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In the face of turmoil and uncertainty, the world's major financial institutions continue to choose our team to help them manage their business, litigation and reputational risks and thrive in the new economic and regulatory climate. To our clients we are much more than litigators - we are business partners who have a stake in their success.

Publications

New York DFS Issues Emergency Regulation on Mortgage Forbearance and Certain Fees in Response to COVID-19 Pandemic

Under an emergency regulation issued by the NY Department of Financial Services, DFS-regulated banking organizations and mortgage servicers must grant a 90-day forbearance on residential mortgage payments for New York residents who can demonstrate financial hardship due to the COVID-19 pandemic.

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Publications

New York DFS Grants Temporary Relief and Requires Regulated Entities to Submit Descriptions of COVID-19 Preparedness Plans

The N.Y. Department of Financial Services (DFS) has taken a number of recent steps in response to the COVID-19 pandemic, including granting temporary regulatory relief and filing extensions to regulated entities, and requiring such entities to make submissions regarding their COVID-19 preparedness plans.

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Publications

Gov. Cuomo Requires New York-Regulated Banks to Grant Forbearances in Light of the COVID-19 Pandemic and Issues Related Directives to NY DFS

N.Y. Gov. Andrew Cuomo has issued an executive order temporarily deeming the failure of a New York-regulated bank to grant a forbearance to an individual or business in certain circumstances an “unsafe and unsound” business practice. 

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Client News

Paul, Weiss Wins $1 Billion Judgment for Citi in Parmalat Litigation

Eleven years after Paul, Weiss litigation partners Ted Wells and Jack Baughman won a trial verdict for client Citigroup Inc. in New Jersey, Italy’s Supreme Court ruled on April 16 that the 2008 court award against failed Italian dairy giant Parmalat SpA is final and enforceable in Italy.

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Publications

SEC Issues Statement Highlighting Risks Regarding LIBOR Transition

On July 12, the SEC’s staff issued a statement (the “LIBOR Statement”) urging market participants to prepare for the transition away from the London Interbank Offered Rate (“LIBOR”) reference rate.

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Publications

New York DFS Creates New Cybersecurity Division

On May 22, 2019, the New York State Department of Financial Services (“DFS”) announced the creation of a new Cybersecurity Division, which it described as the “first of its kind at a banking or insurance regulator.” 

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