Events & Publications
Litigation partner Alex Young Oh will be featured on an upcoming panel, “SEC Enforcement Update,” as part of the Research and Markets “SOX and Internal Controls Update” two-day conference.
- Jun 24, 2020
- Publications
On June 22, the DOJ’s Antitrust Division and the SEC announced that they have signed a memorandum of understanding to enhance cooperation between the two agencies. Beyond continuing cooperation in rulemaking, investigations and…
- Jun 25, 2020
- Publications
The Supreme Court held on June 22 that the SEC may seek disgorgement in enforcement actions, as long as the disgorgement does not exceed a wrongdoer’s net profits and is to be awarded for victims.
Bill Isaacson and Karen Dunn have joined the firm as partners in the Litigation Department, resident in the Washington, D.C. office. Both are nationally recognized trial lawyers who have tried and won numerous high-stakes cases for…
- Jun 08, 2020
- Publications
The DOJ’s Criminal Division released updated guidance regarding the manner in which prosecutors evaluate the effectiveness of corporate compliance programs. The guidance makes clear that companies should continuously update their…
Litigation partner Roberto Gonzalez recently participated in “Avoiding the Corporate Crisis,” a conference hosted by DirectorCorps and Nasdaq. Roberto’s panel, “Cybersecurity, Artificial Intelligence & Data: What You Should Know…
- May 19, 2020
- Publications
The CARES Act and other COVID-19 relief measures have brought new focus on the False Claims Act, a potent tool used by the government and private whistleblowers for pursuing government fraud claims. This memo provides a primer on the …
- May 05, 2020
- Publications
The DOJ, Federal Reserve and the New York State Department of Financial Services announced nearly $875 million in penalties against Bank Hapoalim and its Swiss subsidiary.
- May 05, 2020
- Publications
A senior DOJ official recently stated publicly that the DOJ has initiated a preliminary inquiry into potential fraud in the CARES Act’s Paycheck Protection Program and has already found possible fraud among businesses seeking relief.
- May 01, 2020
- Publications
On April 16, 2020, the New York Department of Financial Services (“DFS”) issued a Statement of Charges and Notice of Hearing against Irish pharmaceutical company Mallinckrodt plc and several of its U.S. subsidiaries (collectively,…
- Apr 13, 2020
- Publications
In denying defendants’ petition for rehearing in United States v. Blaszczak, the Second Circuit firmly established potential liability for insider trading in the criminal context even where the original “tipper” receives no personal…
- Mar 31, 2020
- Publications
As an update to our earlier alert, “Mitigating Securities Litigation Risks Related to the Coronavirus,” we look at key takeaways from the first two securities fraud class action filings related to COVID-19 disclosures and outline…
- Mar 31, 2020
- Publications
The DOJ and SEC have signaled an intention to focus on misconduct related specifically to the coronavirus, at least temporarily. Combined with ongoing practical limitations, that focus has slowed down traditional white-collar…
- Mar 25, 2020
- Publications
On March 23, SEC Division of Enforcement Co-Directors Stephanie Avakian and Steven Peikin issued a statement concerning “market integrity” in light of the unprecedented impacts of the COVID-19 pandemic.
- Mar 09, 2020
- Publications
On March 4, 2020, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued a consent order assessing a $450,000 civil money penalty against Michael LaFontaine, a former Chief Operational Risk Officer at U.S.…
- Mar 09, 2020
- Publications
New York recently declared a state of emergency in response to the spread of the coronavirus. Companies operating in New York should be mindful of how their business operations and obligations may be affected.
- Mar 05, 2020
- Publications
The spread of coronavirus has disrupted global businesses and triggered severe U.S. stock market declines. These events raise the risk that shareholders will convert these stock drops into litigation. We address the securities…
- Mar 02, 2020
- Publications
On March 3, 2020, the U.S. Supreme Court will hear oral argument to determine the constitutionality of the Consumer Financial Protection Bureau. Created by Congress as part of the Dodd-Frank Act, the CFPB is a multi-member,…
- Feb 24, 2020
- Publications
On February 21, 2020, Wells Fargo & Company and its subsidiary, Wells Fargo Bank, N.A. (collectively, “Wells Fargo”), entered into resolutions with the Department of Justice (“DOJ”) and the Securities and Exchange Commission (the…
- Jan 29, 2020
- Publications
Litigation of counsel Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Personal Benefit in Title 18 Insider Trading Cases,” appeared in the January 29 issue of the New York Law Journal.
- Jan 24, 2020
- Publications
In this annual review, we reflect on the most significant anti-corruption and FCPA enforcement and policy trends of 2019 and share our insights on developing U.S. and global anti-corruption efforts in 2020.
- Jan 22, 2020
- Publications
It is widely expected that within two years, by the end of 2021, the London Interbank Offered Rate (“LIBOR”) will no longer be published by LIBOR panel banks. Recognizing the potential impact LIBOR’s cessation could have on lenders,…
- Dec 09, 2019
- Publications
In a recent settlement agreement, OFAC faulted a U.S. aviation company for failing to monitor or otherwise verify the actual location of leased aircraft engines over the life of the leases.
Corporate partner Ariel Deckelbaum and Litigation partners Roberto Gonzalez and Jeannie Rhee will participate in “Avoiding the Corporate Crisis,” a conference hosted by DirectorCorps and Nasdaq.
- Nov 04, 2019
- Publications
On November 1, 2019, the Supreme Court granted certiorari in Liu v. Securities and Exchange Commission, No. 18-1501, to review the question of whether the Securities and Exchange Commission (“SEC”) may obtain disgorgement from a court …
On November 14, litigation partner Jeh Johnson will be named an honorary lifetime member of the Cambridge Union debate society in England.
- Oct 10, 2019
- Publications
On October 8, 2019, the Criminal Division of the U.S. Department of Justice released guidance on how federal prosecutors should evaluate claims that corporations are unable to pay a proposed fine or monetary penalty.
Litigation partner Harris Fischman will speak on a panel at the Practising Law Institute’s upcoming program, “Insider Trading Law 2019.”
- Sep 23, 2019
- Publications
On September 12, 2019, the Commodity Futures Trading Commission (“CFTC”) issued a consent order against Phillip Capital, Inc. (“Phillip”), a Chicago-based Futures Commission Merchant, requiring payment of a $500,000 penalty and $1…
- Sep 19, 2019
- Publications
On September 17, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $4,000,000 settlement agreement with the British Arab Commercial Bank plc (“BACB”), a commercial bank located in the…
- Sep 09, 2019
- Publications
On September 4, 2019, the Federal Trade Commission (the “FTC”) and the New York Attorney General’s Office (the “NYAG”) reached a record $170 million settlement with Google and YouTube for alleged violations of the Children’s Online…
- Jul 31, 2019
- Publications
On July 25, 2019, New York Governor Andrew M. Cuomo signed into law a new data security law, the Stop Hacks and Improve Electronic Data Security (“SHIELD”) Act.
- 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…
Jeannie Rhee, a former U.S. Deputy Assistant Attorney General, is joining the firm as a partner in the Litigation Department.
Loretta Lynch, the Attorney General of the United States from 2015 to 2017, has joined the firm as a partner in the Litigation Department.
- May 06, 2019
- Publications
On April 30, 2019, the Criminal Division of the U.S. Department of Justice released updated guidance on how prosecutors evaluate the effectiveness of corporate compliance programs.
Litigation partner Alex Oh spoke at the D.C. Bar Criminal Law and Individual Rights Community’s webinar “White-Collar Crime Series: Financial Crime Enforcement in Asia.”
Litigation partner Alex Oh will speak at the D.C. Bar Communities Program, “White Collar Crime Series: Financial Enforcement in Asia,” presented by the Criminal Law and Individual Rights Community.
- 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.
Litigation partners Lorin Reisner and Liza Velazquez will be featured participants in an upcoming conference on trade secrets protection, enforcement and litigation, in view of the increasing number of DTSA (Defend Trade Secrets Act) …
- 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.
Litigation partner Harris Fischman delivered an Alumni Fireside Chat at Northwestern Pritzker School of Law.
Litigation department co-chair Ted Wells will speak at the New York City Bar’s CLE program, “Giants of the Criminal Bar Trial: Winning Strategies.”
Paul, Weiss is pleased to announce that the following attorneys have been elected to the partnership, effective January 1, 2019: Justin Anderson, Robert Britton, David Carmona, Harris Fischman, Christopher D. Frey, Matthew B.…
- Dec 05, 2018
- Publications
The Department of Justice announced last week significant changes to its policies for granting corporations credit for cooperating with criminal investigations.
- 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…
Lorin Reisner will speak on a panel at the Practising Law Institute’s 2018 Pocket MBA for Lawyers and Other Professionals. Lorin’s panel, “Regulatory and Legal Compliance in International Business and Trade,” will address regulatory…
Lorin Reisner moderated a panel at The Securities Enforcement Forum in Washington, D.C. on November 1.
Litigation partners Audra Soloway and Jennifer H. Wu will both moderate panels at Benchmark Litigation’s “Women in Litigation Forum.”
- Oct 10, 2018
- Publications
Firm chairman Brad Karp was featured in a Q&A in the latest issue of LEADERS magazine.
- 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…
- Jun 14, 2018
- Publications
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…
Litigation partner Richard Tarlowe will speak on a panel at the Practising Law Institute program, “Internal Investigations 2018.”
- May 30, 2018
- Publications
On May 29, 2018, in Lagos v. United States, the Supreme Court unanimously held that the Mandatory Victims Restitution Act of 1996 (the “MVRA”)[1] does not require a criminal defendant to pay the costs and attorneys’ fees associated…
- 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 23, 2018
- Publications
As reported in our earlier client memorandum, in February 2018, the U.S. Supreme Court heard argument in United States Microsoft Corp., a case concerning the government’s ability to compel U.S. service providers to disclose email…
Litigation partner Audra Soloway will participate in the Institute for Law & Economic Policy’s 24th annual symposium, “Deconstructing the Regulatory State: Perils and Possibilities.”
- 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.
Litigation co-chair Ted Wells will speak on a panel at the New York City Bar Association’s 7th annual White Collar Crime Institute.
- 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 28, 2018
- Publications
In a case that could have a major impact on how and where corporations store their customers’ electronic information, the U.S. Supreme Court heard oral arguments yesterday in United States v. Microsoft Corp. on the extraterritorial…
- Feb 28, 2018
- Publications
Senior representatives of the SEC’s Enforcement Division recently discussed enforcement priorities, developments and other issues of current interest at the Practising Law Institute’s annual “SEC Speaks” event. Although the…
- Feb 27, 2018
- Publications
The SEC recently provided updated guidance on cybersecurity-related disclosure obligations. We discuss the SEC’s new interpretive guidance, which seeks to assist companies in preparing disclosure concerning cybersecurity risks and…
- Feb 23, 2018
- Publications
Since the Supreme Court ruled last June in Kokesh v. SEC that disgorgement claims are subject to a five-year statute of limitations, both lower courts and the SEC have grappled with questions the Court left unresolved, including…
- Feb 22, 2018
- Publications
The Supreme Court held yesterday that individuals who have reported alleged misconduct internally, but not to the SEC, are not covered by the anti-retaliation provisions of the Dodd-Frank Act, resolving a circuit split on the…
- Feb 14, 2018
- Publications
A federal magistrate judge in the Southern District of Florida recently ruled that a law firm had waived work product protection over notes and memoranda of witness interviews when it provided “oral downloads” of those interviews to…
- 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…
- 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…
- Nov 30, 2017
- Publications
The Department of Justice recently announced a new FCPA Corporate Enforcement Policy, which states that when a company voluntarily self-discloses misconduct, fully cooperates, and timely and appropriately remediates, there will be a…
- Oct 31, 2017
- Publications
Recent remarks by top officials at the SEC’s Division of Enforcement suggest changes in the enforcement environment, including a de-emphasis on the “broken windows” strategy focusing on minor violations and on settlements requiring…
Firm chair Brad Karp will moderate a panel at the Practising Law Institute’s annual Hot Topics for In-House Counsel 2017.
- 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…
- Oct 06, 2017
- Publications
The Supreme Court will address a number of issues important to the business community in the upcoming term, including the scope of the Alien Tort Statute, the validity of arbitration clauses in certain employment agreements, and the…
- Sep 28, 2017
- Publications
U.S. authorities recently announced the first major FCPA settlement under the Trump administration: a $965 million global resolution with a Sweden-based telecommunications company Telia Company AB and its indirectly-owned Uzbek…
- 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 25, 2017
- Publications
On Wednesday, in United States v. Martoma, the United States Court of Appeals for the Second Circuit overruled its own 2014 decision in United States v. Newman and altered the standard for determining whether the personal benefit…
- 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…
- 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…
- Jul 18, 2017
- Publications
For the second time in two years, a federal appeals court has rejected a district court’s attempt to scrutinize a deferred prosecution agreement. The July 12 decision in U.S. v. HSBC Bank resolves, at least in the Second Circuit, the…
What makes an effective corporate compliance program? And how do regulators evaluate them? The U.S. Department of Justice recently issued guidance on evaluating the effectiveness of corporate compliance programs in criminal…
- 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 partners Brad Karp, Lorin Reisner, Richard Tarlowe and counsel Edward Turan will speak at the 2017 SIFMA Compliance and Legal Society’s Annual Seminar—the securities industry’s premiere event.
- Feb 24, 2017
- Publications
Counsel Peter Jaffe was quoted in a Global Investigations Review “Just Anti-Corruption” article addressing a new set of questions the U.S. Department of Justice may ask when evaluating the strength of a company’s compliance program.
- 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…
- Jan 20, 2017
- Publications
The year 2016 was, by any measure, an extraordinary year for the enforcement of the Foreign Corrupt Practices Act.
- Dec 07, 2016
- Publications
In its first opinion on the scope of insider trading liability
in nearly twenty years, the Supreme Court in Salman v.
United States addressed whether insider trading liability
can arise where a tipper makes a "gift" of…
Paul, Weiss has announced that three new partners have been elected to the partnership, effective January 1, 2017: David M. Klein, Brian C. Lavin and Richard C. Tarlowe. All are resident in Paul, Weiss's New York office.
- 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…
- 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 Farrah Berse will participate in a panel
discussion at the International Bar Association's Annual Corporate
Governance Conference.
- Oct 04, 2016
- Publications
For the first time in nearly twenty years, the United States Supreme Court will hear oral argument tomorrow in a case directly addressing the scope of insider trading liability.
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.
Litigation partner Christopher Boehning will lead a panel
discussion at the Canada-U.S. Cross Border Litigation
Forum.
- 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.
Litigation Counsel Farrah Berse will moderate a panel discussion
at C5's 10th Annual International Conference on
Anti-Corruption.
- Jun 06, 2016
- Publications
Litigation partner Roberto Gonzalez authored an article in the
June 3 issue of The National Law Journal.
Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Peter Jaffe has joined the firm as counsel in its Washington, D.C. office, expanding the firm's deep bench of skilled United States Foreign Corrupt Practices Act…
- 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…
Paul, Weiss is a sponsor of the New York City Bar Association's
5th Annual White Collar Crime Institute, a full-day program that
will explore the critical developments characterizing the current
era of white collar…
- 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.
- Feb 02, 2016
- Publications
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders ("GTO") imposing temporary reporting requirements on title insurers with respect to "all-cash" purchases of high-end…
- Feb 01, 2016
- Publications
On January 28, 2016, United States District Judge John Gleeson
of the Eastern District of New York found that a report by a
corporate compliance monitor retained to supervise HSBC under a
deferred prosecution agreement ("DPA")…
- 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.
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