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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, 2019Sports 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 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, 2019GLG'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 Practice(s): Fund Finance, Securitization & Asset Based Finance
Related Office(s): Charlotte
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Witness Interview Memorandum (Workplace Investigation)
Mar. 28, 2019Lexis 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 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, 2019Cadwalader 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 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, 2019Cadwalader is proud to sponsor The New York City League of Women Voters' Annual Gala celebrating a century of breaking barriers.
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Competition Law Challenges in the Financial Services Sector 2019
May 21, 2019Cadwalader partner Vincent Brophy will once again chair the Competition Law Challenges in the Financial Services Sector conference this year.
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, 2019While 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 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, 2019Many 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 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, 2019On 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 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 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 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 Practice(s): Antitrust, Antitrust & Financial Services
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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 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 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 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 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 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 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 Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
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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 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 Office(s): London
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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, 2019Cadwalader 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, 2019Lary 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, 2019Lary 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
