Cleary Gottlieb Steen & Hamilton represents some of the largest financial institutions in the market, acting in civil litigation as well as investigations by regulators. The team has a strong reputation in antitrust litigation, with a client base including major banks such as Citibank, HSBC and Goldman Sachs. The practice counsels these clients on investigations by international regulators as well as representing them follow-on civil litigation. Anti-money laundering and anti-terrorism funding litigation is another area of focus; it is currently handling a series of lawsuits for BNP Paribas brought by victims of terrorism and refugees resulting from the bank's 2014 guilty plea to violating sanctions on Iran and Sudan. The team also continues to handle litigation related to the financial crisis, including disputes stemming from the Madoff fraud and the collapse of Lehman Brothers. The key partners in the team stand out for the breadth of their expertise; Lev Dassin, David Brodsky, David Brodsky and Giovanni Prezioso are all active in both investigations and civil litigation across a range of areas. The team also has considerable governmental experience; Brodsky and Dassin previously served in the US Attorney's Office for the Southern District of New York, with Dassin serving as Acting US Attorney. Further, Matthew Solomon previously acted as the SEC's chief litigation counsel. Victor Hou is another key contact in the team; in addition to handling regulatory investigations and litigation, he also advises on internal investigations for major banks. Lina Bensman was promoted to partner in January 2020, and Mark McDonald was promoted to partner in January 2021.
Financial services litigation in United States
Cleary Gottlieb Steen & Hamilton
Lev Dassin; David Brodsky; Robin Bergen; Giovanni Prezioso
Other key lawyers:
Matthew Solomon; Victor Hou
‘Cleary have an incredibly strong bench of partners who all work well together rather than operating in silos where they compete for work. They are particularly commercial and ensure that they fully understand the business of their clients so that they can represent them most effectively.’
‘Victor Hou is a real star in the market and has established himself as a true trusted advisor of the firm. His style is particularly effective and he has a great sense of the correct strategic approach to take with a case. For US financial litigation/regulatory issues he would be my No.1 choice of counsel.’
‘We were impressed by the know how and practical experience the firm had regarding US sanctions laws.’
‘Our primary contact was Paul Marquardt. It was a pleasure working with Paul. Paul showed a true command of US sanction laws and was able to provide us with his advice swiftly. Not only Paul’s intricate knowledge of US sanction laws, but also his practical experience in dealing with the relevant regulators stood out to us. With his help, we obtained the required guidance from the regulator to continue making distributions. Paul is detailed when providing advice, ensuring that we understood the up- and downsides of choosing one strategy over the other. However, despite the technical nature of sanction laws, he was able to provide us with practical advice to help our case move forward. ’
ESL Investments, Inc.
Union de Banques Arabes et Françaises (UBAF)
BNP Paribas (BNPP)
- Represented multiple Citibank entities, including Mexico-based Citibanamex, in class action litigation brought in the Southern District of New York against Citi and eight other banks (Santander, BBVA, JPMorgan Chase, HSBC, Barclays, Bank of America, Deutsche Bank, Credit Suisse) under the federal antitrust laws for unjust enrichment and for alleged collusion in connection with the sale of Mexican Government Bonds.
- Counsel to several major financial institutions in investigations by global regulators in the US, Europe and Asia concerning Foreign Exchange trading, and LIBOR, ISDAFIX and other benchmark rates, as well as in related civil litigation.
- Counsel to Brazil’s national development bank, BNDES, regarding an investigation into allegations of corruption in connection with BNDES’s extension of financing to certain companies related to JBS, the world’s largest meatpacker.
Cravath, Swaine & Moore LLP represents investment banks, broker-dealers, funds, and other financial institutions in disputes, with particular expertise in handling antitrust and securities litigation. The team's ability to handle high-profile antitrust work is demonstrated by its recent representation of American Express in a series of cases related to the company's anti-steering clause, as well as other alleged anti-competitive practices; these cases, brought by retailers, allege violations of the Sherman Act as well as California's Cartwright Act, and are being led by Evan Chesler and Peter Barbur. Daniel Slifkin serves as head of litigation, and in addition to representing a number of major banks in antitrust cases, he is also acting for Westpac in class action securities litigation arising from Westpac's breach of Australian anti-money laundering and terrorism financing laws. Lauren Moskowitz is also recommended, and is noted for her work on RMBS litigation. Richard Clary retired at the end of 2020, but Michael Addis, Justin Clarke, and Lauren Rosenberg were all promoted to partner at the beginning of 2020.
Other key lawyers:
Evan Chesler; Peter Barbur; Daniel Slifkin; Lauren Moskowitz
American Express Company
Brightwood Capital Advisors
Credit Suisse Securities (USA)
Folksam ömsesidig livförsäkring
Rothschild & Co
- Won a dismissal of contract and fraud action brought against Goldman Sachs by its former client United Natural Foods, Inc. (UNFI), relating to the syndication of financing for UNFI’s $3bn acquisition of SuperValu in 2018.
- Representing Morgan Stanley in a series of individual and class action lawsuits in New York federal court alleging collusion among several of the world’s largest banks to restrain competition by preventing the development of anonymous exchange trading of various complex financial products, including credit default swaps, interest rate swaps and stock loans, as well as in related regulatory inquiries.
- Secured two rounds of dismissals and continuing to represent Westpac Banking Corporation in a putative class action lawsuit in New York federal court asserting claims against various financial institutions concerning alleged manipulation of the Australian Bank Bill Swap Rate benchmark
Davis Polk & Wardwell LLP
New York-based Davis Polk & Wardwell LLP handles a range of financial services litigation, from securities and antitrust litigation to investigations and enforcement activity by the SEC, DOJ, and state authorities. Practice head James Rouhandeh is recognized for having acted as lead counsel for Morgan Stanley in all of its litigation since the financial crisis, including major disputes related to residential mortgage-backed securities. The team's securities litigation work is also notable, covering disputes involving secondary offerings, M&A transactions, and IPOs. Former federal prosecutor Martine Beamon represents clients in internal and government investigations, and Angela Burgess handles sensitive enforcement matters for a number of global financial institutions. Jarrett Arp joined the team in August 2020 from Gibson, Dunn & Crutcher LLP, while Uzo Asonye joined in October 2020 from the US Attorney's Office for the Eastern District of Virginia. Arp focuses on antitrust litigation and investigations, while Asonye has experience prosecuting white-collar criminal cases in the financial services industry; both are based in Washington DC.
Other key lawyers:
Martine Beamon; Angela Burgess; Jarrett Arp; Uzo Asonye
Paul, Weiss, Rifkind, Wharton & Garrison LLP has a track record of success some of the most complex and high-stakes litigation in the financial services sector. The team's antitrust practice is especially notable, as it represents major banks such as Morgan Stanley and Citigroup in both state and federal litigation, as well as in investigations by regulators. The practice is also adept at handling novel matters, a recent example of which is its representation of the state of Qatar in a lawsuit in the New York Supreme Court against a number of banks alleging the manipulation of the market for Qatar's currency and bonds. Practice head Brad Karp is widely respected for his work in securities and white-collar crime litigation. In one highlight of 2020, Karp won the dismissal of a breach of fiduciary duty case brought against the Blackstone Group by beneficiaries of the Kentucky state pension system, in a case that had the potential to act as a test case for similar litigation. Susanna Buergel is a specialist in securities litigation with a close relationship with Citigroup, which she represents in antitrust and False Claims Act disputes. Daniel Kramer is another key figure in the team's securities litigation practice; he is currently leading the aforementioned Qatar litigation.
Other key lawyers:
Susanna Buergel; Daniel Kramer
Quinn Emanuel Urquhart & Sullivan, LLP
Quinn Emanuel Urquhart & Sullivan, LLP is widely recognized in the market as one of the leading firms for plaintiff-side financial services litigation. The practice group handles many of the highest profile antitrust lawsuits in the market, including cases against major financial institutions alleging manipulation of the markets in foreign exchange instruments, precious metals, stock loans, and interest rate swaps, among others. Daniel Brockett is the team's lead partner in this area, while Peter Calamari is well regarded for his expertise in RMBS litigation. In 2020, Calamari successfully won a bench trial in the District of Minnesota for Rescap Liquidation Trust against Primary Residential Mortgage. Andrew Rossman is an experienced trial lawyer with a broad practice covering securities and derivatives litigation, as well as contractual disputes.
Peter Calamari; Jonathan Pickhardt; Daniel Brockett; Harry Olivar, Jr.; Richard Schirtzer
Other key lawyers:
Lehman Brothers Holdings Inc.
ResCap Liquidating Trust
US Bank, N.A.
Iowa Public Employees’ Retirement System
Public School Teachers’ Pension and Retirement Fund of Chicago
Cleveland Bakers and Teamsters Pension Fund
KKR & Co. L.P.
Lansuppe Feeder, LLC
American Precious Metals, Ltd.
Prudential Financial, Inc.
Marvell Technology Group, Ltd.
Altor BioScience, LLC
E*TRADE Financial Corporation
- Represented Mirae Asset in the Delaware Chancery Court case AB Stable VIII v. MAPS, the first terminated takeover case of the Covid-19 era to go to trial.
- Acting as co-lead counsel on behalf of Torus Capital LLC and the employee retirement systems of Iowa, Orange County, Sonoma County, and Los Angeles County, a class of those who entered into stock loan transactions with six major banks that serve as prime brokers of stock loans.
- Representing the Federal Deposit Insurance Corporation in seeking to recover from Bank of America, N.A, unpaid deposit insurance assessments.
Simpson Thacher & Bartlett LLP stands out for its work in securities and derivatives litigation, defending prominent banks in litigation related to residential mortgage-backed securities, IPOs, and corporate transactions, as well as in antitrust disputes. A standout matter in 2020 was the team's handling of several high-profile matters for Deutsche Bank, including class actions alleging anti-competitive practices in securities markets. The team is led by global litigation co-chairs Paul Curnin and Jonathan Youngwood, both of whom are highly experienced in regulatory and securities litigation matters. Other key figures include Susannah Geltman and Joseph McLaughlin, both of whom have experience in class actions, and Craig Waldman, who focuses on securities litigation. Mick Tuesley was promoted to partner in January 2020.
Paul Curnin; Jonathan Youngwood
Other key lawyers:
Craig Waldman; Susannah Geltman; Joseph McLaughlin; Mick Tuesley
The Blackstone Group, L.P.
Countrywide Financial Corporation
Deutsche Bank Group
Gramercy Property Trust
Kohlberg Kravis Roberts & Co.
Morgan Stanley & Co. Inc.
RBS Securities Inc. (n/k/a NatWest Markets Securities Inc.)
The Toronto-Dominion Bank
- Defeated class certification in Hilton ERISA action.
- Obtained dismissal of securities litigation related to Gramercy Property Trust’s $7.6bn acquisition by an affiliate of Blackstone
- Obtained summary judgment for NatWest Markets Securities Inc. (f/k/a RBS Securities Inc.) in RMBS litigation
Gibson, Dunn & Crutcher LLP has recognized expertise in representing financial institutions in investigations and regulatory enforcement actions involving the CFPB, SEC, OCC and DOJ. In addition to responding to investigations, the team also represents clients in court proceedings brought by these regulators. The practice group is also trusted to conduct internal investigations into sensitive issues. Contacts in the team include Arthur Long, who has practiced in this area for more than 25 years, and Stephanie Brooker, a former federal prosecutor and a specialist in white-collar criminal matters. Another name to note is Matthew Biben, who, in addition to representing a number of major financial institutions, has previously worked in-house at JPMorgan Chase and as an Assistant US Attorney in the Office for the Southern District of New York. Long and Biben are based in New York, while Brooker is based in Washington DC.
Matthew Biben; Stephanie Brooker
Other key lawyers:
Joel Cohen; Arthur Long
Citizens Bank, N.A.
Latham & Watkins LLP's financial services litigation team handles disputes in state and federal court, as well as in arbitration. In addition to handling enforcement actions and litigation involving regulators, the team is particularly active in securities litigation, including representing clients in state-level class actions brought in the wake of the Supreme Court's decision in Cyan v. Beaver County Employees Retirement Fund, which concerned state courts' jurisdiction in class actions alleging only 1933 Securities Act violations. Andrew Clubok is highly involved in this work; he is currently representing a syndicate of 15 banks in state and federal class actions relating to Pivotal's IPO, in which the banks served as underwriters. Another highlight of 2020 was the firm's victory in the New York Supreme Court for UBS, the plaintiffs in a lawsuit arising out of a failed securitization. Trial lawyer Joseph Serino is another key figure in the team, with deep experience representing clients in bench and jury trials as well as in arbitration. Richard Owens is noted for his work on investigations and enforcement.
Andrew Clubok; Richard Owens; Joseph Serino
Mayer Brown's diverse financial services litigation practice represents major banks in lawsuits ranging from interest rate manipulation class actions to RMBS litigation. The global banking and finance litigation group is led by Mark Hanchet and Christopher Houpt, both of whom recently acted alongside litigator Matthew Ingber in several RMBS lawsuits for BNYM. Another key focus for the firm is litigation under the Anti-Terrorism Act; in one recent matter, Hanchet and appellate lawyer Andrew Pincus successfully defended HSBC in litigation under the act related to the activities of Mexican drug cartels. Its capabilities in this area were further boosted in 2020 by the addition to the team of Gina Parlovecchio, a former US Attorney. Debra Bogo-Ernst is recommended for her experience in handling both commercial and consumer banking lawsuits. Michael Levy joined the practice in February 2020 from Paul Hastings LLP, and Matthew Alexander left for a role at the SEC.
Mark Hanchet; Christopher Houpt
Other key lawyers:
Andrew Pincus; Debra Bogo-Ernst; Matthew Ingber; Gina Parlovecchio; Michael Levy
‘Very experienced lawyers, excellent legal knowledge combined with a practical approach, very efficient, quick response.’
Bank of Montreal
Citibank, N.A. and Citigroup Inc.
The Bank of New York Mellon
Morgan Stanley and Invesco
- Successfully acted in New York’s First Department Appellate Division on behalf of a Swiss bank, Banque Pictet, facing civil conspiracy and breach of fiduciary duty claims for $350m.
- Successfully represented BNYM in a rare federal appellate decision addressing a trustee’s duties under a trust for residential mortgage-backed securities.
- Won two dismissals for Société Générale in interest-rate antitrust class actions.
Sullivan & Cromwell LLP
Arnold & Porter is retained by domestic and foreign banks, investment funds, and payment providers to advise on civil litigation and regulatory enforcement matters. The practice brings together partners from the firm's white-collar crime and commercial litigation teams to handle complex investigations as well as follow-on litigation. The practice group is jointly led by David Freeman, James Herschlein and Kenneth Chernof. In 2020, Freeman was highly involved in counseling clients on issues related to the Coronavirus Aid Relief and Economic Security (CARES) Act, as well as leading a series of webinars on this subject; Herschlein and Chernof co-chair the firm's wider litigation practice. Veronica Callahan handles securities litigation as well as enforcement work, while Kathleen Reilly advises on investigations by regulators including the SEC, DOJ, and state attorneys general. Craig Stewart rejoined the practice in November 2020, having previously served as Chief Counsel to the United States Attorney for the Southern District of New York. Vinny Sama left the team in February 2020, joining Seyfarth Shaw LLP.
David Freeman; James Herschlein; Ken Chernof
Other key lawyers:
Veronica Callahan; Kathleen Reilly; Craig Stewart
Atlantic Security Bank
RSM US LLP
Triaxx Asset Management
York Capital Management LLC
- Advising RSM US LLP in connection with RSM’s response to an SEC enforcement subpoena as well as subpoenas issued by the Commonwealth of Massachusetts’ Securities Division and the NJ Bureau of Securities, relating to RSM’s audit of GPB Holdings II and affiliated entities.
- Representing VISA in nationwide putative class actions and individual suits by merchants, including a number of the nation’s largest retailers challenging the default interchange fees set in the Visa (and MasterCard) systems as well as other system rules.
- Acting as independent counsel to the special committee of the board of the Western Union Company charged with reviewing and investigating shareholder demand letters alleging breaches of directors’ and officers’ duty to oversee anti-money laundering and fraud compliance related to the cross-border transfer of fund.
Debevoise & Plimpton LLP is retained by major financial institutions to handle sensitive investigations and enforcement actions, but also stands out in securities class actions and civil RICO claims. The team includes a number of partners with substantial government experience, including Andrew Ceresney, who served in senior positions at the SEC and the US Attorney's office for the Southern District of NY, and Bruce Yannett, a former Assistant US Attorney for the District of Columbia. Avi Gesser joined the team in January 2020 from Davis Polk & Wardwell LLP.
Mary Beth Hogan; Andrew Ceresney
Other key lawyers:
Bruce Yannett; Maeve O’Connor
‘Deep industry expertise coupled with comprehensive full service breadth of general practice.’
‘Nick Potter, Maeve O’Connor, Andrew Ceresney are all stars.’
J&T Banka, A.S. and Postova Banka, A.S
Federal Reserve Bank of New York
JP Morgan & Chase
Clayton Dubilier & Rice LLC
- Represented Capital One in assessing and responding to a possible data security incident.
- Represents Czech banks J&T Banka, A.S. and Postova Banka, A.S. in a civil RICO action pending in the Southern District of New York arising from a purported fraudulent investment scheme and self-dealing transactions by an alleged client of the banks related to commercial and residential real estate portfolios in Europe.
- Representing Robinhood Markets, Inc. and affiliates in more than a dozen nationwide putative class actions arising from outages to Robinhood’s securities trading platform in early March 2020.
Goodwin is well known for its work defending clients in litigation, enforcement, and investigations related to consumer finance. Washington DC-based Thomas Hefferon is a leading figure in this area, and is involved in matters including RICO-related class actions, and lawsuits brought by federal and state regulators. In particular, the practice group has a wealth of experience handling matters related to the housing market. Hefferon is currently representing Bank of America against lawsuits brought by some of the largest municipalities in the US, alleging discriminatory lending practices, and is also handling a dispute with the National Fair Housing Alliance related to alleged discrimination in the maintenance and marketing of foreclosed properties. Brooks Brown co-chairs the banking and consumer finance team and divides time between Washington DC and Los Angeles. James McGarry in Boston is a key figure in the complex litigation group and Christopher Palmer in Washington DC chairs the financial industry team.
James McGarry; Christopher Palmer
Other key lawyers:
Thomas Hefferon; David Permut; Brooks Brown
‘Goodwin’s financial services litigation team is the best in the business. They are our go-to for all of our high stakes litigation. When you assign a matter to Goodwin you can rest easy knowing that the Goodwin team will look at the case from all angles and will come up with creative solutions that are catered to your litigation philosophy.’
‘Goodwin stands out above the rest because of their commitment and responsiveness and because of their ability to cater their approach to their client, and knack for taking abstract concepts and break them down into their simplest. Most importantly, they give me peace of mind. I know when Goodwin is on the job that no stone will go unturned and that we will always out litigate the opposing party. Brooks Brown, Kyle Tayman, Willy Jay, and Tom Hefferon are the top partners that come to mind.’
Bank of America
Fifth Third Bank
Nationstar Mortgage, LLC dba Mr. Cooper
Massachusetts Mutual Life Insurance Company
- Representing Quicken Loans, LLC in various consumer finance litigation and government enforcement matters.
- Acting as lead counsel to Ocwen Financial Corporation, one of the largest mortgage loan account servicing companies in America, in defending litigation filed by the Consumer Financial Protection Bureau and a tag-along action filed by the Florida Attorney General, and related actions brought by the Massachusetts Attorney General and several state consumer regulatory agencies.
Kirkland & Ellis LLP is well regarded for handling financial services litigation and investigations and enforcement proceedings by the FTC, DOJ, SEC and CFTC, as well as other regulators. The practice is frequently involved in shareholder class actions related to M&A transactions, representing clients at both the state and federal level; it is particularly active in the Delaware courts. Sandra Goldstein leads on many of the team's shareholder disputes, and Mark Filip recommended for enforcement work. Among its highlights, the team advised Goldman Sachs on a DOJ investigation related to the 1MDB scandal, and also represented JP Morgan in investigations into alleged manipulation of the precious metals and treasuries markets. Zachary Brez, a former SEC attorney, advises clients on anti-money laundering risk issues.
Other key lawyers:
Sandra Goldstein; Gabor Balassa; Zachary Brez; Mark Filip
Arclight Capital Partners
Complete Merchant Solutions, LLC
H.I.G. Capital Management, Inc.
JP Morgan Chase & Co.
Ovation Partners, LP
Sun Capital Partners Litigation
UBS Securities; UBS AG, London Branch
Vista Equity Partners
Robert R. McCormick Foundation and Cantigny Foundation
- Representing private equity firm 3G Capital, Inc., one of Kraft Heinz’s largest shareholders, in putative securities class actions and related shareholder derivative actions pending in federal court in Illinois and the Delaware Court of Chancery alleging violations of federal securities laws and breach of fiduciary duty related to the $15.4bn write-down of Kraft Heinz’s assets and the disclosure of an SEC investigation into Kraft Heinz’s accounting policies, procedures and controls.
- Defending ArcLight Capital Partners, one of its portfolio companies, and certain of the portfolio company’s officers and directors in two putative class actions relating to ArcLight’s take-private acquisition of that portfolio company in 2019.
- Defending BC Partners in a putative shareholder class action arising out of its proposed $2.1bn acquisition of Presidio, a provider of digital infrastructure, cloud and security solutions for commercial and public sector customers.
Morgan, Lewis & Bockius LLP stands out for its work defending financial institutions in class actions under a wide range of federal and state statutes. The team is particularly involved in consumer banking litigation, and in 2020 it acted for a number of clients in litigation related to the CARES Act, particularly the Paycheck Protection Program. Michael Kraut represents major banks in varied litigation, as does Elaine McChesney in Boston. Robin Nunn joined the team in September 2020 from Dechert LLP. Securities litigator Susan DiCicco is also recommended.
Michael Kraut; Susan DiCicco
Other key lawyers:
Elaine McChesney; Robin Nunn
Paul Hastings LLP
Paul Hastings LLP's civil litigation team handles complex, long-running disputes, with a particular focus on antitrust and securities litigation. The team acts at both the state and federal level, and recently represented Barclays in separate class actions accusing the bank of violations of federal and New York state law related to alleged anti-competitive practices in the SSA bond market. In addition to civil litigation, the practice is involved in investigations and enforcement actions brought by the SEC, FINRA, DOJ, and FCA. Global head of litigation Barry Sher and Anthony Antonelli lead on the Barclays cases, while Kenneth Breen and John Nowak from the firm's white-collar crime team are names to note for investigations and enforcement matters. Michael Levy left for Mayer Brown in February 2020.
Other key lawyers:
Anthony Antonelli; Kenneth Breen; John Nowak; Matt Herrington
Barclays Bank PLC, Barclays Capital Inc., Barclays Services Limited, Barclays Capital Securities Ltd.
BDO Capital & Investment Corporation
BofA Securities, Inc.
Citigroup Global Markets Inc.
DBS Bank Ltd.
GE Asset Management
Matthew Connolly, the former supervisor of the Money Market Desk at Deutsche Bank
Morgan Stanley & Co. International PLC
Official Committee of Unsecured Creditors of the Commonwealth of Puerto Rico
PETRÓLEOS DE VENEZUELA, S.A. and PDVSA PETRÓLEO, S.A.
Royal Bank of Canada
UBS Securities LLC
- Defending Barclays Bank PLC and certain of its affiliates against allegations of involvement in a global, decade-long conspiracy to fix prices and restrain competition in the $9tn SSA bond market; recently secured dismissal of all claims and is representing the Client in an appeal to the Second Circuit.
- Defending RBC against the claims of alleged involvement (along with two dozen other financial institutions) in a multi-year conspiracy to fix prices and restrain competition on sales of bonds issued by government sponsored entities such as Fannie Mae and Freddie Mac in the secondary market.
- Representing Matthew Connolly, the former supervisor of the Money Market Desk at Deutsche Bank, in a DOJ prosecution in the Southern District of New York.
Shearman & Sterling LLP is highly active in securities litigation, representing clients both in regulatory investigations and class actions. The practice group also handles a range of antitrust work, defending clients accused of anti-competitive practices involving FX benchmark rates, LIBOR, and interest rate swaps. The team has particular expertise in matters involving the Latin American markets; recent work in this area included defending Bank of America entities against a class action alleging manipulation of the Mexican bond market. Adam Hakki has a broad practice acting for major banks; a highlight of 2020 was his work defending class actions litigation brought against the underwriters of IPOs and secondary offerings; he is frequently working alongside Daniel Lewis on these matters. Agnès Dunogué is recommended for securities and antitrust litigation at both the state and federal level. Richard Schwed and Patrick Robbins in San Francisco jointly lead the global litigation group alongside Hakki.
Adam Hakki; Richard Schwed; Patrick Robbins
Other key lawyers:
Agnès Dunogué; Daniel Lewis
‘The practice combines depth of knowledge of black letter law with practical judgement and strategy.’
‘Adam Hakki – deep knowledge with an uncanny ability to deploy it real time to particular problems. Daniel Lewis – calm, methodical efficient.’
Bank of America Merrill Lynch
Nikko Asset Management
Intercontinental Exchange, Inc.
Bank of Montreal
The Bank of Nova Scotia
- Achieved a victory on behalf of Intercontinental Exchange, Inc. and other related entities in a putative antitrust class action, alleging that the defendants had conspired to manipulate LIBOR, despite the highly publicized LIBOR scandals in recent years, the numerous reforms of the rate submission process, and intense regulatory scrutiny.
- Achieved a significant litigation victory in a putative securities class action brought in the US District Court for the Southern District of New York related to the collapse of the VIX in February 2018, with billions of dollars in resulting investor losses.
- Achieved a victory for Bank of America entities in a putative class action, with allegations including that Bank of America, among other financial institutions, conspired to manipulate the prices at which defendants bought Mexican government bonds at auction and the prices at which defendants sold Mexican government bonds in the secondary market.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP is highly active in consumer banking litigation, representing clients involved in lawsuits and enforcement proceedings brought by regulators including the CFPB and the Federal Reserve Board. The team also defends clients in cases at the state level, a recent example of which is its representation of Credit Acceptance Corporation in litigation brought by the Mississippi Attorney General. Anand Raman leads the team from the firm's Washington DC office.
Buckley LLP has a strong reputation in the consumer financial services litigation space, handling class actions as well as investigations and enforcement actions brought by the CFPB, the DOJ and the FCA. The team acts both for major banks, including HSBC, as well as for non-banks engaged in financial services, a recent example of which was its defense of Sterling Jewelers in consumer class actions related to customer credit accounts. Practice head Benjamin Klubes has almost 30 years' experience in this area. James McGuire and Daniel Alonso joined the team in January and February 2020, from an in-house role and from Morrison & Foerster LLP, respectively; while John Redding left for Alston & Bird LLP in June 2020 and Valerie Hletko departed for Kaplan Hecker & Fink LLP in December 2020.
Other key lawyers:
James McGuire; Daniel Alonso
Sterling Jewelers Inc.
Carrington Mortgage Services, LLC
American Honda Finance Corporation & Fifth Third Bank
CBC Mortgage Agency, CBC Corporation, and the American Indian tribe, the Cedar Band of Paiutes
Caliber Home Loans
Cenlar FSB; Ditech Financial LLC; Green Tree Credit; Flagstar Bank, FSB; MetLife Bank, N.A.; Nationstar Mortgage LLC; PHH Mortgage Corp.; SunTrust Mortgage, Inc.; and U.S. Bank, N.A.
Specialized Loan Servicing LLC (SLS)
- The firm represents several banks and financial institutions in putative class action lawsuits in federal district courts around the country in which purported agents claim to be entitled to a percentage of origination fees lenders earned in connection with processing Paycheck Protection Program (“PPP”) loan applications.
- Represented bank holding company and state member bank subsidiary in multiple, parallel federal and state investigations by securities and banking regulators and U.S. Attorney’s offices regarding compliance with regulations governing commercial lending practices, as well as the institutions’ relationship with a local elected official. The representation has included coordination of the production of documents in response to numerous overlapping subpoenas, and negotiation with agency counsel regarding scope and substance of those subpoenas.
- We represent the leading company that builds, sells, finances, and insures manufactured housing in connection with concurrent federal and state government investigations, supervisory activity, and complex internal investigations. The company is a wholly-owned subsidiary of a prominent Nebraska-based, multinational conglomerate holding company.
Holwell Shuster & Goldberg LLP
Boutique litigation firm Holwell Shuster & Goldberg LLP fields a strong team of litigators with deep experience acting for prominent banks, financial services companies, and investment funds in complex disputes. Michael Shuster has defended high-profile clients at trial in both state and federal court proceedings; he recently acted for Visa in antitrust litigation brought by major retailers alleging that Visa is engaged in anti-competitive practices related to its swipe fees. The team is also highly active in residential mortgage-backed securities litigation. Other key figures are Daniel Goldberg, another experienced litigator with more than 25 years' experience in this area, and Richard Holwell, who previously served as a federal judge in the Southern District of New York. Scott Danner was promoted to partner in January 2020.
Richard Holwell; Michael Shuster; Daniel Goldberg
Other key lawyers:
Alberta Investment Management Corporation (AIMCo)
HSBC Bank USA, N.A.
Federal Home Loan Mortgage Corporation (Freddie Mac)
- Led recent efforts by Visa to settle class action antitrust claims relating to payment card swipe fees.
- Obtained summary judgment in favor of Freddie Mac in a CMBS dispute over the allocation of proceeds from the $5.3bn sale of Stuyvesant Town—Peter Cooper Village, the largest multi-family housing project in New York City.
- Defended Travelport’s efforts to manage its capital structure to address liquidity needs brought on by government restrictions on travel in connection with the Covid-19 pandemic.
Jones Day stands out for its work in RMBS litigation, acting for banks in complex, long-running lawsuits in this area. The team's highlights in 2020 also included antitrust cases and lawsuits under anti-money laundering statutes. Also of note, practice head Jayant Tambe handled a novel lawsuit brought against the underwriters of Flint, Michigan's municipal bonds, by residents of Flint who were poisoned by contaminated drinking water. The practice also handles disputes involving commodities and derivatives, with Kelly Carrero specializing in this area. Brett Barragate chairs the financial markets practice for the Americas. All named lawyers are based in New York.
Jayant Tambe; Brett Barragate; Alban Caillemer du Ferrage
Other key lawyers:
‘Key contacts working on Corporate Trust matters are involved in industry issues and have developed an exceptional understanding of our business model which helps immensely in their representation of and advice provided to the bank. Additionally, the firm plays an instrumental role in coordinating with other counsel who represent trustees — playing a leadership role on LIBOR cessation.’
- Defending Wells Fargo in three separate lawsuits brought by institutional investors in 31 residential mortgage backed securities (RMBS) trusts.
- Defending in a class action related to the Flint Water Crisis, a major environmental and public health event.
Katten is active in representing financial services clients in consumer protection lawsuits. The team is especially involved in matters involving credit cards; Stuart Richter and Andrew Demko are currently advising a number of banks and credit unions on class actions alleging the improper charging of fees. It has also been involved in a number of matters related to the CARES Act and the Paycheck Protection Program. Washington DC-based Claudia Callaway is experienced in defending clients facing investigations by the CFPB, while Gregory Korman is noted for his defense of companies facing consumer class actions. Named lawyers are based in Los Angeles unless stated otherwise.
Other key lawyers:
Stuart Richter; Andrew Demko; Claudia Callaway
Addition Financial Credit Union
Alaska USA Federal Credit Union
American Airlines Federal Credit Union
Bank of Hawaii
Bethpage Federal Credit Union
ESL Federal Credit Union
First Interstate Bank
HSBC and HSBC Bank USA
Mountain America Federal Credit Union
Numerica Federal Credit Union
People’s United Bank
Redstone Federal Credit Union
Simple Finance Technology Company
State Employees Federal Credit Union of New York
Valley National Bank
Vystar Credit Union
- Representing BBVA USA and Simple Finance Technology Company in one of the first major litigation matters dealing with the interplay and conflict between a financial institution’s know-your-customer obligations under the Bank Secrecy Act and the civil rights laws that prohibit differential treatment on the basis of citizenship.
- Defending several banks and credit unions in class action cases filed in federal courts in New York, New Jersey, Hawaii, Missouri, Alabama and Connecticut alleging the financial institutions charged overdraft fees for transactions that did not actually overdraft customer accounts.
- Defending HSBC’s Hong Kong and US businesses in class actions in federal court in California and New York alleging the banks aided and abetted the WCM777 Ponzi scheme.
Morrison & Foerster LLP acts for regional and large nationwide financial institutions in consumer financial litigation. A recent highlight for the practice was Nancy Thomas' work defending small-dollar lenders, facing litigation challenging their interest rates as unconscionable, following the California Supreme Court's ruling in De La Torre v. Cashcall, which addressed inordinately high interest rates for small personal and business loans. Michael Miller is a name to note for financial institutions accused of violating consumer financial protection laws and antitrust legislation. Practice head David Fioccola is also experienced in consumer class actions. James McGuire left the team in January 2020, joining Buckley LLP.
Other key lawyers:
Michael Miller; Nancy Thomas; Natalie Fleming Nolen
- Representing small-dollar lenders in actions challenging interest rates as unconscionable per the California Supreme Court’s ruling in De La Torre v. CashCall.
- Representing DHI Group, Inc. and Dice Inc. in a putative class action alleging that the company’s online employment recruiting platforms make it a consumer reporting agency under the FCRA.
O'Melveny & Myers LLP is known for representing financial institutions facing consumer financial services litigation. In the firm's Newport Beach office, Elizabeth McKeen has a focus on housing loan-related lawsuits, recent examples of which included defending JP Morgan and CIT Group in lawsuits related to the Home Affordable Modification Program, and defending Fannie Mae in Fair Housing Act litigation. Danielle Oakley is also based in Newport Beach, and handles a range of work including matters related to the CARES Act. Washington DC-based Brian Boyle is noted for his experience in ERISA litigation.
Brian Boyle; Elizabeth McKeen
Other key lawyers:
Danielle Oakley; Pamela Miller
‘The financial services litigation team is consistently strong and deep. I have the utmost confidence in their ability to handle complex regulatory actions, litigation and disputes. The former head of the practice subsequently served as the head of the OCC, which says a lot about the quality at O & M in this area.’
‘The partner I work with really goes the extra mile to understand our business, products and services and people. She manages the relationship proactively and is a pleasure to interact with.’
Bank of America
Toronto Dominion Bank (TD Bank)
Capital One Financial Corporation
Ocwen Financial Corporation
- Secured the dismissal of a California-wide class action asserting age discrimination claims against Bank of America in connection with its policy to waive monthly account maintenance fees for students under the age of 24.
- Successfully represented Bank of America in a class action challenging the client’s right to assess stop-payment fees to checking-account customers.
Williams & Connolly LLP acts for banks, investment funds, and mortgage units in litigation and enforcement actions by the CFPB, FDIC, OCC and SEC. The practice has a particularly strong relationship with Bank of America (BoA); Enu Mainigi's recent work for the company includes defending against a class action related to its administration of loans under the Payroll Protection Program. The team is also handling a lawsuit brought by the County of Maui, alleging that BoA failed to fulfil a pledge made to loan money to Native Hawaiians to purchase land in their traditional homelands. Ryan Scarborough stands out for his enforcement work, while John Villa is active in defending banks and bank executives at trial.
Dane Butswinkas; John Villa
Other key lawyers:
Enu Mainigi; Ryan Scarborough; Beth Stewart
‘Incredible litigators, both on their feet in a courtroom and in the strategy and storytelling they bring to bear. This is my go-to firm for bet-the-company litigation. They also staff leanly and efficiently and their rates are very reasonable for what they offer.’
‘Enu Maignini and John Villa are who you want thinking and talking on your behalf before a judge or jury. Ryan Scarborough is the partner you want thinking about and running your most challenging cases on a day-to-day basis.’
‘The teams depth of understanding of not only the current operating environment but their historical knowledge brought real value to us as a mutually owned savings and loan.’
‘Every team member we worked with was not only prepared but overly prepared. I have not gone into a court room feeling more confident before. In the court room Adrienne VanWinkle was a force to be reckoned with. It was obvious she had prepared for each and every objection. In one word thorough. Ryan Scarborough instilled confidence in us and our position from day one while outlining the risks of each step. Throughout all our engagement I felt well informed and confident in our position and argument. Even if we had not prevailed I cannot think of anything more the team at W&C could have done to either prepare us or themselves. At the end of the day I felt valued as a client.’
‘My primary contact has been Ryan Scarborough. He is an excellent lawyer and has assembled a very strong team to support his practice.’
Bank of America
The Carlyle Group, Inc.
Fifth Third Bank
Galaxy Entertainment Group
Primary Residential Mortgage, Inc.
- Led the defense of Bank of America when it was the first bank sued in April 2020 related to its administration of loans under the Payroll Protection Program, a part of the historic Coronavirus Aid, Relief, and Economic Security Act passed to provide economic relief to small businesses in the midst of the current pandemic.
- Successfully defended Carlyle Capital Corporation (CCC), a $23bn fund that failed at the onset of the financial crisis in March 2008, in simultaneous multi-jurisdictional litigation, with claims filed or threatened to be filed on three continents.
- Represents Fifth Third Bank in litigation brought by the CFPB alleging unfair and abusive acts and practices in connection with allegedly unauthorized account openings.
WilmerHale is recognized for defending financial services clients in civil litigation, at both the state and federal level. The team is particularly active in antitrust litigation and consumer finance lawsuits related to payment cards. In New York, Noah Levine is a contact for consumer class actions; he recently represented TD Bank in two class actions related to the bank's credit card program. The practice is also handling lawsuits alleging rate manipulation; in 2020, David Lesser and Jamie Dycus defended RBS and TD Bank against claims of LIBOR and Canadian Dealer Offered Rate manipulation, respectively.
Franca Harris Gutierrez
Other key lawyers:
Noah Levine; David Lesser; Jamie Dycus
‘The team is dedicated to its leader and functions well as a team. They adapt easily to working with various in house counsel and clients. ’
‘Franca Harris Guittierez is very smart and a great strategist. Jamie Dycus is always calm and easy to work with regardless of the circumstances. He is tireless.’
TD Bank Group, TD Bank, N.A.
JPMorgan Chase Bank, N.A.
HSBC Card Services
Royal Bank of Scotland Group plc
Connecticut General Life Insurance Co.
National Life Group
- Represented Toronto-Dominion Bank, TD Securities Inc. and TD Securities (USA) LLC in connection with a multi-defendant case in the US District Court for Southern District of New York in which plaintiff, an institutional investor, alleged that the defendant banks conspired to manipulate the Canadian Dealer Offered Rate in violation of the Sherman Act, the Commodity Exchange Act, the Racketeer Influenced and Corrupt Organizations Act, and state law.
- Representing the Royal Bank of Scotland Group plc (RBS) and various subsidiaries in all of its US civil litigation concerning allegations of improper setting of LIBOR and other similar interest rate benchmarks.
- Acting for JPMorgan Chase in a lawsuit in which investors seek to hold the client liable for their claimed losses due to an alleged pyramid scheme.