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.

The Regulatory and Enforcement Outlook for Financial Institutions in 2017: Trends in Sanctions, Anti-Money Laundering and Cybersecurity

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 outlook for financial institutions in the year ahead.  Although the Trump Administration brings considerable uncertainty, the focus by federal agencies-and by the N.Y. Department of Financial Services-in these areas is likely to remain rigorous.  We provide some practical suggestions for continuing to strengthen compliance in this challenging environment.

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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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Omnicare: Limits on Investor Suits for Statements of Opinion

In this video, litigation partner Bill Michael discusses implications of the United States Supreme Court ruling in Omnicare, Inc. v. Laborers' District Council Construction Industry Pension Fund.

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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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New York DFS Finalizes Stringent Anti-Money Laundering and Sanctions Regulation

Following Maria Vullo's confirmation as Superintendent earlier this month, the New York Department of Financial Services ("DFS") yesterday finalized its closely watched proposed regulation on anti-money laundering (AML) monitoring and sanctions screening requirements for banks, branches, and other covered entities. According to DFS, the final regulation is motivated by its identification, through investigations, of shortcomings in monitoring and screening programs attributable to a "lack of robust governance, oversight, and accountability at senior levels." 

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Wilmington Savings Fund Society Obtains Summary Judgment in Breach of Indenture Action

The Honorable Jesse M. Furman of the U.S. District Court for the Southern District of New York granted summary judgment to Paul, Weiss client Wilmington Savings Fund Society, FSB, on its claim for breach of contract against defendant Cash America International, Inc. 

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New York Court Dismisses Disability Insurance Class Action Against Chubb

The U.S. District Court for the Southern District of New York dismissed a putative class action against Paul, Weiss client Federal Insurance Company, a member of the Chubb Group of Insurance Companies, that alleged that disability insurance policies underwritten by Federal and other insurers violated New York's insurance laws and regulations and were otherwise deceptively marketed.

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Citigroup Wins Dismissal of Auction Rate Securities Suit

Justice Jeffrey K. Oing of the New York Supreme Court issued an order dismissing on statute of limitations grounds claims brought by All Children's Hospital (ACH) against Paul, Weiss client Citigroup Global Markets Inc. (CGMI).

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