Financial Services Litigation & Investigations Group
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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.
Goldman Sachs Securities Class Action Plaintiffs Drop Long-Running Case Following Class Decertification
Paul, Weiss secured a final win for Goldman Sachs in a long-running, $13 billion securities class action when the plaintiffs declined a last chance to appeal Goldman’s resounding appellate win decertifying the class and voluntarily dismissed their case, bringing a decade of hard-fought litigation to a close.
Digital Technologies Group Co-Chair Katherine Forrest will participate in a panel, “Beyond Digital: Banking in the Age of AI,” as part of the 2023 International Monetary Conference.
Awards & Recognition
Litigation partners Kannon Shanmugam and Audra Soloway were recognized in Law360’s “Legal Lions of the Week” column on August 11, alongside co-counsel from Sullivan & Cromwell, for their Second Circuit win in a decade-long investor class action against Goldman Sachs.
Firm Chairman Brad Karp and litigation partner Roberto Gonzalez co-wrote an op-ed arguing that the Consumer Financial Protection Bureau’s proposed rule to dramatically decrease credit card issuers' charges for late fees would actually increase overall costs for the large majority of credit card customers.
In a highly anticipated decision on August 24, the Second Circuit in Kirschner v. JPMorgan Chase Bank, N.A. et al. affirmed dismissal of state-law securities claims because the syndicated term loan in question was not a “security” and therefore not subject to state and federal securities laws and regulations.
Awards & Recognition
Paul, Weiss Shortlisted for Financial Services Litigation Department of the Year in The American Lawyer’s Industry Awards 2023
Paul, Weiss was named a finalist for “Litigation Department of the Year – Financial Services” in The American Lawyer’s 2023 Industry Awards.
Awards & Recognition
Paul, Weiss was named a Law360 “Banking Group of the Year” for its many achievements in the banking industry in 2022.
Paul, Weiss submitted a comment letter to the Consumer Financial Protection Bureau (CFPB) on the agency’s proposed rule on credit card late fees.
Litigation partner Jessica Carey will participate in the Forum on Financial Institutions Enforcement, hosted by Cambridge Forums.
Paul, Weiss and co-defendants’ counsel won the dismissal of a shareholder derivative lawsuit against JPMorgan Chase, certain executive officers and its board of directors stemming from the bank’s 2020 resolutions with various regulators over various financial “spoofing” trading violations.
Firm Chairman Brad Karp and litigation partner Susanna Buergel discussed the latest in securities litigation, antitrust and other civil litigation issues as part of the Securities Industry and Financial Markets Association’s (SIFMA) C&L Annual Seminar.
Paul, Weiss Wins Dismissal of Class Action Against Morgan Stanley Alleging Scheme to Reduce Competition in Treasury Securities Market
Paul, Weiss achieved a significant victory for Morgan Stanley by securing the dismissal of all claims in an antitrust class action.
CFPB Proposes Rule Requiring Nonbank Consumer Financial Services Providers to Submit Enforcement Orders to Public Registry
The Consumer Financial Protection Bureau recently issued a rulemaking proposal that would require certain nonbank providers of consumer financial services to register specified enforcement orders with the bureau that would be then included in a public registry.
Robert Y. Sperling and Staci Yablon have joined the firm as partners in the Litigation Department, resident in New York.
Paul, Weiss achieved a significant victory for Citibank, N.A., securing the dismissal of a qui tam action brought in Florida state court under the Florida False Claims Act (FFCA).