Transocean Ltd. disclosed Tuesday that the U.S. Department of Justice Antitrust Division was scrutinizing its plan to acquire rival Valaris Ltd. in an all-stock deal valued at about $5.8 billion, pausing the combination of two of the largest offshore drilling fleets into a $17 billion operator.
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WEDNESDAY, MAY 6, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

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Transocean's $5.8B Bid For Drilling Rival Valaris Draws DOJ Eye

By Bryan Koenig

Transocean Ltd. disclosed Tuesday that the U.S. Department of Justice Antitrust Division was scrutinizing its plan to acquire rival Valaris Ltd. in an all-stock deal valued at about $5.8 billion, pausing the combination of two of the largest offshore drilling fleets into a $17 billion operator.

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Native CDFI Says EPA Froze, Then Killed, $400M Grant

By Crystal Owens

Native CDFI Network Inc. is suing the United States for terminating a $400 million Greenhouse Gas Reduction Fund grant, saying the U.S. Environmental Protection Agency invoked "a potpourri of shifting reasons" for the cancellation before landing on the assertion its priorities had changed.

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EPA Says Clean Water Act Doesn't Impose PFAS Sludge Curbs

By Elaine Briseño

The U.S. Environmental Protection Agency told the D.C. Circuit Tuesday that the lower court rightly found farmers, who accused the agency of not regulating "forever chemicals" in sewage sludge, did not identify how the agency violated the Clean Water Act.

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LITIGATION

BlackRock, State Street Push To Trim Red State AGs' Suit

By Katryna Perera

BlackRock and State Street have further urged a Texas federal judge to trim down antitrust claims from Republican state attorneys general accusing the asset managers of driving up coal prices, arguing that the chain from their investment activity to retail electricity prices "stretches through multiple intervening markets and countless nonparties."

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Permits Will Lead To Red Snapper 'Overfishing,' Groups Say

By David Minsky

Federal permits exempting recreational anglers in Florida and three other southeastern states from annual red snapper catch limits will lead to "overfishing" in the South Atlantic, commercial fishing groups and businesses alleged in a lawsuit filed on Tuesday in D.C. federal court.

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DEALS

2 Firms Guiding Creation Of $7.7B Australian Gold Miner

By Al Barbarino

Mallesons-advised Regis Resources Ltd. and Vault Minerals Ltd., a fellow Australian gold producer represented by Corrs Chambers Westgarth, said Tuesday they will merge in an all-share deal, creating a top Australian producer with a roughly $7.7 billion market capitalization.

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PEOPLE

Ex-Sunrun Legal VP Joins Wilson Sonsini In San Francisco

By Adrian Cruz

Wilson Sonsini Goodrich & Rosati PC announced Tuesday that the former vice president of legal at solar energy company Sunrun has joined the firm's San Francisco office as an energy and climate solutions partner.

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EXPERT ANALYSIS

AI Data Center Boom May Spur Wave Of Toxic Tort Suits

Nascent litigation matters against data center operators, set against limited government regulation and a growing body of public health research, suggests we may be on the cusp of an era of mass toxic tort claims, with a liability framework firmly rooted in precedent from other industries, says Benjamin Heller at RFZ Law.

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Dutch Order Enforcing Award Tests Spain's Immunity Shield

The recently recorded enforcement award from The Hague District Court, allowing an investor to seize Spanish real estate in the Netherlands in satisfaction of an arbitration award, exposes the precise point at which International Centre for Settlement of Investment Disputes enforcement becomes coercive sovereign execution, says Josep Galvez at 4-5 Gray's Inn.

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LEGAL INDUSTRY

The 2026 Lawyer Satisfaction Survey: Make Your Voice Heard

How is your work-life balance? Are you content with your compensation and opportunities for advancement at work? Take the 2026 Law360 Lawyer Satisfaction Survey and share your thoughts.

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DOJ Atty Faces Possible Discipline Over DHS 'Lack Of Candor'

By Lauren Berg

A Rhode Island federal judge, whom the U.S. Department of Homeland Security criticized for releasing a noncitizen with an alleged overseas warrant for homicide, on Tuesday said she is referring an assistant U.S. attorney for disciplinary proceedings for not disclosing the warrant to her beforehand.

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Audio

Approach The Bench: Justice Bacon On School Accreditation

By Cara Bayles and Steven Trader

State high courts are responsible for regulating the legal profession in their jurisdictions, and so New Mexico Supreme Court Justice C. Shannon Bacon thinks it's only right that justices reevaluate the principles behind law school accreditation.

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Ga. Justices Sanction Asst. DA For AI Errors In Murder Case

By Lauren Berg

The Georgia Supreme Court on Tuesday sanctioned a Clayton County assistant district attorney for filing briefs that contained nonexistent case citations generated by artificial intelligence in a murder defendant's bid for a new trial, saying the prosecutor's misconduct has "sidetracked" the justices from delving into the merits of the appeal.

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Analysis

High Court Clarity On Subpoenas Creates Murky Path For AGs

By Carla Baranauckas

The U.S. Supreme Court's unanimous decision that the New Jersey Attorney General's Office infringed free speech by asking an anti-abortion nonprofit to release donor names gives nonprofits and companies more leverage for challenging subpoenas at the outset, although the question remains if and how attorneys general and other enforcers can ultimately obtain sought-after information following a constitutional affront.

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Brief

FCC Chair Carr Promotes 6 In Key Legal, Policy Roles

By Christopher Cole

The Federal Communications Commission's staff are playing musical chairs, and it means high-level promotions for a half-dozen legal aides of agency chief Brendan Carr.

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SEC Lifts NY Atty's Lifetime Practice Ban

By Katryna Perera

The U.S. Securities and Exchange Commission on Tuesday lifted a lifetime ban preventing a New York attorney from practicing before the agency, following an attempt to leverage a client's testimony before the SEC.

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LAW FIRMS IN TODAY'S NEWS

4 5 Gray's Inn Square

Buzbee Law Firm

Cooper & Kirk

Corrs Chambers

Gibson Dunn

Jacobson & John

Law Office of Melanie Shapiro

Lowenstein Sandler

Sills Cummis

Steel Law Firm PC

Troutman

Vinson & Elkins

WilmerHale

Wilson Sonsini

COMPANIES IN TODAY'S NEWS

Achmea BV

Amazon.com Inc.

American Bar Association

Apple Inc.

Arch Resources Inc.

BlackRock Inc.

Citigroup Inc.

Eurus Energy America Corp.

Google LLC

Harvard University

International Centre for Settlement of Investment Disputes

Microsoft Corp.

National Association for the Advancement of Colored People

New York University

PG&E Corp.

Peabody Energy Corp.

Pew Research Center

Portland General Electric Co.

Smith & Wesson Brands Inc.

Spotify Technology SA

The Vanguard Group Inc.

Transocean Ltd.

Valaris

Whirlpool Corp.

GOVERNMENT AGENCIES IN TODAY'S NEWS

California Supreme Court

City and County of San Francisco, California

European Commission

European Union

Federal Bureau of Investigation

Federal Communications Commission

Georgia Supreme Court

Imperial County, California

National Marine Fisheries Service

New Jersey Attorney General's Office

New Jersey Supreme Court

U.S. Attorney's Office for the District of Rhode Island

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Fifth Circuit

U.S. Department of Homeland Security

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District Court for the District of Columbia

U.S. District Court for the District of Rhode Island

U.S. District Court for the Eastern District of Louisiana

U.S. District Court for the Eastern District of Missouri

U.S. District Court for the Eastern District of Texas

U.S. District Court for the Northern District of Mississippi

U.S. Environmental Protection Agency

U.S. Immigration and Customs Enforcement

U.S. Securities and Exchange Commission

U.S. Supreme Court

United States District Court for the Northern District of Ohio