On August 5, 2026, the Securities and Exchange Commission announced its most recent step in its shift of enforcement priorities with the establishment of a new Financial Reporting and Accounting Unit.[1] According to the SEC’s press release, the Unit will operate within the Enforcement Division as a central resource for all SEC divisions pursuing financial reporting fraud as well as broader efforts.[2] This move is the latest in Chair Atkin’s efforts to “retur[n] the agency to its core mission of protecting investors; facilitating capital formation; and maintaining fair, orderly, and efficient markets.”[3] Commenting on the new unit’s launch, David Woodcock, Director of the Agency’s Enforcement Division, stated: Since my return to the Division, I have been assessing every aspect of our staffing to...

Patterson Belknap submitted an amicus brief that played a significant role in Justice Sonia Sotomayor's June 29, 2026 dissent in Trump v. Slaughter. The brief was filed on behalf of legal historians Noah A. Rosenblum and Nathaniel Donahue, arguing that the concepts "quasi-legislative" and "quasi-judicial" as used in Humphrey's Executor had long histories in American law and provide workable definitions to guide the Court's review of congressional limitations.  In the dissent, Justice Sotomayor, joined by Justices Elena Kagan and Ketanji Brown-Jackson, cited the brief extensively. Justice Sotomayor relied on the brief to explain that the concepts were well-established well before the Humphrey's decision, and were used by many political figures and by courts developing a “quasi-judicial” category for officers whose duties resembled a judge’s. To read the amicus brief, please...

Bankruptcy Code section 506(b) entitles an oversecured creditor to post-petition interest and reasonable fees and other charges. Are a creditor’s pre-petition charges also subject to a court’s view of what is reasonable? Courts are split on this issue. A judge in New York recently explained why, in his view, reasonableness is not the right standard for the pre-petition portion of a claim. Pre-petition charges should be determined by applicable state law and not a judge’s analysis of what is reasonable. In re 1300 Desert Willow Road, LLC, No. 25-11375, 2026 WL 2088511 (Bankr. S.D.N.Y. Jul. 20, 2026). The debtor is a single-asset real estate company. The creditor had loaned the debtor $20 million secured by a mortgage on real property. The debtor...

On August 13, 2026, Patterson Belknap secured a significant appellate victory for our client, Gilead Sciences, Inc. (“Gilead”), in a trademark lawsuit brought to stop the alleged illegal importation and sale in the United States of international, non-FDA-approved Gilead medicines. The Court of Appeals for the Fourth Circuit affirmed the district court’s issuance of a preliminary injunction against all defendants in the action, enjoining them from violating Gilead’s trademark rights by importing or facilitating the importation of these foreign medicines through illicit and potentially unsafe channels. The lawsuit was initially filed in the U.S. District Court for the District of Maryland in December 2024, after Gilead received a report from a concerned physician that a Maryland patient had received through the mail...

On July 16, 2026, the Securities and Exchange Commission announced a proposed rule to broaden many financial market participants’ use of electronic communications with investors and others who receive information pursuant to federal securities laws.[1]  Referred to as “Reg E-Delivery,” the new rule aims to help issuers and others who disseminate SEC-required information transition away from delivering paper documents, a communication method the Agency pointed out imposes “unnecessary costs and expenses” while “no longer reflect[ing] the preference of most investors.”[2] Commenting on the proposed rule, Chair Atkins stated: The world has changed dramatically since many of our rules were first adopted. But, all too often, our regulatory framework has remained static. … In an age of artificial intelligence and blockchain technology, a...

On July 16, 2026, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) proposed Regulation E-Delivery[i], a new regulatory framework that would permit covered entities to deliver required information to investors and other recipients electronically as the default method, without first obtaining affirmative consent. Comments on the proposal are due September 21, 2026, and the Commission proposes a two-year compliance period following any final rule adoption. In Part 1 of this series, we provided an overview of proposed Regulation E-Delivery and defined its key concepts, including covered entities, covered information, and covered recipients. In Part 2, we explained how electronic delivery would function under the proposed rule. In Part 3, we address the practical implications and the potential economic impact...

On Monday, September 14, Partner Clint Morrison will speak on a panel at Kisaco Research's 2026 Trade Secret Legal Protection North America Conference titled "Reverse Engineering and Trade Secret Misappropriation: Where Courts are Drawing the Line." Mr. Morrison will join Carl Alexander Dinges (Partner, Bonabry), Eda Stark (Global IP Transactions & Litigation Managing Counsel, Olympus), and Victoria Cundiff (Adjust Professor, University of Pennsylvania Carey Law School) to discuss when a reverse engineering defense may be helpful, and how recent decisions have brought the defense under the spotlight. To learn more, please click here.

On July 16, 2026, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) proposed Regulation E-Delivery[i], a new regulatory framework that would permit covered entities to deliver required information to investors and other recipients electronically as the default method, without first obtaining affirmative consent. In an accompanying statement, SEC Chairman Paul S. Atkins characterized the proposal as “an important step toward allowing the financial services industry to harness technology for the benefit of everyday American investors” and “another stride toward a regulatory framework suitable for the modern era.”[ii] Proposed Regulation E-Delivery would establish uniform conditions under which the federal securities laws’ information delivery requirements are satisfied by electronic delivery. The proposal would generally supersede the Commission’s 1995[iii] and 1996[iv] e-delivery...

Patterson Belknap Webb & Tyler is pleased to announce that the firm has been recognized by Chambers High Net Worth 2026 in the following practice areas: Art and Cultural Property Law – USA-Nationwide Private Wealth Law – New York Chambers is a leading independent professional legal research company, delivering detailed rankings and insights into the world’s top lawyers and law firms. Its research methodology includes detailed interviews with clients and peers and analysis of capabilities, achievement, and sector presence. The firm also received individual recognitions by Chambers in both practice areas: Anne-Laure Alléhaut is ranked in the Art and Cultural Property Law practice area in the USA. Michael Arlein is ranked in the Private Wealth Law practice area in New York. Comments regarding the firm in the Chambers High Net Worth...

On July 16, 2026, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) proposed Regulation E-Delivery[i], a new regulatory framework that would permit covered entities to deliver required information to investors and other recipients electronically as the default method, without first obtaining affirmative consent. In Part 1 of this 3-Part series, we provided an overview of proposed Regulation E-Delivery and defined its key concepts, including covered entities, covered information, and covered recipients. In this Part 2, we provide a high-level overview of how electronic delivery as proposed under Regulation E-Delivery is expected to function. In Part 3, we will address the practical implications Regulation E-Delivery is expected to have on covered entities. How Electronic Delivery is Expected to Work Electronic Address and...

On August 5, 2026, the Securities and Exchange Commission announced its most recent step in its shift of enforcement priorities with the establishment of a new Financial Reporting and Accounting Unit.[1] According to the SEC’s press release, the Unit will operate within the Enforcement Division as a central resource for all SEC divisions pursuing financial reporting fraud as well as broader efforts.[2] This move is the latest in Chair Atkin’s efforts to “retur[n] the agency to its core mission of protecting investors; facilitating capital formation; and maintaining fair, orderly, and efficient markets.”[3] Commenting on the new unit’s launch, David Woodcock, Director of the Agency’s Enforcement Division, stated: Since my return to the Division, I have been assessing every aspect of our staffing to...

Patterson Belknap submitted an amicus brief that played a significant role in Justice Sonia Sotomayor's June 29, 2026 dissent in Trump v. Slaughter. The brief was filed on behalf of legal historians Noah A. Rosenblum and Nathaniel Donahue, arguing that the concepts "quasi-legislative" and "quasi-judicial" as used in Humphrey's Executor had long histories in American law and provide workable definitions to guide the Court's review of congressional limitations.  In the dissent, Justice Sotomayor, joined by Justices Elena Kagan and Ketanji Brown-Jackson, cited the brief extensively. Justice Sotomayor relied on the brief to explain that the concepts were well-established well before the Humphrey's decision, and were used by many political figures and by courts developing a “quasi-judicial” category for officers whose duties resembled a judge’s. To read the amicus brief, please...

Bankruptcy Code section 506(b) entitles an oversecured creditor to post-petition interest and reasonable fees and other charges. Are a creditor’s pre-petition charges also subject to a court’s view of what is reasonable? Courts are split on this issue. A judge in New York recently explained why, in his view, reasonableness is not the right standard for the pre-petition portion of a claim. Pre-petition charges should be determined by applicable state law and not a judge’s analysis of what is reasonable. In re 1300 Desert Willow Road, LLC, No. 25-11375, 2026 WL 2088511 (Bankr. S.D.N.Y. Jul. 20, 2026). The debtor is a single-asset real estate company. The creditor had loaned the debtor $20 million secured by a mortgage on real property. The debtor...

On August 13, 2026, Patterson Belknap secured a significant appellate victory for our client, Gilead Sciences, Inc. (“Gilead”), in a trademark lawsuit brought to stop the alleged illegal importation and sale in the United States of international, non-FDA-approved Gilead medicines. The Court of Appeals for the Fourth Circuit affirmed the district court’s issuance of a preliminary injunction against all defendants in the action, enjoining them from violating Gilead’s trademark rights by importing or facilitating the importation of these foreign medicines through illicit and potentially unsafe channels. The lawsuit was initially filed in the U.S. District Court for the District of Maryland in December 2024, after Gilead received a report from a concerned physician that a Maryland patient had received through the mail...

On July 16, 2026, the Securities and Exchange Commission announced a proposed rule to broaden many financial market participants’ use of electronic communications with investors and others who receive information pursuant to federal securities laws.[1]  Referred to as “Reg E-Delivery,” the new rule aims to help issuers and others who disseminate SEC-required information transition away from delivering paper documents, a communication method the Agency pointed out imposes “unnecessary costs and expenses” while “no longer reflect[ing] the preference of most investors.”[2] Commenting on the proposed rule, Chair Atkins stated: The world has changed dramatically since many of our rules were first adopted. But, all too often, our regulatory framework has remained static. … In an age of artificial intelligence and blockchain technology, a...

On July 16, 2026, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) proposed Regulation E-Delivery[i], a new regulatory framework that would permit covered entities to deliver required information to investors and other recipients electronically as the default method, without first obtaining affirmative consent. Comments on the proposal are due September 21, 2026, and the Commission proposes a two-year compliance period following any final rule adoption. In Part 1 of this series, we provided an overview of proposed Regulation E-Delivery and defined its key concepts, including covered entities, covered information, and covered recipients. In Part 2, we explained how electronic delivery would function under the proposed rule. In Part 3, we address the practical implications and the potential economic impact...