Take a look at some of Cadwalader’s recent Clients & Friends Memos covering two high-impact developments on both sides of the Atlantic: a new Executive Order from President Trump targeting state-level climate change policies, and a closely watched UK Supreme Court case that could reshape how broker commissions are handled in consumer lending.

President Trump’s Executive Order on State Climate Change Policies 

Peter Malyshev has authored a Clients & Friends memo which discusses the following:

On April 8, 2025, President Trump issued an executive order to protect “American Energy from State Overreach.” The Order states that it is necessitated because certain States promulgated “climate change” policies and requirements that are burdensome for American energy producers and consumers.

Read more here. 

Broker Deal Commissions: UK Supreme Court Hears Appeal in Johnson, Wrench, Hopcraft v Close Bros. and FirstRand

Tom Grodecki, Bevis Metcalf, Alix Prentice and Suzanne Bell have authored a Clients & Friends Memo which discusses the following:

The UK Supreme Court has heard the final appeal in the Johnson, Wrench and Hopcraft test cases. At issue is the surprising finding by the UK Court of Appeal that dealer brokers (in this case car dealerships acting as both seller and credit broker) owe fiduciary duties to their customers, such that payment of commission from lender to broker introduces a conflict of interest that must be brought to the borrower’s attention in the clearest terms.  The Court of Appeal found that lenders could otherwise be liable to the customer for the full sum of the commission paid to the broker, without discount to reflect the customer/borrower’s actual loss.  The case is of significant importance to the consumer lending market, lenders to HNW individuals, and to financial market participants more generally.

Read more here.