Financial Institutions

Financial Institutions

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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.

Economic Sanctions and Anti-Money Laundering Developments: 2018 Year in Review

This memo surveys economic sanctions and AML developments and trends in 2018 and provides an outlook for the year ahead. These areas remained a high priority last year, with the Trump administration making major changes in U.S. sanctions policy and federal and state agencies imposing over $2.7 billion in penalties for sanctions/AML violations. 

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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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Anti-Spoofing Enforcement: 2018 Year in Review

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 (“CFTC” or “Commission”) and the Department of Justice (“DOJ”), signaling an increased commitment to this type of enforcement.

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Court Upholds SEC Authority and Finds Broker-Dealer Liable for Thousands of Suspicious Activity Reporting Violations

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 in manipulative schemes to harm investors.

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The Financial Crisis 10 Years Later: Lessons Learned

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 ramifications of the financial crisis, highlights the lessons learned and provides a roadmap for executives and boards of directors to successfully navigate the post-crisis world.

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The New York Court of Appeals Rules That Martin Act Claims Are Subject to a Three-Year Statute of Limitations

On June 12, 2018, in People v. Credit Suisse Securities (USA) LLC, et al., the New York Court of Appeals held that claims brought under the Martin Act—New York’s uniquely broad Blue Sky Law, a powerful tool that permits the Attorney General to bring claims concerning the purchase or sale of securities that do not require proof of scienter or reliance—are subject to a three-year statute of limitations.

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SAC Capital Secures Final Approval for Settlement of Class Action

After more than four years of litigation, U.S. District Judge John G. Koeltl entered final judgment approving the settlement of the last private civil class action alleging that Paul, Weiss clients Steven A. Cohen, SAC Capital Advisors and affiliated entities engaged in insider trading. 

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Deutsche Investment Management Americas Obtains Appellate Dismissal of CDO-Related Lawsuit

In a victory for Paul, Weiss client Deutsche Investment Management Americas Inc. (DIMA) on November 3, the New York Supreme Court, Appellate Division, First Department dismissed fraud claims brought by Aozora, a Japanese bank, against it and UBS related to Aozora's $31 million investment in a CDO in 2006 and 2007.

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New York Court Affirms Dismissal of Madoff Investors’ Claims Against Citco

New York's Appellate Division affirmed the dismissal of all claims brought by a litigation trustee on behalf of two investment funds against Citco Fund Services (Europe) B.V. and Citco (Canada) Inc., which were the administrators of those funds.

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