath and Body Works retail store in Brooklyn, New York, U.S., December 8, 2020. REUTERS/Brendan McDermid/File PhotoNEW YORK, March 6 (Reuters) - Bath & Body Works Inc (BBWI.N) on Monday named veteran financial executive and board member Thomas Kuhn as a new director, ending a potential challenge from billionaire investor Daniel Loeb's hedge fund Third Point. "Tom’s 35 year history as a respected financial and legal advisor, including working with consumer companies, will bring an important perspective to Bath & Body Works as it focuses on its key strategic initiatives to maximize shareholder value," Bath & Body Works board chair Sarah Nash said in a statement. Bath & Body Works, which is valued at roughly $10 billion, has been operating as a standalone company since 2021. At Bath & Body Works the company was advised by law firm Wachtell Lipton Rosen & Katz, financial services company J.P. Morgan Chase & Co, proxy solicitor Innisfree M&A Inc and public relations firm Joele Frank.

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