Events & Publications
- Aug 30, 2019
- Publications
On August 28, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) announced the launch of a new Global Investigations Division (“GID”), which will be responsible for implementing “targeted investigation…
- Aug 12, 2019
- Publications
On July 30, 2019, the U.S. Court of Appeals for the District of Columbia affirmed civil contempt orders by the D.C. District Court against three Chinese banks for their failure to produce documents in response to U.S. government…
- Jul 18, 2019
- Publications
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.
- Jul 18, 2019
- Publications
Robust FCPA enforcement activity continued in the first half of 2019. The DOJ and the SEC—resolving four and five corporate enforcement actions, respectively—assessed a combined total of $1.5 billion in corporate penalties, of which…
- May 29, 2019
- Publications
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.”
Litigation partner Elizabeth Sacksteder will moderate a panel, “Litigation Versus Arbitration: Which & When is Best?” at the Corporate Litigation Forum for Financial Services and Insurance, hosted by Consero.
- Mar 28, 2019
- Publications
The Supreme Court held in Lorenzo v. Securities & Exchange Commission that under certain circumstances a person who does not “make” a misstatement may nonetheless be held primarily liable.
- Mar 21, 2019
- Publications
Yesterday, the United States Supreme Court held that the Fair Debt Collection Practices Act (“FDCPA”) generally exempts entities that merely engage in nonjudicial foreclosure proceedings, in accordance with state law.
- Feb 05, 2019
- Publications
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.
- Jan 17, 2019
- Publications
In this memo, we offer reflections on the year’s most significant developments in anti-corruption and FCPA enforcement and policy.
- Jan 07, 2019
- Publications
The past year brought a number of significant developments in anti-spoofing enforcement under the Commodity Exchange Act (“CEA”), beginning with the January 29, 2018 coordinated statements of the Commodity Futures Trading Commission…
- Jan 07, 2019
- Publications
On December 11, 2018, the Securities and Exchange Commission (SEC) obtained a victory in its enforcement action against Alpine Securities Corporation, a broker that cleared transactions for microcap securities that were allegedly used …
- Dec 03, 2018
- Publications
Beginning next month, Democrats will control the House of Representatives for the first time since 2010. Given the pent-up demand for House Democrats to make robust use of their oversight and investigative authorities, the current…
The New York Commercial Division’s new Rule 11-e(f), which encourages the use of Technology-Assisted Review (TAR) and sets relevant guidelines, went into effect on October 1, 2018. In this video, litigation partners Chris Boehning and …
- Oct 10, 2018
- Publications
Firm chairman Brad Karp was featured in a Q&A in the latest issue of LEADERS magazine.
- Oct 02, 2018
- Publications
On September 27, 2018, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced coordinated enforcement resolutions with Petróleo Brasileiro S.A. – Petrobras, the Brazilian state-owned…
- Sep 15, 2018
- Publications
Ten years after the collapse of Lehman Brothers, market participants and other global companies operate in a markedly changed regulatory enforcement and compliance landscape. This memorandum discusses the legal and business…
- Aug 27, 2018
- Publications
On August 24, 2018, the Court of Appeals for the Second Circuit held in United States v. Hoskins that a foreign national who does not otherwise fall within the specific categories of defendants enumerated in the Foreign Corrupt…
- Aug 01, 2018
- Publications
In a new rule providing guidance on technology-assisted review, the Commercial Division of the New York State Supreme Court encourages litigants to use the most efficient means to conduct review of electronic information. We discuss…
- Jul 30, 2018
- Publications
On July 12 and 16, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) announced two landmark awards to whistleblowers. The first was an award of approximately $30 million, by far the CFTC’s largest award to a…
- Jun 22, 2018
- Publications
On June 21, 2018, the Supreme Court held in Lucia v. SEC, No. 17-130, that the process by which the Securities and Exchange Commission (SEC) selects administrative law judges (ALJs) violates the U.S. Constitution.
- Jun 12, 2018
- Publications
On June 11, 2018, the U.S. Supreme Court held in China Agritech, Inc. v. Resh, No. 17-432, 584 U.S. __ (2018), that the class action tolling rule established more than four decades ago does not extend to successive class actions filed …
- May 10, 2018
- Publications
Yesterday, Rod Rosenstein, Deputy Attorney General of the U.S. Department of Justice, announced a new policy, in the form of an addition to the United States Attorneys’ Manual (“USAM”), concerning the coordination of corporate…
- Apr 13, 2018
- Publications
The first quarter of 2018 saw a flurry of declinations of FCPA prosecutions by the DOJ and the SEC, and only one FCPA corporate enforcement resolution by the DOJ and two resolutions by the SEC.
- Apr 10, 2018
- Publications
On April 6, 2018, the Trump administration imposed new sanctions on 7 Russian oligarchs, 12 companies they own or control, 17 Russian government officials, and a state-owned Russian weapons trading company and its subsidiary, a…
In this video, litigation partners Mike Gertzman, Jessica Carey and Roberto Gonzalez and counsel Rachel Fiorill offer guidance for bolstering compliance as they discuss recent developments in sanctions and AML policy and enforcement.
- Feb 21, 2018
- Publications
A week after the announcement of a guilty plea and penalty related to Rabobank N.A.’s anti-money laundering violations, the DOJ announced on February 15 that it had entered into a deferred prosecution agreement with U.S. Bancorp,…
- Feb 21, 2018
- Publications
Since the financial crisis—and more recently in the wake of the Wells Fargo sales practices scandal and the benchmark manipulation enforcement actions—bank regulators in the United States and around the world have become increasingly…
- Feb 13, 2018
- Publications
The DOJ and the Office of the Comptroller of the Currency recently imposed a $368 million penalty on the U.S. subsidiary of Dutch-based Rabobank. The bank also pleaded guilty to conspiracy to obstruct regulatory oversight of its Bank …
- Feb 12, 2018
- Publications
On February 2, 2018, the Federal Reserve Board issued an unprecedented enforcement action against Wells Fargo & Company, prohibiting its asset growth until improvements in board oversight and firmwide risk management systems are…
- Feb 12, 2018
- Publications
On February 9, 2018, the United States Court of Appeals for the Second Circuit handed down a decision recognizing important limitations on the scope of the Antiterrorism Act (“ATA”).
- Feb 05, 2018
- Publications
On January 29, 2018, the Treasury Department submitted to Congress a report pursuant to Section 241 of the Countering America’s Adversaries Through Sanctions Act (“CAATSA”).
- Jan 23, 2018
- Publications
Economic sanctions and anti-money laundering remain top U.S. regulatory priorities, with federal and state agencies imposing over $2.5 billion in penalties in 2017.
- Jan 19, 2018
- Publications
Despite significant FCPA enforcement activity in 2017, the Trump administration’s approach to enforcement remains elusive and not readily characterized. While actions against individuals were at the highest level in recent years,…
- Jan 05, 2018
- Publications
The New York Department of Financial Services recently announced a consent order and imposed an $11 million penalty against a major Korean bank, NongHyup Bank, and its New York branch for repeatedly failing to maintain an adequate…
International trade counsel Richard Elliott will speak on a panel at the American Conference Institute’s (ACI) 4th National Forum on The Committee on Foreign Investment in the United States (CFIUS) & Team Telecom.
- Dec 20, 2017
- Publications
In light of the recent changes and increasing complexity in Russia/Ukraine-related sanctions, this memorandum provides an overview of the sanctions program as it exists today, focusing on both primary sanctions restrictions and…
On December 12, Roberto Gonzalez and Karen King will be guest speakers at the 2017 Chinese Financial Institutions’ Anti-Money Laundering and Sanctions Compliance Forum, sponsored by Ernst & Young and the China General Chamber of…
- Oct 13, 2017
- Publications
President Trump announced that he will not certify Iran’s compliance with the Joint Comprehensive Plan of Action, the multi-lateral commitment under which the United States, European Union, and five other countries agreed to lift…
- Sep 26, 2017
- Publications
On September 21, President Trump signed an executive order authorizing the Treasury Department to impose secondary sanctions against individuals and entities, including non-U.S. financial institutions, for conducting or facilitating…
- Aug 30, 2017
- Publications
The New York State Department of Financial Services (DFS) recently announced that it seeks to impose a nearly $630 million civil penalty against a non-U.S. bank and its New York branch for alleged persistent anti-money laundering and …
- Aug 08, 2017
- Publications
Recently, the International Swaps and Derivatives Association published the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol, the newest installment of ISDA’s mechanism aimed at facilitating the multilateral and…
- Jul 31, 2017
- Publications
Law360 published an article by litigation partners Roberto Gonzalez and Michael Gertzman and counsel Richard Elliott titled “OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a…
- Aug 03, 2017
- Publications
President Trump recently signed into law H.R. 3364, the “Countering America’s Adversaries Through Sanctions Act.” The law significantly expands U.S. sanctions targeting Russia and restricts President Trump’s ability to lift them…
- Jul 28, 2017
- Publications
On July 27, 2017, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $12 million settlement with two Singapore-based companies over their use of U.S. dollar payments in connection with providing…
- Jul 19, 2017
- Publications
In a sweeping new rule published today in the Federal Register, the CFPB barred providers of consumer financial products and services from entering into or enforcing contracts that include arbitration clauses precluding class action…
- Apr 21, 2017
- Publications
The Office of the Comptroller of the Currency (OCC) recently released a review of its supervision of Wells Fargo's sales practices aimed at identifying any gaps and lessons learned to improve the OCC’s supervisory processes. Echoing…
- Apr 18, 2017
- Publications
A committee of independent directors of Wells Fargo recently released an investigative report on the root causes of improper sales practices at Wells’ Community Bank. The report will likely be studied by regulators, congressional…
Litigation partner Roberto Gonzalez will speak at the Second Annual Conference on Central Banking and Financial Regulation, “Financial Reform: Where Now?”
- Feb 22, 2017
- Publications
Economic sanctions, anti-money laundering and cybersecurity remain at the forefront of U.S. regulatory priorities. In this memorandum, we survey major developments and trends in these areas in 2016 and early 2017 and provide an…
- Dec 01, 2016
- Publications
The Consumer Financial Protection Bureau recently published a bulletin outlining a demanding compliance standard for companies that use incentive programs as part of employees' compensation arrangements. In light of the bulletin and…
Litigation partners Michael Gertzman and Roberto Gonzalez
discussed the impact and compliance demands of the New York
Department of Financial Services' new Part 504 rule at a CLE
program.
- Oct 31, 2016
- Publications
Firm chair Brad Karp and litigation partners Roberto Gonzalez,
Susanna Buergel, Jane O'Brien and Elizabeth Sacksteder co-authored
an article entitled, "D.C. Circuit Finds Single-Director Structure
of the CFPB Unconstitutional."
Litigation partner Roberto Gonzalez will lead a panel discussion
with OFAC and European regulators at C5's annual Economic Sanctions
and Financial Crime Forum.
Litigation counsel Richard Tarlowe was a presenter for a program
entitled "Bangladesh Central Bank: A Case Study in Cyber Theft" at
the American Bar Association Business Law Section's annual
meeting.
- Sep 01, 2016
- Publications
On August 30, 2016, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of…
- Aug 19, 2016
- Publications
Litigation partner Roberto Gonzalez was quoted in
a Law360 article, titled "Industry Gears Up to
Battle CFPB Arbitration Rule," which discusses the legal challenges
that may await a Consumer Financial Protection Bureau…
- Jul 10, 2016
- Publications
Firm chair Brad Karp and litigation partners Roberto Gonzalez,
Michael Gertzman, Jessica Carey and Roberto Finzi co-authored a
client memorandum that was featured on the Harvard Law School
Forum on Corporate Governance and…
- Jun 28, 2016
- Publications
The Supreme Court's 2015-2016 Term will be remembered for the unexpected death of Justice Antonin Scalia on February 13, 2016.
- Jun 06, 2016
- Publications
Litigation partner Roberto Gonzalez authored an article in the
June 3 issue of The National Law Journal.
- May 26, 2016
- Publications
In its decision last year in Madden v. Midland Funding, LLC, the
Second Circuit held that, after a national bank sells its loans to
a third party, the National Bank Act no longer preempts state usury
laws that would otherwise…
- May 24, 2016
- Publications
Firm chair Brad Karp and litigation partners Roberto Gonzalez,
Elizabeth Sacksteder, Jay Cohen and Jane O'Brien co-authored a
client memorandum that was featured on the Harvard Law
School Forum on Corporate Governance and…
- May 10, 2016
- Publications
On May 6, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") released a final rule codifying new and existing customer due diligence ("CDD") requirements under the Bank Secrecy Act ("BSA") for covered …
- May 09, 2016
- Publications
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB)
released a 377-page notice of proposed rulemaking that would
prohibit, going forward, banks and a variety of other companies
from including in contracts arbitration…
- Apr 11, 2016
- Publications
On March 30, the D.C. District Court issued an order rescinding
the Financial Stability Oversight Council's (FSOC's) designation of
MetLife, Inc., as a systemically important nonbank financial
company. The Court's opinion was…
- Mar 04, 2016
- Publications
On March 2, the Consumer Financial Protection Bureau entered an
enforcement order against online payment platform Dwolla, Inc. for
deceiving consumers about its data security practices and the
safety of its online payment system.
…
Litigation partner Roberto Gonzalez will participate in a panel
discussion at the HNBA Corporate Counsel Conference.
- Feb 22, 2016
- Publications
Litigation partners Roberto Gonzalez and Jessica Carey co-authored an article in the February 22 issue of The National Law Journal.
- Jan 20, 2016
- Publications
On January 16, 2016, international inspectors verified that Iran had complied with the initial nuclear requirements of the Joint Comprehensive Plan of Action (the "JCPOA"), and the Secretary of State confirmed that verification.
Litigation partner Elizabeth Sacksteder participated in a panel
discussion at a Directors Roundtable event honoring Joseph Wayland,
general counsel of ACE Group.
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