Wake Up Call: Cravath, HSF Advise in $48 Billion Tobacco Offer

• British American Tobacco said it has offered to buy the 57.8 percent of Reynolds American that it does not already own. Cravath Swaine & Moore and Herbert Smith Freehills are advising in the deal worth $47 billion. (New York Times DealBook/The Lawyer)

• The National Credit Union Administration, a U.S. regulatory agency, said it paid two law firms, Kellogg Huber and Korein Tillery, over $1 billion for helping it go after the world’s biggest banks in cases linked to the subprime mortgage collapse. (Am Law Daily)

• King & Wood Mallesons filed a claim in the U.K.'s High Court against ...