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
Economic Sanctions and Anti-Money Laundering Developments: 2020 Year in Review
See Also
- Economic Sanctions & AML
- Financial Institutions
- Litigation
- H. Christopher Boehning
- Jessica S. Carey
- Christopher D. Frey
- Michael E. Gertzman
- Roberto J. Gonzalez
- Brad S. Karp
- Xiaoyu Greg Liu
- Mark F. Mendelsohn
- Richard S. Elliott
- Rachel Fiorill
- Robyn E. Bernstein
- Theodore M. Galanakis
- Jennifer Gilbert
- Aaron E. Haier
- Leah Hibbler
- Carly Lagrotteria
- Mariah N. Rivera
- Jacobus J. Schutte
- Katherine S. Stewart
- Anand Sithian
- Jake E. Struebing
- Sylvia Sui
- Joshua R. Thompson
- Andrew H. Trinker
- Apeksha S. Vora
- Courtney Wiesner
- Braeshaun Dozier
- Emily M. Glavin
In this annual review, we survey U.S. economic sanctions and anti-money laundering regulatory and enforcement developments in 2020 and provide an outlook for the year ahead under the new administration.
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Brad Karp, Roberto Gonzalez and Hilary Oran Co-Author Law360 Article on CFPB Policy Shift Regarding Abusive Acts
Firm Chairman Brad Karp, litigation partner Roberto Gonzalez and litigation associate Hilary Oran co-authored an article, “What CFPB Policy Shift Means For Scrutiny Of Abusive Acts,” that appeared in Law360.
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Signature Bank Wins Dismissal of Paycheck Protection Program Class Action
See Also
Paul, Weiss secured the dismissal with prejudice of a putative class action against Signature Bank seeking to recover “agent fees” for Paycheck Protection Program (PPP) loans under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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Morgan Stanley Wins Dismissal of Class Action Concerning U.S. Treasury Securities Trading
Paul, Weiss achieved a major victory for Morgan Stanley when District Judge Paul G. Gardephe of the Southern District of New York dismissed a class action against several financial institutions that participate in the auction and trading of securities issued by the U.S. Treasury.
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The OCC Issues Guidance Confirming that National Banks and Federal Savings Associations May Hold Reserves for Certain Stablecoins
U.S. banks and federal savings associations may accept deposits that serve as reserves for stablecoin backed on a 1:1 basis by a single fiat currency in a hosted wallet.
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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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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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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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Anti-Spoofing Enforcement: 2019 Year in Review
2019 marked another unprecedented year in civil and criminal anti-spoofing enforcement.
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OCC Takes Unprecedented Enforcement Actions Against Eight Former Wells Fargo Executives, Including the Former Chairman & CEO, Head of the Bank, General Counsel, and Risk and Audit Executives
As the latest chapter in the aftermath of the Wells Fargo fake accounts scandal, the OCC announced enforcement actions against eight former Wells Fargo executives for their roles in the bank’s “systemic sales practices misconduct.”
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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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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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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.”
» moreAwards & Recognition
Susanna Buergel and Elizabeth Sacksteder Named Notable Women in Law by Crain’s New York Business
Litigation partners Susanna Buergel and Liz Sacksteder were recognized by Crain’s New York Business as 2019 “Notable Women in Law.”
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