Government white collar actions against corporations or individuals can often result in some of the highest profile news headlines of the day. Across the spectrum, clients rely on us as a pre-eminent firm in this area to help avoid or mitigate a trial by the court of public opinion while managing the behind-the-scenes interplay of complex legal issues and governmental relations. When matters do go to trial, our strength as trial lawyers is what sets us apart from the competition.

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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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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Former MDC Partners Chief Accounting Officer Wins Dismissal of Securities Fraud Class Action

Judge Richard Sullivan of the Southern District of New York dismissed a securities fraud class action complaint against Paul, Weiss client Michael Sabatino.

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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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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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D.C. Circuit Reverses Rejection of Deferred Prosecution Agreement

It has been a longstanding practice for courts to defer to the judgment of the government regarding the terms of a deferred prosecution agreement ("DPA").  A key component of this deference is a willingness by courts to toll the seventy-day clock between indictment and trial established by the Speedy Trial Act, 18 U.S.C. §§ 3161-3174, to permit the defendant to demonstrate compliance with the law and the terms of such an agreement. 

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