🧩 An undisclosed friendship undoes a nearly $125M award
PLUS: Chime's bank holding company plans, IRS data sharing, GE's $11.75B supplier buyout...
September 9, 2026
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Welcome to Lookzy. In today's Lookzy:
The undisclosed friendship that helped undo a nearly $125M award
Chime's plan to become a bank holding company
The IRS address check that accepted arbitrary digits
How Amazon earns rights to buy Qualcomm shares
THE VERDICT
Arguing today's litigation news
The rest of the disclosure. Magistrate Judge Kathleen Kay disclosed that a lawyer's daughter clerked for her, but left out a nearly 40-year family friendship that included the lawyer serving as her groomsman. Kay went on to award the lawyer's client, IFG Port Holdings, nearly $125 million against the Lake Charles port. The Fifth Circuit upheld the decision to undo the referral to Kay, taking the award with it. The majority said the port had to know the extent of the friendship before judgment, rather than merely have enough information to discover it.
Checking the address. The IRS accepted arbitrary strings of five or nine digits as addresses when checking immigration investigators' requests for taxpayer information. The D.C. Circuit upheld a preliminary order stopping the data-sharing procedure and requiring notice to the court before further disclosures. The court found the challengers likely to succeed because Section 6103 requires actual taxpayer addresses and a relevant criminal-investigation justification, not just something entered in the fields. The IRS had already released 47,289 records under the procedure.
Flights feed hotels. Booking's proposed €1.63 billion purchase of flight-booking company ETraveli ran into a hotel problem: the EU General Court agreed that the deal could strengthen Booking's already dominant hotel-booking business. The ruling leaves the Commission's 2023 veto in place, although Booking can still appeal to the Court of Justice.
THE DEAL
Wheelin' and dealin' today's corporate news
Chime buys into banking. Chime plans to become a bank holding company by buying Central Service Corporation, the parent of its banking partner Stride, for $590 million in cash, subject to adjustments. Stride would become Chime Bank, N.A., with closing expected in the first half of 2027 pending OCC and Federal Reserve approvals. Chime plans to consolidate its banking activity at Stride while keeping the bank's assets below $10 billion for the foreseeable future.
Buying the shared supplier. GE Aerospace agreed to buy Consolidated Precision Products from Warburg Pincus and Berkshire Partners for $11.75 billion, bringing a supplier to both GE and rival engine maker Pratt & Whitney under GE's ownership. The deal is expected to close in the second half of 2027, subject to regulatory approvals and customary conditions. Paul Weiss is advising GE, while Cleary Gottlieb is advising CPP.
Amazon earns an option. Qualcomm disclosed a warrant allowing Amazon to buy up to 25 million Qualcomm shares at $161.26 each. Rights covering 3.75 million shares vested when the warrant was issued, based on initial purchase commitments. Amazon can earn the remaining rights in tranches tied to further commercial arrangements, binding purchase orders and actual purchases. Across the warrant's vesting schedule, qualifying payments could reach $60 billion.
BOILERPLATE
Dinh joins SullCrom. Sullivan & Cromwell hired former Fox chief legal and policy officer Viet Dinh as a partner in Los Angeles. An S&C spokesperson said Dinh will wind down Palanquin Advisors and move his clients to the firm.
Crenshaw joins Venable. Former SEC commissioner Caroline Crenshaw joined Venable as a partner in Washington, DC, focusing on securities and regulatory work.
Alright, back to billing. That's all, folks!
