Co-chair of the Paul, Weiss Litigation Department and a member of the firm’s Management Committee, Jessica Carey has deep experience handling a wide range of sensitive criminal, regulatory and complex commercial litigation matters, particularly on behalf of financial institutions. Jessica has helped numerous clients successfully navigate their most significant, threatening white collar matters and internal investigations.
Jessica is listed as a leading practitioner by Chambers USA in the Financial Services Regulation: Banking (Enforcement & Investigations) category and The Legal 500 in the Litigation: Corporate Investigations and White-Collar Criminal Defense category. She was named to Crain’s New York Business’s 2022 “Notable Women in Law” list and recognized by Law360 as an “MVP” for her achievements in the white collar area, among other recognitions. Clients have recognized Jessica as “savvy, smart and pragmatic” a “great partner” and “proactive,” and have said that she is “very responsive, client focused and commercial” with a “great strategic mind” in handling both internal and external legal issues.
Jessica frequently represents companies in sensitive investigations by the U.S. Department of Justice, the SEC, the CFTC, various federal and state regulators, and other government agencies. She has litigated numerous securities and complex commercial matters in federal and state courts across the country, as well as in arbitrations, including matters where billions of dollars were at stake. In addition, Jessica advises private equity funds and their portfolio companies, and major public companies and their boards in a variety of high-stakes commercial disputes.
Jessica’s current and recent representations include:
Investigations
- a Special Committee of the Board of Directors of Credit Suisse Group AG in an investigation and report on the bank’s relationship with Archegos Capital Management following the fund’s default and Credit Suisse’s related losses; in related government investigations; and as counsel to UBS, as successor to Credit Suisse, in resolving a related enforcement action by the Federal Reserve;
- TD Bank in a number of significant matters, including its resolutions with the OCC and the Federal Reserve over the bank’s compliance with AML requirements as part of the bank’s global resolution with U.S. government and regulatory authorities;
- Shinhan Bank America in resolving AML-related investigations by the New York State Department of Financial Services, the FDIC, and FinCEN;
- Citigroup in the resolution of a major multi-year global AML investigation by the DOJ, in which the company entered into a non-prosecution agreement and its subsidiary paid a significantly reduced penalty; and various FINRA enforcement investigations;
- a major investment advisor in the successful resolution without an enforcement action of a SEC investigation regarding alleged breaches of fiduciary duty in connection with the bank’s cash sweep program for its advisory clients;
- a top Asian bank in a Federal Reserve enforcement action relating to BSA/AML compliance of the bank’s U.S. operations;
- a leading investment bank in connection with an SEC investigation into its activities as lead underwriter for a technology company IPO, which was resolved and closed without enforcement;
- a global market maker in an investigation by a State Attorney General relating to algorithmic trading practices;
- multiple global financial services institutions in internal and government sanctions investigations, including concerning Russia-, Belarus- and Ukraine-related sanctions matters;
- leading cryptocurrency exchanges in internal investigations and regulatory enforcement inquiries relating to their products and services;
- a Special Committee of the Board of a financial institution in an internal investigation of sales practice and incentive compensation issues at a Mexican subsidiary;
- a major private equity firm in several matters, including DOJ and SEC investigations, relating to the failure of a major regional bank ;
- numerous financial services institutions in inquiries by various congressional committees, including the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services; and
- a major pharmaceutical company in a DOJ FCPA investigation of allegedly corrupt sales in the tender market for pharmaceutical products and medical devices in Iraq.
Litigation
- Citigroup in a significant victory securing the denial of class certification in multidistrict litigation alleging that Citi and various other banks conspired in a group boycott to reduce competition in interest-rate swap trading;
- Glencore in the dismissal of a multibillion-dollar antitrust, fraud and corruption lawsuit brought against international oil trading companies by a U.S. litigation trust allegedly established by Venezuela’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), alleging that the oil trading companies conspired to obtain inside information about tenders for the sale and purchase of oil and oil products;
- Deutsche Bank in securing the dismissal with prejudice, affirmed by the Ninth Circuit, of an antitrust class action alleging that several major banks conspired to fix the London Interbank Interest Rate (LIBOR) and that the setting of USD ICE LIBOR is per se unlawful under the antitrust laws;
- JPMorgan and its directors in securing the dismissal with prejudice of a derivative action brought by a pension fund alleging that the defendants breached fiduciary duties of oversight in connection with former JPMorgan client Jeffrey Epstein’s criminal activity;
- JPMorgan Chase & Co. in the successful resolution of multidistrict litigation and arbitrations of securities, derivative and ERISA claims relating to alleged misrepresentations of the financial condition of Bear Stearns in the run-up to the financial crisis;
- Virtu Financial in:
- an SEC action alleging that Virtu made materially false and misleading statements and omissions regarding its information barriers to prevent the misuse of sensitive customer information; and
- a securities fraud lawsuit alleging that Virtu and other broker-dealers engaged in market manipulation by spoofing shares of a pharmaceutical company whose shares trade on over-the-counter markets;
- Johnson & Johnson in Anti-Terrorism Act litigation relating to alleged activities in Iraq; and
- a major technology company in a series of arbitrations concerning the post-spin payment obligations of a former business unit.
Jessica was named one of the 500 Leading Litigators in America by Lawdragon (2022-2025), shortlisted for “White Collar Crime Lawyer of the Year” in Euromoney’s 2022 Women in Business Law America Awards and recognized as a “Next Generation Leader” at the 2021 Legal Momentum Aiming High Awards. She received the “Law360 Distinguished Writing Award” at the 2017 Burton Awards.
