Our attorneys are called upon to comment on headline-grabbing cases and deals, industry trends and legal developments. Highlights of recent commentary follow.

• On the subject of European Commission merger decisions and how best for companies to avoid missteps, Brussels partner Alec Burnside advised that "companies shouldn't play brinksmanship… [companies must] be prepared, well in advance, for what may be needed in the remedies phase."
  Almunia holds the cards, The Daily Deal
  June 3, 2013

• In regards to the practice of using delayed-draw tranches by CLO fund managers in order to avoid paying liability costs until the loans are fully vested, partner Neil Weidner commented, "Using delayed-draw tranches can alleviate some of the pressure on managers concerned about receiving favorable loan allocations in the new issue market…I think you are going to see more managers attempt to take advantage of the delayed-draw feature in the second half of the year as managers respond to the competitive environment for loan assets."
  RLPC-CLO managers buy time with delayed draw tranches, Reuters
  May 23, 2013

• Partner Jason M. Halper commented on the current volume class action cases brought before the Supreme Court and the Court’s favorable response to the business community. “When you take all of them together, the effect is certainly to make the use of class actions much more difficult.”
  Corporations Find a Friend in the Supreme Court, The New York Times
  May 4, 2013

• In regards to the Justice Department's $5 billion lawsuit against Standard & Poor's, partner Adam Lurie commented, "It's a very important submission for S&P. Even if they don't win the motion [to dismiss the case] it can shape the views of the court and the public." With respect to the government using the fraud statue [FIRREA] in the case, Lurie commented that “S&P could argue that there was no fraud because the market players understood how they [S&P] formed their opinions.”
  S&P motion to dismiss sets stage for battle with U.S., Reuters
  Apr. 24, 2013

• In reference to a government lawsuit against the Bank of New York Mellon Corp brought under the FIRREA statute( Financial Institutional Reform, Recovery and Enforcement Act ), a rarely-used financial fraud law, partner Adam Lurie stated, "...they [the DOJ] must be mindful that the decision is still subject to review at the appellate level, and the issue is still unsettled at that level."
  U.S. can sue BNY Mellon over currency trades – judge, Reuters
  Apr. 24, 2013

• In reference to the diminishing use of private law suits over insider trading in relation to government enforcement actions, partner Bradley Bondi stated, “The difficulty is the investor-plaintiff, in addition to proving the elements of insider trading, must establish a causal link between the trades of the defendant and the investor-plaintiff's own losses,"
  Witness could help revive investors' insider trading suit, Reuters
  Apr. 12, 2013

• In regards to The Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and the government’s ability to use the statute for enforcement purposes, partner Adam Lurie stated, "I think this is another attempt to use the [FIRREA] statute in an aggressive way, and is an additional effort by the department to expand its enforcement power."
  Analysis: U.S. Turns to Thrift-era Fraud Law to Tackle Money Laundering, Reuters
  Apr. 4, 2013

• Commenting on the best advice he received in a feature article for DC Super Lawyers, partner Adam Lurie said, “Be well-rounded, trustworthy and success will follow.” Lurie further commented, “ Clients demand and deserve lawyers who exercise sound judgment, strike the right tone in sensitive matters…but fight for every inch necessary inside and outside the courtroom…As a lawyer, I have been fortunate to have many different experiences at Cadwalader, the U.S Department of Justice, Congress and the judiciary. Today, I bring these and other experiences to bear when earning clients’ trust and representing them.”
  Word for Word: What’s the best advice you have ever received, DC Super Lawyers
  Apr. 1, 2013

• In regards to the E.U’s proposed plan to enact a financial transaction tax (FTT) across eleven European countries and its potential effects on the trading units of utility companies and energy firms, U.K partner Adam Blakemore noted, “While utilities might not be what you would normally think of as a financial institution, it’s possible that in certain situations, corporate members of utility groups might come within that definition."
  FTT Will Increase Hedging Costs for Energy Companies and Deter Them from Trading with Financial Counterparts, Energy Risk
  Mar. 7, 2013

• In regards to the American Bar Association’ s White Collar Crime National Institute conference held in Las Vegas on the week of March 4, 2013 of which Cadwalader was a sponsor, partner Ray Banoun said, “I’m amazed at what it has become. It is really an annual reunion of our profession.”
  For White-Collar Defense Bar, It’s Happening in Vegas, New York Times Deal Book
  Mar. 7, 2013

• Regarding the NCAA’s investigation of improper conduct by its enforcement staff during its high-profile investigation of the University of Miami, partner Ken Wainstein, who leads the investigation commented, "One thing that makes this situation stand out was the speed with which we had to do this report. In a short time we talked to all these people and read through thousands of documents. It was a fairly intense process."
  Cadwalader Team Writes NCAA Report in Short Order, National Law Journal
  Feb. 25, 2013

• In reference to the enforcement of representations and warranties on older RMBS deals and the subsequent costs offset to lenders, partner Jordan Schwartz commented, “While assurances of quality are 'important,' [reps and warranties shouldn't allow] "an opportunity for a fishing expedition for 10 years into the life of the loan if the borrower has a change in circumstance or if the market goes to hell in a hand basket.”
  Mortgage Bonds Seek Lender Protections, Fitch Balks, Dow Jones Newswires
  Feb. 20,2013

• Regarding the resurgence of large deals in the M&A space, partner Geoffrey Levin said, "We might be seeing the beginnings of a virtuous cycle. As more and more transactions get announced, it's a sign that things are getting better. The activity itself leads to more confidence."
  Confidence Rises On Return Of Big M&A Deals, Law 360
  Feb. 15, 2013

• In reference to FTC’s decision on Jan. 3 to close its 20-month investigation into whether Google unfairly skewed its search results, partner Rick Rule, who represents Microsoft said that the decision, including the FTC’s “unprecedented and extraordinary reliance on unilateral commitments,” was “so inconsistent with antitrust precedent that it raises questions” [about whether political influence was a consideration].
  Google Didn’t Lobby White House in FTC Case, Lawyer Says, Bloomberg
  Jan. 14, 2013

• In regards to a new rule for swaps under Dodd-Frank known as the Lincoln Amendment which is to take effect for non-US banks in July 2013, Special Counsel Scott Cammarn said, “The other banking agencies have not announced any rule-making plans either. While we have spoken to lawyers at the agencies requesting guidance, they have been unable to provide it. The agencies are very guarded concerning selective releases of rule-making information, especially after the leaked release of the draft Volcker rule language last year.” ,, October 5, 2012
  Section 716: The Do-Nothing Approach, Risk.net
  December 5, 2012

• In response to the new guidance issued on the Foreign Corrupt Practices Act, partner Adam Lurie commented on the significance of the new development. Lurie, who worked on the guidance while serving as Senior Counsel at the Department of Justice said, "Our clients are always looking for more information from the DOJ and SEC to help them shape their anti-corruption compliance efforts and become more competitive, and the guide will help them do so."
  The Guidance: The FCPA Bar Reacts, The Wall Street Journal
  November 14, 2012

• Regarding the “prudential regulators’ rule,” a requirement under Dodd-Frank which instructs regulators to impose margin requirements for trades which have not cleared with swap dealers and major swap participants, partner Paul Pantano stated, "Under their proposed rule, banks would have to set a credit limit for all of their transactions with a company, including swaps…So if a bank loans money to an E&P [exploration and production] company and does other transactions with it, such as helping them hedge interest rate risk, they would have to set an aggregate threshold for how much credit they can extend. Once the E&P company hit that aggregate threshold, the bank would have to impose margin on the swap transactions."
  Uncleared margin rules threaten E&P hedging, Risk.net
  November 13, 2012

• On the subject of the SEC’s response to companies that self-report results of internal investigations, partner Bradley J. Bondi stated that companies who do not take violations seriously will not be treated leniently. He added, “In my experience the SEC will not penalize you if you suspend someone instead of actually terminate them,” he said.
  Companies Will Be Treated Favorably if They Report Violations First, SEC Enforcer Tells Lawyers, Reuters
  October 24, 2012

• Speaking on distressed debt funds being relabeled as “vulture funds” London-based partner Richard Nevins stated, "There seems to be a stigma, especially in the popular press, surrounding these distressed debt investors, whereas all they’re trying to do is return some sort of efficiency to the market and make money for their investors.” Nevins added, "People view distressed debt too narrowly- if funds are waiting for French or German banks to sell bank loans at a fire-sale price, they could wait forever."
  Get Debt Go, Legal Business
  October 1, 2012

• Partner Alec J. Burnside , with respect to the European Commission’s antitrust review of the European Aeronautic, Defence & Space Co. (EAD)'s planned merger with BAE Systems Plc (BA) and the 'military carve-out clause' which offers exemptions to member countries from seeking 'takeover' approval from the Commission, said, "It's traditionally an area of frustration for the Commission when it gets locked out of military mergers and it has always tried to discourage member states from blocking [any probe]… Products with dual civilian-military use, and civilian activities, will still have to be notified to the European Commission."
  EU Antitrust Review of BAE-EADS Deal May Face Legal Limit, Bloomberg
  September 27, 2012

• Regarding increased regulations in the U.S securities lending industry, partner Steven Lofchie mentioned, "You can make an argument that regulations have reduced systemic risk but it seems easier to demonstrate that they will have a negative effect on liquidity." In reference to Title VII of Dodd-Frank and provisions for derivative reforms, Lofchie added, "Where there are shorts in the swap markets there is often a corresponding hedging short by the dealers in the cash markets so most derivatives trades already track to a cash market trade – maybe the derivative trade will go away and we will just have the cash market trade."
  US securities lending faces change, Global Investor
  September 13, 2012

• In regards to the new ISDA protocol issued in July 2012 which could potentially give swap dealers the ability to disclose private information to regulators and its subsequent effect on buy-side entities, partner Jeff Robins said, "The external business conduct rules give them [buy-side entities] all sorts of rights they don't currently have – most of which they don't care about, so the protocol waives them. But there may be a couple of things they do care about and don't want to waive. The way the protocol is set up, though, they have to take it or leave it – they get everything or nothing. The only way around it is to individually negotiate it." Robins who contributed to the development of the new protocol added, "We've always known we weren't going to be able to solve everything in the protocol. A standardized process isn't going to work for all situations, so we used the 80-20 rule – if we could provide a solution for 80% of the market, we thought we were doing pretty well."
  New ISDA protocol may not fix business conduct bottleneck, Risk.net
  September 12, 2012

• On the matter of the SEC’s whistleblower rewards program, partner Bradley J. Bondi stated, "Ten years ago Sarbanes Oxley required public companies to establish extensive internal systems and reporting systems to ensure that whistleblowers were treated fairly and appropriately, and their concerns were appropriately addressed by companies. Dodd-Frank now incentivizes whistleblowers to provide information directly to the Securities and Exchange Commission by awarding the whistleblower a bounty between ten and thirty percent of whatever the SEC recovers. Today's bounty is likely to be the first of many, and these bounties are likely to grow significantly in size."
  Blow that whistle, get paid, Politico
  August 22, 2012

• Regarding the management buyout of the Hong Kong Broadband Network and the subsequent transaction in Hong Kong, partner Rocky Lee stated, "This also indicates that investment interest from private equity firms may be coming back into telecom sector investment in China, thanks to the rise of the iPhone and mobile internet."
  Deal Talk, Private Equity Asia
  August 15, 2012

• Regarding Apple’s success on powering devices with groundbreaking applications and content, Rocky Lee said, "Taiwan’s hardware manufactures are aware of this [success] and are making moves to acquire the know-how. That includes being able to create and build user interfacing applications and services and having the complex back-end infrastructure needed to power those applications and services reliably."
  Innovate or disintegrate, Finance Asia
  August 2012

• Concerning a new CFTC proposed guidance which allows foreign based commodity swap traders to avoid registering as swap dealers and major swap participants, partner Doron Ezickson commented, "There are certainly strong arguments and precedent in support of a broader principle-based approach…If companies are forced to abide by multiple sets of rules on the same transaction, because the regulators don’t agree that their respective regulations are comparable, there will be either additional costs or reduced liquidity."
  CFTC Swap Trader Guidance Exempts Some, International Financial Law Review
  July 10, 2012

• Regarding a new FINRA arbitration program which allows for parties to hire their own arbitrators, partner Bradley Bondi stated, "This move by FINRA represents a growing recognition of arbitration as an alternative dispute resolution with sufficient safeguards to protect all the parties involved…The arbitration system that we have today is more developed and has far more safeguards than the system 20 years ago."
  New FINRA Arbitration Program Strives For Flexibility, Law360
  July 3, 2012

• Consultant Robert S. Zwirb "Until now, the basis for dealing with non-US entities that operate abroad has been to rely upon substituted compliance by such firms with comparable regulatory requirements of the firm's home-country regulator, and this principle is enshrined in the CFTC's regulations dealing with foreign futures."
  CFTC Relaxes Cross-border Rules After Commissioner Backlash, Risk.net
  July 2, 2012

• Partner Rocky Lee said, "For Cadwalader, helping our clients navigate through this uncertainty [global economic slowdown] has been our highest priority. As the capital markets improve and as the global economy stabilizes with less volatility and prices that are right for new issuances to go to market, we will be at the forefront. As soon as the market starts recuperating, we will see more companies obtaining the capital they need to grow. Also, we expect to see more Chinese issuers improve their corporate governance and legal structures because the market expects issuers to remedy both."
  The Legal Job Market: What a Difference a Year Makes, Hong Kong Lawyer
  July 2012

• Commenting on a new draft protocol circulated by the International Swaps and Derivatives Association centering on sell-siders ability to determine counterparty suitability, partner Jeff Robins said, “This is largely an issue relating to suitability requirements... Absent a safe harbor, when a swap dealer recommends a swap, the swap dealer has to make a determination that the swap is suitable for the counterparty.”
  Swap Dealers To Determine Counterparty Suitability, Derivatives Intelligence
  June 29, 2012

• Regarding a new bail-in mechanism proposed under an EC directive for bank recovery and resolution, Special Counsel Assia Damianova says, "Doubts remain, under the proposed bail-in mechanism of the EC bank recovery and resolution directive about, the ability to trigger CDS where the write-down mechanism is laid out in the relevant bond documents; and about compliance with some of the deliverable obligation characteristics... The Credit Derivatives Definitions have to evolve to achieve predictability for market participants and a well-functioning market, where CDS fully hedge the credit risk in accordance with the parties' commercial intent."
  Write-down resolution?, Structured Credit Investor
  June 22, 2012

• Partner Bradley J. Bondi said, "This is another example of how Dodd-Frank was ill conceived and failed to take into consideration the burdens on regulatory agencies, not to mention the tremendous burdens placed on public companies and the financial services industry."
  SEC Enforcement Division Buried In Whistleblower Tips, Law360
  June 05, 2012

• In regards to the new Dodd-Frank regulations for major swap participants, partner Steven Lofchie stated, “ This is one of the most ill-conceived regulations in Dodd-Frank, because it applies capital regulation and sales practice responsibilities toward the counterparties of buy-side firms, such as pension plans. Most US pension plans are underfunded, so how exactly are they supposed to abide by capital regulation? ... I think the regulators realised these proposals are unworkable and as such, they have drafted regulations that would capture almost nobody as a major swap participant.”
  The Club No-one Wants to Join: Swap Dealer Rules Remain Unclear, Risk.net
  June 1, 2012

• Regarding a new ease in restrictions by China’s securities regulators which allow for foreign investors to access China’s domestic stock markets, partner Rocky Lee said, "After all these years of shunning... foreign capital, China has decidedly changed its tune... One can argue that China’s economy is definitely softening and liquidity has dried up rather quickly so you are seeing the opening up of the flood gates."
  Restrictions On Foreign Investors To Be Further Eased By Regulator, World Securities Law Report
  June 2012

• Referring to the competing investigations by the European Commission and the OFT in connection to Ryanair and Aer Lingus, partner Alec Burnside stated, “This was an extraordinary set of facts that never occurred previously and that I think will probably never occur again…The Court of Appeal was unanimous in the same way the tribunal below it was unanimous…From our own view, what that means in terms of the merit of the case is, the longer they [Ryanair] delay, the longer they remain where they shouldn’t be, which is on the share register of Aer Lingus.”
  Ryanair Loses Bid To Stop Probe Into Aer Lingus Stake Buy, Law360
  May 24, 2012

• On the subject of Google charging for its Android platform service in China, partner Rocky Lee stated, “To the extent that there’s new or add-on services or products related to the Android platform Google can still ask for royalties but there’s a five-year term, so [Chinese authorities] can come back and challenge them during those five years. Maybe these services and product offerings must also be ‘free’ pursuant to [the Ministry of Commerce’s] conditions… If Android has to be free, then the definition of ‘Android’ is potentially open to interpretation.”
  China Clears Google to Buy Motorola Mobility, The Wall Street Journal
  May 20, 2012

• Partner Bradley J. Bondi stated, "The SEC’s Whistleblower Provision implicitly incentivizes employees to bypass internal reporting of compliance issues in the following respect. The program allows an employee to use internal reporting channels and yet still qualify as a whistleblower under the bounty program only if he or she reports the same information to the SEC within 120 days of the date of internal reporting. Although the SEC indicates that it will consider whether the employee utilized internal reporting channels as a factor in determining how much to reward the employee, an employee may opt to go directly to the SEC in the hope that the SEC will obtain a great reward by essentially catching the firm off guard (i.e., without allowing the firm to receive cooperation credit for self-reporting a problem). In other words, the employee opts for a smaller piece of a larger pie by going straight to the SEC instead of using internal reporting channels that may yield a bigger slice of a smaller pie."
  How Can Hedge Fund Managers Incentivize Employees to Report Compliance Issues Internally in Light of the SEC’s Whistleblower Bounty Program?, The Hedge Fund Law Report
  May 17, 2012

• Regarding the Senate passage of the Whistleblower Protection Enhancement Act, partner Adam Lurie stated, "That might be something that could give whistleblowers considerable leverage." Lurie, who has experience with whistleblower investigations from previous positions at the U.S. Department of Justice and the U.S. House of Representatives Intelligence Committee added, "It gives them recourse they didn't have before."
  Senate Bill Would Boost Whistleblowers’ Chances in Court, Law 360
  May 15, 2012

• On the issue of banks keeping their US branches open in light of the Volcker Rule, Special Counsel Scott Cammarn stated, “There are some banks that are specifically choosing not to open a branch in the US because they are afraid of what will happen to it. People are very cognisant that there is now a real downside to establishing a branch in the US – and that downside is the Volcker Rule.”
  A Rule Too Far, Chartered Institute for Securities & Investment
  May 12, 2012

• On the SEC investigation into JP Morgan Chase, partner Bradley Bondi stated, “The SEC’s public announcement of an investigation against JPMorgan Chase is a bit unusual... Historically, the SEC has avoided any public confirmation of an ongoing investigation….and is feeling the political pressure to investigate here, but a bad business decision by itself does not equate to a violation of the federal securities laws.”
  Timing will be Everything for JPMorgan as Probes Begin, Law360
  May 11, 2012

• Regarding the increasing costs and risks of sponsoring IPO’s, partner Jeff Maddox stated, “Hong Kong is the toughest market in the world to list in.” More liability will make it even more expensive. Everybody will need to up their game.”
  IPOs Get Riskier for Bankers as Hong Kong Weighs Prison Terms, Bloomberg
  May 9, 2012

• Regarding the Department of Justice and Ted Stevens case, partner Kenneth Wainstein stated, “It wasn’t ill-conceived policies that caused the mistakes in the Stevens case. It was human error under extraordinarily difficult circumstances... Legislating a more liberal standard won’t be the silver bullet against discovery violations. You’re still going to have questions at the margins, and there will still be mistakes.”
  DOJ Stands Firm on Discovery Policy after Stevens Debacle, Law360
  May 9, 2012

• In regards to Department of Labor rules limiting the ability of swap dealers to allow “over-the-counter” swaps for pension plans, Senior Counsel Bronislaw Grala stated, “We’re working to bring the agency [Department of Labor] up to speed, but it’s a complicated issue and there is concern that the process could take an extended period of time.”
  Labor Department Rules Could Snag Clearing, Derivatives Intelligence
  May 4, 2012

• Partner Bradley J. Bondi said, "While it's unfortunate for FINRA that this gentleman served on its board, this matter exemplifies that FINRA does not play favorites when it brings enforcement actions and will even pursue an action against one of its own when it believes a violation has occurred."
  FINRA Aims For Bigger Seat In Enforcement Arena, Law360
  May 02, 2012

• Partner Bradley J. Bondi said, "This mistake is embarrassing for the SEC, but this incident alone does not signify a systemic problem with the implementation of the SEC’s whistleblower bounty program."
  SEC Whistleblower Reveal Won't Sink Program, Attys Say, Law360
  April 25, 2012

• Partner Scott A. Cammarn on banks moving high-risk traders from equity to asset management divisions ahead of the Volcker Rule, said "I think on certain desks in banks there are certain people that are highly skilled traders, and the banks don't want to lose those people." Scott Cammarn
  Banks Move Traders Ahead of U.S Rule, Reuters
  April 3, 2012

• Partner Adam S. Lurie on returning to Cadwalader as a partner to the Business Fraud and Complex Litigation Department stated, “There is a tremendous amount of demand for this expertise [ business fraud ] in the private sector. This is an outstanding practice and has a tremendous reputation at the Justice Department, SEC and other regulators. I view myself as part of a special team.”
  Former DOJ Official Joins Cadwalader in D.C., BLT: Blog of the Legal Times
  April 2, 2012

• Partner Neil J. Weidner on the state of collateralized loan obligations in the United States this year, said “Right now there’s investor appetite…The yield in the market is still quite attractive; the performance history on these things is quite good. There is a lot of money that’s sitting on the side right now that needs to be put to work.”
  CLO Issuance Could Reach $25 Billion This Year, Bloomberg Brief
  March 27, 2012

• Partner Kenneth L. Wainstein on joining Cadwalader: "I have been friends with members of Cadwalader's Business Fraud and Complex Litigation Group for many years, and I have long admired that group for the caliber of its lawyering, the depth of its talent in a variety of practice areas and its world-class reputation…Cadwalader's team has developed into one of the strongest in the legal community, and I'm honored to be a part of that team."
  Former Presidential Counter-Terror Advisor Joins Financial Law Firm, Government Security News
  March 26, 2012

• Partner Adam Blakemore stated “Although shareholders and participants in non-natural holders of U.K. residential property may wish to unwind such structures before the introduction of the annual charge in April 2013, the introduction of the new SDLT rate of 7 percent is likely to make it very challenging to achieve such an unwind without tax costs... Even if suitable methods of unwinding such structures can be located which do not involve significant tax costs, consideration will inevitably need to be given to the risk of such methods being targeted by retrospective tax legislation.”
  U.K. Announces Clampdown on Stamp Duty Avoidance Through Corporate Structures, Bloomberg BNA
  March 23, 2012

• Partner Charles F. (Rick) Rule on Verizon’s proposed cable deal with Comcast for spectrum licenses: “The cable companies have never developed that spectrum, they've never got into the business of competing for wireless service on a facilities basis. Moreover, in the absence of the transfer, the spectrum that they hold will continue to generate zero wireless service for the foreseeable future. As a consequence Verizon Wireless acquisition of that spectrum will not eliminate any existing competition."
  Dem’s Blast Verizon’s Cable Plan as Competition Truce, Law 360
  March 21, 2012

• Partner Charles F. (Rick) Rule said, "If you look at some of the people who are today supporting Google and saying you shouldn't apply the laws to them, they are the same people who were most out front in terms of arguing back in the 1990s that the antitrust laws ought to be applied to Microsoft.” Like Miller, he stressed that he was speaking on his own and not on behalf of his client. "At the time, I was fighting that proposition. I lost. The courts... established the rules. They're there now... The rules have to be applied nondiscriminatory. They have to be applied even handedly."
  Google, Microsoft Sort of Square Off, National Journal
  March 14, 2012

• Partner Bradley J. Bondi , an enforcement partner at Cadwalader, Wickersham & Taft LLP and former counsel to two SEC commissioners, said “I’m always skeptical of enforcement statistics because there are many different ways the numbers can be presented. The bigger issue is whether the enforcement program is working to deter securities fraud.”
  SEC Enforcement Story Doesn’t Add Up for 2011, Bloomberg
  March 2, 2012

• Partner Gregory M. Petrick opined that “[w]e expect to see increasing moves to Chapter 11 filings for European-based shipping companies... It gives the owner breathing room to ride out the cycle... Owners are in love with their ships and they give up control very reluctantly, but if you face the cold facts of the market, you can achieve an out-of-court settlement... It’s a much better resolution than filing in court.”
  European Shipowners to Seek U.S. Court Protection, Law Firm Says, Bloomberg
  January 26, 2012

• Partner David S. Miller stated “Bain might have formed entities in the Cayman Islands to accommodate clients such as foundations and endowments — tax-exempt organizations trying to steer clear of the tax on unrelated business income.”
  Cayman Islands partnership shelters one of Romney’s top foreign investment, The Washington Post
  January 25, 2012

• Partner Joseph J. Bial , regarding his promotion at Cadwalader, said, “I joined the firm five years ago specifically to work with [head of antitrust] Rick Rule, whom I consider to be one of the best antitrust advocates in the US and worldwide. The sophistication of the group’s practice, including its leading work in high-tech industries, perfectly suits my background in economics."
  Cadwalader Promotes Two in DC, GCR
  January 19, 2012

• Partner W. Christopher White , on Christopher Cox joining Cadwalader, said “Chris’s decision to join Cadwalader reflects our commitment to attract top talent and provide the highest quality legal advice to companies navigating complicated terrain in a complex economic climate. We are very pleased to have him join the partnership, and believe our clients will be delighted to have access to his counsel.”
  Cadwalader Scores Top Dealmaker from Cahill Gordon, Law 360
  January 18, 2012

• Partner David S. Miller explained, “Failing to provide correct information to the Internal Revenue Service could subject a tax-exempt organization to fines of $100 a day. If there’s a reasonable explanation for inaccuracies, the law doesn’t impose a penalty.”
  NRA Raises $200 Million as Gun Lobby Toasters Burn Logo on Bread, Bloomberg
  January 11, 2012

• Partner Bradley J. Bondi stated "Chairman Doty is a veteran securities lawyer and is well respected on both sides of the aisle.”
  SEC to Put U.S. Audit Dog Under Microscope, Reuters
  January 10, 2012

• Senior Counsel Jordan M. Schwartz has noted that “to maintain some type of TBA market, the government guarantee would have to be replaced with some form of credit enhancement, as is the case with traditional senior/subordinate structures. The challenge, however, is locking in a rate when the loan is being sold in two pieces, one of which can be sold quickly while the other that takes time to assess.”
  Still Searching For Pathway Out of the Loan Crisis, National Mortgage News
  January 9, 2012

• Partner John J. Rapisardi noted that “[a]s a result of ‘Washington Mutual,’ creditor groups will now need to be more cautious about the types of confidential information they receive and more careful about trading decisions at any time after receiving such information.”
  Bankruptcy Law in 2011: The Year in Review, New York Law Journal
  January 5, 2012

• Partner Gregory M. Petrick stated that “We’re committed to the London market and plan to expand here... The U.S. firm’s bedrock of structured finance, securitisation and restructuring will continue to be a focus.”
  Cads’ New City Boss to Lead Hiring Spree, The Lawyer
  January 2, 2012

• Partner Rocky T. Lee in reference to why Cadwalader conducts due diligence checks on reverse-merger firms, said that “most of these do not have adequate corporate governance in place and simply do not pass the smell test."
  Merger of U.S., Chinese Firms Is Cautionary Tale, USA Today
  December 26, 2011

• Partner Charles F. (Rick) Rule stated that "Senator Lee is right to call for careful scrutiny of Google, given the numerous allegations of antitrust violations by the company. . . Decisions from conservative courts make clear that the antitrust laws apply just as much to the new economy as to the old. If a company like Google is allowed to flout the rule of law, then free-market competition will suffer."
  Senators Ask FTC for ‘Thorough’ Google Antitrust Probe, Eweek.com
  December 20, 2011

• In connection with questions surrounding whether MF Global's former chief, Jon Corzine, who was subpoenaed to testify before Congress, should publicly answer questions surrounding the organization's collapse, Bradley Bondi who often represents witnesses in government hearings, said lawyers face "a difficult balancing act between not wanting to make your client look bad in public for refusing to answer questions, and on the other hand, ensuring the client is not exposed to criminal or civil liability for something said during a congressional hearing."
  Congress Subpoenas Corzine on MF Global Collapse, Reuters
  December 2, 2011

• “Judge Rakoff’s opinion is a major blow to the SEC,” said Bradley J. Bondi, a Washington- and New York-based partner at Cadwalader, Wickersham & Taft LLP and former SEC lawyer. “If defendants are forced to admit to allegations in an SEC complaint in order for a federal judge to approve a settlement involving injunctive relief, then defendants may opt to battle the SEC rather than settle and adversely affect civil litigation.”
  Citigroup MBS Settlement Rejected by Judge Who Says Public Deserves Truth, Bloomberg
  November 28, 2011

• "While Warren Buffett has generated attention with his complaints that he and his fellow billionaires pay federal income taxes at a lower rate than his secretary -- about 17 percent -- the real figure is often smaller," said David S. Miller, former chair of the tax section of the New York State Bar Association. “The problem is not that people like Warren Buffett pay tax at a 17 percent rate, it’s that they can use complex transactions not available to most Americans to get cash from their appreciated stock without paying any taxes at all.”
  Buffett-Ducking Billionaires Avoid Reporting Cash Gains to IRS, Bloomberg
  November 21, 2011

• Partner Steven D. Lofchie stated that “[i]t may be useful for Chairman Gensler in the short run to be viewed as an opponent of the financial industry, but to be successful in the long run, the C.F.T.C. will have to produce workable regulations that do not damage the economy too much. The jury is still out on whether the C.F.T.C. can do that.”
  Its Leader on Sidelines, Regulator Faces Biggest Test in MF Global, DealBook
  November 7, 2011

• “The obligation to prepare compliance programmes applies no matter what exemption the bank has relied on – including the ‘solely outside the US’ exemption," said Scott Cammarn. "This means an overseas broker-dealer affiliate that engages in prop trading and relies on the ‘solely outside the US’ exemption will have to build a compliance programme simply to prove the activity it is conducting remains outside the US."
  Non-US banks Stunned by Volcker Compliance Regime, Risk Magazine
  November 4, 2011

• “It’s a winner takes all environment,” said Rocky Lee. Chinese companies also are facing a different market. “They’re looking at content because of censorship, they’re looking at permits.”
  VC In China: 6 To 10X Growth In Past Ten Years, TechCrunch
  November 1, 2011

• Partner Michael S. Gambro noted that there are securities laws limitations on what kinds of information CMBS issuers can provide to investors on public deals. "It's led to making determination as to what additional information can be made available to the public buyers, in contrast to the flexibility in providing additional information in private deals." He added that the recent public CMBS 3.0 deals have a more detailed disclosure on the loan representations and warranties, as well as exceptions to the representations and warranties.
  CMBS Builds Up Strength Under Version 3.0, GARP
  November 1, 2011

• Partner Paul J. Pantano, Jr. said the position limits increase all the administrative burdens on hedgers. "Hedgers will have to comply with many additional reporting requirements, collecting and bucketing the required information is going to be more time consuming than government realizes," Pantano said. "Additionally, if liquidity in the marketplace decreases, it’s going to be more expensive to execute your hedging transactions."
  Hedger Costs Set to Outweigh CFTC Position Limit Benefits, IFLR
  October 28, 2011

• Partner Alec J. Burnside advised to "[r]evise hard, and then let it go – most of it will be totally irrelevant to what you find yourself doing. Just hope that the 90% you forget is the 90% that you won’t be needing."
  What I Wish I knew When I Left University - The Profession's Finest Offer Some Life Advice, Legal Week
  October 20, 2011

• "I intend, if confirmed, to pursue every avenue," Michael E. Horowitz said during his Senate judiciary confirmation hearing, discussing an ongoing investigation into the Bureau of Alcohol, Tobacco. Firearms and Explosives operation known as Fast and Furious.
  IG Nominee Attempts to Assure Senators of His Independence, Main Justice
  October 19, 2011

• “This is a very important rule for the futures and derivatives industry,” Paul Pantano, a Washington-based partner at New York law firm Cadwalader Wickersham & Taft LLP, said yesterday in a telephone interview.
  Commodity Speculators May Face New Limits, Bloomberg
  October 18, 2011

• Partner Bradley J. Bondi is quoted regarding the sentencing of Raj Rajaratnam for insider trading. "The eleven-year sentence is a landmark sentence because it is the longest sentence for insider trading in U.S. history."
  Trial, the Largest Wall Street Chiefs Hedge Fund Insider Trading Case, China Business News
  October 17, 2011

• "I suspect there are going to be a large number of positive changes in the rule," said Paul Pantano, pointing to changes in account control and easing of some reporting requirements. "But until we see the final rule a lot of that could be changing. It's a long march."
  After Much Talk, U.S. Commodity Crack-down Nigh, Reuters
  October 17, 2011

• Partner Bradley J. Bondi is quoted on the sentencing of Raj Rajaratnam and prosecution's selective use of wiretaps. "The prosecutors only wire tapped and used his cell phone conversations. They didn’t use his actual business line conversations and that’s going to be a critical issue on appeal --- whether or not this selective use of certain conversations was appropriate."
  Wake Up to Money, BBC News Radio
  October 14, 2011

• Partner Bradley J. Bondi is quoted regarding the sentence of Raj Rajaratnam and its impact. "[T]his case and other related prosecutions that we’ve seen over the last year have caused financial professionals to evaluate the methods they use to gather research for their investments."
  Today, BBC News Radio
  October 14, 2011

• “Volcker allows securities lending and there does not seem to be any issues which restrict those types of transactions,” said Steven Lofchie. “However, there are certain capital requirements under Dodd-Frank which could limit a bank’s ability to lend securities.”
  Volcker Sanctions Yet Dodd-Frank Stymies Securities Lending, The Trading News
  October 14, 2011

• "The chances of a eurozone member withdrawing legally from the currency union are extremely low, and it is highly debatable as to whether it is the right course of action," said Adam Blakemore. The possibility of a eurozone state withdrawing from the monetary union is slim, and expulsion near impossible, and that even if a withdrawal was successfully negotiated, the effect on the withdrawing state would amount to economic chaos.
  Eurozone Withdrawal Slim, Euromoney Magazine
  October 13, 2011

• "SEC attention may increase the time it takes for companies to get U.S. listings," according to Rocky Lee. “The SEC is now more concerned about VIE structures and are asking more questions.” “This can mean that the U.S. listing process will take more time, subject to more extensive review from the SEC. It’s plausible that existing listed VIE companies will be required to provide further disclosure.”
  China Companies Evading Rule With U.S. Listings Stump Regulators, Business Week
  October 9, 2011

• "Jobs heirs will pay taxes only on the shares if they sell them later for a higher price than when they received them -- and then only on that rise in value," said David Miller.
  Steve Jobs’ Heirs to Avoid Big Tax Hit If They Sell Apple Stake Right Away, New York Post
  October 7, 2011

• "Basically, all of the facts were running against Sabre," said Joseph Bial. "What they tried to do is nearly unprecedented."
  Sabre Moves to Consolidate 2 Cases in MDL; Judges Say No Way, Thomson Reuters News & Insight
  October 7, 2011

• “Keeping up with the new Dodd-Frank regulations is like drinking from a fire hose,” says Gregory Mocek, former director of enforcement for the CFTC.
  Industry in the Midst of a Maelstrom, Financial Times
  October 7, 2011

• "Google illegally abuses dominant market position in online and mobile search and in search advertising by making exclusive deals, restricting advertisers from using other platforms and manipulating search results," said Jonathan Kanter. "Google is very opaque when it comes to the facts of how its search runs in detail," said Charles Rule, Microsoft's longtime attorney in the Justice Department antitrust case against Microsoft.
  Lawyers Defending Google Say Favoring Own Content Over Rivals' in Search Wouldn't Violate Antitrust Rules, Warren's Washington Internet Daily
  October 7, 2011

• Arcadia officials "potentially have an argument that some of their transactions fall into the section 2(g) exemption in effect at that time," said Paul Pantano. "The CFTC would argue that those [physical] transactions were part of the overall manipulative scheme," said Cadwalader's Pantano.
  Quirk Of US Commodities Law Poses Hurdle For Regulators, Dow Jones
  October 4, 2011

• “That line in the inspector-general’s report puts the CFTC in a worse light than the SEC with respect to the USCC case,” said Robert Zwirb.
  CFTC and SEC Facing Legal Anxiety Over Cost-Benefit Analyses, Risk Magazine
  October 3, 2011

• Partner Steven D. Lofchie stated, “The USCC ruling tells market participants they have redress against the government and that the requirement that agencies conduct cost-benefit analyses is not a sham – and our clients clearly understand they have the right to challenge non-considered actions.”
  CFTC and SEC Facing Legal Anxiety Over Cost- Benefit Analyses, Risk Magazine
  October 3, 2011

• Special Counsel Anne MacGregor stated "thought should be given to other possible deals out there and their antitrust impact with the European Commission's 'first in, best dressed' policy in mind."
  Western Digital Gets EU Antitrust Complaint on Hitachi Deal, Bloomberg
  August 19, 2011

• Partner Bradley J. Bondi is quoted regarding the SEC's new $21-million Tips, Complaints and Referrals Database, "It will be several years before we really see whether this new system is a success. But I think the new system is a step in the right direction.”
  New Tip Machine Brings SEC Into 21st Century, Reuters
  July 27, 2011

• Partner Bradley J. Bondi comments about the possibility of California joining New York and Delaware in an investigation into Wall Street's role in the mortgage meltdown that could lead to criminal charges against financial executives, noting that "[i]t's a different ballgame when you are dealing with the New York A.G."
  California May Join Probe of Wall Street's Role in Mortgage Meltdown, Los Angeles Times
  July 15, 2011

• Partner Alec J. Burnside commented that “media mergers always have to face a bit of an obstacle course, but this one just got a whole lot more complicated,” when discussing News Corporation’s controversial bid to take over BskyB.
  Gov’t refers News Corp-BSkyB bid to Competition Commission as Hackgate racks up legal roles, Legal Week
  July 14, 2011

• Partner Steven D. Lofchie was noted for his authorship of a widely read paper on why new derivatives rules could not be put in place by the originally stated deadline.
  GOP Hopes Financial Reform Law Will Haunt Democrats, Politico
  July 10, 2011

• Partner Gregory Mocek questioned the use of the Commission's limited resources to continue to pursue [Ponzi] cases on a civil basis, rather than simply refer them to the criminal authorities.
  Chasing Fraud, Then Chasing Cash Regulators Struggle to Collect Fines; 'We Need to Do Better', The Wall Street Journal
  July 8, 2011

• Special Counsel Assia Damianova stated "restructuring has proved to be the most problematic of the credit events with its difficulties of defining what is adverse for bondholders and of interpreting the circumstances that led to the adverse effect. For example, if debt is restructured through an exchange, one will have to consider whether the definition of restructuring is wide enough to capture an exchange, if all holders have the power to accept or decline the exchange offer and if the offer has been accepted and become 'binding on all holders'. One would also have to consider the issues both under the public law of the jurisdiction of the sovereign and the proper law of the debt obligation that has been restructured."
  Voluntary Debt Exchanges Scrutinised, Structured Credit Investor
  July 4, 2011

• Special Counsel Kent R. Stevens commented about public interest overriding an exclusion order in ITC cases,"They're going to have better records to make the decision, but I don't think it's necessarily going to result in them setting aside exclusion orders," he says. If anything, it will provide them with a better record for fashioning the scope of exclusion orders."
  ITC Survey: The Slugfest Continues, Corporate Counsel
  June 21, 2011

• Partner Louis M. Solomon discusses the practice of third-party funding of litigation.
  New York City Bar Gives Thumbs Up to Litigation-Funding, Thomson Reuters
  

• Partner Steven D. Lofchie discusses financial regulations affecting swaps set to take effect in July, and comments that ". . . regulators cannot repeal an act of Congress. They can, to some extent, diminish its effect, but they can't repeal it."
  SEC to Delay Some Swaps Rules Ahead of July 16 Deadline, The Wall Street Journal
  June 10, 2011

• Partner Steven D. Lofchie Says Dodd-Frank Creates Model of Uncertainly
  Law Reports, Bloomberg Law Reports
  

• Senior Counsel Bruce A. Hiler speaks about the appointment of Kathryn Ruemmler as White House Counsel.
  Ruemmler's Inside the Beltway Credentials, Thomson Reuters
  June 2, 2011

• Partner George A. Davis and his team are noted for their work in representing Caribbean Petroleum in bankruptcy and reimbursements to the EPA and U.S. Coast Guard for cleanup.
  Bankrupt Oil Company Pays $8 Million to End Cleanup Claim, Thomson Reuters
  June 1, 2011

• Partner Paul J. Pantano, Jr. is quoted discussing the potential fraud in the oil markets and the CFTC's recent lawsuits noting that "the crude-oil market is a very complex market."
  CFTC In Uphill Battle to Make Oil Manipulation Charges Stick, The Wall Street Journal
  May 27, 2011

• Partner Bradley J. Bondi commented on the nomination of Republican Daniel Gallagher and Democrat Luis Aguilar to the U.S. Securities and Exchange Commission.
  Obama nominates Gallagher as SEC commissioner, Reuters
  May 18, 2011

• "It’s an integrity and confidence issue, and concern that there are these bad-apple companies taints the entire basket of Chinese companies, including those seeking to IPO," stated Rocky Lee when discussing the drag on the market for larger Chinese IPOs.
  Longtop Short-Sellers Show Mistrust Undermines China IPO Market, Bloomberg
  May 18, 2011

• Partner Gregory Mocek speaking about Dodd-Frank reforms notes that " [t]he speed at which these rules are coming out is unprecedented, and these are important rules and thus a delay of 18 months is reasonable."
  U.S. House GOP Tries to Derail Dodd-Frank Express, Thomson Reuters
  May 4, 2011

• Partner Gregory A. Markel examines recent insider trading cases.
  Insider Trading, The Daily
  May 4, 2011

• Partner Bradley J. Bondi commented about the delay in the rulemaking schedule under the financial reform whistleblower bounty program, "a delay could serve to improve the final rules. The whistleblower rules may have an enormous impact on the corporate and legal communities. The SEC staff should take the time necessary to carefully consider the comments that have been filed concerning the proposed rules, rather than to rush the process."
  SEC, in Update on Dodd-Frank Rulemaking, Moves Final Action on Whistleblowers to May, BNA's Securities Litigation Daily
  April 27, 2011

• Partner Charles F. (Rick) Rule and his team are noted for representing US Airways, Inc. in a suit filed against Sabre, alleging antitrust violations in its operation of a global system that distributes flight fares and information.
  Cadwalader Files Antitrust Suit for US Airways Against Sabre in Traveling Booking Wars, The American Lawyer
  April 21, 2011

• The firm is noted for representing investor Carl Icahn relating to his interests in Blockbuster.
  Icahn Seeks Sanctions in Blockbuster Bondholder Suit, Law360
  April 12, 2011

• The firm is noted for representing investor Carl Icahn relating to his interests in Blockbuster
  Icahn Seeks Sanctions in Blockbuster Bondholder Suit, Law360
  April 12, 2011

• Cadwalader partner Bradley Bondi on expert networks.
  Insider Trading Probes Shine Spotlight on Expert Industry, Washington Post
  April 3, 2011

• "Things are a lot better in 2010," stated Michael Gambro , when discussing the asset and mortgage backed securities markets. "The firm ranked first in the mortgage-backed markets with 16 issues as issuer's counsel and ranked third with ten issues as manager's counsel."
  Securitizations: On the Mend, The American Lawyer
  April 1, 2011

• Cadwalader partner Bradley Bondi is quoted in the Wall Street Journal regarding insider trading laws.
  Berkshire's Sokol Resigns; He Bought Lubrizol Stock, Buffett Says, The Wall Street Journal
  April 1, 2011

• Partner Rocky T. Lee speaks about the private equity and venture capital markets and the difficulties in selecting targets in China
  Sticking Point: Developing Markets Lack Talent, China Economic Review
  April 1, 2011

• Cadwalader partner Bradley Bondi is quoted regarding the likelihood of an SEC Enforcement action.
  Why SEC May Not Bring Charges Against Sokol, Marketwatch
  March 31, 2011

• The firm is noted for representing MBIA and LaCrosse in a CDO suit.
  MBIA Suit Over $1B CDO Deal Survives, Law 360
  March 28, 2011

• Partner Bret A. Campbell stated "the best thing for hedge funds to do is to be proactive. They need to make sure that they understand the risks of using intermediaries with their links to SWFs. They need to be aware of the compliance rules and provide in-house compliance training to get the message out there to employees.”
  Hedge Funds with SWF Clients Should Re-Jig Compliance Operations, COO Connect
  March 28, 2011

• Partner Bradley J. Bondi is quoted regarding litigation priorities of the New York Attorney General.
  Schneiderman May Remain Wall Street's Sheriff, Law360
  March 24, 2011

• Partner Adam Blakemore commented about the U.K's announced budget regarding corporate tax. "On the face of it, the UK is starting to look increasing competitive in comparison to mainstream G20 [Group of 20] nations such as the U.S. and Germany. One of the challenges with this approach, however, is that multi-national companies are not generally seeking to relocate or redomicile to Germany or the U.S. from the U.K."
  U.K. Government Announces Surprise 2 Percent Corporation Tax Cut In Budget, BNA's Daily Tax Report
  March 24, 2011

• The firm is noted for adding two top litigators, Peter Moll and Brian Wallach to the firm.
  Cadwalader Boosts Antitrust Practice, Global Competitive Review
  March 18, 2011

• Partner Michael S. Gambro is quoted regarding uptick in the commercial real estate (CRE) and the collateralized debt obligation (CDO) markets and how they are expected to surface early in the year.
  Commercial Real Estate CDOs Poised For Comeback, Reuters
  March 7, 2011

• "I have concerns that the proposed changes could hinder capital formation by making it more difficult for some public companies to use the streamline registration Form S-3," said Bradley J. Bondi , a partner at Cadwalader, Wickersham & Taft LLP and former counsel to two SEC commissioners.
  SEC gives credit ratings the cold shoulder, Reuters
  February 9, 2011

• The firm is noted for representing Caribbean Petroleum Corporation in its liquidation plan filed in U.S. Bankruptcy Court in Delaware.
  Caribbean Petro Plan Resolves Debt, Enviro Liability, Law360
  February 7, 2011

• When speaking about the AXA Rosenberg settlements, Bradley Bondi stated "the SEC is sending a message to quantitative investment firms . . [i]f they find an error that harms investors, they need to promptly correct the error and disclose the error to investors."
  AXA Units to Pay $242 Mln For Trading Model Glitch, Reuters
  February 3, 2011

• Special Counsel Douglas S. Mintz commented about bankruptcy filings in the U.S. noting that "a spike next year in debt maturities relating to commercial real estate will force lenders and investors to address the problem, rather than delaying a day of reckoning. . . [i]t will finally be dealt with in a positive way."
  Many US Companies Ailing Despite Economic Recovery, Reuters
  January 28, 2011

• The firm is mentioned regarding the intent to establish an office in Houston to be led by energy and commodities partner Robert Stephens.
  New York Law Firm Opens Houston Office, Houston Business Journal
  January 24, 2011

• The arrival of a nine-partner energy and commodities team heralds a new area of concentration for the firm, long known for its leading financial services practice.
  New York Law Firm Targets D.C.-Based Energy Practice, The Washington Post
  January 20, 2011

• When discussing tax policies and alternatives, David S. Miller noted that "the current U.S. international tax system is the best of all worlds for U.S. multinationals. That is because the companies can defer U.S. income taxes by shifting profits into low-tax jurisdictions abroad, and then use foreign tax credits to shelter those earnings from U.S. tax when they repatriate them."
  Bringing Cash Back to U.S. With Reduced Taxes, The New York Times
  January 4, 2011

• Partner Rocky T. Lee speaks about potential IPOs of Chinese companies in the U.S.
  China's Companies Dump U.S. Stock Listings, The Wall Street Journal
  January 3, 2011

• Partner Julian S.H. Chung is named one of The American Lawyer's "45 Under 45," a list honoring the top young women of the AmLaw 200.
  45 Under 45, The American Lawyer
  January 3, 2011

• Partner Bradley J. Bondi discusses the importance of education surrounding the new bounty program.
  Don't Fear The Snitcher Industry Scrambles for Whistle, Compliance Reporter
  December 27, 2010

• The firm is noted for hosting a webinar about insider trading and recent investigations.
  Four Arrested in Insider-Trading Investigation, The New York Times
  December 16, 2010

• The firm is recognized for its representation of iCopyright in an antitrust suit against Associated Press.
  iCopyright Sues Associated Press for Breach of Contract, Unfair Competition,, MediaPost News
  December 7, 2010

• Partner David S. Miller is quoted regarding a proposed tax policy and offers alternative solutions.
  A Dollar And A Dream, Prof: Founding Execs Paid in Stock Dodge Taxes, New York Post
  December 3, 2010

• Partner Gregory A. Markel is noted for his election to the Board of Directors of The Legal Aid Society.
  Cadwalader, Associated Press
  November 29, 2010

• The firm is noted for representing Cantor Fitzgerald Securities in the prepackaged reorganization plan of Riviera Holdings.
  Riviera Holdings eyes exit by end of the year, Las Vegas Sun
  November 12, 2010

• Partner Peter B. Clark discussed about FCPA cases noting that stated "companies would rather do their own investigations than have a grand jury bring in subpoenaed witnesses."
  Swiss Shipper Finds Resistance Futile in Bribe Probe, Bloomberg News
  November 12, 2010

• Partner Richard M. Schetman comments about the possible shifts in financial rulemaking amid the election.
  Financial Rulemakers Face Potential Gridlock, Financial Times
  November 9, 2010

• Partner Adam Blakemore commented about the permanent details of the banking levy proposals noting that "HM Treasury's decision to deviate from the IMF's guidelines, and to avoid linking the U.K. bank levy with reparation for past and possible future bank failures, is likely to mean that the U.K. bank levy may continue to be met with some cynicism as being a substitute for general revenue raising.”
  U.K. Levy in Bank Balance Sheets Stokes Competitiveness, Double Taxation Worries, Daily Tax Report
  October 22, 2010

• Partner Louis M. Solomon stated that "when talking to clients about whether to settle, it's important that lawyers first present a realistic picture of their chance for success, and a ruthlessly honest appreciation of risk," when discussing tips for a for successful settlement.
  6 Tips for Success at the Settlement Table, Law 360
  October 11, 2010

• Senior Counsel Charles M. Adelman discussed the new tax guidelines for modifying securitized commercial mortgage loans.
  Concerns Over '80% Test' Eased, Commercial Mortgage Alert
  September 10, 2010

• Partner Angus Duncan spoke about the potential for conflicts between investors and managers.
  Pushing the Envelope, Structured Credit Investor
  September 9, 2010

• Partner Peter M. Friedman and the firm are named as counsel to Caribbean Petroleum's debtors in the case to transfer the company's chapter 11 case to a different jurisdiction.
  Caribbean Petroleum's Chapter 11 Will Stay in Delaware, Law 360
  September 8, 2010

• Partner Deryck A. Palmer commented on the recent slowdown in bankruptcy cases and that "people will probably view it as a temporary lull."
  Slowdown in Filings Fuels Competition for Bankruptcy Cases, American Lawyer
  September 8, 2010

• The firm is noted for advising the Eircom FRNs holders in possible debt negotiations.
  Eircom Junior Debt Holders Positions for Negotiations-Sources, Dow Jones
  September 6, 2010

• Partner Tony V. Pezzano and his team are noted for representing Hoffman LaRoche in a patent infringement case against Ranbaxy.
  Roche, Ranbaxy Settlement Ends Valcyte Patent Battle, Law 360
  September 3, 2010

• The firm is noted for representing Microsoft, SourceTool and myTriggers in antitrust matters.
  Texas Investigates Whether Google is Distorting Search Results, New York Times
  September 3, 2010

• Partner Scott A. Cammarn speaks about the Glass-Steagall Act.
  Wall Street Bill Sweeps Away Stray Remnant of 1933 Glass-Steagall Act, The Hill
  August 6, 2010

• The firm is noted as one of the top law firms for bankruptcy work by The Vault.
  Bankruptcy Beat, Wall Street Journal
  July 28, 2010

• Partner Deryck A. Palmer discusses how municipalities might manage financial stress in uncertain times.
  Taking Stock with Pimm Fox, Bloomberg TV
  July 19, 2010

• Partner Richard Nevins when discussing extending risky loans noted that he does not "believe the appetite for pushing the problems down the road will continue indefinitely. Without a real solution, no sustained recovery is possible."
  Extending Risky Loans is No Real Fix, Cadwalader's Nevins Says, Bloomberg
  July 12, 2010

• Partner Louis M. Solomon is noted for his role as co-chairman of the Cadwalader Litigation Department.
  Cadwalader Trial Pro to Help Lead Litigation Team, Law360
  July 9, 2010

• Partner Richard M. Schetman gives his thoughts as to why the financial crisis occurred.
  Derivatives are Not to Blame, Derivatives Week
  June 22, 2010

• Partner John J. Rapisardi is recognized as among the Top 10 U.S. bankruptcy lawyers for active bankruptcy cases when calculated by volume.
  The Golden Ticket, The Deal
  June 4, 2010

• Partner Kathy Hirata Chin is tapped by the Honorable Jonathan Lippman, the Chief Judge of the State of New York, to serve as a member of the Emeritus Advisory Counsel.
  N.Y. Chief Judge Boosts Efforts to Tap Retired Lawyers for Pro Bono,, New York Law Journal
  May 26, 2010

• The firm is noted for representing the U.S. Department of Justice and the Presidential Task Force on the Auto Industry.
  Liability Claimants Lodge Appeal Over GM Sale, Law 360
  May 18, 2010

• Commenting on the banking levy proposals, partner Adam Blakemore stated "there are no details as yet regarding the scope of the levy, the timetable for implementation, the rate or the mechanics of calculating the levy or the positioning of the levy within the context of coordinated international responses to the global financial crisis."
  U.K. Coalition Accord Courting Controversy Via Planned Tax Changes for Airlines, Banks, Daily Tax Report
  May 17, 2010

• The firm is noted for representing Four Season Healthcare.
  Four Season Healthcare Scenarios, International Financial Review
  May 15, 2010

• Partner George A. Davis and the firm are noted for successfully completing the global reorganization of one of the world's largest petrochemical companies, Lyondell Basell.
  Cadwalader Completes Historic Global Reorganization, Ad hoc News
  May 13, 2010

• Partner Joseph J. Bial is noted for his work on behalf of clients challenging Google under the antitrust laws.
  Consumer Watchdog targets Google, Washington Post
  May 9, 2010

• Partner Richard M. Schetman comments about derivatives exposures and safe harbor provisions in the new U.S. financial legislation.
  Safe Harbors Under Fire, Derivatives Week
  May 7, 2010

• Partner Joseph J. Bial is noted for participating in a news conference at the National Press Club targeting Google's conduct.
  Watchdog calls for federal inquiry into Google, Fortune
  May 6, 2010

• Partner John J. Rapisardi and Partner Jonathan S. Kanter and Special Counsel Joseph Bial are featured regarding their representation of MyTriggers and TradeComet in antitrust suits against Google.
  The Google Slayers, The American Lawyer
  May 1, 2010

• Special Counsel Douglas S. Mintz is quoted regarding a potential Tribune-creditor agreement.
  Tribune-Creditor Pact Only Delays Legal Battle, Reuters
  April 11, 2010

• The firm is noted for representing LyondellBasell in its U.S. chapter 11 case.
  Blavatnik Creation LyondellBasell May Face U.S. Probe, Business Week
  April 8, 2010

• The firm is noted for representing DoubleLine Capital LLC in the first two of its funds.
  Jeff Gundlack Sets a Date, The Mutual Fund Wire
  April 5, 2010

• Partner Jonathan S. Kanter and Special Counsel Amy W. Ray are noted for representing Microsoft in an antitrust case against Intel regarding violations of Section 5 of the FTC Act.
  Lawyers Galore in FTC's Intel Case, Legal Times
  April 2, 2010

• Partner Steven D. Lofchie discusses the new prime brokerage business model, market trends and how risks have changed since the collapse of Lehman Brothers.
  Trends In Prime Brokerage, Practical Law Company
  April 1, 2010

• Partner John J. Rapisardi is noted for advising Xerium Technology in a prepackaged deal to restructure its operations.
  The Bankruptcy Files: General Growth and Four More, The American Lawyer
  April 1, 2010

• "Securitization is not dead," stated partner Michael Gambro , "we're going to gradually see a return to business."
  A New Geometry, The American Lawyer
  April 1, 2010

• Partner James K. Robinson stated "what's happened is that, increasingly, people use their business e-mail address for all purposes; in light of this fact ... companies must decide whether they want to regularly monitor their employees' emails," when discussing his client's privilege case.
  Court Protects Personal E-Mails Sent Over Company Network, Inside Counsel
  March 18, 2010

• The firm is featured for adding leading litigators: partners Louis M. Solomon, Hal S. Shaftel and Colin A. Underwood.
  Cadwalader Lures Litigation Trio From Proskauer, Law 360
  March 17, 2010

• The firm is noted as being a go-to law firm for Microsoft.
  Microsoft Deputy GC Discusses Yahoo Deal, Chinese Hackers, National Law Journal
  March 16, 2010

• The firm is noted for representing Convolve in a patent infringement and trade secret case against Compaq Computer Corporate and Seagate Technologies.
  Claims Pared in Convolve IP Suit Over Disk Drives, Law 360
  March 12, 2010

• Lyondell Chemical Corporation is granted the green light to settle with its unsecured creditors.
  Lyondell Wins Approval of $450M Deal, Law 360
  March 11, 2010

• Partner Jennifer Donohue , an insurance and reinsurance specialist, is noted for joining the firm's London office.
  Simmons Insurance Chief Joins Cadwalader, Legal Week
  March 11, 2010

• Partner Jonathan S. Kanter speaks about his client TradeComet in an antitrust case involving Google.
  Judge Throws Out Antitrust Suit, Main Justice
  March 9, 2010

• Partner Richard Nevins explained how London had come to be favored for administrations, stating "there were not a that many examples of this until 2002 when the European Insolvency regulations said a company's centre of main interests could be defined by the address of its registered office. The unforeseen consequence is that it is relatively easy to relocate your centre of main interests."
  Bordello Britain, The Mail on Sunday
  March 7, 2010

• "If you end up with 70% of the voting machines and the people rely on them, and if entry into the market is difficult or impossible, it would certainly seem to be a legitimate target for antitrust enforcement," stated partner Charles F. (Rick) Rule when discussing a merger between the country's largest voting machine companies.
  Diebold Merger Too Big To Stand, Associated Press
  March 4, 2010

• The firm is noted for representing Lyondell Chemical Company in its bankruptcy and impending exit from chapter 11.
  Lyondell, EPA Work Toward Deal in Cleanup Suit, Law 360
  March 3, 2010

• Partner Charles F. (Rick) Rule is noted for being chosen to represent MyTriggers.com.
  Microsoft Prepares an Epochal Lawsuit Against Google Over its Global Dominance, Ecommerce Journal
  March 2, 2010

• The firm is noted for representing Bay Harbour Master Ltd in a suit against the purchasers of Steve & Barry's.
  Creditors Appeal Fight With Steve & Barry's Owners, Bankruptcy Law 360
  February 26, 2010

• Partner Charles F. (Rick) Rule is noted for representing MyTriggers in an antitrust action against Google.
  Microsoft Cashes in on Goggle Woes, Financial Times
  February 25, 2010

• Partner Angus Duncan discusses CLO noteholder extensions and the risks for investors.
  Extension Differentiation CLO Extension Risk Weights on Senior Noteholders, Structured Credit Investor
  February 24, 2010

• Partner Charles F. (Rick) Rule and Partner Jonathan S. Kanter are noted for their representation of Microsoft in its search engine deal with Yahoo!
  Microsoft-Yahoo Alliance Wins DOJ, EU Clearance, The National Law Journal
  February 19, 2010

• Partner Dennis J. Block stated "the agreement is indicative of a growing trend in mergers and acquisitions transactions, in which one company will acquire another in the same space with a similar business model," when discussing the synergies of deal making.
  Wal-Mart Slips On U.S. Dip, Forbes
  February 19, 2010

• The firm is noted for representing UBS in a suit regarding losses incurred in connection with a failed proposed CDO.
  Highland Dropped From UBS Suit Over $745M CDO Loss, Law 360
  February 19, 2010

• The firm is noted for representing Lyondell Chemical Company in its Chapter 11 bankruptcy filing.
  Lyondell Eyes Swift Ch. 11 Exit After Creditor Deal, Bankruptcy Law 360
  February 16, 2010

• During a panel discussion on e-discovery and government regulation, special counsel Joshua Weiss stated that the "discovery process is essentially a one-way street when government regulators are involved."
  Don't test my patience! FTC warns companies to cooperate, Law.com
  February 3, 2010

• Partner Steve M. Herman said, "by 2013 experts at Harvard [anticipate] . . about $1.4 trillion of real estate debt that's going to mature" when discussing the state of the real estate markets.
  Manhattan's Massive Apartment Complex Back to Creditors, Epoch Times
  January 29, 2010

• Peak European restructuring volume lies ahead, not behind us, stated partner Richard Nevins
  Distressed Debt to Face Restructuring Wave, Financial News
  January 26, 2010

• "ISDA's efforts to standardize CDS contracts show the challenge ahead for other assets classes," stated partner Richard Schetman in discussing the new proposed rules for OTC derivatives.
  Dealers to Define Clearable Trades for Regulators, Derivatives Week
  January 26, 2010

• The firm is noted for representing an Assistant U.S. Attorney in a landmark case where the DC District Court ruled that the AUSA had a reasonable expectation that messages sent to his private lawyer from work were covered by the attorney-client privilege because he was allow to use work email for personal matters.
  Protecting Privilege How Safe's Are Your E-Mails, Lawyers Weekly
  January 25, 2010

• The firm is noted for promoting four attorneys to partnership, Jodi Avergun, Bret Campbell, Peter Friedman and Brian McGovern.
  Cadwalader Promotes Attorney to Partnership, BCD News & Comment
  January 19, 2010

• Partner Christopher A. Hughes is recognized for joining the editorial board of IP Law360.
  IP Editorial Advisory Board, IP Law 360
  January 13, 2010

• Partner Christopher M. McDermott and Special Counsel Alexander Lin are noted for representing DIP agent, Cantor Fitzgerald, in a reorganization plan for TLC Vision.
  Unsecured to Recover 10% Under TLC Plan, Unsecured to Recover 10% Under TLC Plan
  January 8, 2010

• Partner Deryck A. Palmer and Partner Andrew M. Troop share their knowledge about the bankruptcy landscape for 2010 and predict an increase in section 363 sales.
  Bankruptcy Lawyers' Wish List for 2010, Bankruptcy Law 360
  January 1, 2010

• Partner Peter B. Clark stated “every case is different, “you might have thought a particular government would not cooperate, and they turn out to be extremely helpful and occasionally governments that you expected to be cooperative turn out to be less so," when discussing an FCPA Panamanian bribery case.
  Second Indictment in Panama Bribery Case, Main Justice
  December 17, 2009

• Partner Adam Blakemore addressing potential problems that the one-time bankers' bonus tax may have on finance-related actives noted that "the potential difficulties with the scope of the proposals stem from a reference in the draft legislation to the taxpayer company not as a bank but as a "taxable company."
  Tax Attorneys Warn of Unintended Results From U.K. One-Time Bankers' Bonus Tax, Daily Tax Report
  December 15, 2009

• Partners Gregory Markel and Martin Seidel are recognized for representation of Deutsche Bank Securities in a short sale antitrust litigation case.
  When Antitrust and Securities Laws Collide: Well, The Securities Laws Win, Financial Fraud Law Report
  December 4, 2009

• Partners Mark Ellenberg, Bruce Hiler and Rick Rule were named among top lawyers in the DC area.
  Washington's Top Lawyers,, Washingtonian
  December 1, 2009

• The firm is noted for representing Fair Isaac in a trademark infringement case.
  Remaining Trademark Claims Chucked in FICO Suit, Law 360
  December 1, 2009

• With a change in the CMBS markets allowing more flexibility, partner Patrick Quinn noted "[i]t does not modify contractual CMBS limitations on workouts, so a special servicer must still determine if the modification is in line with servicing standards and if it is good for senior and junior bondholders."
  Slow Thaw for CMBS, Mortgage Banking Magazine
  November 27, 2009

• Partner Peter B. Clark comments about the U.S. Department of Justice's plan to increase staffing in the anti-fraud section, noting that "staff levels in the section have risen and fallen over the years . . . during the savings-and-loans crisis of the 1980s, the section ramped to more than 100 attorneys from roughly 30."
  DOJ to Strengthen Anti-Fraud Unit, Compliance Reporter
  November 16, 2009

• The firm is noted for representing Ice Edge Holdings, a group of American and Canadian investors, in the possible purchase of the Phoenix Coyotes franchise.
  Power Play, Am Law Daily
  November 15, 2009

• The firm is noted for representing the Special Committee of the Boards of Directors of Landry's Restaurants, Inc. in a buyout deal.
  Landry's The New Frankenstein?, New York Times
  November 6, 2009

• Associate Alicia M. Clifford is recognized as a recipient of the Sanctuary for Families Award for Excellence in Pro Bono Advocacy for her dedication and commitment to domestic violence victims.
  Cadwalader Attorney Honored by Sanctuary for Families for Outstanding Pro Bono Work, Yahoo!
  November 5, 2009

• Special Counsel Zachary H. Smith is noted for representing Merrill Lynch in the Fred Leighton asset sale.
  Fred Leighton Sells Assets, Seeks Plan Confirmation, The Daily Deal
  November 4, 2009

• Ronit Setton, Ryan Andreoli, Gillian Goarke, and Daniel Melman were all honored recipients of the 2009 Pro Bono Publico Awards by The Legal Aid Society.
  Cadwalader Lawyers Recognized by The Legal Aid Society, Reuters
  October 27, 2009

• Despite the volatility of the nation's economy, partner Raymond Banoun stated "if anything, the downturn has helped the Washington office...we're busy..."
  For New York Players, No Boom in D.C., The National Law Law Journal
  October 26, 2009

• When speaking about the securitization industry streamlining modifications for troubled loans, partner Charles M. Adelman said the provision could "hamper modifications that are both mandatory and advisable."
  Rule 'Easing' Modifications Could Backfire, Commercial Mortgage Alert
  October 23, 2009

• Partner Deryck A. Palmer commented on stalking horse bidders saying that "[n]ot every company is for sale, so obviously one has to figure out which companies are going to be put up for auction."
  How To Pull Off A Deal As A Stalking Horse Bidder, Law360
  October 16, 2009

• In an attempt to obtain jurisdiction in the U.S. Bankruptcy Court for the Southern District of New York, as opposed to Texas, partner Mark Ellenberg stated, "I do believe this court would resolve this case in less than the 18 to 24 months it would take Texas courts to resolve the matter."
  Court Delays Ruling On Valuing Lyondell, Dow Jones
  October 16, 2009

• Partner Peter B. Clark comments on the number of attorneys the DOJ had during the savings-and-loan crisis of the 1980s and how they plan to beef up the anti-fraud section of the criminal division.
  Azerbaijan Bribes Put One Mogul on Trial, Another in Exile, The American Lawyer
  October 9, 2009

• Once a small segment of merger and acquisition activity in the US, today, "distressed restructuring is where the action is," according to partner Ron Hopkinson.
  Chinese Companies Invest Outside Their Comfort Zone, China Law & Practice
  October 1, 2009

• Partner Richard M. Schetman in a conversation regarding derivatives stated, "Valuations can be a problem when a derivative is complicated and bespoke or relates to an asset that's complicated and that you can't get ready quotations for."
  Derivatives Markets Tackle Trade Dispute Procedures, HedgeWorld
  September 29, 2009

• Facing significant uncertainty in the TALF's CMBS program being put together before December 3, Pat Quinn said, "People thought it might not be worth the expense and effort to get a team to start lending again when there only might be three months of shelf life."
  TALF's Extension Delivers Hope, Disappointments, Law360
  September 28, 2009

• In a swap dispute involving Lehman Brothers and Metavante Technologies Corporation, Richard Schetman stated, "The court is saying that while you don't have to designate an early termination you then have to perform, and if you do elect to terminate under the safe harbor you have to do so within a reasonable amount of time after the bankruptcy occurs."
  NY Court Nixes Option to Cease Payments in Swap Dispute, Forbes
  September 23, 2009

• Senior Counsel Charles M. Adelman speaking about mortgage-backed securities commented that, "The final regulations offer considerable flexibility on modifications of collateral, reserves, and recourse provisions on performing mortgage loans."
  Final Regs Update Rules for Mortgage-Backed Securities, Tax Notes
  September 21, 2009

• In recognition of Cadwalader's human rights achievements, Chairman Chris White said, "We are very proud of our consistently high ratings from The Human Rights Campaign."
  Cadwalader Receives High Score in Human Rights, Reuters
  September 15, 2009

• When asked the advice he would give to a young lawyer interested in litigation, Gregory Markel said, "Try to argue anything and everything you can in court. Motions, hearings, appeals, trials. Get on your feet!!"
  Q&A With Cadwalader's Greg Markel, Law 360
  September 14, 2009

• Cadwalader is noted for promoting five attorneys to the position of Special Counsel.
  Cadwalader Names Five Special Counsel, Reuters
  September 1, 2009

• In response to the economic turn of complex deals, partner Anna H. Glick said, "We're on the flip side now. What went up is now coming down."
  Good News: Real Estate Lending is a Slow-Motion Disaster, The American Lawyer
  September 1, 2009

• Cadwalader is noted as a finalist in multiple areas for the First Annual Global M&A Awards.
  The M&A Advisor Announces Finalists for First Annual Global M&A Awards, Market Watch
  August 25, 2009

• In discussing the Microsoft-Yahoo deal, partner Jonathan Kanter stated "When you have a market like this with one dominant player, advertisers and others are starving for more competition. If both companies separately don't have the scare to effectively compete against Google, combined they will create a more credible alternative-and one that will attract more advertisers. At the end of the day, what matters is the effect on competition."
  Antitrust Attorney Microsoft-Yahoo Deal Won't Pass Regulatory Muster, San Francisco Chronicle
  August 24, 2009

• In conjunction with talks with experts from Harvard University, partner Steven M. Herman stated, "In each of the next four years there is over $300 billion of real estate debt that's going to come due."
  Commercial Real Estate Distress Imminent, Experts Say, Epoch Times
  August 14, 2009

• Microsoft originally structured the Internet Explorer default browser installation to make "a better consumer experience than adding on additional windows," stated partner Rick Rule.
  Microsoft Still On Track To End Government Antitrust Oversight, CNNMoney.com
  August 13, 2009

• Partner Angus Duncan stated "There will be significant changes to the way banks manage themselves and the way in which they disclose their holdings and other exposures. I believe the new rules may have a significant effect on the way banks run themselves," when discussing Basel II securitization.
  Ongoing Basel II Securitization Discussions Could Prompt Another Wave of Capital Infusion, Deal Reporter
  August 11, 2009

• In speaking about corporate governance issues in residential mortgage securitizations, partner Jordan M. Schwartz stated, "There needs to be some way for investors to get factual information, whether or not there were problems with the reps and warranties. There were no mechanisms for that."
  ASF Issues RFC on RMBS Reps and Warranties, Asset Securitization Report
  August 3, 2009

• In connection with a recent ruling discussing the interpretation Section 5 of the 1933 Securities Act, partner Ray Shirazi stated, "This adds to the general state of confusion on how to identify indirect distributions under Section 5."
  Pro-SEC Ruling Raises Restricted Stock Hedging Fears, Derivatives Week
  August 3, 2009

• Associates Sandra Bjegovic and Tom Guerin are noted for their volunteer work in representing a refugee from the Democratic Republic of Congo who was granted asylum in June.
  Volunteer Attorney Recognition, Human Rights First
  August 1, 2009

• Partners Peter Clark and Michael Horowitz are noted for being chosen by Ethisphere Institute as two of the 2009 Attorneys Who Matter, among the best and brightest in corporate compliance.
  Ethisphere Institute Taps Two Cadwalader Partners as Top Compliance Attorneys, Yahoo! Biz
  July 31, 2009

• Individual MBS investors who hold shares in securities through brokerage accounts maybe be willing to approves sales, however, Partner Gary Silverstein said, "there could be some investors who will withhold their consent to renegotiate a better deal or just out of spite perhaps."
  Financial Crisis: Silver Bullets for Toxic Mortgages, Benchmark Real Estate Information
  July 26, 2009

• Partner Jodi L. Avergun commenting on the matter of a fugitive who allegedly amassed a fortune importing and selling ingredients to drug producers in Mexico, stated that " [t]he government was right not to push to trial with a shaky case."
  A Losing Hand, National Law Journal
  July 24, 2009

• Speaking about Cadwalader's recent move to new offices in Washington, D.C. Managing Partner Ray Banoun stated that the firm "retained a team of leading consultants to assist with all aspects of the build out, resulting in workspace that is attractive, efficient, and functional. Now more than 80 lawyers and 100 additional personnel are even better positioned to build on Cadwalader's already strong foundation spanning over four decades in the nation's capital."
  Cadwalader Moves to 700 Sixth in D.C.'s Penn Quarter, Ecology, Environment & Conservation
  July 24, 2009

• Cadwalader is described as seeking new space in London given that there are many possibilities to obtain space that is more efficient and more economical, given falling rents on commercial properties in major markets.
  Downturn Drives Firms To Seek Rent Savings: Experts, Law360
  July 20, 2009

• While speaking about the best ways to attack out-of-control executive compensation, Partner David Miller "wanted to ensure that executives were taxed on their entire economic income."
  News Analysis Big Paydays are Back!, Tax Notes Today
  July 13, 2009

• Partner John J. Rapisardi won the Turnaround Atlas Award for Restructuring Legal Advisor of the Year, while the firm obtained Out-of Court Restructuring of the Year for work on the Centro Properties Group restructuring.
  The Daily Deal,
  July 8, 2009

• Partner Louis M. Solomon is quoted regarding the latest ruling in the You Tube class action copyright infringement lawsuit involving England's Football Association Premier League Ltd. and Google Inc.
  Judge Limits Foreign Damages in YouTube Copyright Case,, AmLaw Daily
  July 8, 2009

• Partner Louis M. Solomon is quoted regarding the latest ruling in the You Tube class action copyright infringement lawsuit involving England's Football Association Premier League Ltd. and Google Inc.
  Google, YouTube Win Dismissal of Some Damage Claims, Reuters
  July 7, 2009

• Partner Louis M. Solomon is quoted regarding the latest ruling in the You Tube class action copyright infringement lawsuit involving England's Football Association Premier League Ltd. and Google Inc.
  Google Wins Dismissal of Some Claims in Soccer Suit, Bloomberg Newswires
  July 7, 2009

• Several Cadwalader attorneys, including Malcolm Wattman, James Frazier, Matthew Feig, James Langston, Adam Blakemore, Oliver Iliffe, David Miller, and Shlomo Boehm, are recognized for their contribution to The Handbook of Insurance-Linked Securities.
  Cadwalader Attorneys Contribute to New Book on Insurance-Linked Securities, PR-Inside.com
  July 6, 2009

• The firm is noted for hiring Edmond Curtin as Special Counsel in the Capital Markets Department of the London office.
  Cadwalader Makes . . New City Hire . ., Legal Week
  July 2, 2009

• Partner Michael Horowitz is described as having "outstanding instincts with a deep understanding of substantive law and how to do battle with the government."
  Q&A With Sonnenschein's Joshua Berman, Law 360
  June 30, 2009

• Partner Mark C. Ellenberg is recognized as debtor counsel in the LyondellBasell chapter 11 filings.
  Lyondell Chemical Creditors Weigh Suit, TheDeal.com
  June 19, 2009

• Cadwalader is noted as legal counsel for the Committee of Concerned Shareholders of the Children's Place.
  The Committee of Concerned Shareholders of the Children's Place, msnMoney.com
  June 18, 2009

• Cadwalader is noted for serving as special counsel to Six Flag's board of directors.
  The Bankruptcy Files: Riding the Six Flags Roller Coaster, The American Lawyer
  June 15, 2009

• Cadwalader is recognized as a supporter of Jazz at Lincoln Center.
  Jazz at Lincoln Center Benefit With Dave Douglas & Brass Ecstasy, All About Jazz
  June 14, 2009

• Partner John J. Rapisardi , along with R. Ronald Hopkinson, Charles "Rick" Rule, Linda Swartz, Julian Chung, Christopher McDermott, Melissa Hinkle, Bartholomew Verdirame, Peter Gyr, Mark Holdsworth, James Langston, Jonathan Michael Karas, Douglas Mintz, Karen Walny, and Ngoc Pham Hulbig are all noted for representing the U.S. Treasury Automobile Task Force in the Chrysler sale to Fiat.
  Chrysler Sale Finalized, Issues Remain, The American Lawyer
  June 10, 2009

• Partner Geoffrey W. Levin commenting on the deal landscape, noted that,"[u]ntil there is a thaw in the credit markets, you will continue to see challenges. But for the right asset with the right seller and the right buyer, things can come together."
  The Work, The American Lawyer
  June 2009

• Partners Ronald Hopkinson and Louis Bevilacqua are noted for representing the Treasury Department in the GM Bankruptcy.
  The GM Bankruptcy, The First Day Legal Edition, Wall Street Journal
  June 2, 2009

• Senior Counsel Malcolm P. Wattman stated that, "catastrophe bonds, used to securitize risks from hurricanes and other natural disasters, would be much harder to issue under the Hedge Fund Transparency Act. . . [which] will have unintended consequences limiting the ability to issue catastrophe bonds, which serve to bring needed capital to provide reinsurance coverage for hurricanes, earthquakes, and other natural disasters."
  Catastrophe Bond Issuers See Trouble, Markets Media Magazine
  May 21, 2009

• In response to questions surrounding the bankruptcy of General Growth Properties, partner Mark Ellenberg cautioned "I think we need to see how it plays out. Things that might happen, I don't think are necessarily going to happen and in some cases I don't even think they are likely to happen. At the end of the day they may end up reinforcing the basic concept of structured finance, not undermining it."
  Bond Yields, Reports Pain Mixed Pictures for Loan Rates, National Mortgage News
  May 18, 2009

• Discussing alternative investment options for 401(k) plan participants and how 401(k) plan sponsors can satisfy non-discrimination rules while at the same time complying with hedge fund qualification requirements, partner Bronislaw Grala noted that one method "is to offer participants a generic hedge fund investment option."
  How Can Hedge Fund Managers Prevent or Mitigate Revocations of Redemption Requests?, The Hedge Fund Law Report
  May 13, 2009

• Partner Charles F. (Rick) Rule said that "overnight, Google crippled the business by starving him of the traffic he needed," in speaking about SourceTool.com founder Dan Savage's case against search engine Google.
  Google's Washington Influence Keeps Growing, National Law Journal
  May 9, 2009

• Special Counsel Sharon J. Richardson is recognized for joining the firm's Financial Restructuring Department.
  Cadwalader Bolsters Financial Restructuring Department with Addition of New Special Counsel, EMedia Wire
  May 8, 2009

• In response to a comment regarding that "in workouts, "B" holders are looking for long-term solutions because they don't want to take their losses now," partner Michael Gambro stated "[h]owever, "A" holders could want to liquidate to get repaid quickly."
  Toys 'R' Us Investors Examine Options for Looming CMBS Maturities Amid Bleak Refinancing Prospects, Debtwire
  May 4, 2009

• In discussing expediting the Lehman case, special counsel Assia Damianova stated that "certain funds are finding it difficult to continue business, because their business relies on the quick return of these Lehman assets."
  PwC Looks to Speed Lehman Process, DW Online
  May 2, 2009

• Partner Paul W. Mourning 's advice for new lawyers facing the turbulent job market includes "[c]onsider pursuing a further degree. Getting an LLM, in tax, corporate, or international law, or tagging on an MBA certainly would be useful, maybe expensive, but time well spent."
  Paul Mourning: Practicing Law in the Not-For-Profit World, Martindale.com
  May 2009

• Cadwalader is noted for its role in the IFLR Americas Deal of the Year Award, the CIFG settlement with credit default swap counterparties and bondholders, which serves as a model for other monoline insurers.
  Americas Awards, IFLR
  May 1, 2009

• Cadwalader is recognized as the U.S. Treasury Department's lead legal adviser in the auto restructurings.
  Shearman, Cleary, Cadwalader Advising on Latest Chrysler Machinations, The American Lawyer
  May 1, 2009

• Partner Nick Shiren speaks about the European ABS market: "only when deals started going south and there was a lack of cashflow in the deal, did people start to focus on the circumstances whereby the liquidity facility provider had to provide funding."
  Structure test for ABS, International Securitisation Report
  May 1, 2009

• When discussing Regulation D offerings, Alan Parness explained "unless an offering memorandum for a deal says flat out that it's a Ponzi scheme, how do you know it's a fraud?"
  States pushing for authority over Reg D offerings,, Investment News
  April 19, 2009

• Chairman W. Christopher White stated "we will be well suited to continue building our reputation in Asia," when discussing the firm's Beijing office.
  Cadwalader Promotes Lawyer in Beijing to Partner, Reuters
  April 13, 2009

• The firm is noted for representing CVC Capital Partners in efforts to purchase Barclays's subsidiary iShares.
  CC's Barclays conflict gifts SJ Berwin second CVC mandate, The Lawyer
  April 13, 2009

• The firm is noted for leading negotiations for the largest DIP loan ever issued for Lyondell Chemical.
  Four easy steps to a DIP Loan, Wall Street Journal
  April 10, 2009

• Partner Louis M. Solomon is quoted on the increase in litigation against food companies for allegedly misrepresenting nutritional values.
  Legal Food Fights Put Manufacturers on Defensive Over Labels, Marketing, The Wall Street Journal
  April 9, 2009

• The firm is recognized for examining the legality of bond exchange for NXP.
  NXP Completes Debt Exchange, High Yield Report
  April 6, 2009

• The firm is noted for being awarded a federal contract to advise the U.S. Treasury on the auto industry restructurings.
  Contract Awards Cadwalader, Wickersham & Taft, Contract for Automobile, Bloomberg
  April 4, 2009

• Partner John J. Rapisardi is noted for advising China on the crafting of its new bankruptcy law.
  As factories, Fail, China's Business Law Does, too, BusinessWeek
  April 2, 2009

• The firm is noted for leading the US Auto Task Force.
  US Auto Task Force Wades Into Delphi Case, CNNMoney.com
  April 1, 2009

• Partner George A. Davis is quoted discussing the increase in DIP financings as the primary vehicle in restructuring cases.
  US Cos in Chapter 11 DIP Into Liquidity Opt,, The Wall Street Journal
  March 30, 2009

• Partner Michael Horowitz "The public's thirst for swift justice has already begun to have 'far-reaching implications' for the American justice system," stated Partner Michael Horowitz when discussing securities compliance cases under the Obama administration.
  Geithner Plan, S&P Sued: Compliances Issues, Bloomberg
  March 23, 2009

• Partner Dennis J. Block is quoted regarding merger activity in the pharmaceutical sector.
  Taking Stock: Merger Mondays Still a Ways Off, But That's OK, Dow Jones
  March 18, 2009

• The firm is noted for advising senior debt holders of NXP.
  NXP Debt Swap is Extended, Electronics Weekly Online
  March 17, 2009

• The firm is recognized for representing the debtor-in-possession lenders for VeraSun Energy Corporation an auction of two facilities.
  Valero Bidding for VeraSun Assets-Sources, Reuters
  March 17, 2009

• Discussing new proposed tax provisions, partner David Miller "that it is an extraordinarily controversial provision. Under existing law, offshore funds may hire U.S. fund managers to invest and trade their securities without risk of U.S. income tax. The current proposals would turn the current law regime on its head."
  Managers Concerned Over Proposed U.S. Tax Abuse Bill, International Financial Review
  March 14, 2009

• The firm is recognized for advising the U.S. Treasury on plans for GM and Chrysler.
  Obama Auto Team Hires Bankruptcy Lawyer, CNN
  March 13, 2009

• Partner Dave Roberson's new book is described as a "highly enjoyable and fast paced narrative, just crackles with fascinating anecdotes and lively and memorable characters."
  Bookview, New York Country Lawyers
  March 12, 2009

• Partner Michael Horowitz is elected to The Ethics Resource Center Board of Directors.
  ERC Board Elects Potts and Horowitz as Director, Ethics Resource Center
  March 12, 2009

• The firm is recognized for building a top-tier restructuring and insolvency department in the U.S. over the past five years.
  US Restructuring List, International Financial Law Review
  March 10, 2009

• Partner Michael Horowitz participates in a Washington Legal Foundation discussion that examines the new leadership and priorities for while collar crime enforcement at the U.S. Department of Justice.
  Washington daybook report, Reuters
  February 25, 2009

• Partner John J. Busillo offers guidance on thorny commercial mortgage defaults.
  Person of the Week, MortgageOrb.com
  February 24, 2009

• Partner Dennis J. Block discusses the venture-backed IPO market.
  Venture-backed IPOs are down the road, Wall Street Journal
  February 22, 2009

• The firm is mentioned as counsel to CIFG in the shortlisting of the matter as Restructuring Deal of the Year.
  US Awards Shortlisted, International Financial Law Review
  February 19, 2009

• Senior Counsel Jordan M. Schwartz comments about balancing foreclosure prevention and preserving investor interests.
  Homeowner stability plan offers relief to agency markets, Debtwire
  February 18, 2009

• Partner Jonathan S. Kanter comments on the TradeComet antitrust case against Google.
  Startup sues Google, The Wall Street Journal
  February 17, 2009

• Partner Deryck A. Palmer and Partner John J. Rapisardi are noted for advising the government regarding the restructuring efforts of the U.S. auto industry.
  Cadwalader, Other to assist in auto restructuring, Investment Dealers’ Digest
  February 10, 2009

• Partner R. Ronald Hopkinson discusses delayed exits in the private equity sector.
  Trouble Brewing, Mergers & Acquisitions Report
  February 2, 2009

• Senior Counsel Charles M. Adelman discusses the important pieces of legislation that have been implemented or are in the process of being implemented to help the recovery of the securitizations markets
  Tax lawyers focus on clarifying potential impediment to securitization, ASF Tax Program
  February 2, 2009

• Partner Gregory A. Markel and Partner Jason M. Halper are noted for representing Pfizer in a securities fraud class action case.
  AmLaw Daily, The American Lawyer
  February 2, 2009

• Discussing the mortgage markets, partner William McInerney stated that "[c]ommercial mortgage brokers are still out there and active."
  CRED faces challengers, Origination News
  February 1, 2009

• Partner Richard Nevins discussing private equity firms noted that he expected half of the top-50 buyout deals in Europe to need some form of restructuring beyond changing the terms of the covenants associated with the loan.
  Leverage Levels Will Burden Largest Private-Equity Deals, Wall Street Journal Europe
  January 31, 2009

• Partner Gregory A. Markel is noted for representing Falconbridge in a securities fraud class action suit.
  Dismissal of Securities Class Action Alleging Rule 10b-5 Violations, Securities Class Action Reporter
  January 31, 2009

• In response to European private equity firms restructuring failing portfolio companies, partner Richard Nevins said "many big leveraged buyouts of recent years will inevitably need to revisit their debt structures, around half of the biggest private equity funded acquisitions may see substantial restructurings beginning as early as this year."
  Backers To Put New Cash Into European Buyouts-poll, Reuters
  January 30, 2009

• The firm is noted for representing Pfizer in its $68 billion purchase of Wyeth, forming the world's largest pharmaceutical company.
  New Deals: Lawyers on Major Transactions, New York Law Journal
  January 29, 2009

• Discussing a downturn in private equity, partner R. Ronald Hopkinson noted, "Even if there isn't a balloon payment on debt coming due in the short term or any other immediate crisis, there is a lot of prudent planning being done."
  Trouble Brewing: Middle-Market PE Portfolio Companies Increasingly Pursue Restructuring Processes, Investment Dealers' Digest
  January 26, 2009

• The firm is noted for acting as legal counsel to CIFG Holdings in a final settlement with bondholders.
  CIFG Final Settlement, Associated Press
  January 22, 2009

• Senior Counsel John M. Zizzo is quoted speaking about the distressed real estate market.
  Hancock at Center of 'Tranche Warfare', Wall Street Journal
  January 21, 2009

• Senior Counsel Edwin David Robertson is acknowledged for authoring "Brethren and Sisters Of The Bar: A Centennial History of the New York County Lawyers' Association".
  Lawyer's Bookshelf, New York Law Journal
  January 20, 2009

• The firm is noted for elevating six attorneys to partnership.
  Movers & Shakers, Crain's New York Business
  January 20, 2009

• While attending the National Bar Association Inaugural Ball, Practice Support Manager Darrell Cooper, referring to the new presidential administration, said "everyone's excited, everyone's hopeful, and that's exactly what the country needs right now."
  National Bar Association, Heavy on the, The Blog of the Legal Times
  January 19, 2009

• Partner Steven D. Lofchie discusses the increase in buyside use of consolidated client commission arrangements.
  Buyside Steels Itself for More Unbundling, The Wall Street Letter
  January 14, 2009

• The firm is noted for an increase in associate pro bono hours.
  Idle Hands = Idle Attorneys, Oxadox
  January 10, 2009

• The firm is noted for making an effort to become a gay-friendly employer.
  Top 100 Gay-friendly Employers, Solicitors’ Journal
  January 8, 2009

• The firm is recognized for advising LyondellBasell in obtaining the largest debtor-in-possession financing package in history
  Lyondell to borrow $100M, Bloomberg
  January 7, 2009

• Partner Deryck A. Palmer and Partner Andrew M. Troop discuss possible downturns in the health care market.
  Bankruptcies, Consolidations In Stores For Health-Care Industry, Dow Jones Daily Bankruptcy Review
  January 5, 2009

• The firm is recognized for serving as debtor's counsel to LyondellBasell Industries, the world's third-largest independent chemical company.
  LyondellBasell Mulls Bankruptcy, CNN
  January 1, 2009