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The private credit market is navigating a complex environment, one in which artificial intelligence (AI) is emerging as a potentially transformative force in how private credit transactions are sourced, evaluated, documented and managed throughout the investment lifecycle. The increased focus on AI coincides with continued growth across the private credit industry, driven by demand for non-bank financing solutions and the deepening sophistication of private debt platforms. Geopolitical and economic dynamics have reinforced the importance of disciplined underwriting, particularly with respect to highly leveraged issuers facing margin compression and refinancing pressure. Meanwhile, deal flow has been uneven, documentation terms are showing early signs of recalibration in favor of lenders, and market participants are balancing substantial available capital against heightened concerns regarding credit quality and enterprise valuations. As these market dynamics intensify, AI adoption is accelerating across the private credit landscape, raising important legal, regulatory, and risk-management considerations for lenders, sponsors and borrowers alike.

Katten represented Mylan Pharmaceuticals Inc. in winning a judgment against Actelion Pharmaceuticals Ltd. in significant patent litigation over its epoprostenol formulation patents.

In a precedential decision issued on May 13, the US Court of Appeals for the Federal Circuit affirmed the Northern District of West Virginia's ruling that Mylan's proposed generic epoprostenol product doesn’t infringe Actelion's asserted patents relating to formulations of epoprostenol, the active ingredient in Actelion's Veletri® product. The decision, Actelion Pharmaceuticals Ltd v. Mylan Pharmaceuticals Inc., No. 2024-1641, caps a second successful win at the Federal Circuit for Mylan, following the court's 2023 decision vacating an earlier judgment and remanding for further consideration of extrinsic evidence.

Katten will present its 2026 Crypto with Katten Annual Symposium at 4:30 p.m. on Wednesday, June 3. The program will include regulators and leading industry voices examining the evolving legal landscape for blockchain and digital assets, and will explore current regulatory and enforcement priorities, tokenization, and other critical developments impacting the industry.

On April 20, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC, and together with the SEC, the “Agencies”) proposed a comprehensive overhaul of Form PF. Form PF is the confidential reporting form through which covered private fund advisers report portfolio exposures and risk information to the SEC and, if also registered as commodity pool operators or commodity trading advisers, to the CFTC (the “Proposed Form PF Changes”).

The Federal Trade Commission (FTC) has published an Advanced Notice of Proposed Rulemaking (ANPRM) seeking public comment on the attached proposed rule regarding what the FTC characterizes as unfair or deceptive rental housing fee practices. Such a rule could result in significant new risks and costs, and also create operational inconsistencies that may impact the ability to finance and operate all types of rental housing (including affordable housing where special issues may arise to comply with the rule, as well as state and federal housing subsidy programs).