Information you need from those in the know

Cadwalader regularly publishes materials, including newsletters and news alerts of interest to our clients. Our communications portfolio also includes articles authored by our attorneys, as well as information about events in which our personnel will participate.

Articles & Books

DOJ’s Wire Act Interpretation Adds Hurdle for Stakeholders via Sports Business Journal

Apr 15, 2019

Sports Business Journal

Stephen Weiss and Christian Larson discuss the Department of Justice’s new interpretation of the Wire Act and its potentially profound impact on the legalization of online and app-based sports betting in America.  States and companies that offer online sports betting have much to consider in a suddenly murky legal environment.


Related Attorney(s): Stephen Weiss, Christian Larson
Related Practice(s): Global Litigation, Sports Law, White Collar Defense and Investigations
Related Office(s): Washington
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Cadwalader’s Michael Mascia, Wesley Misson Co-Author Fund Finance Market Review in the International Comparative Legal Guide to Lending and Secured Finance 2019

Apr. 12, 2019

GLG's International Comparative Legal Guide

Cadwalader Finance Group co-chair Michael Mascia and partner Wesley Misson have co-authored a chapter in the recently released International Comparative Legal Guide to Lending and Secured Finance 2019.


Related Attorney(s): Michael Mascia, Wesley Misson
Related Practice(s): Fund Finance, Securitization & Asset Based Finance
Related Office(s): Charlotte
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Witness Interview Memorandum (Workplace Investigation)

Mar. 28, 2019

Lexis Practice Advisor

Cadwalader’s Ellen Holloman and Jaclyn Hall provide guidance on conducting witness interviews in workplace investigations. This annotated form is a Witness Interview Memorandum (Workplace Investigation) for use by employers and their attorneys to document witness interviews during an internal workplace investigation. The form also includes drafting notes, optional clauses, and alternate clauses.


Related Attorney(s): Ellen Holloman, Jaclyn Hall
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Global Litigation
Related Office(s): New York
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Events

IMN's 8th Annual Investors' Conference on CLOs and Leveraged Loans

May 20-21, 2019

Cadwalader is proud to sponsor IMN's 8th Annual Investors' Conference on CLOs and Leveraged Loans where partners Lary Stromfeld and Jeffrey Rotblat will both be speaking on panels.

 

Related Attorney(s): Lary Stromfeld, Y. Jeffrey Rotblat
Related Practice(s): CLOs, Derivatives & Structured Products, LIBOR Preparedness Team, Securitization & Asset Based Finance
Related Office(s): New York
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The New York City League of Women Voters' Annual Gala

May 21, 2019

Cadwalader is proud to sponsor The New York City League of Women Voters' Annual Gala celebrating a century of breaking barriers. 

Related Office(s): New York
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Competition Law Challenges in the Financial Services Sector 2019

May 21, 2019

Cadwalader partner Vincent Brophy will once again chair the Competition Law Challenges in the Financial Services Sector conference this year.

 

Related Attorney(s): Vincent Brophy
Related Practice(s): Antitrust, Global Litigation
Related Office(s): Brussels, London
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Clients & Friends Memos

Federal Securities Litigation and Regulation: A Periodic Review and Predictions for the Remainder of 2019

May 13, 2019

While the past year, or even eighteen months, was short on landmark federal securities law decisions, there was significant activity on the part of private securities litigants.  In 2018, plaintiffs filed 403 new federal securities fraud class actions, just short of 2017’s record high of 412.  This continued a marked uptick in securities filings over the last two years.  After 20 years with an average of only 203 new filings per year, the pace has now nearly doubled.


Related Attorney(s): Jason Halper, Jodi Avergun, Nathan Bull, Kyle DeYoung, Jonathan Watkins, Jared Stanisci, Adam Magid, Lex Urban, Kendra Wharton, James Orth, Rachel Ross
Related Practice(s): Global Litigation, White Collar Defense and Investigations
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Marketplace Lending Update #6: Is the Fintech Charter the Solution? Don’t Bank on It

May 09, 2019

Many have believed that the national bank “fintech charter” is an ideal solution to providing marketplace consumer loans on a 50-state basis.  A recent ruling from the Southern District of New York casts significant doubt on the viability of obtaining such a charter, at least in the near term.

In December 2016, the Office of the Comptroller of the Currency (“OCC”) announced its intention to consider the chartering of special purpose national banks to financial technology companies that provide banking products and services.  Under the proposal, such “fintech charter” banks would not be required to operate as full service national banks and, importantly, would not be required to accept deposits, as long as they engage in activities considered by the OCC to be core activities within the “business of banking,” such as lending and payment processing. 


Related Attorney(s): Scott Cammarn, Vivian Maese, Mark Chorazak, Jonathan Watkins, Marshall Jones
Related Practice(s): Corporate, Corporate & Financial Services Litigation & Regulation, Fintech
Related Office(s): Charlotte, New York
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Cat Bond Update: Florida Assignment of Benefits

May 01, 2019

On April 24, 2019, the Florida Legislature passed a bill (the “Act”) to reform the requirements for the assignment of benefits of claims for residential and commercial property insurance.  The Act is expected to become law.  Assignment of benefits in Florida has been a concern for the ILS market as related litigation has become a significant factor in losses and claims development for a number of outstanding catastrophe bonds. 


Related Attorney(s): Matthew Feig, Robert Cannon
Related Practice(s): Securitization & Asset Based Finance
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Newsletters

Antitrust and Financial Services

Mass Claim Against MasterCard in UK is Given a Second Chance at Certification

Apr 29, 2019


On 16 April 2019, the Court of Appeal issued a ruling that gives a second chance at certification to the £14 billion mass consumer claim brought against MasterCard by Walter Merricks. The ruling breathes new life into the claim and into the UK’s nascent opt-out class action regime.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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EU Loan Syndication Study Identifies Areas of Potential Antitrust Risk

Apr 10, 2019


On 5 April 2019, the Competition Directorate of the European Commission published a report of a study into ‘EU loan syndication and its impact on competition in credit markets’.  The decision to commission the Report reflects a growing concern by regulators as to the establishment and conduct of syndicates in the lending and other sectors.  This concern is, in part, reflected in several recent antitrust and regulatory investigations and decisions.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services
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European Commission Extends FX Scrutiny to FX Options

Feb 22, 2019


On 19 February 2019, HSBC reported that the European Commission is investigating “potential coordination in [FX] options trading”.  The announcement signals an extension of the Commission’s long-running antitrust scrutiny into FX markets.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services
read more »

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BrassTax

BrassTax

Apr 26, 2019


BrassTax is a monthly market intelligence update providing clear, concise insights on important recent developments that impact our transactional practices coupled with thought-provoking practical implications.


Related Attorney(s): Linda Swartz, Jason Schwartz, Mark Howe, Adam Blakemore, Edward Wei, Gary Silverstein
Related Practice(s): Corporate Taxation, Mergers & Acquisitions Taxation, Restructurings & Bankruptcies Taxation, Securitization & Structured Products Taxation, Tax, Tax Controversy
Related Office(s): London, New York, Washington
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FCPA Advisor

US and UK Regulators Speak Out on Anti-Corruption Enforcement Trends and Priorities

Dec 06, 2016


A number of key trends and priorities in international anti-corruption enforcement emerged last week at the 33rd ACI International Conference on the Foreign Corrupt Practices Act, held November 29 – December 2 outside of Washington, DC. Leading prosecutors and regulators from the US and UK described skyrocketing international law enforcement coordination, announced both “sticks” and “carrots” to encourage self-disclosure and cooperation, and pledged again to hold individuals accountable for anti-corruption violations. Officials from the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the UK Serious Fraud Office (SFO) repeatedly emphasized these points in both their prepared remarks and their responses to questions.


Related Attorney(s): J. Robert Duncan, James Treanor
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Paper Tigers: Recent Settlements Show Companies Operating in China Need to Do More to Enforce FCPA Policies

Mar 02, 2016


Amid a recent flurry of Foreign Corrupt Practices Act (“FCPA”) settlements announced by the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) were two settlements relating to the provision of improper gifts, hospitality and travel to Chinese government officials.


Related Attorney(s): James Treanor
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Eleventh Circuit Defines “Instrumentality” Broadly Under the FCPA

May 19, 2014


On May 16, the Court of Appeals for the Eleventh Circuit became the first federal appellate court to define an important element of the Foreign Corrupt Practices Act (“FCPA”) – what constitutes an “instrumentality” of a foreign government and, thus, who is a foreign official. In United States v. Esquenazi,1 a three-judge panel adopted a broad, fact-based definition of that term. Affirming the criminal convictions of both appellants, the court held that, in order to satisfy the statute, an “instrumentality” had to be an entity that both (1) is controlled by a foreign government and (2) performs a function that the foreign government “treats as its own.” The court provided clear guidance to trial judges and juries by setting out the critical elements to be determined when applying the two-pronged test.


Related Attorney(s): Jodi Avergun
Related Practice(s): FCPA Enforcement and Compliance
Related Office(s): New York
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Fund Finance Friday

Iron Bank Shutters Military Finance Division After Major Write Down

May 17, 2019


In this week’s Fund Finance Friday: We highlight side letters in fund finance transactions and discuss the common issues lenders need to look out for.


Related Attorney(s): Jeremy Cross, Brian Foster, Tim Hicks, Samantha Hutchinson, Michael Mascia, Wesley Misson, Kurt Oosterhouse
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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Economic Substance – Should a Lender Care? A Cayman Perspective

May 10, 2019


In this week’s Fund Finance Friday: A Cayman perspective, courtesy of our friends at Appleby, on the new economic substance legislation being introduced in a number of offshore jurisdictions.


Related Attorney(s): Jeremy Cross, Brian Foster, Tim Hicks, Samantha Hutchinson, Michael Mascia, Wesley Misson, Kurt Oosterhouse
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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The Cinco de Mayo Edition: Mexican Capital Call Facilities

May 03, 2019


In this week’s Fund Finance Friday: A special Cinco de Mayo edition where we go south of the border for an overview of Mexican capital call facilities.

 


Related Attorney(s): Jeremy Cross, Brian Foster, Tim Hicks, Samantha Hutchinson, Michael Mascia, Wesley Misson, Kurt Oosterhouse
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
read more »

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Women in the City Program

Update - October 2016

Oct 14, 2016


How can more women be encouraged into funds?

This question was debated by a panel of women leaders in the investment fund industry at Cadwalader's second Women in the City debate.  The programme of discussions is designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance. Cadwalader hosted a large group of clients and colleagues over breakfast for a very lively panel discussion entitled "Women in Investment Funds: A Fundamental Advantage: Building Female Talent in the Investment Management Sector".


Related Attorney(s): Ingrid Bagby
Related Office(s): London
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Update - August 2016

Aug 04, 2016


What skills do women need to be successful leaders?

This question was debated by a panel of high profile female leaders at the recent launch of Cadwalader's Women in the City Programme, a series of seminars designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance.


Related Attorney(s): Gregory Petrick
Related Office(s): London
read more »

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Videos

Cadwalader’s Tobias Discusses the Future Impact of New EU Securitisation Regulation for CLOs at the Creditflux CLO Symposium 2019

May 8, 2019

Cadwalader partner Daniel Tobias spoke with Creditflux reporter Hugh Minch about market preparation for the new European Union securitization regulation reporting standards as part of the Creditflux CLO Symposium and Manager Awards in London on May 8.


Related Attorney(s): Daniel Tobias
Related Practice(s): CLOs

"Life After LIBOR: What Financial Institutions Need to Know and Do"

Feb 26, 2019

Lary Stromfeld discusses "Life After LIBOR: What Financial Institutions Need to Know and Do."


Related Attorney(s): Lary Stromfeld
Related Practice(s): Bank Regulation, Derivatives & Structured Products, Financial Regulation, LIBOR Preparedness Team, Securitization & Asset Based Finance

Justice Served

Feb 22, 2019

Lary Stromfeld, founder of Justice Served, discusses the campaign's goal of ending the meal gap in New York City.


Related Attorney(s): Lary Stromfeld
Related Practice(s): Derivatives & Structured Products

CadwaladerNews

CadwaladerSpotlight

Cadwalader's research and intelligence platform provides analysis on changes in U.S. financial regulation. Subscribers receive a daily newsletter interpreting new laws, rules and enforcement actions that impact financial institutions.