ProfessionalsBrad S. Karp

Brad S. Karp
Chairman
Tel: +1-212-373-3316
Fax: +1-212-492-0316
emailbkarp@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0316
- Practices
- Litigation
- Data Innovation, Privacy & Cybersecurity
- Economic Sanctions & AML
- Financial Institutions
- Insurance
- International Arbitration
- Investment Management
- Securities Litigation
- White Collar & Regulatory Defense
- Supreme Court & Appellate Litigation
- Internal Investigations
- Congressional Investigations
- Practices:
- Litigation
- Data Innovation, Privacy & Cybersecurity
- Economic Sanctions & AML
- Financial Institutions
- Insurance
- International Arbitration
- Investment Management
- Securities Litigation
- White Collar & Regulatory Defense
- Supreme Court & Appellate Litigation
- Internal Investigations
- Congressional Investigations
Chairman of Paul, Weiss since 2008, Brad Karp is one of the country’s leading litigators and corporate advisers. Brad has successfully guided numerous Fortune 100 companies, global financial institutions and other companies through “bet the company” litigations, regulatory matters and internal investigations. Prior to being named chairman of the firm, Brad chaired the firm’s Litigation Department. Brad has spent his entire career at Paul, Weiss, beginning as a summer associate.
Brad is described by Chambers as “the best strategic adviser in the business” and “someone who every CEO in America should have on speed dial,” and by The New York Times as “the most connected lawyer in the country.” Brad has earned numerous accolades for his successful client representations and legal achievements and for his role as a leader in the legal profession, the business community and the public interest world. In 2019-20, Brad was recognized by the Financial Times with its Special Achievement Award for his legal achievements and leadership of Paul, Weiss, and was named the “Attorney of the Year,” a “Distinguished Leader,” and a “Trailblazer” by the New York Law Journal, “Litigator of the Year” by The American Lawyer, “Securities Lawyer of the Year” by Best Lawyers, “Banking MVP of the Year” and “Sports MVP of the Year” by Law360, an “Equality Trailblazer” by the National Law Journal, and received the William Nelson Cromwell Award from the New York County Lawyers Association for his “unselfish service to the profession and the community."
EXPERIENCE
Brad has represented numerous Fortune 100 companies, major financial institutions, leading investment managers and other entities in their most business-critical and franchise-threatening matters. Brad’s record of success in multibillion-dollar litigations and arbitrations, dismissals of multibillion-dollar lawsuits, and appeals in state and federal court is unrivaled. In addition, Brad has successfully represented numerous corporations and others before state and federal regulatory and enforcement agencies, led dozens of internal investigations, and represented numerous board special committees.
Brad’s recent clients in significant commercial and regulatory matters and internal investigations include: Citigroup, JPMorgan, Bank of America, Morgan Stanley, HSBC, Standard Chartered, Bank of New York Mellon, UBS, Barclays, Goldman Sachs, Wells Fargo, Signature Bank, Apollo Global Management, Blackstone Group, KKR, CBS, Facebook, AIG, GE, SoftBank, Citco, Fortress, Glencore, Deutsche Bank, Bank of Tokyo-Mitsubishi, Deloitte, The National Football League, FIFA, Philadelphia 76ers, Xerox, Western Union, MacAndrews & Forbes, ING, Tishman-Speyer, AXA Equitable, General Atlantic, Oak Hill, Avenue Capital, Carlos Ghosn, Primerica, Autotrader, MagnaChip, Bloomberg, Ericsson, Sotheby’s, SS&C, Vivendi, Mutual of Omaha, GOL Airlines, Avenue Capital, Shinhan Bank, Mount Sinai Hospital, New York Presbyterian Hospital, Hospital for Special Surgery, Massachusetts General Hospital, Quiñenco, Bank of China, China Construction Bank, Agricultural Bank of China, Newmont Mining, Merck, Johnson & Johnson, SICPA, BB&T, Eton Park, Bowlmor, OneWest Bank, Columbia University, CIM Group, Pattern Energy, Zurich Capital and Aurora Bank.
INDUSTRY AWARDS AND RECOGNITION
Chambers describes Brad as “the best strategic adviser in the business”; “someone who every CEO in America should have on speed dial”; “worth his weight in gold”; “a great oral advocate”; “a phenomenal thinker”; “brilliant”; “extraordinary”; “an utterly fantastic lawyer”; “without peer”; “a renowned litigator”; “the absolute best”; “the consummate client service lawyer”; “the most responsive lawyer in America”; and “beyond compare in terms of client service.” Chambers has designated Brad as a “Star” in multiple practice areas. Benchmark Litigation describes Brad as having “unbelievably great judgment”; “superior presence in the courtroom and the boardroom”; and as “the guy who makes every other litigator in this town consider just giving up and becoming a bus driver.” Best Lawyers describes Brad as “the most talented, responsive, client-sensitive, creative, effective lawyer of his generation in the country, no question.”
Brad has received numerous industry recognitions over the years. In 2019, Brad was selected as a “Trailblazer” and as a “Distinguished Leader” by the New York Law Journal, as an “Equality Trailblazer” by the National Law Journal, “Banking MVP of the Year” by Law360, and received the William Nelson Cromwell Award from the New York County Lawyers Association in recognition of his “unselfish service to the profession and the community.” In 2018, Brad received the Special Achievement Award from the Financial Times in recognition of his legal achievements and leadership of Paul, Weiss and was also named the “Attorney of the Year” by the New York Law Journal, “Litigator of the Year” by The American Lawyer, “Sports MVP of the Year” by Law360, and “Securities Lawyer of the Year” by Best Lawyers. In 2017, Brad was selected as a “Litigation Trailblazer” by the National Law Journal and Best Lawyers’ “Banking Lawyer of the Year.” Brad’s successful representation of financial institutions and others was featured in a 2014 American Lawyer story in which Paul, Weiss was selected as the best securities litigation/regulatory firm in the United States and in an earlier cover story, “The Lifesavers,” in which Paul, Weiss was selected as the country’s best litigation firm. Brad has repeatedly been named by the National Association of Corporate Directors as one of the most influential people in the boardroom. In 2013, the New York Law Journal awarded Brad its first-ever Impact Award, in recognition of Brad’s “significant and lasting impact on the legal community in New York.” In 2013, Benchmark Litigation/Euromoney selected Brad as its “Litigator of the Year.” In 2012, the Financial Times selected Brad as one of the 10 most innovative lawyers in the United States. In 2011, Lawdragon selected Brad as its “Lawyer of the Year” and in 2015 named Brad as one of the “Legends in the Law.” Additional publications consistently rank Brad as one of the leading lawyers in the United States, including The Wall Street Journal, The New York Times, Crain’s New York Business, The Financial Times, The Lawyer (U.K.), The Legal 500, Euromoney Institutional Investors, Best of the Best USA and Benchmark/Institutional Investor.
WRITING/SPEAKING
Brad speaks and writes frequently on business litigation, securities litigation and corporate governance. He has spoken at more than 600 conferences and has lectured at Harvard Law School, Yale Law School, Columbia Law School, NYU Law School and The Federal Judicial Center. Brad has written more than 600 articles on business litigation and corporate governance issues. For the past 35 years, Brad has written a monthly column for the New York Law Journal, “Second Circuit Review,” which analyzes developments in the Court of Appeals for the Second Circuit. Brad is a frequent contributor to the Harvard Law School Forum on Corporate Governance and Financial Regulation. Brad has also spoken out and written about pressing issues of social justice. Earlier this year, Brad authored three op-eds concerning responses to the coronavirus pandemic: “We Need Obama, Bush and Clinton to Beat the Coronavirus” (March 2020, The American Lawyer); “The Legal Community Must Protect Workers and Small Businesses From Coronavirus Fallout” (March 2020, The American Lawyer); and “Protecting the Rule of Law in Times of Coronavirus” (April 2020, Bloomberg International). In 2018, Brad authored two op-eds in The New York Times, “Stop Shielding Gun Makers,” advocating changes to gun manufacturer liability laws, and “An Army of Lawyers for Migrants,” urging the private bar to address the unlawful treatment of immigrants and to seek the reunification of separated families. In 2018, Brad also authored an op-ed in the New York Law Journal, “Democracy Itself Is on the Ballot,” addressing voter suppression and disenfranchisement.
BOARDS AND OTHER PROFESSIONAL AFFILIATIONS
Brad is active in the community, serving on 30 public interest and educational institution boards. Brad is the chairman of the Legal Action Center and a director/trustee of Mount Sinai Hospital Executive Committee, the Partnership for New York City (Executive Committee), the Harvard Law School Leadership Council, the Lincoln Center Business Advisory Council, the New York City Bar Association (Vice President), the American Constitution Society, Junior Achievement Worldwide, the Harvard Law School Center on the Legal Profession, the Union College Board of Trustees, Practicing Attorneys for Law Students Program, the Advisory Committee of the Citizens’ Committee for Children (Chair), the Leadership Council of the Legal Services Corporation, the Harvard Law School Visiting Committee, the U.S. Chamber of Commerce Litigation Center, the Riverdale Country School, the Leadership Council on Legal Diversity, American Friends of Hebrew University, the New York Bar Foundation, the Program Advisory Board of the Brennan Center for Justice, the Mark Messier Foundation, the Harvard Law School Alumni Advisory Board, the Court Square Law Project, the Best Lawyers Advisory Board, the Economic Club of New York, the Federal Bar Council Second Circuit Inn of Court, the Union College President’s Council, the United States Supreme Court Historical Society, and the NYU Program on Corporate Compliance and Enforcement. Brad is a founding member of the PwC Leaders Council examining financial services industry regulatory reform, and is a member of The New York City Bar Association Task Force on New Lawyers in a Changing Profession. Brad currently is chairing the 2017-20 (Bicentennial) Harvard Law School Annual Fund. Brad is a trustee of the JL Greene Foundation.
COMMUNITY AWARDS AND RECOGNITIONS
Brad has received numerous recognitions for his pro bono accomplishments and charitable service, including the Servant of Justice Award by the Legal Aid Society, the Judge Learned Hand Award by AJC, the Human Relations Award by the Anti-Defamation League, the Arthur Liman Public Interest Award by the Legal Action Center, the Pro Bono Award by the Pro Bono Partnership, the Torch of Learning Award by American Friends of Hebrew University, the Corporate Protector Award by the Citizens’ Committee for Children, the Extraordinary New Yorker Award by the JBFCS, the Joseph Proskauer Award by UJA, the Legal Advocate Award by the Brady Center to Prevent Gun Violence, the Man of Distinction Award by Legal Momentum, the Impact Award by the New York Law Journal, the Pro Bono Partner Award by the Law Center to Prevent Gun Violence, the Judge Simon Rifkind Award by The Jewish Theological Seminary, and the William Nelson Cromwell Award by the New York County Lawyers Association. Brad was scheduled to receive two additional awards this spring that have been rescheduled because of the pandemic: the Eleanor Roosevelt Award for Corporate Advocacy & Vision by the Citizens’ Committee for Children, and the Burton Award for Law Firm Leadership by The Burton Foundation and the Library of Congress.
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- Publications
New York State Senators Introduce Bill to Expand the Reach of State Antitrust Law
New York legislators introduced a bill, S. 8700-A, that would expand the reach of New York’s antitrust law and may create greater liability exposure for corporations doing business in the state. The bill redefines the nature of…
Paul, Weiss Secures Landmark Appellate Win in $50 Billion Lawsuit Against Blackstone at Kentucky Supreme Court
- Jul 09, 2020
- Client News
Paul, Weiss Secures Landmark Appellate Win in $50 Billion Lawsuit Against Blackstone at Kentucky Supreme Court
Paul, Weiss won a landmark victory on behalf of The Blackstone Group and Blackstone Alternative Asset Management.
Kentucky Supreme Court Dismisses $50 Billion Derivative Action Against Hedge Fund Managers for Lack of Standing
- Jul 14, 2020
- Publications
Kentucky Supreme Court Dismisses $50 Billion Derivative Action Against Hedge Fund Managers for Lack of Standing
Paul, Weiss obtains dismissal of $50 billion derivative action brought by beneficiaries of the Kentucky Retirement System against hedge fund managers and others. In a unanimous ruling, the Kentucky Supreme Court held that plaintiffs…
LIBOR Transition Update: Efforts Continue to Transition from LIBOR to Alternative Reference Rates by the End of 2021
- Jul 07, 2020
- Publications
LIBOR Transition Update: Efforts Continue to Transition from LIBOR to Alternative Reference Rates by the End of 2021
The anticipated cessation of the London Interbank Offered Rate (“LIBOR”) remains the end of calendar year 2021. Notwithstanding challenges presented by the COVID-19 pandemic, regulators, industry leaders and working groups remain…
Introduction to ESG
- Jul 09, 2020
- Publications
Introduction to ESG
Interest on the part of investors and other corporate stakeholders in environmental, social and governance (“ESG”) matters has surged in recent years, and the current economic, public health and social justice crises have only…
Second Circuit Review: COVID-19 and the New York Democratic Primary
- Jun 24, 2020
- Publications
Second Circuit Review: COVID-19 and the New York Democratic Primary
Litigation of counsel Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “COVID-19 and the New York Democratic Primary,” appeared in the June 24 issue of the New York Law Journal.
Supreme Court Upholds the SEC’s Authority to Seek Disgorgement in Civil Actions, But Imposes Important Limiting Principles
- Jun 25, 2020
- Publications
Supreme Court Upholds the SEC’s Authority to Seek Disgorgement in Civil Actions, But Imposes Important Limiting Principles
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.
Further Suspension on Entry of Foreign Nationals Announced
- Jun 23, 2020
- Publications
Further Suspension on Entry of Foreign Nationals Announced
On June 22, President Trump suspended entry into the United States by foreign nationals (with certain exceptions) seeking entry based on H-1B, H-2B, J and L visas. The suspension affects foreign nationals who expected to rely on visas …
COVID-19 Update: OSHA and EEOC Guidance on Returning to Work
- Jun 22, 2020
- Publications
COVID-19 Update: OSHA and EEOC Guidance on Returning to Work
The Occupational Safety and Health Administration (OSHA) recently issued guidance for “non-essential businesses” that have reopened or are preparing to reopen. Businesses are encouraged to reopen in three phases, addressing and…
Ninth Circuit Affirms Dismissal of Securities Fraud Case Where Pharmaceutical Company Had No Motive to Lie About Likelihood of FDA Approval
- Jun 18, 2020
- Publications
Ninth Circuit Affirms Dismissal of Securities Fraud Case Where Pharmaceutical Company Had No Motive to Lie About Likelihood of FDA Approval
In Nguyen v. Endologix, the Ninth Circuit recently affirmed the dismissal of a putative securities class action alleging that a medical device manufacturer fraudulently expressed optimism that a product would receive FDA approval,…
U.S. Supreme Court Limits Standing for ERISA Plan Participants to Sue for Breach of Fiduciary Duties
- Jun 11, 2020
- Publications
U.S. Supreme Court Limits Standing for ERISA Plan Participants to Sue for Breach of Fiduciary Duties
In Thole v. U.S. Bank, the Supreme Court held that participants in a defined-benefit pension plan governed by ERISA lacked standing to sue for breaches of fiduciary duties if they had not suffered personal financial injury.
DOJ 2020 Guidance for Evaluating Corporate Compliance Incorporates Feedback From Business and Compliance Communities
- Jun 08, 2020
- Publications
DOJ 2020 Guidance for Evaluating Corporate Compliance Incorporates Feedback From Business and Compliance Communities
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…
George Floyd and the Quest For Racial Justice
- Jun 03, 2020
- Firm News
George Floyd and the Quest For Racial Justice
A note from Paul, Weiss Chairman Brad S. Karp.
Second Circuit Significantly Increases the Burden of Pleading Corporate Scienter
- Jun 02, 2020
- Publications
Second Circuit Significantly Increases the Burden of Pleading Corporate Scienter
The Second Circuit recently affirmed dismissal of a securities class action against Kimberly-Clark Corporation and Avanos Medical, Inc. based on alleged misrepresentations by the companies’ senior executives. The court ruled that a…
COVID-19 Update: New York State and CDC Guidance for Employers Reopening Offices
- May 30, 2020
- Publications
COVID-19 Update: New York State and CDC Guidance for Employers Reopening Offices
Under the NY Forward Reopening Plan, New York State has now issued guidance for reopening Phase Two industries.
Second Circuit Review: Sentencing Under the First Step Act
- May 27, 2020
- Publications
Second Circuit Review: Sentencing Under the First Step Act
Litigation of counsel Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Sentencing Under the First Step Act,” appeared in the May 27 issue of the New York Law Journal.
Court Holds that Syndicated Bank Loan Is Not a “Security”
- May 26, 2020
- Publications
Court Holds that Syndicated Bank Loan Is Not a “Security”
Federal and state securities laws generally apply only to instruments that qualify as “securities.” The question of whether a particular instrument is a security, therefore, can have significant and far-reaching consequences. Nearly…
COVID-19 Update: New York State Guidance on Reopening Businesses
- May 19, 2020
- Publications
COVID-19 Update: New York State Guidance on Reopening Businesses
Under New York State’s reopening plan, non-essential businesses in the state’s 10 regions can begin reopening once their region meets seven metrics established to protect public health. Within each region that meets the public health…
U.S. Government Issues Updated Sanctions Compliance Guidance for the Maritime Industry
- May 19, 2020
- Publications
U.S. Government Issues Updated Sanctions Compliance Guidance for the Maritime Industry
On May 14, 2020, the U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), and the U.S. Coast Guard (collectively, the “Agencies”) issued updated guidance entitled, “Guidance to…
False Claims Act Liability in the Age of COVID-19
- May 19, 2020
- Publications
False Claims Act Liability in the Age of COVID-19
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 …
OFAC Enforcement Action against BIOMIN America, Inc. Highlights the Consequences of Failing to Seek and Implement Appropriate Compliance Advice
- May 14, 2020
- Publications
OFAC Enforcement Action against BIOMIN America, Inc. Highlights the Consequences of Failing to Seek and Implement Appropriate Compliance Advice
On May 6, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced a $257,862 settlement agreement with BIOMIN America, Inc. (“BIOMIN America”), an animal nutrition company based in Overland Park,…
Bank Hapoalim Enters into Criminal and Civil Resolutions for Its Participation in Separate Tax Evasion and Money Laundering Conspiracies, and Agrees to Pay Nearly $1 Billion in Penalties
- May 05, 2020
- Publications
Bank Hapoalim Enters into Criminal and Civil Resolutions for Its Participation in Separate Tax Evasion and Money Laundering Conspiracies, and Agrees to Pay Nearly $1 Billion in Penalties
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.
DOJ Announces Preliminary Inquiry into Potential Fraud in the Paycheck Protection Program
- May 05, 2020
- Publications
DOJ Announces Preliminary Inquiry into Potential Fraud in the Paycheck Protection Program
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.
Brad Karp, Bob Atkins and Jean McLoughlin Discuss Paul, Weiss’s Pro Bono Response to the Coronavirus Pandemic on PLI Pro Bono-Focused Podcast
- May 04, 2020
- Publications
Brad Karp, Bob Atkins and Jean McLoughlin Discuss Paul, Weiss’s Pro Bono Response to the Coronavirus Pandemic on PLI Pro Bono-Focused Podcast
Firm chairman Brad Karp, litigation partner Bob Atkins and employee benefits partner Jean McLoughlin were featured in the latest episode of the Praticising Law Institute’s “Pursuing Justice: The Pro Bono Files” podcast series.
SEC Charges Company with COVID-19-Related Securities Fraud, Reaffirming its Focus on Public Statements and Disclosures Relating to COVID-19
- May 01, 2020
- Publications
SEC Charges Company with COVID-19-Related Securities Fraud, Reaffirming its Focus on Public Statements and Disclosures Relating to COVID-19
The SEC recently brought its first enforcement action arising out of the COVID-19 pandemic. The action reaffirms the Commission’s laser focus on companies’ statements concerning, and responses to, the pandemic.
NY DFS Files Enforcement Action against Opioid Manufacturer for Insurance Fraud
- May 01, 2020
- Publications
NY DFS Files Enforcement Action against Opioid Manufacturer for Insurance Fraud
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,…
Class Actions Target Ticket and Membership Refunds in the Wake of COVID-19
- May 01, 2020
- Publications
Class Actions Target Ticket and Membership Refunds in the Wake of COVID-19
Many businesses forced to cancel or postpone scheduled events as a result of the COVID-19 pandemic now face an unprecedented risk of class action lawsuits. We summarize emerging trends in class action litigation and present possible…
Eni S.p.A. Agrees to Resolve FCPA Charges As Controlling Minority Shareholder of Saipem S.p.A.
- Apr 30, 2020
- Publications
Eni S.p.A. Agrees to Resolve FCPA Charges As Controlling Minority Shareholder of Saipem S.p.A.
On April 17, 2020, the U.S. Securities and Exchange Commission (“SEC”) announced that it had resolved charges against Eni S.p.A., an Italian headquartered multinational oil and gas company, for violations of the recordkeeping and…
COVID-19 Update: Practical Considerations for Employers as They Prepare for a Return to the Workplace
- Apr 27, 2020
- Publications
COVID-19 Update: Practical Considerations for Employers as They Prepare for a Return to the Workplace
Drawing on new guidance by the EEOC, the CDC and OSHA, we offer practical considerations for employers on navigating some of the difficult issues involved in planning and implementing a successful and safe return to the workplace.
Second Circuit Review: The Second Circuit in the COVID-19 Era
- Apr 22, 2020
- Publications
Second Circuit Review: The Second Circuit in the COVID-19 Era
Litigation of counsel Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “The Second Circuit in the COVID-19 Era,” appeared in the April 22 issue of the New York Law Journal.
Brad Karp, Mike Gertzman, Bob Atkins and Jean McLoughlin Featured in Three Podcasts on Coronavirus (COVID-19) Relief Center
- Apr 27, 2020
- Publications
Brad Karp, Mike Gertzman, Bob Atkins and Jean McLoughlin Featured in Three Podcasts on Coronavirus (COVID-19) Relief Center
Firm chairman Brad Karp, litigation co-chairs Mike Gertzman and Bob Atkins, and employee benefits partner Jean McLoughlin were interviewed about the firm’s work on the Coronavirus (COVID-19) Relief Center in three new and…
Business Roundtable Releases Roadmap for Resumption of Economic Activity
- Apr 25, 2020
- Publications
Business Roundtable Releases Roadmap for Resumption of Economic Activity
On April 24, the Business Roundtable released its proposed framework for the resumption of economic activity. In response to the absence of federal or state guidelines, the Business Roundtable proposed a framework for developing…
Industrial Bank of Korea Reaches $86 Million AML Resolution with DOJ, NY Attorney General, and NY DFS
- Apr 24, 2020
- Publications
Industrial Bank of Korea Reaches $86 Million AML Resolution with DOJ, NY Attorney General, and NY DFS
The DOJ, the N.Y. Attorney General and the N.Y. Department of Financial Services (DFS) recently announced an $86 million resolution with Industrial Bank of Korea (IBK) in connection with criminal violations of the Bank Secrecy Act and …
LIBOR Cessation: ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR
- Apr 20, 2020
- Publications
LIBOR Cessation: ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR
On April 15, ISDA announced preliminary results of its second market consultation regarding the implementation of pre-cessation fallbacks for derivatives contracts referencing LIBOR. ISDA found that “a significant majority of…
Second Circuit Denies Rehearing in Key Insider Trading Case
- Apr 13, 2020
- Publications
Second Circuit Denies Rehearing in Key Insider Trading Case
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…
LIBOR Cessation: ARRC Announces Recommendation for Spread Adjustment Methodology for Cash Products
- Apr 09, 2020
- Publications
LIBOR Cessation: ARRC Announces Recommendation for Spread Adjustment Methodology for Cash Products
On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”), a working group convened to help prepare for the cessation of the U.S. dollar London Interbank Offered Rate (USD LIBOR), announced that it had agreed on a…
Paul, Weiss Launches Sustainability and ESG Advisory Practice
- Apr 09, 2020
- Firm News
Paul, Weiss Launches Sustainability and ESG Advisory Practice
Paul, Weiss has launched a new Sustainability and Environmental, Social and Governance (ESG) Advisory practice to help boards and executives navigate the legal, business and political ramifications of developing and implementing…
Delaware Governor Issues Emergency Order Permitting Notice of Virtual-Only Shareholder Meetings by Exchange Act Filing and Press Release
- Apr 07, 2020
- Publications
Delaware Governor Issues Emergency Order Permitting Notice of Virtual-Only Shareholder Meetings by Exchange Act Filing and Press Release
Delaware’s governor issued an emergency order permitting Delaware public corporations to re-notice or adjourn annual or special shareholder meetings as virtual-only meetings solely by a filing and a press release.
New York State Governor Signs Law Protecting Health Care Workers, Facilities and Administrators from COVID-19-Related Liability
- Apr 07, 2020
- Publications
New York State Governor Signs Law Protecting Health Care Workers, Facilities and Administrators from COVID-19-Related Liability
Along with a collection of other states, New York has taken action to shield health care providers from liability arising from the difficult medical decisions presented by the pandemic.
Update: Mitigating Securities Litigation Risks Related to the Coronavirus
- Mar 31, 2020
- Publications
Update: Mitigating Securities Litigation Risks Related to the Coronavirus
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…
White-Collar Enforcement Priorities in the Wake of COVID-19
- Mar 31, 2020
- Publications
White-Collar Enforcement Priorities in the Wake of COVID-19
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…
COVID-19: LIBOR 2021 Cessation Timing Unchanged Though Planning Delays Expected
- Mar 29, 2020
- Publications
COVID-19: LIBOR 2021 Cessation Timing Unchanged Though Planning Delays Expected
Notwithstanding COVID-19-related market volatility and associated challenges faced by market participants, UK regulators have affirmed that the timetable for LIBOR’s anticipated cessation at the end of calendar year 2021 currently…
Key Provisions of the “Phase Three” COVID-19 Stimulus Package
- Mar 27, 2020
- Publications
Key Provisions of the “Phase Three” COVID-19 Stimulus Package
With the passage of the Coronavirus Aid, Relief, and Economic Security Act now imminent, we summarize key provisions of the emergency stimulus package, including relief for small businesses; emergency funding for companies suffering…
Second Circuit Review: The ‘Advanced Knowledge’ Prong of the FLSA’s ‘Learned Professional’ Exemption
- Mar 24, 2020
- Publications
Second Circuit Review: The ‘Advanced Knowledge’ Prong of the FLSA’s ‘Learned Professional’ Exemption
Litigation of counsel Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “The ‘Advanced Knowledge’ Prong of the FLSA’s ‘Learned Professional’ Exemption,” appeared in the March 24 issue of the New York …
Brad Karp Publishes Op-Ed in The American Lawyer
- Mar 25, 2020
- Publications
Brad Karp Publishes Op-Ed in The American Lawyer
In an op-ed in The American Lawyer titled “The Legal Community Must Protect Workers and Small Businesses From Coronavirus Fallout,” firm Chairman Brad Karp discusses the need for lawyers to help those who face financial devastation as …
SEC Extends Conditional Reporting Relief; CorpFin Staff Issues COVID-19 Disclosure Guidance
- Mar 26, 2020
- Publications
SEC Extends Conditional Reporting Relief; CorpFin Staff Issues COVID-19 Disclosure Guidance
The SEC announced March 25th that it was extending filing periods covered by the conditional reporting relief announced March 4. Concurrently, the Division of Corporation Finance issued guidance and questions for reporting companies…
SEC Enforcement Co-Directors Issue Statement on Potential Insider Trading and Selective Disclosure Risks Related to COVID-19
- Mar 25, 2020
- Publications
SEC Enforcement Co-Directors Issue Statement on Potential Insider Trading and Selective Disclosure Risks Related to COVID-19
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.
New York DFS Issues Emergency Regulation on Mortgage Forbearance and Certain Fees in Response to COVID-19 Pandemic
- Mar 25, 2020
- Publications
New York DFS Issues Emergency Regulation on Mortgage Forbearance and Certain Fees in Response to COVID-19 Pandemic
Under an emergency regulation issued by the NY Department of Financial Services, DFS-regulated banking organizations and mortgage servicers must grant a 90-day forbearance on residential mortgage payments for New York residents who…
Paul, Weiss Launches Online Coronavirus Relief Center to Help Those Impacted Financially by Pandemic
- Mar 25, 2020
- Firm News
Paul, Weiss Launches Online Coronavirus Relief Center to Help Those Impacted Financially by Pandemic
Paul, Weiss has launched its Coronavirus Relief Center, an online portal that will support the millions of Americans and small businesses facing financial devastation due to the economic dislocation caused by the pandemic.
COVID-19: A Special Audio Presentation of Our Partners
- Mar 24, 2020
- Videos
COVID-19: A Special Audio Presentation of Our Partners
Gov. Cuomo Requires New York-Regulated Banks to Grant Forbearances in Light of the COVID-19 Pandemic and Issues Related Directives to NY DFS
- Mar 23, 2020
- Publications
Gov. Cuomo Requires New York-Regulated Banks to Grant Forbearances in Light of the COVID-19 Pandemic and Issues Related Directives to NY DFS
N.Y. Gov. Andrew Cuomo has issued an executive order temporarily deeming the failure of a New York-regulated bank to grant a forbearance to an individual or business in certain circumstances an “unsafe and unsound” business practice.
New York and Delaware Take Steps to Toll Limitations Periods and Extend Other Deadlines in Light of COVID-19 Emergency
- Mar 23, 2020
- Publications
New York and Delaware Take Steps to Toll Limitations Periods and Extend Other Deadlines in Light of COVID-19 Emergency
State governments have begun to take broad actions to make wholesale adjustments to litigation deadlines in light of the challenges presented by the COVID-19 public health emergency. We describe the procedural and substantive…
COVID-19: Withdrawing or Revising Earnings Guidance
- Mar 23, 2020
- Publications
COVID-19: Withdrawing or Revising Earnings Guidance
In recent days, scores of companies have either withdrawn or revised downward previously issued guidance due to the continuing adverse impacts of the COVID-19 pandemic, with most opting to withdraw. We highlight important areas to…
COVID-19: Layoff and Furlough Considerations for Employers
- Mar 21, 2020
- Publications
COVID-19: Layoff and Furlough Considerations for Employers
In light of the significant economic impact of the COVID-19 pandemic upon businesses, we address the legal considerations for employers and certain employee protections in connection with reductions of employee headcount and/or…
COVID-19: Certain Considerations for Private Equity Firms and Portfolio Companies
- Mar 20, 2020
- Publications
COVID-19: Certain Considerations for Private Equity Firms and Portfolio Companies
With developments moving faster than can be captured in any single alert or memorandum, we prepared a guide to the range of issues that private equity firms and portfolio companies need to consider in navigating coronavirus (COVID-19) …
U.S. State Department Issues Unprecedented Global Travel Advisory
- Mar 19, 2020
- Publications
U.S. State Department Issues Unprecedented Global Travel Advisory
The State Department has issued a Level 4 (Do Not Travel) advisory for all travel outside the United States. It advises U.S. citizens not to travel abroad and U.S. citizens abroad who reside in the United States to return home if…
The American Lawyer and Above the Law Highlight Paul, Weiss’s Pro Bono Response to The Coronavirus Crisis
- Mar 17, 2020
- Publications
The American Lawyer and Above the Law Highlight Paul, Weiss’s Pro Bono Response to The Coronavirus Crisis
The American Lawyer and Above the Law published articles on March 17 focusing on Paul, Weiss’s pro bono mobilization to help individuals and organizations economically impacted by the coronavirus.
New York DFS Grants Temporary Relief and Requires Regulated Entities to Submit Descriptions of COVID-19 Preparedness Plans
- Mar 19, 2020
- Publications
New York DFS Grants Temporary Relief and Requires Regulated Entities to Submit Descriptions of COVID-19 Preparedness Plans
The N.Y. Department of Financial Services (DFS) has taken a number of recent steps in response to the COVID-19 pandemic, including granting temporary regulatory relief and filing extensions to regulated entities, and requiring such…
Congress Passes COVID-19 Relief Package
- Mar 18, 2020
- Publications
Congress Passes COVID-19 Relief Package
On March 18, the Senate approved an emergency relief bill to provide financial support for individuals affected by the COVID-19 pandemic. The Families First Coronavirus Response Act (FFCRA) enhances paid sick, family and medical…
Brad Karp Publishes Op-Ed on Tackling the Coronavirus Pandemic in The American Lawyer
- Mar 15, 2020
- Publications
Brad Karp Publishes Op-Ed on Tackling the Coronavirus Pandemic in The American Lawyer
Firm Chairman Brad Karp published an op-ed in The American Lawyer, “We Need Obama, Bush and Clinton to Beat the Coronavirus.”
The Coronavirus: Certain Considerations for Public Companies
- Mar 17, 2020
- Publications
The Coronavirus: Certain Considerations for Public Companies
As the coronavirus (COVID-19) pandemic continues to slow commerce, most companies face serious challenges in almost all areas of their businesses. The recent turmoil and volatility of public financial markets has resulted in many…
Coronavirus: Updated Guidance for Employers Issued by Federal, State, and City Agencies
- Mar 17, 2020
- Publications
Coronavirus: Updated Guidance for Employers Issued by Federal, State, and City Agencies
The Trump Administration on March 16 released new guidelines over the next 15 days in hopes of slowing the spread of COVID-19. We provide updates on new federal, state and city guidelines and address challenges for employers striving…
UPDATE: The Coronavirus’ Impacts on Your Annual Meeting
- Mar 17, 2020
- Publications
UPDATE: The Coronavirus’ Impacts on Your Annual Meeting
As we enter the run-up to peak proxy season and with travel restrictions and “social distancing” measures increasing, companies face challenges on how to address the coronavirus (COVID-19) outbreak in the context of their annual…
UPDATE: Force Majeure Under the Coronavirus (COVID-19) Pandemic
- Mar 16, 2020
- Publications
UPDATE: Force Majeure Under the Coronavirus (COVID-19) Pandemic
The coming weeks and months are likely to bring many assertions of force majeure in response to COVID-19-related impacts. We provide an update on the most recent developments and their effect on parties’ ability to invoke force…
OFAC Cites the Use of U.S.-Origin Software and U.S. Network Infrastructure in Reaching a Nearly $8 Million Settlement with a Swiss Commercial Aviation Services Company
- Mar 16, 2020
- Publications
OFAC Cites the Use of U.S.-Origin Software and U.S. Network Infrastructure in Reaching a Nearly $8 Million Settlement with a Swiss Commercial Aviation Services Company
The U.S. Treasury Department’s Office of Foreign Assets Control has announced a $7,829,640 settlement agreement with Geneva-based Société Internationale de Télécommunications Aéronautiques.
Ban on Travel from Europe: Additional Details Are Released; the UK and Ireland Are Added to the List
- Mar 14, 2020
- Publications
Ban on Travel from Europe: Additional Details Are Released; the UK and Ireland Are Added to the List
The UK and Ireland have been added to the existing ban on entry into the U.S. of foreign nationals who have been in any of 26 countries in Europe during the 14 days prior to their entry.
The Impact of COVID-19 on Performance-Based Compensation Programs
- Mar 13, 2020
- Publications
The Impact of COVID-19 on Performance-Based Compensation Programs
As the coronavirus pandemic continues, we examine its impact on executive compensation and how public company boards should structure compensation at a time of economic uncertainty and market volatility, with a particular focus on…
2020 FCPA Developments: A Judge Overturns Hoskins’s FCPA Guilty Verdict Under an Agency Theory; Cardinal Health Resolves FCPA Investigation with the SEC
- Mar 13, 2020
- Publications
2020 FCPA Developments: A Judge Overturns Hoskins’s FCPA Guilty Verdict Under an Agency Theory; Cardinal Health Resolves FCPA Investigation with the SEC
On February 26, 2020, the U.S. District Court for the District of Connecticut entered a judgment of acquittal for Lawrence Hoskins on all Foreign Corrupt Practices Act (“FCPA”) charges.[1] The ruling partly overturns a jury’s verdict…
The United States Imposes a Ban on Travel from Schengen Area Countries
- Mar 12, 2020
- Publications
The United States Imposes a Ban on Travel from Schengen Area Countries
President Trump signed a proclamation restricting and suspending the entry into the United States of foreign nationals who have been within Europe’s Schengen Area during the 14 days prior to their entry. U.S. citizens and others not…
The Coronavirus’ Impacts on Your Annual Meeting
- Mar 11, 2020
- Publications
The Coronavirus’ Impacts on Your Annual Meeting
As peak proxy season approaches and travel restrictions and quarantines increase, companies face challenges on how to address the coronavirus (COVID-19) outbreak in the context of their annual shareholders meetings. In this memo, we…
First Phase of Reunifications in Family Separation Class Action Concludes
- Mar 06, 2020
- Client News
First Phase of Reunifications in Family Separation Class Action Concludes
Paul, Weiss, the American Civil Liberties Union and three nonprofit partners achieved a major milestone in Ms. L v. ICE, the national class action challenge to the Trump Administration’s family separation policy, when U.S. District…
Coronavirus: Employment Law Considerations and Practical Guidance for Employers
- Mar 10, 2020
- Publications
Coronavirus: Employment Law Considerations and Practical Guidance for Employers
With each day that COVID-19 grows as a threat to communities across the country, employers face unprecedented challenges and concerns. We provide a brief overview of the legal obligations relevant to employers during this public…
State AGs Respond to COVID-19-Related “Price Gouging” and DOJ Antitrust Enforcement to Focus on Public Health Products
- Mar 10, 2020
- Publications
State AGs Respond to COVID-19-Related “Price Gouging” and DOJ Antitrust Enforcement to Focus on Public Health Products
Attorneys general in California, New York and Washington have announced they will take action against “price gouging,” while the Antitrust Division said it will watch for collusive practices in the sale of critical public health…
FinCEN Imposes Its First Penalty on a Bank Compliance Officer for $450,000 for Failing to Prevent AML Violations
- Mar 09, 2020
- Publications
FinCEN Imposes Its First Penalty on a Bank Compliance Officer for $450,000 for Failing to Prevent AML Violations
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.…
What Does New York’s Declaration of a State of Emergency Mean for Business?
- Mar 09, 2020
- Publications
What Does New York’s Declaration of a State of Emergency Mean for Business?
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.
Is the Coronavirus a Material Adverse Effect?
- Mar 06, 2020
- Publications
Is the Coronavirus a Material Adverse Effect?
Currently, the impacts of the coronavirus (COVID-19) would not likely trigger the typical MAE termination right. However, this may change depending on the outbreak’s duration, disproportionate industry or company impacts and whether…
Mitigating Cybersecurity Risks Related to the Coronavirus
- Mar 06, 2020
- Publications
Mitigating Cybersecurity Risks Related to the Coronavirus
To limit the spread of COVID-19, many companies are implementing contingency plans for employees to work remotely. These steps may, however, inadvertently increase the risks of a data breach or other cyberattack. We suggest practical…
Mitigating Securities Litigation Risks Related to the Coronavirus
- Mar 05, 2020
- Publications
Mitigating Securities Litigation Risks Related to the Coronavirus
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…
SEC Reporting Companies: Considering the Impact of the Coronavirus on Public Disclosure and Other Obligations
- Mar 04, 2020
- Publications
SEC Reporting Companies: Considering the Impact of the Coronavirus on Public Disclosure and Other Obligations
As the coronavirus (COVID-19) continues to spread, SEC reporting companies and their boards need to consider the impacts of the outbreak not just from business continuity and risk management perspectives, but also on their public…
Force Majeure in the Wake of the Coronavirus (COVID-19)
- Mar 03, 2020
- Publications
Force Majeure in the Wake of the Coronavirus (COVID-19)
The coming months are likely to bring many assertions of force majeure—contract provisions that excuse a party’s nonperformance when “acts of God” or other extraordinary events prevent a party from fulfilling its contractual…
Supreme Court to Decide Constitutionality of CFPB
- Mar 02, 2020
- Publications
Supreme Court to Decide Constitutionality of CFPB
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,…
Second Circuit Review: Narrowing the Definition of Quid Pro Quo
- Feb 26, 2020
- Publications
Second Circuit Review: Narrowing the Definition of Quid Pro Quo
Litigation of counsel Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Narrowing the Definition of Quid Pro Quo,” appeared in the February 26 issue of the New York Law Journal.
Wells Fargo Reaches Resolutions with DOJ and SEC for $3 Billion, Agrees to a Deferred Prosecution Agreement
- Feb 24, 2020
- Publications
Wells Fargo Reaches Resolutions with DOJ and SEC for $3 Billion, Agrees to a Deferred Prosecution Agreement
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…
CBS News Notes Expansive Paul, Weiss Role in ACLU Class Action on Behalf of Deported Parents
- Feb 18, 2020
- Publications
CBS News Notes Expansive Paul, Weiss Role in ACLU Class Action on Behalf of Deported Parents
A CBS News article highlights Paul, Weiss’s critically important new effort as head of a court-established Plaintiffs Steering Committee in the class action on behalf of migrant parents separated from their children upon entry to the…
Economic Sanctions and Anti-Money Laundering Developments: 2019 Year in Review
- Jan 31, 2020
- Publications
Economic Sanctions and Anti-Money Laundering Developments: 2019 Year in Review
This memorandum surveys economic sanctions and anti-money laundering (“AML”) developments and trends in 2019 and provides an outlook for the year ahead.
Second Circuit Review: Personal Benefit in Title 18 Insider Trading Cases
- Jan 29, 2020
- Publications
Second Circuit Review: Personal Benefit in Title 18 Insider Trading Cases
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.
Brad Karp and Lorin Reisner to Participate in Securities Litigation & Enforcement Institute Event
- Jan 29, 2020
- Events
Brad Karp and Lorin Reisner to Participate in Securities Litigation & Enforcement Institute Event
Firm chairman Brad Karp and litigation partner Lorin Reisner will participate in the New York City Bar’s Eighth Annual Securities Litigation & Enforcement Institute.
OCC Takes Unprecedented Enforcement Actions Against Eight Former Wells Fargo Executives
- Jan 28, 2020
- Publications
OCC Takes Unprecedented Enforcement Actions Against Eight Former Wells Fargo Executives
As the latest chapter in the aftermath of the Wells Fargo fake accounts scandal, the OCC announced enforcement actions against eight former Wells Fargo executives for their roles in the bank’s “systemic sales practices misconduct.”
Anti-Spoofing Enforcement: 2019 Year in Review
- Jan 28, 2020
- Publications
Anti-Spoofing Enforcement: 2019 Year in Review
2019 marked another unprecedented year in civil and criminal anti-spoofing enforcement.
FCPA Enforcement and Anti-Corruption Developments - 2019 Year in Review
- Jan 24, 2020
- Publications
FCPA Enforcement and Anti-Corruption Developments - 2019 Year in Review
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.
Global Regulators Press Market Participants to Prepare Now for LIBOR Transition
- Jan 22, 2020
- Publications
Global Regulators Press Market Participants to Prepare Now for LIBOR Transition
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,…
Paul, Weiss Wins Dismissal of Securities Class Action Against Ericsson
- Jan 10, 2020
- Client News
Paul, Weiss Wins Dismissal of Securities Class Action Against Ericsson
Paul, Weiss secured the dismissal of a putative securities class action brought against our clients Telefonaktiebolaget LM Ericsson and various Ericsson executives relating to Ericsson’s accounting for various long-term service…
Second Circuit Review: Narrowing the Bounds of 'Windfall' Restitution Awards in Financial Fraud Cases
- Dec 26, 2019
- Publications
Second Circuit Review: Narrowing the Bounds of 'Windfall' Restitution Awards in Financial Fraud Cases
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Narrowing the Bounds of ‘Windfall’ Restitution Awards in Financial Fraud Cases,” appeared in the December 26 issue of the New…
DOJ Announces Revised Export Control and Sanctions Enforcement Policy for Companies, Including Financial Institutions
- Dec 19, 2019
- Publications
DOJ Announces Revised Export Control and Sanctions Enforcement Policy for Companies, Including Financial Institutions
The U.S. Department of Justice’s National Security Division recently announced a revised policy designed to encourage companies, including financial institutions, to make voluntary self-disclosures to the DOJ in connection with…
OFAC Enforcement Action against U.S. Aviation Company Shows the Importance of Ongoing Monitoring over the Course of a Contractual Relationship
- Dec 09, 2019
- Publications
OFAC Enforcement Action against U.S. Aviation Company Shows the Importance of Ongoing Monitoring over the Course of a Contractual Relationship
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.
CBS Completes Merger With Viacom, Creating $40 Billion Company
- Dec 06, 2019
- Client News
CBS Completes Merger With Viacom, Creating $40 Billion Company
Paul, Weiss advised the special committee of the board of directors of CBS Corp. in its merger with Viacom to form ViacomCBS Inc.
Samsung Heavy Industries Agrees to Pay $75 Million to DOJ and Brazilian Authorities to Resolve FCPA Charges
- Dec 05, 2019
- Publications
Samsung Heavy Industries Agrees to Pay $75 Million to DOJ and Brazilian Authorities to Resolve FCPA Charges
On November 22, 2019, the Department of Justice announced that it had reached a resolution with Samsung Heavy Industries Company Ltd. (“SHI”) relating to a scheme to pay millions of dollars in bribes to officials of Petróleo…
Second Circuit Review: Presidential Immunity From Criminal Investigation
- Dec 04, 2019
- Publications
Second Circuit Review: Presidential Immunity From Criminal Investigation
Litigation partner Martin Flumenbaum and Brad Karp’s Second Circuit Review column, “Presidential Immunity From Criminal Investigation,” appeared in the November 27 issue of the New York Law Journal.
Jury Convicts Foreign National of FCPA Violations under Agency Theory
- Nov 21, 2019
- Publications
Jury Convicts Foreign National of FCPA Violations under Agency Theory
On November 8, 2019, a Connecticut jury found Lawrence Hoskins, a British national and former executive of the French power and rail transportation company, Alstom S.A., guilty of participating in a scheme to bribe Indonesian…
Supreme Court to Consider if the SEC May Collect Disgorgement in Civil Enforcement Proceedings
- Nov 04, 2019
- Publications
Supreme Court to Consider if the SEC May Collect Disgorgement in Civil Enforcement Proceedings
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 …
Paul, Weiss’s Role in Ms. L v. ICE Grows as Parent Class Expands
- Oct 29, 2019
- Client News
Paul, Weiss’s Role in Ms. L v. ICE Grows as Parent Class Expands
Paul, Weiss is playing an expanded role as head of a court-established Plaintiffs Steering Committee in the national class action on behalf of migrant parents separated from their children upon entry to the United States.
Second Circuit Review: The Meaning of ‘Official Act’ Under Bribery Laws
- Oct 25, 2019
- Publications
Second Circuit Review: The Meaning of ‘Official Act’ Under Bribery Laws
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “The Meaning of ‘Official Act’ Under Bribery Laws,” appeared in the October 23 issue of the New York Law Journal.
Federal Agencies Issue Joint Statement on AML/CFT Obligations, and IRS Updates Guidance, for Digital Assets
- Oct 15, 2019
- Publications
Federal Agencies Issue Joint Statement on AML/CFT Obligations, and IRS Updates Guidance, for Digital Assets
The CFTC, the SEC and FinCen recently issued a joint statement reminding those engaged in activities involving digital assets of their anti-money laundering and counter-terrorist funding obligations under the Bank Secrecy Act
Second Circuit Review: The Second Circuit in the Supreme Court
- Oct 09, 2019
- Publications
Second Circuit Review: The Second Circuit in the Supreme Court
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “The Second Circuit in the Supreme Court,” appeared in the October 9 issue of the New York Law Journal.
DOJ Announces Guidance for “Inability-to-Pay” Claims
- Oct 10, 2019
- Publications
DOJ Announces Guidance for “Inability-to-Pay” Claims
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.
SEC Concludes the 2018-19 Fiscal Year with Four FCPA Enforcement Actions
- Oct 08, 2019
- Publications
SEC Concludes the 2018-19 Fiscal Year with Four FCPA Enforcement Actions
The SEC closed out its 2018-19 fiscal year by resolving four FCPA enforcement actions and assessing over $25 million in combined penalties, bringing the total number of SEC resolutions in 2019 to twelve.
Brad Karp Featured in LEADERS Magazine
- Oct 07, 2019
- Publications
Brad Karp Featured in LEADERS Magazine
Firm chairman Brad Karp was featured in a Q&A in the latest issue of LEADERS magazine.
Paul, Weiss Strikes SEC Settlement for Former Nissan Chair Carlos Ghosn
- Sep 23, 2019
- Client News
Paul, Weiss Strikes SEC Settlement for Former Nissan Chair Carlos Ghosn
Paul, Weiss advised former Nissan Motor Co. Chairman Carlos Ghosn in his $1 million civil settlement with the U.S. Securities and Exchange Commission.
CFTC Fines Phillip Capital for Failure to Prevent a Cyber Attack That Resulted in the Theft of Customer Funds
- Sep 23, 2019
- Publications
CFTC Fines Phillip Capital for Failure to Prevent a Cyber Attack That Resulted in the Theft of Customer Funds
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…
OFAC Reaches Settlement Agreement with U.K. Bank for Complex Payment Structures Used to Circumvent U.S. Sanctions
- Sep 19, 2019
- Publications
OFAC Reaches Settlement Agreement with U.K. Bank for Complex Payment Structures Used to Circumvent U.S. Sanctions
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…
Google and YouTube Pay Record $170 Million Fine for Allegedly Violating Children’s Privacy Law in Settlement with the FTC and the New York Attorney General
- Sep 09, 2019
- Publications
Google and YouTube Pay Record $170 Million Fine for Allegedly Violating Children’s Privacy Law in Settlement with the FTC and the New York Attorney General
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…
FinCEN Announces Launch of New Global Investigations Division Focused on Exercising Section 311 and Geographic Targeting Order Authorities
- Aug 30, 2019
- Publications
FinCEN Announces Launch of New Global Investigations Division Focused on Exercising Section 311 and Geographic Targeting Order Authorities
On August 28, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) announced the launch of a new Global Investigations Division (“GID”), which will be responsible for implementing “targeted investigation…
Does President Trump Have Authority to Force U.S. Companies to Leave China?
- Aug 26, 2019
- Publications
Does President Trump Have Authority to Force U.S. Companies to Leave China?
On August 23, 2019, President Trump tweeted that “American companies are hereby ordered to immediately start looking for an alternative to China, including bringing. . .your companies [home] and making products in the USA.” In further …
Second Circuit Review: First Amendment Forum Analysis in the Digital Era
- Aug 22, 2019
- Publications
Second Circuit Review: First Amendment Forum Analysis in the Digital Era
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “First Amendment Forum Analysis in the Digital Era,” appeared in the August 21 issue of the New York Law Journal.
In re Everquote: New York Supreme Court’s Commercial Division Holds that Automatic Stay of Discovery Applies in Securities Act Class Actions Filed in State Court
- Aug 21, 2019
- Publications
In re Everquote: New York Supreme Court’s Commercial Division Holds that Automatic Stay of Discovery Applies in Securities Act Class Actions Filed in State Court
In 2018, the United States Supreme Court in Cyan, Inc. v. Beaver County Employees Retirement Fund held that class actions asserting claims under the Securities Act of 1933 (“Securities Act”) that are filed in state court are not…
CBS to Merge With Viacom, Creating $40 Billion Company
- Aug 13, 2019
- Client News
CBS to Merge With Viacom, Creating $40 Billion Company
Paul, Weiss is advising the special committee of the board of directors of CBS Corp. in its merger with Viacom to form ViacomCBS Inc.
D.C. Circuit Upholds Decision Requiring Three Chinese Banks to Produce Documents Located in China to the U.S. Government
- Aug 12, 2019
- Publications
D.C. Circuit Upholds Decision Requiring Three Chinese Banks to Produce Documents Located in China to the U.S. Government
On July 30, 2019, the U.S. Court of Appeals for the District of Columbia affirmed civil contempt orders by the D.C. District Court against three Chinese banks for their failure to produce documents in response to U.S. government…
New York Governor Signs Data Security Law
- Jul 31, 2019
- Publications
New York Governor Signs Data Security Law
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.
Second Circuit Review: Proving Retaliation Claims Under the Age Discrimination Act
- Jul 24, 2019
- Publications
Second Circuit Review: Proving Retaliation Claims Under the Age Discrimination Act
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Proving Retaliation Claims Under the Age Discrimination Act,” appeared in the July 24 issue of the New York Law Journal.
SEC Issues Statement Highlighting Risks Regarding LIBOR Transition
- Jul 18, 2019
- Publications
SEC Issues Statement Highlighting Risks Regarding LIBOR Transition
On July 12, the SEC’s staff issued a statement (the “LIBOR Statement”) urging market participants to prepare for the transition away from the London Interbank Offered Rate (“LIBOR”) reference rate.
FCPA Enforcement and Anti-Corruption Developments: 2019 Mid-Year Review
- Jul 18, 2019
- Publications
FCPA Enforcement and Anti-Corruption Developments: 2019 Mid-Year Review
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…
UK’s ICO Announces Significant Fines for GDPR Violations
- Jul 12, 2019
- Publications
UK’s ICO Announces Significant Fines for GDPR Violations
On July 8 and 9, 2019, the Information Commissioner’s Office (ICO) – the data protection authority of the United Kingdom – announced its intention to levy substantial fines against two companies for violations of the EU General Data…
TechnipFMC Agrees to Pay $296 Million to DOJ and Brazilian Authorities to Resolve Criminal FCPA Charges; SEC Civil Charges Pending
- Jul 02, 2019
- Publications
TechnipFMC Agrees to Pay $296 Million to DOJ and Brazilian Authorities to Resolve Criminal FCPA Charges; SEC Civil Charges Pending
On June 25, 2019, the Department of Justice announced a resolution with Technip FMC PLC (“TFMC”), a London-headquartered, global provider of oil and gas technology and services that is listed on the New York Stock Exchange, for…
Second Circuit Review: Court Defines ‘Consumer Reporting Agency’ Under the FCRA
- Jun 27, 2019
- Publications
Second Circuit Review: Court Defines ‘Consumer Reporting Agency’ Under the FCRA
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Court Defines ‘Consumer Reporting Agency’ Under the FCRA,” appeared in the June 26 issue of the New York Law Journal.
Walmart Pays $282 Million for Failing to Maintain a Sufficient Anti-Corruption Compliance Program
- Jun 25, 2019
- Publications
Walmart Pays $282 Million for Failing to Maintain a Sufficient Anti-Corruption Compliance Program
On June 20, 2019, the Department of Justice and the Securities and Exchange Commission announced long-awaited resolutions with Walmart, Inc. for violations of the books and records and internal accounting provisions of the Foreign…
New York DFS Creates New Cybersecurity Division
- May 29, 2019
- Publications
New York DFS Creates New Cybersecurity Division
On May 22, 2019, the New York State Department of Financial Services (“DFS”) announced the creation of a new Cybersecurity Division, which it described as the “first of its kind at a banking or insurance regulator.”
U.S. Supreme Court Holds That False Claims Act Relators May Have up to 10 Years to File Suit, Regardless of Government Intervention
- May 16, 2019
- Publications
U.S. Supreme Court Holds That False Claims Act Relators May Have up to 10 Years to File Suit, Regardless of Government Intervention
On May 13, 2019, the Supreme Court unanimously held in Cochise Consultancy, Inc. v. United States ex rel. Hunt that the limitations period in Section 3731(b)(2) of the False Claims Act applies in all qui tam suits where the…
OFAC Issues Guidance on Sanctions Compliance Programs and Flags “Root Causes” Underlying Prior Enforcement Actions
- May 14, 2019
- Publications
OFAC Issues Guidance on Sanctions Compliance Programs and Flags “Root Causes” Underlying Prior Enforcement Actions
On May 2, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued guidance entitled “A Framework for OFAC Compliance Commitments” (the “Framework”), that strongly encourages companies to “develop,…
Paul, Weiss’s Supreme Court & Appellate Practice Featured in The American Lawyer
- Apr 30, 2019
- Publications
Paul, Weiss’s Supreme Court & Appellate Practice Featured in The American Lawyer
The American Lawyer featured Paul, Weiss’s new Supreme Court & Appellate Practice in an April 30 article.
New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division
- May 03, 2019
- Publications
New York DFS Creates New “Powerhouse” Division Combining the Enforcement Division and Financial Frauds and Consumer Protection Division
On April 29, 2019, Linda Lacewell, the Acting Superintendent of the New York State Department of Financial Services (“DFS”), announced the combination of DFS’s previously separate Enforcement Division and Financial Frauds and Consumer …
UniCredit Group Banks Agree to Pay a Combined $1.3 Billion Penalty for Iranian and Other Sanctions Violations; One Bank Pleads Guilty
- May 01, 2019
- Publications
UniCredit Group Banks Agree to Pay a Combined $1.3 Billion Penalty for Iranian and Other Sanctions Violations; One Bank Pleads Guilty
On April 15, 2019, UniCredit Bank AG (“UCB AG”), headquartered in Munich, Germany, UniCredit Bank Austria AG (“Bank Austria”), headquartered in Vienna, Austria, and their corporate parent, UniCredit S.p.A., an Italian global banking…
Supreme Court Passes–For Now–on Rejecting an Implied Private Right of Action for Tender Offer Claims
- Apr 25, 2019
- Publications
Supreme Court Passes–For Now–on Rejecting an Implied Private Right of Action for Tender Offer Claims
On April 23, 2019, the Supreme Court issued a one-line per curiam order in Emulex v. Varjabedian: “The writ of certiorari is dismissed as improvidently granted.”
Second Circuit Review: Measuring the Speedy Trial Clock
- Apr 26, 2019
- Publications
Second Circuit Review: Measuring the Speedy Trial Clock
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Measuring the Speedy Trial Clock,” appeared in the April 24 issue of the New York Law Journal.
Paul, Weiss Wins $1 Billion Judgment for Citi in Parmalat Litigation
- Apr 18, 2019
- Client News
Paul, Weiss Wins $1 Billion Judgment for Citi in Parmalat Litigation
Eleven years after Paul, Weiss litigation partners Ted Wells and Jack Baughman won a trial verdict for client Citigroup Inc. in New Jersey, Italy’s Supreme Court ruled on April 16 that the 2008 court award against failed Italian dairy …
Paul, Weiss Secures Dismissal of Multi-Billion-Dollar Suit Against Glencore
- Mar 11, 2019
- Client News
Paul, Weiss Secures Dismissal of Multi-Billion-Dollar Suit Against Glencore
Paul, Weiss achieved a major victory for our client Glencore when the U.S. District Court for the Southern District of Florida dismissed a lawsuit against Glencore and other oil traders for allegedly conspiring to cheat Venezuela’s…
OFAC Takes Enforcement Action Against U.S. Parent Company for its Recently Acquired Chinese Subsidiary’s Iran Sanctions Violations
- Apr 01, 2019
- Publications
OFAC Takes Enforcement Action Against U.S. Parent Company for its Recently Acquired Chinese Subsidiary’s Iran Sanctions Violations
On March 27, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $1,869,144 settlement agreement with Connecticut-based Stanley Black & Decker, Inc. (“Stanley Black & Decker”), a…
U.S. Supreme Court Holds that Primary Liability under the Federal Securities Laws May Be Based on Misstatements that the Defendant Did Not Make
- Mar 28, 2019
- Publications
U.S. Supreme Court Holds that Primary Liability under the Federal Securities Laws May Be Based on Misstatements that the Defendant Did Not Make
The Supreme Court held in Lorenzo v. Securities & Exchange Commission that under certain circumstances a person who does not “make” a misstatement may nonetheless be held primarily liable.
Second Circuit Review: Civil Penalties for Insider Trading
- Mar 26, 2019
- Publications
Second Circuit Review: Civil Penalties for Insider Trading
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Civil Penalties for Insider Trading,” appeared in the March 25 issue of the New York Law Journal.
U.S. Supreme Court Holds That Entities Engaged in Nonjudicial Foreclosure Proceedings Are Generally Exempt from the FDCPA
- Mar 21, 2019
- Publications
U.S. Supreme Court Holds That Entities Engaged in Nonjudicial Foreclosure Proceedings Are Generally Exempt from the FDCPA
Yesterday, the United States Supreme Court held that the Fair Debt Collection Practices Act (“FDCPA”) generally exempts entities that merely engage in nonjudicial foreclosure proceedings, in accordance with state law.
Paul, Weiss Aids in Connecticut Win Allowing Gun Violence Victims to Sue Gun Makers
- Mar 18, 2019
- Client News
Paul, Weiss Aids in Connecticut Win Allowing Gun Violence Victims to Sue Gun Makers
In a landmark decision, the Connecticut Supreme Court ruled that the families of victims of the 2012 Sandy Hook Elementary School shooting could sue the manufacturers, distributors and sellers of the military assault rifle used by the …
Second Circuit Review: Our 400th Column
- Feb 27, 2019
- Publications
Second Circuit Review: Our 400th Column
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Our 400th Column,” appeared in the February 27 issue of the New York Law Journal.
In Unprecedented Move, OFAC Takes Enforcement Action Against U.S. Parent Company for Turkish Subsidiary’s Iran Sanctions Violations and Simultaneously Sanctions the Subsidiary’s Ex-Managing Director
- Feb 11, 2019
- Publications
In Unprecedented Move, OFAC Takes Enforcement Action Against U.S. Parent Company for Turkish Subsidiary’s Iran Sanctions Violations and Simultaneously Sanctions the Subsidiary’s Ex-Managing Director
On February 7, 2019, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced a $13,381 settlement agreement with Virginia-based Kollmorgen Corporation (“Kollmorgen”), a technology and manufacturing…
Economic Sanctions and Anti-Money Laundering Developments: 2018 Year in Review
- Feb 05, 2019
- Publications
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. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment.
OFAC Reaches Settlement with e.l.f. Cosmetics, Inc. for North Korea Sanctions Violations Resulting from Inadequate Supply Chain Due Diligence
- Feb 04, 2019
- Publications
OFAC Reaches Settlement with e.l.f. Cosmetics, Inc. for North Korea Sanctions Violations Resulting from Inadequate Supply Chain Due Diligence
On January 31, 2019, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced a $996,080 settlement agreement with California-based e.l.f. Cosmetics, Inc. (“ELF”), to settle its potential civil liability for …
Second Circuit Review: Court Shifts on Effect of Using Handcuffs During Police Encounters
- Jan 30, 2019
- Publications
Second Circuit Review: Court Shifts on Effect of Using Handcuffs During Police Encounters
Litigation partner Martin Flumenbaum and firm chairman Brad Karp’s latest Second Circuit Review column, “Court Shifts on Effect of Using Handcuffs During Police Encounters,” appeared in the January 30 issue of the New York Law…
10th Circuit Reinstates “Conduct-and-Effects” Test in SEC Enforcement Actions, Superseding Morrison
- Jan 30, 2019
- Publications
10th Circuit Reinstates “Conduct-and-Effects” Test in SEC Enforcement Actions, Superseding Morrison
Last week the United States Court of Appeals for the Tenth Circuit considered the scope of the SEC’s authority to bring a civil enforcement action under the antifraud provisions of the federal securities laws arising from a securities …
FCPA Enforcement and Anti-Corruption Developments: 2018 Year in Review
- Jan 17, 2019
- Publications
FCPA Enforcement and Anti-Corruption Developments: 2018 Year in Review
In this memo, we offer reflections on the year’s most significant developments in anti-corruption and FCPA enforcement and policy.
Brad Karp and Steve Williams to Participate in Securities Litigation & Enforcement Institute Event
- Jan 23, 2019
- Events
Brad Karp and Steve Williams to Participate in Securities Litigation & Enforcement Institute Event
Firm chairman Brad Karp and corporate partner Steve Williams will participate in the New York City Bar’s seventh annual Securities Litigation & Enforcement Institute.
Delaware Court of Chancery Invalidates Federal Forum Selection Provisions for Claims Arising Under the Securities Act of 1933
- Jan 09, 2019
- Publications
Delaware Court of Chancery Invalidates Federal Forum Selection Provisions for Claims Arising Under the Securities Act of 1933
On December 19, 2018, the Delaware Court of Chancery (Laster, V.C) held in Sciabacucchi v. Salzberg et al, C.A. No. 2017-0931-VCL (Del. Ch. Dec. 19, 2018), that federal forum selection provisions contained in the certificates of…
Anti-Spoofing Enforcement: 2018 Year in Review
- Jan 07, 2019
- Publications
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…
Court Upholds SEC Authority and Finds Broker-Dealer Liable for Thousands of Suspicious Activity Reporting Violations
- Jan 07, 2019
- Publications
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 …
Second Circuit Review: Unaccepted Pre-Class Certification Settlement Offers
- Jan 02, 2019
- Publications
Second Circuit Review: Unaccepted Pre-Class Certification Settlement Offers
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Unaccepted Pre-Class Certification Settlement Offers,” appeared in the December 28 issue of the New York Law Journal. The authors discuss a…
Paul, Weiss Assists Deported Parents in Their Requests to Have Asylum Claims Heard
- Dec 17, 2018
- Client News
Paul, Weiss Assists Deported Parents in Their Requests to Have Asylum Claims Heard
As part of its role as the head of the American Civil Liberties Union (ACLU) Steering Committee to assist with the reunification of the 420 parents who were separated from their children at the border and then deported, Paul, Weiss…
DOJ Announces New Standards for Corporate Cooperation
- Dec 05, 2018
- Publications
DOJ Announces New Standards for Corporate Cooperation
The Department of Justice announced last week significant changes to its policies for granting corporations credit for cooperating with criminal investigations.
Preparing for an Uptick in Congressional Investigations of Corporations
- Dec 03, 2018
- Publications
Preparing for an Uptick in Congressional Investigations of Corporations
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…
Second Circuit Review: Crimes of Violence and Risk-of-Force Clauses
- Nov 30, 2018
- Publications
Second Circuit Review: Crimes of Violence and Risk-of-Force Clauses
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Crimes of Violence and Risk-of-Force Clauses,” appeared in the November 28 issue of the New York Law Journal.
OFAC Reaches Settlement with Cobham Holdings, Inc. for Violations Resulting from Deficient Screening Software
- Nov 29, 2018
- Publications
OFAC Reaches Settlement with Cobham Holdings, Inc. for Violations Resulting from Deficient Screening Software
On November 27, 2018, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced a nearly $90,000 settlement agreement with Virginia-based Cobham Holdings, Inc. (“Cobham”), a global provider of technology and…
New York Times Highlights Firm Efforts to Reunite Separated Families
- Nov 21, 2018
- Publications
New York Times Highlights Firm Efforts to Reunite Separated Families
The New York Times highlighted Paul, Weiss’s leadership in a court-ordered effort to find parents deported by the Trump Administration and to reunify families in an article on law firms’ intensive pro bono immigration efforts.
Magistrate Judge Recommends Dismissal of Multi-Billion-Dollar Suit Against Glencore
- Nov 05, 2018
- Client News
Magistrate Judge Recommends Dismissal of Multi-Billion-Dollar Suit Against Glencore
Paul, Weiss achieved a major victory for our client Glencore when a magistrate judge in the Southern District of Florida recommended the complete dismissal of claims against Glencore and other oil traders for allegedly conspiring to…
Second Circuit Review: Jurisdictional Effect of Plaintiff’s Loss of Financial Interest in a Derivative Suit
- Oct 24, 2018
- Publications
Second Circuit Review: Jurisdictional Effect of Plaintiff’s Loss of Financial Interest in a Derivative Suit
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Jurisdictional Effect of Plaintiff’s Loss of Financial Interest in a Derivative Suit,” appeared in the October 24 issue of the New York Law…
Brad Karp and Bob Atkins Publish Op-Ed on Voting Issues in New York Law Journal
- Oct 26, 2018
- Publications
Brad Karp and Bob Atkins Publish Op-Ed on Voting Issues in New York Law Journal
Firm Chairman Brad Karp and Litigation Department Co-Chair Robert Atkins published an op-ed in the New York Law Journal, “Democracy Itself is On the Ballot,” that sounds the alarm on threats to the integrity of our election process.
Brad Karp Featured in LEADERS Magazine
- Oct 10, 2018
- Publications
Brad Karp Featured in LEADERS Magazine
Firm chairman Brad Karp was featured in a Q&A in the latest issue of LEADERS magazine.
Second Circuit Review: The Second Circuit in the Supreme Court
- Sep 26, 2018
- Publications
Second Circuit Review: The Second Circuit in the Supreme Court
Litigation partners Marty Flumenbaum and Brad Karp’s latest Second Circuit Review column, “The Second Circuit in the Supreme Court,” appeared in the September 25 issue of the New York Law Journal.
The Financial Crisis 10 Years Later: Lessons Learned
- Sep 15, 2018
- Publications
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…
The Second Circuit Rejects FCPA Liability for Foreign Persons under Accessory Liability Theories
- Aug 27, 2018
- Publications
The Second Circuit Rejects FCPA Liability for Foreign Persons under Accessory Liability Theories
On August 24, 2018, the Court of Appeals for the Second Circuit held in United States v. Hoskins that a foreign national who does not otherwise fall within the specific categories of defendants enumerated in the Foreign Corrupt…
Second Circuit Review: Court Clarifies Certification Analysis for Out-of-State Class Members
- Aug 22, 2018
- Publications
Second Circuit Review: Court Clarifies Certification Analysis for Out-of-State Class Members
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Court Clarifies Certification Analysis for Out-of-State Class Members,” appeared in the August 22 issue of the New York Law Journal.
Paul, Weiss Heads Steering Committee Focused on Deported Parents
- Aug 13, 2018
- Client News
Paul, Weiss Heads Steering Committee Focused on Deported Parents
Paul, Weiss is leading a court-established Steering Committee formed by the American Civil Liberties Union (ACLU) to assist the roughly 400 migrant parents who were deported to their home countries without their children in voicing…
CFTC Issues Largest Ever Whistleblower Award and First Award to a Foreign Whistleblower
- Jul 30, 2018
- Publications
CFTC Issues Largest Ever Whistleblower Award and First Award to a Foreign Whistleblower
On July 12 and 16, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) announced two landmark awards to whistleblowers. The first was an award of approximately $30 million, by far the CFTC’s largest award to a…
Second Circuit Review: 2nd Circ. Declines to Review Arbitrator’s Undisclosed Relationships
- Jul 26, 2018
- Publications
Second Circuit Review: 2nd Circ. Declines to Review Arbitrator’s Undisclosed Relationships
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “2nd Circ. Declines to Review Arbitrator’s Undisclosed Relationships,” appeared in the July 25 issue of the New York Law Journal.
Second Circuit Review: Substantive Reasonableness Review Finally Getting Teeth in the Second Circuit
- Jun 27, 2018
- Publications
Second Circuit Review: Substantive Reasonableness Review Finally Getting Teeth in the Second Circuit
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Substantive Reasonableness Review Finally Getting Teeth in the Second Circuit,” appeared in the June 27 issue of the New York Law Journal.
Brad Karp and Robert Atkins Quoted in The American Lawyer on Travel Ban
- Jun 27, 2018
- Publications
Brad Karp and Robert Atkins Quoted in The American Lawyer on Travel Ban
Firm chairman Brad Karp and litigation department co-chair Bob Atkins were quoted in The American Lawyer in an article highlighting legal industry-wide efforts to coordinate efforts since President Trump’s travel ban executive order…
Brad Karp Co-Authors Op-Ed on Immigration Crisis for The New York Times
- Jun 25, 2018
- Publications
Brad Karp Co-Authors Op-Ed on Immigration Crisis for The New York Times
Firm chairman Brad Karp, alongside Gary Wingens, chairman and managing partner of Lowenstein Sandler, co-authored an Op-Ed for The New York Times on the current immigration crisis at the border with Mexico.
Supreme Court Rules That SEC Administrative Law Judge Appointments Violate The Constitution
- Jun 22, 2018
- Publications
Supreme Court Rules That SEC Administrative Law Judge Appointments Violate The Constitution
On June 21, 2018, the Supreme Court held in Lucia v. SEC, No. 17-130, that the process by which the Securities and Exchange Commission (SEC) selects administrative law judges (ALJs) violates the U.S. Constitution.
Second Circuit Review: Litigation Activity in a Single Lawsuit is No Basis for Civil RICO Claim
- Jun 22, 2018
- Publications
Second Circuit Review: Litigation Activity in a Single Lawsuit is No Basis for Civil RICO Claim
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Litigation Activity in a Single Lawsuit is No Basis for Civil RICO Claim,” appeared in the June 18 issue of the New York Law Journal. The…
The New York Court of Appeals Rules That Martin Act Claims Are Subject to a Three-Year Statute of Limitations
- Jun 14, 2018
- Publications
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…
U.S. Supreme Court Rules That Class Action Tolling Does Not Extend to Successive Class Actions Filed After Running of the Statute of Limitations
- Jun 12, 2018
- Publications
U.S. Supreme Court Rules That Class Action Tolling Does Not Extend to Successive Class Actions Filed After Running of the Statute of Limitations
On June 11, 2018, the U.S. Supreme Court held in China Agritech, Inc. v. Resh, No. 17-432, 584 U.S. __ (2018), that the class action tolling rule established more than four decades ago does not extend to successive class actions filed …
DOJ Issues New Policy on Coordination of Corporate Penalties to Address “Piling On”
- May 10, 2018
- Publications
DOJ Issues New Policy on Coordination of Corporate Penalties to Address “Piling On”
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…
President Trump Withdraws the United States from the Iran Nuclear Deal
- May 09, 2018
- Publications
President Trump Withdraws the United States from the Iran Nuclear Deal
On May 8, President Trump announced the unilateral withdrawal of the United States from the Iran nuclear deal, the Joint Comprehensive Plan of Action.
United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony
- May 07, 2018
- Publications
United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony
On May 3, 2018, for the second time, the Court of Appeals for the Second Circuit overturned the conviction of former Jefferies trader Jesse Litvak for alleged misstatements to an RMBS transaction counterparty.
Second Circuit Confirms that Statements of Opinion Need Not Be Accompanied by Disclosure of All Underlying Conflicting Information
- May 03, 2018
- Publications
Second Circuit Confirms that Statements of Opinion Need Not Be Accompanied by Disclosure of All Underlying Conflicting Information
On Tuesday, May 1, 2018, Paul, Weiss obtained a significant victory for Pretium Resources Inc. when the United States Court of Appeals for the Second Circuit affirmed dismissal of a securities fraud class action against Pretium.
Second Circuit Review: Certified Questions to State Court
- Apr 27, 2018
- Publications
Second Circuit Review: Certified Questions to State Court
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Certified Questions To State Court,” appeared in the April 27 issue of the New York Law Journal. The authors note that in at least four cases…
Trump Administration Imposes New Sanctions on Russian Oligarchs and Government Officials
- Apr 10, 2018
- Publications
Trump Administration Imposes New Sanctions on Russian Oligarchs and Government Officials
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…
Second Circuit Review: Recent Decision Extends the Public Forum Doctrine to Public Access Television
- Apr 02, 2018
- Publications
Second Circuit Review: Recent Decision Extends the Public Forum Doctrine to Public Access Television
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Recent Decision Extends the Public Forum Doctrine to Public Access Television,” appeared in the March 28 issue of the New York Law Journal.
Brad Karp and Chris Boehning Author Op-Ed on Gun Control for The New York Times
- Mar 24, 2018
- Publications
Brad Karp and Chris Boehning Author Op-Ed on Gun Control for The New York Times
In an op-ed for The New York Times titled “Stop Shielding Gun Makers,” firm chairman Brad Karp and litigation partner Chris Boehning discuss the statutory immunity of gun manufacturers and the problems this poses in reducing gun…
U.S. Supreme Court Confirms State Court Jurisdiction Over Securities Act Class Actions
- Mar 23, 2018
- Publications
U.S. Supreme Court Confirms State Court Jurisdiction Over Securities Act Class Actions
The U.S. Supreme Court recently resolved a split among state and federal courts about whether the Securities Litigation Uniform Standards Act of 1998 divested state courts of jurisdiction over class actions asserting claims under the…
Brad Karp and Scott Barshay to Participate in Securities Litigation & Enforcement Institute Event
- Mar 14, 2018
- Events
Brad Karp and Scott Barshay to Participate in Securities Litigation & Enforcement Institute Event
Firm chairman Brad Karp and corporate partner Scott Barshay will participate in the New York City Bar’s Sixth annual Securities Litigation & Enforcement Institute.
Second Circuit Review: Court Declines to Extend Absolute Immunity in Claims Against Stock Exchanges
- Mar 01, 2018
- Publications
Second Circuit Review: Court Declines to Extend Absolute Immunity in Claims Against Stock Exchanges
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Court Declines to Extend Absolute Immunity in Claims Against Stock Exchanges,” was published in the February 28 issue of the New York Law…
Beyond Disgorgement: The Impact of Kokesh on the SEC’s Pursuit of Equitable Remedies
- Feb 23, 2018
- Publications
Beyond Disgorgement: The Impact of Kokesh on the SEC’s Pursuit of Equitable Remedies
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…
U.S. Supreme Court Narrows Scope of Whistleblower Anti-Retaliation Protections
- Feb 22, 2018
- Publications
U.S. Supreme Court Narrows Scope of Whistleblower Anti-Retaliation Protections
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…
U.S. Bancorp Enters into Deferred Prosecution Agreement and Related Resolutions and Agrees to Pay $613 million for BSA/AML Failures
- Feb 21, 2018
- Publications
U.S. Bancorp Enters into Deferred Prosecution Agreement and Related Resolutions and Agrees to Pay $613 million for BSA/AML Failures
A week after the announcement of a guilty plea and penalty related to Rabobank N.A.’s anti-money laundering violations, the DOJ announced on February 15 that it had entered into a deferred prosecution agreement with U.S. Bancorp,…
Increasing Regulatory Focus on Reforming Financial Institution Culture and Addressing Employee Misconduct Risk
- Feb 21, 2018
- Publications
Increasing Regulatory Focus on Reforming Financial Institution Culture and Addressing Employee Misconduct Risk
Since the financial crisis—and more recently in the wake of the Wells Fargo sales practices scandal and the benchmark manipulation enforcement actions—bank regulators in the United States and around the world have become increasingly…
Recent Decision Finds Waiver Based on “Oral Downloads” to the SEC
- Feb 14, 2018
- Publications
Recent Decision Finds Waiver Based on “Oral Downloads” to the SEC
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…
Rabobank Pleads Guilty to Obstructing OCC Supervision and Agrees to Pay $368 Million for Permitting and Concealing BSA/AML Failures
- Feb 13, 2018
- Publications
Rabobank Pleads Guilty to Obstructing OCC Supervision and Agrees to Pay $368 Million for Permitting and Concealing BSA/AML Failures
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 …
Implications of the Federal Reserve’s Enforcement Action Against Wells Fargo
- Feb 12, 2018
- Publications
Implications of the Federal Reserve’s Enforcement Action Against Wells Fargo
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…
Second Circuit Vacates and Remands Judgment against Arab Bank in Antiterrorism Act Lawsuit
- Feb 12, 2018
- Publications
Second Circuit Vacates and Remands Judgment against Arab Bank in Antiterrorism Act Lawsuit
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”).
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
- Feb 05, 2018
- Publications
Treasury Department Releases Report Listing Russian Senior Political Figures and Oligarchs
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”).
Second Circuit Review: Deferred Action, Expedited Litigation
- Jan 24, 2018
- Publications
Second Circuit Review: Deferred Action, Expedited Litigation
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Deferred Action, Expedited Litigation,” was published in the January 24 issue of the New York Law Journal.
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
- Jan 23, 2018
- Publications
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
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.
Second Circuit Rules That Evidence Rebutting Presumption of Reliance Need Not Be Conclusive
- Jan 17, 2018
- Publications
Second Circuit Rules That Evidence Rebutting Presumption of Reliance Need Not Be Conclusive
In Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc., No. 16-250 (2d Cir. Jan. 12, 2018), the Second Circuit vacated the certification of a securities fraud class action due to two errors by the district court in its…
New York DFS Issues $11 Million Fine for AML Deficiencies
- Jan 05, 2018
- Publications
New York DFS Issues $11 Million Fine for AML Deficiencies
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…
Second Circuit Review: Court Determines What Constitutes a ‘Domestic Injury’ in Wake of ‘RJR Nabisco’
- Dec 27, 2017
- Publications
Second Circuit Review: Court Determines What Constitutes a ‘Domestic Injury’ in Wake of ‘RJR Nabisco’
Litigation partners Marty Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Court Determines What Constitutes a ‘Domestic Injury’ in Wake of ‘RJR Nabisco,’” was published in the December 27 issue of the New York Law…
U.S. Sanctions Relating to Russia and Ukraine: Navigating the Current Landscape
- Dec 20, 2017
- Publications
U.S. Sanctions Relating to Russia and Ukraine: Navigating the Current Landscape
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…
Bulk of Wells Fargo Shareholder Derivative Suit Survives Motions to Dismiss
- Dec 04, 2017
- Publications
Bulk of Wells Fargo Shareholder Derivative Suit Survives Motions to Dismiss
A judge in the Northern District of California recently allowed the bulk of claims to advance in the Wells Fargo shareholder litigation. Plaintiffs seek to hold the board liable for alleged sales practices that have received…
Second Circuit Review: Second Circuit Reexamines Supplemental Jurisdiction Over State Law Claims
- Dec 01, 2017
- Publications
Second Circuit Review: Second Circuit Reexamines Supplemental Jurisdiction Over State Law Claims
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column in the New York Law Journal, “Second Circuit Reexamines Supplemental Jurisdiction Over State Law Claims,” discusses a recent circuit ruling in…
Second Circuit Holds That Direct Evidence of Price Impact Is Not Always Necessary to Establish Market Efficiency Under the Fraud-on-the-Market Doctrine
- Nov 09, 2017
- Publications
Second Circuit Holds That Direct Evidence of Price Impact Is Not Always Necessary to Establish Market Efficiency Under the Fraud-on-the-Market Doctrine
Recent Public Remarks by Co-Directors of SEC Enforcement Division Signal Potential Changing Enforcement Priorities
- Oct 31, 2017
- Publications
Recent Public Remarks by Co-Directors of SEC Enforcement Division Signal Potential Changing Enforcement Priorities
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…
Brad Karp to Participate at PLI’s Hot Topics for In-House Counsel
- Nov 17, 2017
- Events
Brad Karp to Participate at PLI’s Hot Topics for In-House Counsel
Firm chair Brad Karp will moderate a panel at the Practising Law Institute’s annual Hot Topics for In-House Counsel 2017.
Second Circuit Review: Defining the Scope of McDonnell v. United States
- Oct 25, 2017
- Publications
Second Circuit Review: Defining the Scope of McDonnell v. United States
Litigation partners Marty Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Defining the Scope of McDonnell v. United States,” was published in the October 25 issue of the New York Law Journal.
President Trump Announces Intent to “De-Certify” Iran’s Compliance with the Joint Comprehensive Plan of Action
- Oct 13, 2017
- Publications
President Trump Announces Intent to “De-Certify” Iran’s Compliance with the Joint Comprehensive Plan of Action
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…
Brad Karp and Ted Wells to Participate at PLI Annual Institute on Securities Regulation
- Nov 08, 2017
- Events
Brad Karp and Ted Wells to Participate at PLI Annual Institute on Securities Regulation
Firm chair Brad Karp and litigation co-chair Ted Wells will participate in panel discussions at the Practising Law Institute’s 49th Annual Institute on Securities Regulation.
Cases to Watch this Term at the Supreme Court
- Oct 06, 2017
- Publications
Cases to Watch this Term at the Supreme Court
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…
Securities Cases to Watch this Term at the Supreme Court
- Oct 03, 2017
- Publications
Securities Cases to Watch this Term at the Supreme Court
For the upcoming term, the Supreme Court is once again taking up significant securities litigation and enforcement matters. In this alert, we preview three cases already on the Court’s docket, and highlight a cert petitions of note.
Second Circuit Review: The Second Circuit in the Supreme Court
- Sep 28, 2017
- Publications
Second Circuit Review: The Second Circuit in the Supreme Court
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “The Second Circuit in the Supreme Court,” was published in the September 27 issue of the New York Law Journal.
President Trump Signs Executive Order Authorizing Sweeping Secondary Sanctions on Entities Involved in North Korean Trade
- Sep 26, 2017
- Publications
President Trump Signs Executive Order Authorizing Sweeping Secondary Sanctions on Entities Involved in North Korean Trade
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…
Brad Karp and Susanna Buergel Co-Author Article for Compliance Week
- Sep 06, 2017
- Publications
Brad Karp and Susanna Buergel Co-Author Article for Compliance Week
Firm chair Brad Karp and litigation partner Susanna Buergel co-authored an article for Compliance Week titled “FOR: Neither admit nor deny.”
Second Circuit Review: Fifth Amendment Prohibits Testimony Compelled by Foreign Sovereign
- Aug 31, 2017
- Publications
Second Circuit Review: Fifth Amendment Prohibits Testimony Compelled by Foreign Sovereign
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Fifth Amendment Prohibits Testimony Compelled by Foreign Sovereign,” was published in the August 30 issue of the New York Law Journal.
New York DFS Pursues $630 Million Fine Against Bank for Alleged Anti-Money Laundering and Sanctions Compliance Failures
- Aug 30, 2017
- Publications
New York DFS Pursues $630 Million Fine Against Bank for Alleged Anti-Money Laundering and Sanctions Compliance Failures
The New York State Department of Financial Services (DFS) recently announced that it seeks to impose a nearly $630 million civil penalty against a non-U.S. bank and its New York branch for alleged persistent anti-money laundering and …
Divided Second Circuit Panel Overrules Prior Newman Insider Trading Decision
- Aug 25, 2017
- Publications
Divided Second Circuit Panel Overrules Prior Newman Insider Trading Decision
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…
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
- Aug 03, 2017
- Publications
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
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…
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
- Jul 28, 2017
- Publications
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
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…
Second Circuit Review: Court Applies Different Principles When Interpreting Injury in Fact
- Jul 27, 2017
- Publications
Second Circuit Review: Court Applies Different Principles When Interpreting Injury in Fact
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Court Applies Different Principles When Interpreting Injury in Fact,” was published in the July 26 issue of the New York Law Journal.
CFPB Adopts a Ban on Arbitration Clauses that Prevent Class Action Litigation
- Jul 19, 2017
- Publications
CFPB Adopts a Ban on Arbitration Clauses that Prevent Class Action Litigation
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…
Second Circuit Rejects District Court’s Attempt to Scrutinize DPA
- Jul 18, 2017
- Publications
Second Circuit Rejects District Court’s Attempt to Scrutinize DPA
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…
Second Circuit Holds That Ascertainability Requirement Of Class Certification Does Not Include “Administrative Feasibility” And That Extraterritoriality Issues Can Preclude Predominance
- Jul 10, 2017
- Publications
Second Circuit Holds That Ascertainability Requirement Of Class Certification Does Not Include “Administrative Feasibility” And That Extraterritoriality Issues Can Preclude Predominance
In a July 7 decision with significant implications for the global OTC market, the Second Circuit addressed the standards for certifying classes in securities fraud cases. In In re Petrobras Securities Litigation, the Second Circuit…
Second Circuit Review: Permissibility of Offsetting Criminal Forfeiture Orders by Preemptive Restitution Payments
- Jun 30, 2017
- Publications
Second Circuit Review: Permissibility of Offsetting Criminal Forfeiture Orders by Preemptive Restitution Payments
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Permissibility of Offsetting Criminal Forfeiture Orders by Preemptive Restitution Payments,” was published in the June 30 issue of the New…
U.S. Supreme Court Rules That Class Action Tolling Does Not Apply to Statutes of Repose
- Jun 27, 2017
- Publications
U.S. Supreme Court Rules That Class Action Tolling Does Not Apply to Statutes of Repose
In a decision likely to have significant ramifications for federal securities litigation, the U.S. Supreme Court ruled on June 26 that the class action tolling doctrine established in American Pipe & Construction Co. v. Utah does…
U.S. Supreme Court Holds That Five-Year Statute of Limitations Applies to Claims for Disgorgement Brought by the SEC
- Jun 06, 2017
- Publications
U.S. Supreme Court Holds That Five-Year Statute of Limitations Applies to Claims for Disgorgement Brought by the SEC
On June 5, the Supreme Court unanimously held that SEC claims for disgorgement are governed by a five-year statute of limitations. The Court rejected the SEC’s position that the claims are not subject to time limits. The decision…
Second Circuit Review: Determining ‘Opprobrious’ Conduct Under the National Labor Relations Act
- Jun 01, 2017
- Publications
Second Circuit Review: Determining ‘Opprobrious’ Conduct Under the National Labor Relations Act
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “Determining ‘Opprobrious’ Conduct Under the National Labor Relations Act,” was published in the New York Law Journal.
Second Circuit Review: A Step Toward Protection From Sexual Orientation Discrimination Under Title VII
- Apr 28, 2017
- Publications
Second Circuit Review: A Step Toward Protection From Sexual Orientation Discrimination Under Title VII
Litigation partners Martin Flumenbaum and Brad Karp’s latest Second Circuit Review column, “A Step Toward Protection From Sexual Orientation Discrimination Under Title VII,” was published in the New York Law Journal.
The OCC Issues “Lessons Learned” Review of Its Supervision of Sales Practices at Wells Fargo
- Apr 21, 2017
- Publications
The OCC Issues “Lessons Learned” Review of Its Supervision of Sales Practices at Wells Fargo
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…
Lessons Learned from the Wells Fargo Sales Practices Investigation Report
- Apr 18, 2017
- Publications
Lessons Learned from the Wells Fargo Sales Practices Investigation Report
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…
Second Circuit Review: Enforcing Foreign Arbitral Awards Against Alleged Alter-Egos
- Mar 30, 2017
- Publications
Second Circuit Review: Enforcing Foreign Arbitral Awards Against Alleged Alter-Egos
Litigation partners Martin Flumenbaum and Brad Karp's latest Second Circuit Review column, “Enforcing Foreign Arbitral Awards Against Alleged Alter-Egos,” was published March 29 in the New York Law Journal.
Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions
- Mar 30, 2017
- Publications
Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions
Earlier this week, the Supreme Court agreed to hear an important securities case addressing the scope of federal securities law claims based solely on omissions of material information. Petitioners in the case, Leidos, Inc. v. Indiana …
Second Circuit Signals That a Bare Violation of a Disclosure Statute Will Not Confer Standing
- Mar 28, 2017
- Publications
Second Circuit Signals That a Bare Violation of a Disclosure Statute Will Not Confer Standing
In a February 23, 2017 summary decision in Ross v. AXA Equitable Life Insurance Company and three companion cases heard in tandem, the United States Court of Appeals for the Second Circuit affirmed the dismissals of putative class…
Brad Karp to Participate at PLI’s Securities Litigation Seminar
- Apr 05, 2017
- Events
Brad Karp to Participate at PLI’s Securities Litigation Seminar
Firm chair Brad Karp will participate in a panel discussion at the Practising Law Institute’s “Securities Litigation 2017: From Investigation to Trial” seminar.
Law Firm Leaders Send Letter to OMB in Support of Funding For Legal Aid Agency
- Mar 13, 2017
- Publications
Law Firm Leaders Send Letter to OMB in Support of Funding For Legal Aid Agency
As reported in The Wall Street Journal and The American Lawyer, Paul, Weiss is among six major law firms spearheading an initiative to prevent cuts to the Legal Services Corp. (LSC)’s budget that would affect LSC’s ability to provide…
Brad Karp, Lorin Reisner, Richard Tarlowe and Edward Turan to Speak at SIFMA’s Compliance and Legal Society Annual Seminar
- Mar 19, 2017
- Events
Brad Karp, Lorin Reisner, Richard Tarlowe and Edward Turan to Speak at SIFMA’s Compliance and Legal Society Annual Seminar
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.
AXA Equitable Achieves Second Circuit Affirmance of Dismissal of Captive Reinsurance Claims
- Feb 23, 2017
- Client News
AXA Equitable Achieves Second Circuit Affirmance of Dismissal of Captive Reinsurance Claims
Eight days after oral argument, a three-judge panel of the Second Circuit issued a summary order affirming dismissals of all claims against Paul, Weiss client AXA Equitable Life Insurance Company in two cases before Southern District…
Paul, Weiss to Host The Partnership for New York City
- Mar 16, 2017
- Events
Paul, Weiss to Host The Partnership for New York City
On March 16, Paul, Weiss will host a breakfast meeting of The Partnership for New York City.
Client Alert: The Regulatory and Enforcement Outlook for Financial Institutions in 2017
- Feb 22, 2017
- Publications
Client Alert: The Regulatory and Enforcement Outlook for Financial Institutions in 2017
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…
Second Circuit Review: Recent Decision Clarifies the “Chevron” Doctrine
- Feb 22, 2017
- Publications
Second Circuit Review: Recent Decision Clarifies the “Chevron” Doctrine
Litigation partners Martin Flumenbaum and Brad Karp's Second Circuit Review column appeared in the February 22 issue of the New York Law Journal.
Brad Karp to Participate at Annual Securities Litigation & Enforcement Institute
- Mar 01, 2017
- Events
Brad Karp to Participate at Annual Securities Litigation & Enforcement Institute
Firm chair Brad Karp will speak on recent developments in securities class actions at the New York City Bar's 5th Annual Securities Litigation & Enforcement Institute.
Client Alert: Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference
- Feb 02, 2017
- Publications
Client Alert: Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference
On January 31, President Donald J. Trump nominated Tenth Circuit Judge Neil Gorsuch for the Supreme Court seat vacated by the death of Justice Antonin Scalia nearly a year ago. Though his judicial record in private securities…
Second Circuit Review: Contracting in the Digital Age: The Second Circuit and Arbitration Clause Enforceability
- Jan 26, 2017
- Publications
Second Circuit Review: Contracting in the Digital Age: The Second Circuit and Arbitration Clause Enforceability
In their Second Circuit Review column, litigation partners Martin Flumenbaum and Brad Karp address three recent decisions interpreting arbitration clause enforceability in both the consumer and employment contexts.
Client Alert: Second Circuit Holds that Trust Indenture Act 316(b) Prohibits Only Non-Consensual Amendments to Core Payment Terms of Bond Indentures
- Jan 18, 2017
- Publications
Client Alert: Second Circuit Holds that Trust Indenture Act 316(b) Prohibits Only Non-Consensual Amendments to Core Payment Terms of Bond Indentures
On January 17, 2017, the Court of Appeals for the Second Circuit issued its long-anticipated opinion in Marblegate Asset Management, LLC v. Education Management Finance Corp., ruling that Section 316(b) of the Trust Indenture…
Client Alert: U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose
- Jan 17, 2017
- Publications
Client Alert: U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose
On January 13, 2017, the U.S. Supreme Court agreed to review a decision from the U.S. Court of Appeals for the Second Circuit holding that the class action tolling doctrine established in American Pipe & Construction Co. v.…
U.S. Supreme Court to Review Whether Statute of Limitations Applies to SEC Disgorgement Claims
- Jan 17, 2017
- Publications
U.S. Supreme Court to Review Whether Statute of Limitations Applies to SEC Disgorgement Claims
On January 13, 2017, the Supreme Court granted certiorari in Kokesh v. Securities and Exchange Commission (U.S. Jan. 13, 2017) (No. 16-529) to determine whether disgorgement claims are subject to the five-year statute of limitations…
Xerox Completes Spinoff of Business Services Division
- Jan 03, 2017
- Client News
Xerox Completes Spinoff of Business Services Division
Paul, Weiss advised the board of directors of Xerox Corporation in the planned spin-off of its business services unit Conduent Incorporated.
Second Circuit Review: Recent Second Circuit Decisions Address Privacy in the Digital Age
- Dec 28, 2016
- Publications
Second Circuit Review: Recent Second Circuit Decisions Address Privacy in the Digital Age
Litigation partners Martin Flumenbaum and Brad Karp's Second Circuit Review column appeared in the December 27 issue of the New York Law Journal.
Supreme Court Declines to Review NFL Concussion Settlement
- Dec 12, 2016
- Client News
Supreme Court Declines to Review NFL Concussion Settlement
The U.S. Supreme Court declined to review the landmark concussion settlement between the NFL and former players. The league, represented by Paul, Weiss and Paul Clement of Kirkland & Ellis LLP, had urged the Court to deny the …
Brad Karp Featured in Forbes
- Dec 12, 2016
- Publications
Brad Karp Featured in Forbes
Paul, Weiss chair Brad Karp discussed how the firm has managed to generate 20 consecutive years of revenue and profitability growth in a Forbes Q&A.
Client Alert: Supreme Court Reaffirms Dirks, Confirms that a Gift of Information to a Trading Relative or Friend Satisfies Personal Benefit Requirement for Insider Trading
- Dec 07, 2016
- Publications
Client Alert: Supreme Court Reaffirms Dirks, Confirms that a Gift of Information to a Trading Relative or Friend Satisfies Personal Benefit Requirement for Insider Trading
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…
Second Circuit Review: Rebuttal of Fraud-on-the-Market Presumption Post 'Halliburton II'
- Nov 30, 2016
- Publications
Second Circuit Review: Rebuttal of Fraud-on-the-Market Presumption Post 'Halliburton II'
In GAMCO Investors v. Vivendi Universal, the Second Circuit provided defendants in securities litigation suits with a method to rebut the fraud-on-the-market presumption by showing that the plaintiffs would have purchased the…
The CFPB Issues Guidance on Effective Compliance Oversight Over Sales and Other Incentives
- Dec 01, 2016
- Publications
The CFPB Issues Guidance on Effective Compliance Oversight Over Sales and Other Incentives
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…
Client Alert: Second Circuit Holds That Parties to Standard Lock-Up Agreements in IPOs Do Not Form a “Group” for Section 13(d) and Section 16(b) Purposes
- Nov 08, 2016
- Publications
Client Alert: Second Circuit Holds That Parties to Standard Lock-Up Agreements in IPOs Do Not Form a “Group” for Section 13(d) and Section 16(b) Purposes
A Second Circuit decision on November 3 in Lowinger v. Morgan Stanley rejected a theory that would have impeded the normal process by which trading of newly issued IPO shares is stabilized. In its November 3 ruling, the court…
Litigation Partners Co-Author Article on the D.C. Circuit’s Decision on CFPB’s Constitutionality
- Oct 31, 2016
- Publications
Litigation Partners Co-Author Article on the D.C. Circuit’s Decision on CFPB’s Constitutionality
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."
Leaders Magazine Features Brad Karp
- Oct 31, 2016
- Publications
Leaders Magazine Features Brad Karp
Firm chair Brad Karp was profiled as one of "New York City's Leaders" in the fall 2016 edition of Leaders magazine.
Second Circuit Review: Recent Decisions Limit Application of U.S. Law to Foreign Jurisdictions
- Oct 27, 2016
- Publications
Second Circuit Review: Recent Decisions Limit Application of U.S. Law to Foreign Jurisdictions
The U.S. Court of Appeals for the Second Circuit has continued to narrow the reach and application of U.S. law internationally, note litigation partners Martin Flumenbaum and Brad Karp in their October 27 column in the New York…
Client Alert: Federal Banking Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cybersecurity Standards
- Oct 21, 2016
- Publications
Client Alert: Federal Banking Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cybersecurity Standards
On October 19, the Federal Reserve Board ("Board"), the Federal Deposit Insurance Corporation ("FDIC"), and the Office of the Comptroller of the Currency ("OCC") jointly issued an advanced notice of proposed rulemaking ("ANPR")…
Client Alert: D.C. Circuit Rules the Single-Director Structure of the CFPB Is Unconstitutional
- Oct 13, 2016
- Publications
Client Alert: D.C. Circuit Rules the Single-Director Structure of the CFPB Is Unconstitutional
On October 11, 2016, the D.C. Circuit Court of Appeals held in PHH Corp. v. CFPB that the structure of the Consumer Financial Protection Bureau ("CFPB") as an independent agency headed by a single Director violated Article II of the…
Client Alert: What to Look for in Tomorrow’s Supreme Court Argument in Key Insider Trading Case
- Oct 04, 2016
- Publications
Client Alert: What to Look for in Tomorrow’s Supreme Court Argument in Key Insider Trading Case
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.
Second Circuit Review: The Second Circuit in the Supreme Court
- Sep 28, 2016
- Publications
Second Circuit Review: The Second Circuit in the Supreme Court
Litigation partners Martin Flumenbaum and Brad Karp's Second Circuit Review column appeared in the September 28 issue of the New York Law Journal.
In Vivendi Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact
- Sep 30, 2016
- Publications
In Vivendi Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact
On September 27, 2016, in related appeals arising from a long-pending securities fraud class action against Vivendi, the Second Circuit ruled on several important issues, including the proof necessary to both sustain and defeat…
Brad Karp and Lorin Reisner to Participate in PLI’s Annual Institute on Securities Regulation
- Nov 02, 2016
- Events
Brad Karp and Lorin Reisner to Participate in PLI’s Annual Institute on Securities Regulation
Firm chair Brad Karp and litigation partner Lorin Reisner will participate in the Practising Law Institute's 48th Annual Institute on Securities Regulation.
Client Alert: New York DFS Proposes New Rules on Cybersecurity
- Sep 15, 2016
- Publications
Client Alert: New York DFS Proposes New Rules on Cybersecurity
On Tuesday, the New York Department of Financial Services ("DFS") proposed new rules that would require covered financial institutions to establish and maintain cybersecurity programs designed to protect consumers and the…
Q&A With Our Chair, Brad Karp
- Sep 07, 2016
- Videos
Q&A With Our Chair, Brad Karp
In this interview, Chair Brad Karp discusses with Matthew Winkler, editor-in-chief emeritus at Bloomberg News, the role that the firm's culture and strategic vision have played in the continued success of Paul, Weiss.
Client Alert: Treasury and Federal Banking Agencies Clarify BSA/AML and Sanctions Enforcement Standards for Foreign Correspondent Banking Relationships
- Sep 01, 2016
- Publications
Client Alert: Treasury and Federal Banking Agencies Clarify BSA/AML and Sanctions Enforcement Standards for Foreign Correspondent Banking Relationships
On August 30, 2016, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of…
Second Circuit Review: The Rarity of En Banc Review in the Second Circuit
- Aug 24, 2016
- Publications
Second Circuit Review: The Rarity of En Banc Review in the Second Circuit
Litigation partners Martin Flumenbaum and Brad Karp's Second Circuit Review column appeared in the August 24 issue of the New York Law Journal.
Litigation Partners Author Article on New York’s New AML and Sanctions Requirements
- Jul 10, 2016
- Publications
Litigation Partners Author Article on New York’s New AML and Sanctions Requirements
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…
New York DFS Finalizes Stringent Anti-Money Laundering and Sanctions Regulation
- Jul 01, 2016
- Publications
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 …
Brexit: What Comes Next? What Are the Potential Consequences?
- Jul 06, 2016
- Publications
Brexit: What Comes Next? What Are the Potential Consequences?
On June 23, 2016 voters in the United Kingdom were asked in a referendum whether the UK should remain a member of the European Union or leave the EU. By a vote of 51.9% to 48.1%, the voters opted to leave.
Client Memo: A Guide to the Supreme Court’s Notable Decisions this Term
- Jun 28, 2016
- Publications
Client Memo: A Guide to the Supreme Court’s Notable Decisions this Term
The Supreme Court's 2015-2016 Term will be remembered for the unexpected death of Justice Antonin Scalia on February 13, 2016.
Brad Karp Delivers Keynote at Bloomberg BNA’s Big Law Business Summit
- Jun 09, 2016
- Events
Brad Karp Delivers Keynote at Bloomberg BNA’s Big Law Business Summit
Firm chair Brad Karp delivered the keynote address at Bloomberg BNA's second annual Big Law Business Summit.
Client Alert: Second Circuit Rules That Constitutional Challenge to Appointment of SEC Administrative Law Judges Must Be Adjudicated During Review of SEC’s Final Order, and Not in a Separate District Court Lawsuit
- Jun 03, 2016
- Publications
Client Alert: Second Circuit Rules That Constitutional Challenge to Appointment of SEC Administrative Law Judges Must Be Adjudicated During Review of SEC’s Final Order, and Not in a Separate District Court Lawsuit
Tilton v. SEC, No. 15-2103 (2d Cir. June 1, 2016), arose from an action in federal district court brought by Lynn Tilton and her investment firms ("Tilton"), who were respondents in an ongoing administrative proceeding before the…
Second Circuit Review: Applying Newly Announced Test for Proof of Pregnancy Discrimination
- Jun 01, 2016
- Publications
Second Circuit Review: Applying Newly Announced Test for Proof of Pregnancy Discrimination
Litigation partners Marty Flumenbaum and Brad Karp's Second Circuit Review column appeared in the May 31 issue of the New York Law Journal.
Client Alert: Second Circuit Strikes Down Imposition of $1.27 Billion FIRREA Penalty, Holds That Government Failed to Prove Countrywide Acted with Fraudulent Intent
- May 31, 2016
- Publications
Client Alert: Second Circuit Strikes Down Imposition of $1.27 Billion FIRREA Penalty, Holds That Government Failed to Prove Countrywide Acted with Fraudulent Intent
On May 23, 2016, the United States Court of Appeals for the Second Circuit reversed a jury's finding of liability and the district court's imposition of a $1.27 billion civil penalty on Countrywide and related defendants…
Client Alert: Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split
- May 31, 2016
- Publications
Client Alert: Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split
In SEC v. Graham, No. 14-13562 (11th Cir. May 26, 2016), the Eleventh Circuit held that the five-year statute of limitations applicable to SEC enforcement proceedings under 28 U.S.C. § 2462 applies to disgorgement and declaratory…
Client Alert: United States Recommends That the Supreme Court Deny Review in Midland Funding v. Madden
- May 26, 2016
- Publications
Client Alert: United States Recommends That the Supreme Court Deny Review in Midland Funding v. Madden
In its decision last year in Madden v. Midland Funding, LLC, the Second Circuit held that, after a national bank sells its loans to a third party, the National Bank Act no longer preempts state usury laws that would otherwise…
Client Alert: The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose
- May 25, 2016
- Publications
Client Alert: The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose
On Friday, in Stein v. Regions Morgan Keegan Select High Income Fund, Inc., Nos. 15-5903, 15-905, 2016 WL 2909333 (6th Cir. May 19, 2016), the Sixth Circuit ruled that the tolling doctrine established by American Pipe & …
Litigation Partners Contribute Article on CFPB Arbitration Proposal to Harvard Law School Forum on Corporate Governance and Financial Regulation
- May 24, 2016
- Publications
Litigation Partners Contribute Article on CFPB Arbitration Proposal to Harvard Law School Forum on Corporate Governance and Financial Regulation
Firm chair Brad Karp and litigation partners Roberto Gonzalez, Elizabeth Sacksteder, Jay Cohen and Jane O'Brien co-authored a client memorandum that was featured on the Harvard Law School Forum on Corporate Governance and…
Client Alert: Supreme Court Rejects Federal Jurisdiction Over State Law Claims That Do Not Necessarily Raise Exchange Act Issues
- May 16, 2016
- Publications
Client Alert: Supreme Court Rejects Federal Jurisdiction Over State Law Claims That Do Not Necessarily Raise Exchange Act Issues
In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132 (May 16, 2016), the Supreme Court held that the provision of exclusive federal jurisdiction in the Securities Exchange Act of 1934 ("Exchange Act") does…
Client Alert: U.S. District Court in New Jersey Rules That the Two-Year Limitations Period for Suits to Recover Short-Swing Profits Under Section 16(b) of the Securities Exchange Act of 1934 Is a Statute of Repose That Is Not Subject to Tolling
- May 10, 2016
- Publications
Client Alert: U.S. District Court in New Jersey Rules That the Two-Year Limitations Period for Suits to Recover Short-Swing Profits Under Section 16(b) of the Securities Exchange Act of 1934 Is a Statute of Repose That Is Not Subject to Tolling
Last week, a judge in the United States District Court for the District of New Jersey ruled on an issue that has remained unresolved since the United States Supreme Court split 4-4 on it four years ago: whether the two-year …
Client Alert: FinCEN Issues Sweeping New Requirements on Collection of Beneficial Ownership Information and Customer Due Diligence
- May 10, 2016
- Publications
Client Alert: FinCEN Issues Sweeping New Requirements on Collection of Beneficial Ownership Information and Customer Due Diligence
On May 6, 2016, the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") released a final rule codifying new and existing customer due diligence ("CDD") requirements under the Bank Secrecy Act ("BSA") for covered …
Client Alert: CFPB Proposes a Ban on Arbitration Clauses That Prevent Class Action Litigation
- May 09, 2016
- Publications
Client Alert: CFPB Proposes a Ban on Arbitration Clauses That Prevent Class Action Litigation
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…
Client Alert: Second Circuit Review: Court Clarifies Classification of 'Hispanic' Under Title VII
- Apr 28, 2016
- Publications
Client Alert: Second Circuit Review: Court Clarifies Classification of 'Hispanic' Under Title VII
Litigation partners Marty Flumenbaum and Brad Karp's Second Circuit Review column appeared in the April 27 issue of the New York Law Journal.
Client Alert: Eighth Circuit Interprets Halliburton II, Holding That Defendants Successfully Rebutted Fraud-on-the-Market Presumption of Reliance by Showing that the Alleged Misstatements Did Not Cause a Stock-Price Increase
- Apr 13, 2016
- Publications
Client Alert: Eighth Circuit Interprets Halliburton II, Holding That Defendants Successfully Rebutted Fraud-on-the-Market Presumption of Reliance by Showing that the Alleged Misstatements Did Not Cause a Stock-Price Increase
On April 12, 2016, in IBEW Local 98 Pension Fund v. Best Buy Co., Inc., the Eighth Circuit interpreted and applied the Supreme Court's decision in Halliburton Co. v. Erica P. John Fund, Inc. ("Halliburton II"), which …
Client Alert: Resistance Is Not Always Futile: The D.C. District Court Deals FSOC a Significant Blow by Rescinding MetLife’s Designation
- Apr 11, 2016
- Publications
Client Alert: Resistance Is Not Always Futile: The D.C. District Court Deals FSOC a Significant Blow by Rescinding MetLife’s Designation
On March 30, the D.C. District Court issued an order rescinding the Financial Stability Oversight Council's (FSOC's) designation of MetLife, Inc., as a systemically important nonbank financial company. The Court's opinion was…
Second Circuit Interprets Omnicare Narrowly, Holding That Issuers Need Not Disclose Information Merely Because It Cuts Against Their Opinions or Projection
- Mar 09, 2016
- Publications
Second Circuit Interprets Omnicare Narrowly, Holding That Issuers Need Not Disclose Information Merely Because It Cuts Against Their Opinions or Projection
On March 4, 2016, in Tongue v. Sanofi,[1] the Second Circuit interpreted and applied for the first time the Supreme Court's decision in Omnicare Inc. v. Laborers Dist. Council Const. Indus. Pension Fund,[2] which addressed the…
Client Alert: The CFPB Enters the Cybersecurity Arena with Its First Enforcement Action
- Mar 04, 2016
- Publications
Client Alert: The CFPB Enters the Cybersecurity Arena with Its First Enforcement Action
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.
…Client Alert: New Federal Guidance on the Cybersecurity Information Sharing Act of 2015: What General Counsel Need to Know
- Feb 23, 2016
- Publications
Client Alert: New Federal Guidance on the Cybersecurity Information Sharing Act of 2015: What General Counsel Need to Know
The Cybersecurity Information Sharing Act of 2015 ("CISA") was signed into law on December 18, 2015. The law authorizes companies to monitor and implement defensive measures on their own information systems to counter cyber…
Xerox to Split Into Two Public Companies
- Jan 29, 2016
- Client News
Xerox to Split Into Two Public Companies
As reported by The Wall Street Journal and other media outlets, Xerox Corporation announced its plan to separate into two independent, public companies.
Awards & Recognition
Brad Karp Interviewed by NYLJ for 2020 Innovation Award
- Oct 20, 2020
- Awards
Brad Karp Interviewed by NYLJ for 2020 Innovation Award
Firm chairman and litigation partner Brad Karp was interviewed by the New York Law Journal as part of the publication’s recognition of the firm for a 2020 “Innovation” award.
Paul, Weiss Ranks in Top 10 in Am Law Pro Bono Scorecard
- Jul 06, 2020
- Awards
Paul, Weiss Ranks in Top 10 in Am Law Pro Bono Scorecard
Paul, Weiss received high marks in The American Lawyer’s 2020 Pro Bono Scorecard, ranking 10th nationally and 5th in terms of the average number of pro bono hours per lawyer in 2019.
Paul, Weiss Chair Brad Karp Highlights Challenges to Global Legal Industry in The Lawyer’s “U.S. Top 50 2020 Report”
- Jun 17, 2020
- Awards
Paul, Weiss Chair Brad Karp Highlights Challenges to Global Legal Industry in The Lawyer’s “U.S. Top 50 2020 Report”
Paul, Weiss chair Brad Karp marked the publication of The Lawyer’s “U.S. Top 50 2020 Report” by offering, via video, his view of the current global challenges shaping the legal industry.
Paul, Weiss Featured in The National Law Journal’s 2020 Pro Bono Hot List
- May 04, 2020
- Awards
Paul, Weiss Featured in The National Law Journal’s 2020 Pro Bono Hot List
Paul, Weiss, for the second consecutive year, is featured in The National Law Journal’s 2020 Pro Bono Hot List for its engagement in some of the most significant public interest matters of the past year.
Brad Karp Wins NYCLA William Nelson Cromwell Award
- Dec 11, 2019
- Awards
Brad Karp Wins NYCLA William Nelson Cromwell Award
Firm chairman Brad Karp won the 2019 William Nelson Cromwell Award at the New York County Lawyers Association’s 105th Annual Dinner.
Seven Paul, Weiss Partners Named Law360 MVPs
- Nov 12, 2019
- Awards
Seven Paul, Weiss Partners Named Law360 MVPs
Firm chairman Brad Karp and partners Scott Barshay, Paul Basta, Harris Freidus, Lorin Reisner, Rick Rule and Taurie Zeitzer have been honored with Law360 2019 MVP Awards, which recognize an elite slate of attorneys who have…
Brad Karp Named Equality Trailblazer by The National Law Journal
- Sep 03, 2019
- Awards
Brad Karp Named Equality Trailblazer by The National Law Journal
Firm chairman Brad Karp was recognized as a 2019 “Equality Trailblazer” by The National Law Journal.
Paul, Weiss Named NYLJ’s 2019 Class Action Litigation Department of the Year
- Jun 26, 2019
- Awards
Paul, Weiss Named NYLJ’s 2019 Class Action Litigation Department of the Year
Paul, Weiss has been named Specialty Litigation Department of the Year in the “Class Action” category of the New York Law Journal’s 2019 Professional Excellence Awards.
Brad Karp and Meredith Kane Named New York Trailblazer’s by New York Law Journal
- May 21, 2019
- Awards
Brad Karp and Meredith Kane Named New York Trailblazer’s by New York Law Journal
Firm chairman Brad Karp and real estate partner Meredith Kane were recognized as “New York Trailblazers” in the New York Law Journal’s inaugural list, which celebrates professionals who have made significant marks on the practice,…
Paul, Weiss Named to The National Law Journal’s Pro Bono Hot List
- May 03, 2019
- Awards
Paul, Weiss Named to The National Law Journal’s Pro Bono Hot List
Paul, Weiss was included in The National Law Journal’s 2019 Pro Bono Hot List for its involvement in some of the most significant public interest matters of the past year.
Paul, Weiss Partners Receive Law360 Distinguished Writing Award
- Feb 26, 2019
- Awards
Paul, Weiss Partners Receive Law360 Distinguished Writing Award
Firm chairman Brad Karp, corporate partner Mark Bergman and litigation partners Susanna Buergel, Roberto Gonzalez, Jane O’Brien and Elizabeth Sacksteder have been selected to receive the Law360 Distinguished Writing Award at the 2019…
Court Square Law Project Receives ABA Award for Legal Access
- Jan 28, 2019
- Awards
Court Square Law Project Receives ABA Award for Legal Access
The New York City Bar Association and CUNY Law announced that the Court Square Law Project, a pilot program founded by the City Bar and CUNY in 2016 with support from Paul, Weiss and 18 other leading New York law firms, has been named …
Paul, Weiss and Brad Karp Recognized in Financial Times “North America Innovative Lawyers” Report
- Dec 12, 2018
- Awards
Paul, Weiss and Brad Karp Recognized in Financial Times “North America Innovative Lawyers” Report
Paul, Weiss and firm chairman Brad Karp are recognized in the Financial Times’ 2018 “North America Innovative Lawyers” report.
Three Paul, Weiss Partners Named Law360 MVPs
- Nov 26, 2018
- Awards
Three Paul, Weiss Partners Named Law360 MVPs
Law360 has honored firm chairman Brad Karp, litigation partner Susanna Buergel and corporate partner Marco Masotti with 2018 MVP awards.
Brad Karp Named “Attorney of the Year” by the New York Law Journal
- Oct 10, 2018
- Awards
Brad Karp Named “Attorney of the Year” by the New York Law Journal
Firm chair Brad Karp was named the 2018 New York Law Journal “Attorney of the Year.”
Brad Karp to Receive the Judge Simon H. Rifkind Award
- Mar 27, 2018
- Awards
Brad Karp to Receive the Judge Simon H. Rifkind Award
Firm chairman Brad Karp will be presented the Judge Simon H. Rifkind award by the Jewish Theological Seminary.
Brad Karp Named “Litigator of the Year” by The American Lawyer
- Dec 21, 2017
- Awards
Brad Karp Named “Litigator of the Year” by The American Lawyer
Firm chair Brad Karp was named a 2017 “Litigator of the Year” by The American Lawyer.
Six Paul, Weiss Partners Named Law360 MVPs
- Dec 12, 2017
- Awards
Six Paul, Weiss Partners Named Law360 MVPs
Law360 has honored firm chair Brad Karp, corporate partner Scott Barshay, litigation partners Jay Cohen and Audra Soloway and real estate partners Harris Freidus and Meredith Kane with 2017 MVP Awards.
Brad Karp Nominated to Serve as New York City Bar Association Vice President
- Oct 20, 2017
- Awards
Brad Karp Nominated to Serve as New York City Bar Association Vice President
Firm chair Brad Karp, Sarah L. Cave of Hughes Hubbard & Reed and Matthew Diller of Fordham Law School have been nominated to serve as the City Bar’s three vice presidents and to represent the interests of the association’s 24,000…
Paul, Weiss Honored at Law Center to Prevent Gun Violence Event
- Jun 27, 2017
- Awards
Paul, Weiss Honored at Law Center to Prevent Gun Violence Event
The Law Center to Prevent Gun Violence honored Paul, Weiss on June 27 with its Richard W. Odgers Pro Bono Partner Award.
Brad Karp Named “Man of Distinction” by Legal Momentum
- Jun 15, 2017
- Awards
Brad Karp Named “Man of Distinction” by Legal Momentum
Legal Momentum, a national nonprofit organization advocating for the legal rights of women and girls, named firm chairman Brad Karp as its “Man of Distinction” at its annual Aiming High luncheon celebrating the power of women.
Brad Karp Elected Chair of the Legal Action Center’s Board
- Apr 04, 2017
- Awards
Brad Karp Elected Chair of the Legal Action Center’s Board
The Legal Action Center Board of Directors unanimously elected Paul, Weiss chair Brad Karp as its third chairman in the organization's 45-year history.
Brad Karp and Nick Groombridge Named “Litigation Trailblazers” by The National Law Journal
- Dec 12, 2016
- Awards
Brad Karp and Nick Groombridge Named “Litigation Trailblazers” by The National Law Journal
Firm chair Brad Karp and litigation partner Nicholas Groombridge were among the 50 top professionals in the U.S. recognized as 2016 "Litigation Trailblazers" by The National Law Journal.
Five Paul, Weiss Partners Named Law360 MVPs
- Nov 28, 2016
- Awards
Five Paul, Weiss Partners Named Law360 MVPs
Law360 has honored firm chair Brad Karp, corporate partners Robert Schumer and Marco Masotti, and litigation partners Ted Wells and Catherine Nyarady with 2016 MVP Awards. Brad and Ted were selected as MVPs in the sports practice…
Paul, Weiss Honored With Brady Center’s Legal Advocate Award
- Nov 15, 2016
- Awards
Paul, Weiss Honored With Brady Center’s Legal Advocate Award
Paul, Weiss was honored with the inaugural Legal Advocate Award at the Brady Bear Awards gala in New York City.
Benchmark Litigation Names Four Paul, Weiss Partners “Top 10 Practitioners”
- Nov 09, 2016
- Awards
Benchmark Litigation Names Four Paul, Weiss Partners “Top 10 Practitioners”
Four Paul, Weiss partners were selected by Benchmark Litigation for its inaugural list of "Top 10 Practitioners" across 10 areas of practice.
Paul, Weiss Named to National Law Journal’s Appellate Hot List
- Nov 17, 2015
- Awards
Paul, Weiss Named to National Law Journal’s Appellate Hot List
Paul, Weiss was recognized in The National Law Journal's 2015 "Appellate Hot List," which recognizes firms that send lawyers into state and federal appeals courts across the country when the stakes are at their highest.
Brad Karp Selected as a Law360 Securities Law MVP
- Nov 24, 2014
- Awards
Brad Karp Selected as a Law360 Securities Law MVP
Firm chair Brad Karp was selected as a Law360 MVP in the area of securities law. Citing a string of recent victories for Citigroup, the article states that while Brad's practice isn't limited to securities…
Four Paul, Weiss Partners Win Law360 MVP Awards
- Nov 20, 2014
- Awards
Four Paul, Weiss Partners Win Law360 MVP Awards
Firm chair Brad Karp, intellectual property partners Nicholas Groombridge and Catherine Nyarady and tax partner Jeffrey Samuels all received the Law360 MVP Award for their respective …
The American Lawyer Names Paul, Weiss Securities Litigation Department of the Year Winner and Roberta Kaplan Litigator of the Year
- Jan 06, 2014
- Awards
The American Lawyer Names Paul, Weiss Securities Litigation Department of the Year Winner and Roberta Kaplan Litigator of the Year
The American Lawyer selected Paul, Weiss as the winner for Securities "Litigation Department of the Year" 2014, describing the securities litigation practice as "big, powerful and swaggering."
New York Law Journal Names Brad Karp an Impact Awards Winner
- Oct 30, 2013
- Awards
New York Law Journal Names Brad Karp an Impact Awards Winner
Chambers USA 2013 Ranks Paul, Weiss Highly
- Jun 07, 2013
- Awards
Chambers USA 2013 Ranks Paul, Weiss Highly
District of Columbia: Antitrust, Joseph J Simons, Kenneth A Gallo, Litigation: General Commercial