As Winston & Strawn has detailed in earlier articles and alerts, the Trump administration has prioritized addressing “politicized or unlawful debanking” (i.e., when financial institutions close or refuse to open customer accounts based on a customer’s political affiliation, religion, or involvement in legal but politically disfavored industries), using executive orders, agency bulletins, and internal investigative probes to tackle the subject. The administration’s actions are starting to produce measurable results.

In this episode of Cari’s Legal Exchange, join Cari Stinebower and Tony Busch as they break down the BIS Affiliates Rule—one of the most significant shifts in U.S. export controls.

On November 26, 2025, the sovereign wealth fund, Abu Dhabi Investment Council (ADIC), filed a lawsuit in the Chancery Court of Delaware against Energy & Minerals Group LP and several affiliate private investment funds (collectively EMG). The complaint seeks a preliminary injunction to stop the sale of an EMG portfolio company, Ascent Resources LLC, to a continuation vehicle that is also managed by EMG in a so-called “GP-led secondary” transaction. ADIC alleges that by selling to a continuation fund, EMG is engaging in self-dealing in breach of its fiduciary duties as manager of the selling private investment fund, in which ADIC is also a limited partner.