ProfessionalsJessica S. Carey

Jessica S. Carey
Partner
Tel: +1-212-373-3566
Fax: +1-212-492-0566
emailjcarey@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0566
Co-chair of the Paul, Weiss Litigation Department and a member of the firm’s Management Committee, Jessica Carey has deep experience handling a range of sensitive criminal, regulatory and complex commercial litigation matters, particularly on behalf of financial institutions. Jessica helps clients navigate serious white collar matters and internal investigations, and represents a range of clients in securities, class action, insurance and general commercial litigation matters.
EXPERIENCE
Jessica routinely represents companies in investigations by the U.S. Department of Justice, the CFTC, SEC, as well as federal and state banking regulators and other government agencies. She also represents companies in securities and complex commercial matters in federal and state courts across the country, and in arbitration.
Jessica’s current and recent representations include:
Investigations
- A global financial institution in investigations by various U.S. Attorney’s Offices, the SEC, and other U.S. and non-U.S. regulators of an alleged European money laundering scheme;
- A major pharmaceutical company in a DOJ FCPA investigation of allegedly corrupt sales in the tender market for pharmaceutical products and medical devices;
- A top-five global bank in an investigation by the Manhattan U.S. Attorney’s Office related to U.S. dollar-clearing activity and related anti-money laundering (AML) controls;
- A U.S. financial institution in an investigation by a State Attorney General relating to the Small Business Administration’s Paycheck Protection Program (PPP);
- A U.S. financial institution in an investigation by the New York State Office of the Attorney General related to virtual currency exchange activity;
- A global conglomerate in a CFTC enforcement action involving alleged “spoofing” of precious metals futures contracts on the Chicago Mercantile Exchange;
- A U.S. financial institution in connection with an SEC investigation into its activities as lead underwriter for a technology company IPO;
- A large technology company and certain subsidiaries in a DOJ investigation of AML and anti-fraud controls at money services businesses;
- A U.S. financial institution in the resolution of a major multi-year global AML investigation by the DOJ; the company entered into a non-prosecution agreement and its subsidiary paid a significantly reduced penalty;
- A Special Committee of the Board of a public company in an investigation of whistleblower allegations involving senior executives;
- A Special Committee of the Board of a financial institution in an internal investigation of sales practice and incentive compensation issues at a non-U.S. subsidiary;
- The New York-based subsidiary of a large Asian bank, in an AML/sanctions inquiries involving the New York State Department of Financial Services;
- A European bank in a CFTC enforcement action involving the alleged manipulation of a global benchmark for interest rate swap rates and spreads; and
- Numerous financial institutions in inquiries by various Congressional Committees, including the U.S. House Committee on Financial Services.
Litigation
- Glencore in securing 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, Petroleos 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 consolidated class action litigation alleging that Deutsche Bank and other “panel” banks conspired to suppress the submissions they made with respect to ICE LIBOR, an interest rate benchmark;
- DST Systems, Inc., a subsidiary of financial services software provider SS&C, in federal district court litigation and more than 400 arbitrations asserting alleged losses by current and former participants in DST’s 401(k) Profit Sharing Plan;
- Johnson & Johnson in a lawsuit filed under the Anti-Terrorism Act by U.S. military service members and their families alleging that J&J and other pharmaceutical and medical device companies provided funding for terrorist groups through their contacts with the Iraqi Ministry of Health. On July 17, Paul, Weiss won a significant victory in D.C. District Court, securing the dismissal of this closely watched case;
- Western Union in an Anti-Terrorism Act lawsuit in which family members of a U.S. citizen killed in the downing of Malaysia Airlines Flight 17 in July 2014 allege that banks and money services businesses knew or were deliberately indifferent to alleged money transfers to separatist forces in Eastern Ukraine;
- Deutsche Bank in class action litigation involving the alleged manipulation of a global benchmark for interest rate swap rates and spreads; and
- JPMorgan Chase & Co. in multi-district class action 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.
Jessica is recognized by Legal 500 in the Litigation: Corporate Investigations and White-Collar Criminal Defense category. In 2016, Jessica was recognized as a "Rising Star" by the New York Law Journal. She also received the “Law360 Distinguished Writing Award” at the 2017 Burton Awards. Jessica serves on the firm’s Partnership Committee.
Related Resources
DOJ Announces First False Claims Act Settlement with Borrower and its CEO for PPP Fraud
- Jan 18, 2021
- Publications
DOJ Announces First False Claims Act Settlement with Borrower and its CEO for PPP Fraud
The DOJ recently announced its first civil settlement with a borrower for allegedly committing fraud in obtaining a Paycheck Protection Program (PPP) loan, in violation of the False Claims Act and the Financial Institutions Reform,…
Update on Communist Chinese Military Companies (CCMCs) Sanctions: Amended Executive Order, New OFAC Guidance, Expanded Criteria for CCMCs, and Additional CCMCs Identified
- Jan 16, 2021
- Publications
Update on Communist Chinese Military Companies (CCMCs) Sanctions: Amended Executive Order, New OFAC Guidance, Expanded Criteria for CCMCs, and Additional CCMCs Identified
President Trump’s executive order prohibiting U.S. persons from engaging in transactions involving publicly traded securities of any identified “Communist Chinese military company” (CCMC) recently went into effect. This alert covers…
Jessica Carey, Roberto Gonzalez and Joshua Thompson Publish Expert Analysis in Law360 on the NDAA’s Overhaul of AML Policy in the U.S.
- Jan 07, 2021
- Publications
Jessica Carey, Roberto Gonzalez and Joshua Thompson Publish Expert Analysis in Law360 on the NDAA’s Overhaul of AML Policy in the U.S.
Litigation partners Jessica Carey and Roberto Gonzalez and corporate associate Joshua Thompson published an article in Law360, “How Defense Bill Will Overhaul AML Policy In U.S.,” on January 7.
New Guidance Clarifies OFAC’s Broad Interpretation of Recent Sanctions Against Communist Chinese Military Companies
- Jan 04, 2021
- Publications
New Guidance Clarifies OFAC’s Broad Interpretation of Recent Sanctions Against Communist Chinese Military Companies
OFAC recently published guidance clarifying the scope of the Trump Administration’s sanctions prohibiting U.S. persons from engaging in transactions involving publicly traded securities of any identified “Communist Chinese military…
FinCEN Proposes New Requirements for Reporting and Recordkeeping on Certain Transactions Involving Convertible Virtual Currency and Digital Asset Transactions
- Dec 29, 2020
- Publications
FinCEN Proposes New Requirements for Reporting and Recordkeeping on Certain Transactions Involving Convertible Virtual Currency and Digital Asset Transactions
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently proposed rulemaking that would extend existing Bank Secrecy Act reporting and recordkeeping requirements on financial institutions for certain…
PPP Update: Latest COVID-19 Relief Legislation Includes Extension of Paycheck Protection Program and Establishes Second Draw Loans
- Dec 28, 2020
- Publications
PPP Update: Latest COVID-19 Relief Legislation Includes Extension of Paycheck Protection Program and Establishes Second Draw Loans
Congress recently passed the Consolidated Appropriations Act, which includes additional assistance for individuals and businesses facing COVID-19-related economic difficulties.
United States Imposes Sanctions on Turkey under CAATSA Section 231 for Purchase of Russian Missile System
- Dec 21, 2020
- Publications
United States Imposes Sanctions on Turkey under CAATSA Section 231 for Purchase of Russian Missile System
The United States recently imposed sanctions on Turkey’s Presidency of Defense Industries under the Countering America’s Adversaries Through Sanctions Act (CAATSA), which mandates sanctions against non-U.S. persons who conduct…
Congress to Include Significant Expansion of Beneficial Ownership Disclosure Requirements for U.S. Companies and non-U.S. Companies Registered to do Business in the United States as a Part of the 2021 NDAA
- Dec 08, 2020
- Publications
Congress to Include Significant Expansion of Beneficial Ownership Disclosure Requirements for U.S. Companies and non-U.S. Companies Registered to do Business in the United States as a Part of the 2021 NDAA
As part of the fiscal year 2021 National Defense Authorization Act (2021 NDAA), which is expected to be passed in the coming weeks, Congress has included a significant expansion of beneficial ownership disclosure requirements for U.S. …
Recent Developments Impacting LIBOR Transition
- Dec 03, 2020
- Publications
Recent Developments Impacting LIBOR Transition
Recently, the administrator of LIBOR announced that it will solicit feedback from market participants early this month on its intention to cease the publication of two USD LIBOR settings after December 31, 2021 and the remaining USD…
General Atlantic to Invest in Gen II Fund Services
- Dec 03, 2020
- Client News
General Atlantic to Invest in Gen II Fund Services
Paul, Weiss advised General Atlantic in its strategic investment, alongside Hg and IHS Markit, in Gen II Fund Services, LLC, a leading independent private equity fund administrator.
President Trump Issues an Executive Order Prohibiting U.S. Persons from Investing in Listed “Communist Chinese Military Companies”
- Nov 18, 2020
- Publications
President Trump Issues an Executive Order Prohibiting U.S. Persons from Investing in Listed “Communist Chinese Military Companies”
President Trump recently issued new sanctions prohibiting U.S. persons from engaging in transactions involving securities of any identified “Communist Chinese military company” (CCMC) as of January 11, 2021, subject to a one year…
General Atlantic and Buyer Consortium Acquire 58.com in $8.7 Billion Deal
- Sep 18, 2020
- Client News
General Atlantic and Buyer Consortium Acquire 58.com in $8.7 Billion Deal
Paul, Weiss advised General Atlantic, a lead member of an investor consortium, in its acquisition of 58.com, China's largest online classifieds marketplace.
LIBOR Cessation: ISDA Launches IBOR Fallbacks Supplement and ISDA 2020 IBOR Fallbacks Protocol
- Oct 27, 2020
- Publications
LIBOR Cessation: ISDA Launches IBOR Fallbacks Supplement and ISDA 2020 IBOR Fallbacks Protocol
The International Swaps and Derivatives Association, Inc. (ISDA) recently launched the IBOR Fallbacks Supplement to the 2006 ISDA Definitions and the ISDA 2020 IBOR Fallbacks Protocol to address the expected cessation of various…
FCPA Developments: Q3 2020
- Oct 16, 2020
- Publications
FCPA Developments: Q3 2020
Despite COVID-related challenges, FCPA enforcement by the DOJ and the SEC continued at full speed in the third quarter of 2020. Enforcement activity included three corporate resolutions by the DOJ and four resolutions by the SEC, as…
LIBOR Transition: ISDA Receives Positive Business Review Letter from the Department of Justice on Proposed IBOR Fallback Language
- Oct 12, 2020
- Publications
LIBOR Transition: ISDA Receives Positive Business Review Letter from the Department of Justice on Proposed IBOR Fallback Language
On October 1, the Antitrust Division of the U.S. Department of Justice issued a business review letter finding that a proposal of the International Swaps and Derivatives Association (ISDA) relating to amendments to ISDA’s model…
The OCC Issues Guidance Confirming that National Banks and Federal Savings Associations May Hold Reserves for Certain Stablecoins
- Sep 29, 2020
- Publications
The OCC Issues Guidance Confirming that National Banks and Federal Savings Associations May Hold Reserves for Certain Stablecoins
U.S. banks and federal savings associations may accept deposits that serve as reserves for stablecoin backed on a 1:1 basis by a single fiat currency in a hosted wallet.
Second Circuit Rejects Evasion-of-Secondary-Sanctions Theory; Upholds DOJ’s Use of Bank Fraud Statute in Sanctions Prosecution
- Aug 31, 2020
- Publications
Second Circuit Rejects Evasion-of-Secondary-Sanctions Theory; Upholds DOJ’s Use of Bank Fraud Statute in Sanctions Prosecution
In a decision that offers greater clarity on what conduct is, and is not, subject to criminal prosecution with regards to sanctions-related violations, the Second Circuit recently upheld the conviction of a former executive of…
Federal Agencies Provide Guidance on BSA/AML Enforcement and Due Diligence Requirements
- Aug 24, 2020
- Publications
Federal Agencies Provide Guidance on BSA/AML Enforcement and Due Diligence Requirements
Federal banking agencies, along with FinCEN, recently issued new guidance on BSA/AML enforcement and customer due diligence obligations.
GDPR Issues In International Arbitration
- Aug 10, 2020
- Publications
GDPR Issues In International Arbitration
Given the broad reach, complexity and comprehensiveness of the EU’s General Data Protection Regulations (GDPR), parties to international arbitrations need to be particularly mindful of data protection issues raised throughout…
DOJ and OFAC Enforcement Actions Against Essentra FZE Signal New Sanctions Risks for Non-U.S. Companies Utilizing the U.S. Financial System
- Jul 23, 2020
- Publications
DOJ and OFAC Enforcement Actions Against Essentra FZE Signal New Sanctions Risks for Non-U.S. Companies Utilizing the U.S. Financial System
DOJ and OFAC recently announced parallel sanctions resolutions with Essentra FZE Company Limited, a UAE-based supplier of cigarette products. Essentra FZE received payments in U.S. dollars and UAE Dirham into bank accounts held at a…
President Trump Signs the Hong Kong Autonomy Act into Law and Issues an Implementing Executive Order
- Jul 21, 2020
- Publications
President Trump Signs the Hong Kong Autonomy Act into Law and Issues an Implementing Executive Order
President Trump recently signed the Hong Kong Autonomy Act (HKAA) into law and issued an executive order implementing the HKAA.
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…
Supreme Court to Determine the Effect of a Carve-Out Provision on an Agreement to Arbitrate Questions of Arbitrability
- Jun 24, 2020
- Publications
Supreme Court to Determine the Effect of a Carve-Out Provision on an Agreement to Arbitrate Questions of Arbitrability
The Supreme Court agreed on June 15 to determine whether, under the Federal Arbitration Act, a provision in an arbitration agreement exempting certain claims from the scope of the agreement negates a provision clearly delegating…
UK FCA Imposes £37 Million Penalty on Commerzbank for AML Failures
- Jun 22, 2020
- Publications
UK FCA Imposes £37 Million Penalty on Commerzbank for AML Failures
The UK Financial Conduct Authority recently ordered Commerzbank to pay more than £37 million penalty for years of anti-money laundering failures in systems and controls.
General Atlantic and Buyer Consortium to Acquire 58.com in $8.7 Billion Deal
- Jun 15, 2020
- Client News
General Atlantic and Buyer Consortium to Acquire 58.com in $8.7 Billion Deal
Paul, Weiss is advising General Atlantic, a lead member of an investor consortium, in its acquisition of 58.com, China's largest online classifieds marketplace.
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…
Supreme Court: New York Convention Doesn’t Bar Non-Signatories to an International Arbitration Agreement from Seeking to Compel Arbitration
- Jun 08, 2020
- Publications
Supreme Court: New York Convention Doesn’t Bar Non-Signatories to an International Arbitration Agreement from Seeking to Compel Arbitration
In GE Energy Power Conversion France SAS v. Outokumpu Stainless USA, LLC, the Supreme Court held that the Convention on the Recognition and Enforcement of Foreign Arbitral Awards does not preclude a nonsignatory to an international…
Privilege Caselaw Developments (June 2020)
- Jun 02, 2020
- Publications
Privilege Caselaw Developments (June 2020)
In our fifth in a series of alerts on the law of privilege, we present several recent court cases considering the following important and recurring issues in the law of privilege: (1) the application of the attorney-client privilege…
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…
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.
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…
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…
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…
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…
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…
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.
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…
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.…
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…
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.
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,…
Marathon Health Completes Strategic Combination with OurHealth
- Jan 16, 2020
- Client News
Marathon Health Completes Strategic Combination with OurHealth
Paul, Weiss advised General Atlantic and its portfolio company Marathon Health in Marathon Health’s strategic combination with OurHealth.
General Atlantic Makes Strategic Investment in Comprehensive Educational Services
- Jan 15, 2020
- Client News
General Atlantic Makes Strategic Investment in Comprehensive Educational Services
Paul, Weiss is advising General Atlantic in its strategic investment in Comprehensive Educational Services (ACES), which provides behavioral analysis and ancillary services to individuals and families impacted by autism or other…
Privilege Caselaw Developments (January 2020)
- Jan 06, 2020
- Publications
Privilege Caselaw Developments (January 2020)
In our fourth in a series of occasional alerts on the law of privilege, we present three recent federal court cases of potential interest.
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.
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…
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…
Privilege Caselaw Developments (October 2019)
- Oct 24, 2019
- Publications
Privilege Caselaw Developments (October 2019)
In our third in a series of occasional alerts on the law of privilege, we present three recent federal court cases of potential interest. First, AdTrader, Inc. v. Google LLC serves as a reminder that privilege may be waived by…
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
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.
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…
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 …
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 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.”
Privilege Law Case Developments
- May 21, 2019
- Publications
Privilege Law Case Developments
In our first in a series of occasional alerts on the law of privilege, we present three recent federal court cases of potential interest.
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,…
DOJ Updated Guidance for Evaluating Corporate Compliance Programs Focuses on Effectiveness
- May 06, 2019
- Publications
DOJ Updated Guidance for Evaluating Corporate Compliance Programs Focuses on Effectiveness
On April 30, 2019, the Criminal Division of the U.S. Department of Justice released updated guidance on how prosecutors evaluate the effectiveness of corporate compliance programs.
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…
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…
Jessica Carey to Speak at Fordham University School of Law
- Apr 08, 2019
- Events
Jessica Carey to Speak at Fordham University School of Law
Litigation partner Jessica Carey will speak at the Fordham University School of Law’s women’s speaker series, “Breaking the Glass Ceiling.”
Jessica Carey to Deliver Keynote Address at Annual Compliance & Investigations Conference
- Apr 11, 2019
- Events
Jessica Carey to Deliver Keynote Address at Annual Compliance & Investigations Conference
Litigation partner Jessica Carey will deliver the keynote address at Gleiss Lutz’s annual Compliance & Investigations conference.
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…
DOJ, FBI, and CFTC Announce FCPA Policy Revisions and Initiatives
- Mar 15, 2019
- Publications
DOJ, FBI, and CFTC Announce FCPA Policy Revisions and Initiatives
The Department of Justice announced last week several revisions to its Foreign Corrupt Practices Act (“FCPA”) Corporate Enforcement Policy, which includes relaxing prior guidance on how companies should deal with employees’ use of…
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…
Paul, Weiss Hosts Cross-Canada Panel Discussion on U.S. Legal Developments
- Feb 04, 2019
- Events
Paul, Weiss Hosts Cross-Canada Panel Discussion on U.S. Legal Developments
Corporate partners Chris Cummings, Andrew Foley, Adam Givertz and Ted Maynard and litigation partners Susanna Buergel, Jessica Carey and Jaren Janghorbani participated in Paul, Weiss's 12th annual seminar on U.S. Legal Developments…
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 …
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 …
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…
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…
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…
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…
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…
Jessica Carey Speaks at Commercial Bar Association Meeting in Vienna
- May 31, 2018
- Events
Jessica Carey Speaks at Commercial Bar Association Meeting in Vienna
Litigation partner Jessica Carey spoke on Recent Developments in Banking Disputes at The Commercial Bar Association’s North American Meeting in Vienna on May 31.
Supreme Court Rules That Costs of Internal Investigation Are Not Recoverable As Restitution under the Mandatory Victims Restitution Act of 1996
- May 30, 2018
- Publications
Supreme Court Rules That Costs of Internal Investigation Are Not Recoverable As Restitution under the Mandatory Victims Restitution Act of 1996
On May 29, 2018, in Lagos v. United States, the Supreme Court unanimously held that the Mandatory Victims Restitution Act of 1996 (the “MVRA”)[1] does not require a criminal defendant to pay the costs and attorneys’ fees associated…
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.
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…
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
- Mar 27, 2018
- Videos
Economic Sanctions and Anti-Money Laundering Developments: 2017 Year in Review
In this video, litigation partners Mike Gertzman, Jessica Carey and Roberto Gonzalez and counsel Rachel Fiorill offer guidance for bolstering compliance as they discuss recent developments in sanctions and AML policy and enforcement.
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”).
Jessica Carey and Peter Jaffe Participated in Anticorruption Conference Hosted by ICC
- Feb 01, 2018
- Events
Jessica Carey and Peter Jaffe Participated in Anticorruption Conference Hosted by ICC
On February 1, litigation partner Jessica Carey and counsel Peter Jaffe will participated in a conference on anticorruption hosted by the International Chamber of Commerce at Universidad Panamerica in Mexico.
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.
Paul, Weiss Achieves Pro Bono Victory in Second Department
- Jan 10, 2018
- Client News
Paul, Weiss Achieves Pro Bono Victory in Second Department
The New York Appellate Division affirmed a Family Court decision vacating a neglect finding made against a Paul, Weiss pro bono client.
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…
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…
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…
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…
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…
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 …
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 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…
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…
Deutsche Investment Management Americas Obtains Appellate Dismissal of CDO-Related Lawsuit
- Nov 04, 2016
- Client News
Deutsche Investment Management Americas Obtains Appellate Dismissal of CDO-Related Lawsuit
In a victory for Paul, Weiss client Deutsche Investment Management Americas Inc. (DIMA) on November 3, the New York Supreme Court, Appellate Division, First Department dismissed fraud claims brought by Aozora, a Japanese bank,…
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: 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.
New York Court Dismisses Disability Insurance Class Action Against Chubb
- Sep 19, 2016
- Client News
New York Court Dismisses Disability Insurance Class Action Against Chubb
The U.S. District Court for the Southern District of New York dismissed a putative class action against Paul, Weiss client Federal Insurance Company, a member of the Chubb Group of Insurance Companies, that alleged that…
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…
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…
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 …
Richard Rosen and Jessica Carey Co-Author Article on PSLRA’s Safe Harbor in Insights
- Jun 20, 2016
- Publications
Richard Rosen and Jessica Carey Co-Author Article on PSLRA’s Safe Harbor in Insights
Litigation partners Richard A. Rosen and Jessica S. Carey co-authored an article in the May issue of Insights. The article, titled "The Safe Harbor for Forward-Looking Statements after Twenty Years," explores case law…
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: D.C. Circuit Reverses Rejection of Deferred Prosecution Agreement
- Apr 07, 2016
- Publications
Client Alert: D.C. Circuit Reverses Rejection of Deferred Prosecution Agreement
It has been a longstanding practice for courts to defer to the judgment of the government regarding the terms of a deferred prosecution agreement ("DPA"). A key component of this deference is a willingness by courts to toll …
Deutsche Bank Wins First Department Appeal in CDO Suit
- Mar 31, 2016
- Client News
Deutsche Bank Wins First Department Appeal in CDO Suit
The Appellate Division of the New York Supreme Court, First Department unanimously affirmed the dismissal by the Commercial Division's Justice Jeffrey Oing of Aozora Bank, Ltd.'s claims against Paul, Weiss clients Deutsche Bank…
Roberto Gonzalez and Jessica Carey Co-Author Article on AML Enforcement in The National Law Journal
- Feb 22, 2016
- Publications
Roberto Gonzalez and Jessica Carey Co-Author Article on AML Enforcement in The National Law Journal
Litigation partners Roberto Gonzalez and Jessica Carey co-authored an article in the February 22 issue of The National Law Journal.
FinCEN Imposes Anti-Money Laundering Reporting Requirements
- Feb 02, 2016
- Publications
FinCEN Imposes Anti-Money Laundering Reporting Requirements
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) issued Geographic Targeting Orders ("GTO") imposing temporary reporting requirements on title insurers with respect to "all-cash" purchases of high-end…
Awards & Recognition
Jessica Carey and Roberto Gonzalez Receive Law360 Distinguished Writing Award
- Mar 28, 2017
- Awards
Jessica Carey and Roberto Gonzalez Receive Law360 Distinguished Writing Award
Litigation partners Jessica Carey and Roberto Gonzalez have been selected to receive the “Law360 Distinguished Writing Award” at the 2017 Burton Awards.
Jessica Carey and Salvatore Gogliormella Named Rising Stars by New York Law Journal
- Apr 06, 2016
- Awards
Jessica Carey and Salvatore Gogliormella Named Rising Stars by New York Law Journal
Litigation partner Jessica Carey and real estate partner Salvatore Gogliormella have been named New York Law Journal Rising Stars for 2016.