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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.
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.
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.
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.
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.
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.
2019 marked another unprecedented year in civil and criminal anti-spoofing enforcement.
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.”
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.
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.
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.”
- Economic Sanctions & AML
- Financial Institutions
- Supreme Court & Appellate Litigation
- White Collar & Regulatory Defense
- H. Christopher Boehning
- Jessica S. Carey
- Michael E. Gertzman
- Roberto J. Gonzalez
- Brad S. Karp
- Richard S. Elliott
- Rachel Fiorill
- Karen R. King
- Emily V. Cox
- Udi Karklinsky
- Joseph P. Kolatch
- Sofia D. Martos
- Ethan R. Merel
- Jacobus J. Schutte
- Anand Sithian
- Katherine S. Stewart
This memo surveys economic sanctions and AML developments and trends in 2018 and provides an outlook for the year ahead. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment.
Awards & Recognition
Litigation partners Susanna Buergel and Liz Sacksteder were recognized by Crain’s New York Business as 2019 “Notable Women in Law.”