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

The Taxation of CRE-CLOs

Sep 5, 2018

Bloomberg Tax

Jason Schwartz, Gary Silverstein, and Daniel Ng discuss the tax considerations applicable to the growing market for commercial real estate collateralized loan obligations (CRE-CLOs). The authors analyze CRE-CLO structures that can be used for securitizing pools of assets that are inappropriate for acquisition by a real estate mortgage investment conduit (REMIC).


Related Attorney(s): Jason Schwartz, Gary Silverstein, Daniel Ng
Related Practice(s): CLOs, Tax
Related Office(s): New York
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INSIGHT: Fresh Perspectives on Witness Interviews as Pendulum Swings to Individual Culpability in White Collar Investigations

Aug 31, 2018

Bloomberg Law

Todd Blanche and Stephen Weiss explain that with the government placing more emphasis on holding individuals responsible for corporate wrongdoing, unique styles and approaches to interviews with prosecutors are a necessity.


Related Attorney(s): Stephen Weiss, Todd Blanche
Related Practice(s): White Collar Defense and Investigations
Related Office(s): Washington
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The Implications of the Second Circuit’s Ruling in Hoskins

Aug 30, 2018

Global Investigations Review

Jodi Avergun and Joseph Moreno provide analysis on the implications of the Second Circuit’s ruling in United States v Hoskins.


Related Attorney(s): Jodi Avergun, Joseph Moreno
Related Practice(s): White Collar Defense and Investigations
Related Office(s): New York, Washington
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Events

24th Annual ABS East Conference

Sep. 23-25

Cadwalader partners Stuart Goldstein, Chris Gavin, and Frank Polverino will be speaking at the ABS East 2018 conference, which will take place September 23-25 in Miami Beach, Florida.

Related Attorney(s): Stuart Goldstein, Chris Gavin, Frank Polverino
Related Practice(s): CLOs, Commercial Mortgage-Backed Securities
Related Office(s): Charlotte, New York
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Cadwalader's Civil Rights Series: One Person, One Vote?

Sep 26, 2018

Join us as the Cadwalader Civil Rights Series continues with a discussion about voting rights, political gerrymandering and voter suppression. Guest speakers include Natasha Merle, Senior Counsel, NAACP Legal Defense and Educational Fund; Deuel Ross, Assistant Counsel, NAACP Legal Defense and Educational Fund; and Wendy Weiser, Director of the Democracy Program at Brennan Center for Justice, NYU School of Law.

Related Office(s): New York
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A Discussion with United States Army Brigadier General William B. Dyer III

Sept. 27, 2018

The Cadwalader Veterans Network is honored to host Brigadier General William B. Dyer III, Assistant Judge Advocate General for Military Law and Operations (Individual Mobilization Augmentee).

Related Attorney(s): Joseph Moreno
Related Office(s): Washington
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Clients & Friends Memos

New IRS Guidance Regarding Section 162(m)’s Deduction Limitation for Executive Compensation – Increased Complexity and Reduced Availability of Grandfathering

Sep 17, 2018

The Internal Revenue Service (the “IRS”) recently issued Notice 2018-68 (the “Notice”) that provides guidance regarding the application of Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”) following the amendments contained in the 2017 Tax Cuts and Jobs Act (the “TCJA”). While helpful in clarifying certain issues, the Notice narrowly interprets key aspects of the amended Section 162(m) in a manner that is likely to increase the complexity of compliance and greatly restrict eligibility for grandfathering of pre-TCJA compensation arrangements.


Related Attorney(s): David Teigman, Nicholas LaSpina
Related Practice(s): Executive Compensation, Benefits & ERISA
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U.S. Firms Continue to Face Liability for Terrorist Attacks under the Antiterrorism Act

Aug 29, 2018

Last year, a group of U.S. military veterans and the relatives of troops killed in Iraq filed a lawsuit against several large international pharmaceuticals, accusing them of aiding and abetting terrorism by selling products to Iraq’s Ministry of Health which were used to finance operations by the notorious Mahdi Army Group.  In early 2018, a woman injured in the 2015 Paris attacks by the Islamic State of Iraq and the Levant sued Facebook, Twitter, and Google, alleging that the social media platforms assisted terrorists by allowing them to recruit members, distribute propaganda, and coordinate activities.  These are just two recent examples of U.S. companies facing potential exposure under the Antiterrorism Act (“ATA”), a decades-old statute designed to permit terrorist victims to seek compensation from their attackers.


Related Attorney(s): Joseph Moreno, Alexander Hokenson
Related Practice(s): Global Litigation, White Collar Defense and Investigations
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ESMA’s Final Draft Disclosure Technical Standards

Aug 28, 2018

On 22 August 2018, the European Securities and Markets Authority (“ESMA”) published its Final Report on the technical standards on disclosure requirements under the EU Securitisation Regulation (the “Final Report”). This annexed final draft technical standards on the disclosure requirements under the Securitisation Regulation (the “draft Disclosure Technical Standards”) (consisting of draft Disclosure RTS and draft Disclosure ITS).


Related Attorney(s): Stephen Day, Claire Puddicombe, David Quirolo, Nick Shiren, Daniel Tobias, Jeremiah Wagner, Suzanne Bell, Robert Cannon, Assia Damianova, Neil Macleod, Sabah Nawaz
Related Practice(s): CLOs, Securitization & Asset Based Finance
Related Office(s): London
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Blogs & Newsletters


Recent Blog Postings


Health Care Fraud Focus

Medicare and Medicaid Providers: Choose Your Vendors Wisely—But Be Sure to Pay Them at Fair Market Value and for Bona Fide Services

Aug 27, 2018


Health care providers will often try to negotiate and receive fair, commercially reasonable business terms with vendors and suppliers, to both better serve their patients and improve their “bottom line.” Yet when it comes to services reimbursed by the government — be it Medicare, Medicaid, or TRICARE — what exactly those terms are and how... Continue Reading…


Are All ‘Medical Necessity’ Determinations Subject to False Claims Act Liability? Opinions May Differ.

Jul 16, 2018


Two federal appellate-court decisions handed down in the past few weeks have generated much speculation about whether “medical necessity” determinations underlying Medicare or Medicaid claims can now be considered “objectively false” — despite conflicting medical-expert opinions — and actionable under the False Claims Act (FCA). The most recent opinion was issued on July 9, 2018,... Continue Reading…


Untimely Physician Certifications for Medicare Home Care Claims – Arguably a Technicality – Vulnerable to False Claims Act Allegations: Sixth Circuit

Jul 12, 2018


On June 11, 2018, the United States Court of Appeals for the Sixth Circuit sustained a complaint against a home health care agency alleging that the agency had violated the False Claims Act (FCA) by submitting numerous claims to the Medicare program, even though the agency had not timely received the requisite physician certifications of the... Continue Reading…



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Antitrust and Financial Services

London court sentences two former traders for Euribor manipulation

Aug 13, 2018


On 19 July 2018, as a result of a prosecution brought by the Serious Fraud Office (SFO), a London court sentenced two former traders, Phillipe Moryoussef and Christian Bittar, to eight years and five years in prison for conspiracy to defraud by manipulation of the ‘Euribor’ interest rate benchmark. It follows similar convictions in relation to ‘Libor’ manipulation in 2015 and 2016.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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UK Payment Systems Regulator to Review Card-acquiring Services

Aug 07, 2018


On 24 July 2018, the UK Payment Systems Regulator (PSR) announced its intention to conduct a market review into card-acquiring services in the UK. The review could involve significant consequences for UK payment card schemes and acquirers in terms of regulatory changes and antitrust sanctions.

 


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust
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FX: Credit Suisse Signals Intention to Contest the European Commission’s Case

May 09, 2018


Manipulation of foreign exchange (FX) benchmarks has been one of the largest and longest-running probes into collusion between banks and related misconduct.


Related Attorney(s): Vincent Brophy, Tom Bainbridge
Related Practice(s): Antitrust, Antitrust & Financial Services, Antitrust Compliance & Counselling, Antitrust Investigations, Antitrust Litigation & Disputes, Merger Clearance
Related Office(s): Brussels, London
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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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Women in the City Program

Update - February 2017

Feb 14, 2017


What skills do women need to be successful leaders in the Fintech and alternative finance industry?

Can emerging companies offer an opportunity for women to do something different? Can technology revolutionise conventional financial services? These and other questions were debated by a panel of high profile leaders from the European FinTech and alternative finance industry to discuss opportunities and challenges for women in this growing area as part 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): Jeremiah Wagner
Related Office(s): London
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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

Reports from the Trenches

July 25, 2018

The firm's July 25 Civil Rights Series event, "Reports from the Trenches,” featured Vanita Gupta, President and CEO of the Leadership Conference on Civil and Human Rights, and Rachel Tiven, CEO of Lambda Legal. The guest speakers discussed the most pressing civil rights issues of 2018, including immigration, the recent supreme court nomination and voting rights.


Related Attorney(s): Patrick Quinn, Anne Tompkins
Related Page(s): Diversity & Inclusion

Fred Korematsu and His Fight for Justice

June 4, 2018

On February 19, 1942, President Franklin D. Roosevelt issued Executive Order 9066, uprooting some 120,000 Japanese-Americans – two-thirds of them American citizens – from their homes on the West Coast and forcing them into concentration camps. Fred Korematsu refused to go. He was arrested and convicted of violating the Executive Order and related military proclamations. The reenactment of this seminal case, told through narration, reenactment of court proceedings, and historic documents and photographs, was developed and presented by members of the Asian American Bar Association of New York, including Cadwalader attorneys Jessica Wong and Kathy Hirata Chin, the Honorable Denny Chin of the U.S. Court of Appeals for the Second Circuit, the Honorable Kiyo Matsumoto of the Eastern District of New York, and the Honorable Ona Wang of the Southern District of New York. Fred Korematsu's daughter, Karen Korematsu, played herself in the reenactment and gave closing remarks. 


Related Attorney(s): Jessica Wong, Kathy Chin
Related Page(s): Diversity & Inclusion

Moreno Video Summarizes Legal Obligations Associated with Ransomware and Other Cyber Attacks

May 1, 2018

Cadwalader partner Joseph Moreno, a member of the firm’s White Collar Defense and Investigations Group and head of the firm’s Cybersecurity and Data Protection practice, talks about what company management, boards and in-house legal departments need to know about the legal obligations associated with ransomware and other cyber attacks.

In Moreno’s view, “Ransomware victims may find that their exposure does not end once the technical aspect of an attack has been resolved. Companies could find themselves scrutinized by the Federal Trade Commission and other regulators based on why the ransomware attacked happened in the first place, whether the company did enough to prevent it and whether the company has an obligation to disclose it to customers and even the investing public.”


Related Attorney(s): Joseph Moreno
Related Practice(s): Cybersecurity and Data Protection, White Collar Defense and Investigations

CadwaladerSpotlight

October 4: CREFC CRE CLO Conference | New York City

Cadwalader partners Stuart Goldstein and Jeffrey Rotblat will speak at this key industry event.

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.