Articles & Books


Lessons Learned from Recent OFAC Enforcement Actions

July 28, 2022

Two recent OFAC enforcement actions highlight real-world challenges that financial institutions and other companies may face in their efforts to implement an effective sanctions compliance program.


Related Attorney(s): James Treanor, Christian Larson
Related Practice(s): Economic Sanctions, Global Litigation, White Collar Defense and Investigations
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The Spice of Fund Finance

August 1, 2022

Fund finance provides a rich variety of liquidity options, say Cadwalader’s Samantha Hutchinson, Michael Hubbard, Angela Batterson and Brian Foster.


Related Attorney(s): Brian Foster, Angela Batterson, Samantha Hutchinson
Related Practice(s): Fund Finance
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Sustainability-Linked Loans Series, Part 3 – The SLLP Core Components in Detail

July 28, 2022

In this Part 3 of our series, we will focus on (1) selection of KPIs and (2) calibration of SPTs of the Core Components (and, in next month’s edition of REF News and Views, we will dive deeper into (3) loan characteristics, (4) reporting progress against SPTs, and (5) verification).


Related Attorney(s): William Lo, Carl Hey
Related Practice(s): Environmental, Social & Governance (ESG), Real Estate
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Use Clauses and Sublet Provisions in Ground Leases

July 28, 2022

A ground lease is both a conveyance and a contractual agreement between a landlord (the ground lessor) and a tenant (the ground tenant) pursuant to which the ground lessor, as the fee owner of the real property, conveys a leasehold interest in the property to the ground tenant subject to the terms and conditions of the ground lease. 


Related Attorney(s): Steven Herman, Alireza Abedin
Related Practice(s): Real Estate
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CFTC’s Enforcement of Fraudulent and Manipulative Pump-and-Dump Scheme in Crypto Commodities

July 28, 2022

The Commodity Futures Trading Commission (“CFTC”) has two levels of jurisdiction under the Commodity Exchange Act (“CEA”).


Related Attorney(s): Peter Malyshev
Related Practice(s): Commodities & Futures Regulation, Financial Regulation
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SEC and Department of Justice Announce Parallel Crypto 'Insider Trading' Charges as Regulators and Congress Wrangle over Regulation of Digital Assets

July 28, 2022

On July 21, the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Attorney’s Office for the Southern District of New York announced parallel civil and criminal actions (here and here) against a former product manager at Coinbase Global, Inc. (“Coinbase”), the largest cryptocurrency exchange in the United States, as well as his brother and his friend, for an alleged scheme to trade ahead of announcements that certain crypto assets would be “listed” on the exchange. The U.S. Attorney’s Office charged the defendants with a criminal wire fraud conspiracy and wire fraud, while the SEC alleged the insider trading scheme constituted securities fraud in violation of the Securities Exchange Act and Rule 10b-5. 


Related Attorney(s): Kendra Wharton
Related Practice(s): Blockchain and Digital Assets
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Regulation E Model Forms May Not Always Be a Safe Harbor

July 28, 2022

In an opinion written by U.S. District of Delaware circuit judge Stephanos Bibas that begins, “A good template serves as a guide, not gospel,” Del-One Federal Credit Union was denied the safe harbor typically proffered by use of model forms in a potential class action regarding its overdraft fees.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
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FDIC Amends Enforcement Action Manual and Clarifies Terminations of Orders

July 28, 2022

On July 25, the Federal Deposit Insurance Corporation (“FDIC”) announced amendments to its Enforcement Actions Manual. The amendments to chapters 1 and 4 update and clarify the FDIC’s approach to terminating cease-and-desist orders and consent orders issued under section 8(b) of the Federal Deposit Insurance Act (“FDI Act”).


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
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Treasury and CLC Report on the State of the UK Financial Services Sector

July 28, 2022

On July 21, the UK Treasury and the City of London Corporation (“CLC”) published a report on their first annual review of the UK financial services sector (the “Report”). The Report sets out findings from a review of the attractiveness and international competitiveness of the UK financial services sector. It was prepared in response to the recommendation made in the 2021 UK Listing Review where it was suggested that the Government present an annual report covering this topic.


Related Attorney(s): Michael Sholem
Related Practice(s): Financial Regulation
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CFPB Monitors Deposit Fees Closely

July 28, 2022

In a lengthy, numbers-heavy blog post, the Consumer Financial Protection Bureau (“CFPB”) showed off its math skills by analyzing fees that banks collect from their retail deposit customers, with a particular focus on overdraft fee trends.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
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Federal Reserve Issues Proposed Rules under LIBOR Act

July 21, 2022

On July 19, the Federal Reserve issued a notice of proposed rulemaking (“NPR”) that would implement the Federal LIBOR Act. 


Related Attorney(s): Lary Stromfeld
Related Practice(s): LIBOR Preparedness Team
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CFPB Imposes Several New Duties on Big Data Brokers

July 21, 2022

The Consumer Financial Protection Bureau (“CFPB”) has issued several statements affecting the credit reporting industry in the last few months, including one on medical debts and one on auto financing, while at the same time emphasizing that the definition of a consumer reporting agency (“CRA”) should be interpreted broadly to include not just credit reporting companies and tenant screeners but also “other data brokers.” This means that any company collecting “Big Data” and hoping to convert that data into profit by offer

Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
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CFTC Penalizes an Inadvertent Commodity Trading Advisor

July 21, 2022

Once in a while, a Commodity Futures Trading Commission (“CFTC”) enforcement action confirms market participants’ worst fears that the CFTC is prepared to, and is able to, find violations of the Commodity Exchange Act (“CEA”) where no such violations had previously existed. The July 19, 2022 CFTC settlement order involving Powerline Petroleum and its principals is one such case. 


Related Attorney(s): Peter Malyshev
Related Practice(s): Commodities & Futures Regulation, Financial Regulation
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FRB Vice Chair Brainard Touts CRA Proposal and Positive Impacts on Native American Communities

July 21, 2022

On July 19, Federal Reserve Board (“FRB”) Vice Chair Lael Brainard gave remarks to the National Native Coalition Virtual Series sponsored by the National Congress of American Indians. Her remarks focused on the joint proposal from the FRB, Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) (together, “The Agencies”) to modernize the Community Reinvestment Act (“CRA”). As we mentioned briefly in our newsletter in May, the comment period on the proposal will be open until August 5, 2022. 


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
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Introduction of the UK Financial Services and Markets Bill

July 21, 2022

On July 20, the Financial Services and Markets Bill (the “Bill”) was introduced in the UK’s House of Commons (“HoC”). This first formal stage in the legislative process (called the “first reading”) does not allow for debate of the Bill.


Related Attorney(s): Michael Sholem
Related Practice(s): Financial Regulation
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New Guidance from the FDIC on Brokered Deposits Affects Insured Depository Institutions

July 21, 2022

On July 15, the Federal Deposit Insurance Corporation (“FDIC”) issued an updated Q&A regarding how companies involved in managing deposits can determine whether such deposits should be considered brokered, and/or whether they are deposit brokers themselves.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
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Regulators in Multiple Jurisdictions Call for More Oversight of Crypto-Assets and Stablecoins

July 14, 2022

The last week has seen a number of announcements or statements from financial regulators calling for more oversight of crypto-assets, particularly stablecoins.

 


Related Attorney(s): Daniel Meade
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
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In Depth: Regulation and Enforcement of the Digital Assets Markets, Part Two – Focus on Enforcement

July 14, 2022

In last week's Cabinet News and Views, we examined the U.S. regulators' approach to the digital asset space, with a focus on the assertion of jurisdiction by the CFTC, the SEC, prudential regulators, state executive and legislative branches, and Congressional initiatives. This week, our focus shifts to enforcement − what actions the various regulators are taking in the digital asset space and what we can expect to see in the near future.

 


Related Attorney(s): Peter Malyshev, Michael Ena
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
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Key IP Cases to Watch at the Mid-Year Point

July 11, 2022

Bloomberg Law

Be it fair use in copyright, government liability in patent cases, ethics or substantive patent law issues, a number of pending cases for the second half of 2022 address important aspects of intellectual property law, say Cadwalader’s Dorothy R. Auth and Howard Wizenfeld. They spotlight cases involving Andy Warhol art and Moderna’s Covid-19 vaccine, among others.


Related Attorney(s): Dorothy Auth Ph.D., Howard Wizenfeld
Related Practice(s): Intellectual Property
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In Depth: Regulation and Enforcement of the Digital Assets Markets, Part One – Jurisdiction

July 7, 2022

As more market participants, from retail consumers to major financial institutions and central banks of various countries, become active in the digital asset space, the U.S. regulators are ramping up their oversight activity related to digital assets.


Related Attorney(s): Peter Malyshev, Michael Ena
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
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What Is the Future of the CRE Market?

July 5, 2022

Structured Credit Investor

Capital markets partner Sabah Nawaz authored an article on the current state of the European commercial real estate structured finance market.


Related Attorney(s): Sabah Nawaz
Related Practice(s): Commercial Real Estate CLOs, Securitization & Asset Based Finance
Related Office(s): London
read more »

Seventh Circuit Provides Rare Guidance on “Statutory Liens”

July 1, 2022

Journal of Bankruptcy Law

The U.S. Court of Appeals for the Seventh Circuit has issued a decision interpreting the Bankruptcy Code’s definitions of “statutory lien” and “judicial lien,” holding that a lien imposed by the Chicago Municipal Code was “judicial” rather than “statutory” because it arose partly as the result of a “quasi-judicial” process rather than “solely by force of a statute.”


Related Attorney(s): Ivan Loncar, Michele Maman, Casey Servais
Related Practice(s): Financial Restructuring
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The Strengths of Rights of First Refusal

June 30, 2022

On March 30, 2022, the New York State Supreme Court, New York County decided in Times Square JV LLC v. Walber Broadway LLC that a ground lease-tenant that is in default under the ground lease for failure to pay the landlord rent does not per se invalidate the tenant’s right of first refusal under the lease to purchase from landlord the land on which the leased premises is situated. 


Related Attorney(s): Steven Herman, Jose Oropeza
Related Practice(s): Real Estate
read more »

Sustainability-Linked Loans Series, Part 2 – The Sustainability-Linked Loans Principles

June 30, 2022

In this next article in our Sustainability-Linked Loans Series, we further explore this growing field by introducing and outlining the Sustainability-Linked Loan Principles and the SLLP Core Components.


Related Attorney(s): William Lo, Carl Hey
Related Practice(s): Real Estate
read more »

UK Authority Outlines Powers to Impose Strict Liability Civil Penalties

August 2022

Expert Witness Journal

Cadwalader's Mark Beardsworth, Kevin Roberts and Duncan Grieve discuss the UK sanctions landscape and new guidance issued by the Office of Financial Sanctions Implementation.


Related Attorney(s): Mark Beardsworth, Kevin Roberts, Duncan Grieve
Related Practice(s): Economic Sanctions, Global Litigation, White Collar Defense and Investigations
Related Office(s): London
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Outlook for acquisitions by SPACs

July 2022

Financier Worldwide

In August 2021, the Financial Conduct Authority (FCA) brought in changes to the Listing Rules which were aimed at making London a more hospitable listing venue for new special purpose acquisition companies (SPACs). The impetus for doing so was to allow London to participate in the undoubted SPAC ‘boom’, which had at that point been raging in the US over the previous year.


Related Attorney(s): Joanna Valentine, Camillo Di Donato
Related Practice(s): Corporate, Special Purpose Acquisition Companies (SPACs)
Related Office(s): London
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CFPB Launches Office of Competition and Innovation

June 16, 2022

On May 24, the CFPB launched a new office, the Office of Competition and Innovation. The stated purpose of the new office is to promote competition and innovation that benefits consumers in the financial products and services market. Specifically, the Office of Competition and Innovation will (1) explore ways to reduce barriers to consumers’ ability to switch accounts and providers, (2) research market-structure problems that create obstacles to innovation, and (3) work with stakeholders to identify and challenge existing market structures that harm consumers. The office will be housed in the CFPB’s Division of Research, Markets & Regulations.


Related Attorney(s): Rachel Rodman
Related Practice(s): Consumer Financial Services Enforcement and Litigation
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CFTC’s Swap Reporting Advisory

June 16, 2022

Accurate and timely reporting of swap data is the cornerstone of swap regulation. The CFTC had promulgated its swap reporting rules in 2012, and were after 2012 among the first rules implementing the Dodd-Frank Act to require, among other things, the anonymized real-time reporting of swap data (Part 43 of CFTC regulations) as well as more detailed regulatory reporting of swap data (Part 45) to swap data repositories (“SDR”). 


Related Attorney(s): Peter Malyshev
Related Practice(s): Commodities & Futures Regulation, Financial Regulation
read more »

Basel Committee Issues Principles on Management and Supervision of Climate-Related Financial Risks

June 16, 2022

On June 15, the Basel Committee on Banking Supervision (“BCBS”) issued its Principles for the effective management and supervision of climate-related financial risks (the “Principles”). In its release, the BCBS stated that it “aims to promote a principles-based approach to improving both banks’ risk management and supervisors’ practices related to climate-related financial risks.” The publication of the Principles follows an initial consultation document issued in November 2021.


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
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In Depth: Latest Compromise Text in Relation to AIFMD2 Proposals on Loan Origination Funds

June 16, 2022

On 1 June 2022, the French Presidency published its “final” compromise text in relation to the revision to the EU Alternative Investment Fund Managers Directive[1] (known as “AIFMD2”).


Related Attorney(s): Michael Newell, Michael Sholem
Related Practice(s): Financial Regulation
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In Brief: Regulation Q and You – Capital Relief Trades for U.S. Banks

June 16, 2022

Over the last 18 months, we’ve seen a sharp uptick in inquiries from U.S. banks about how to use capital relief trades to manage regulatory capital constraints. Here, we set out our responses to some of the frequently asked questions we’ve received on this topic. If you’re interested in learning more, we invite you to join us for a free webinar series beginning on June 22, where we’ll discuss capital relief trades in greater detail.


Related Attorney(s): Jed Miller, Ivan Loncar, Daniel Meade
Related Practice(s): Financial Regulation
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Turnover Provision Ruling Is Warning For Junior Creditors

June 14, 2022

Law360

Cadwalader's Michele Maman, Tom Curtin and Marc Veilleux discuss a recent ruling from the Third Circuit that serves as a useful reminder to both junior creditors and senior creditors alike as to how their dealings in an intercreditor arrangement may play out following a debtor's bankruptcy, and provides important insight into the potential remedies that a senior creditor may have available should a junior creditor breach a turnover provision.


Related Attorney(s): Michele Maman, Thomas Curtin, Marc Veilleux
Related Practice(s): Bankruptcy Litigation, Financial Restructuring
Related Office(s): New York
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Coming Attractions at the Federal Reserve

June 9, 2022

In the last week, the Federal Reserve has announced two forthcoming dates when the Fed would be releasing two important announcements: (1) the results of its annual bank stress tests will be released on June 23 at 4:30 p.m. EDT; and (2) a second tool to help community financial institutions implement the Current Expected Credit Losses (“CECL”) accounting standard will be released as part of a June 16 “Ask the Fed” webinar.   


Related Attorney(s): Daniel Meade
Related Practice(s): Bank Regulation, Financial Regulation
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U.S. Senators Propose First Comprehensive Regulation for Digital Assets

June 9, 2022

Earlier this week, U.S. Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced the first comprehensive legislation to establish a regulatory framework for digital assets to promote innovation, delineate regulatory jurisdiction, provide customer protection, ensure transparency and integrate digital assets into the existing regulatory regimes (the Responsible Financial Innovation Act, or the “RFI”). Many of the principles laid out in the RFI were first articulated in President Biden’s March 3, 2022 Executive Order on Ensuring Responsible Development of Digital Assets.


Related Attorney(s): Peter Malyshev, Mercedes Tunstall
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
read more »

UK Treasury Opens Consultation into Proposed Insolvency Regime to Manage Failure of Stablecoin Firms

June 9, 2022

On May 31, 2022, the UK Treasury announced a consultation on the government’s proposals to manage the failure of systemic digital settlement asset (“DSA”) (including stablecoin) firms by adapting the existing Financial Market Infrastructure Special Administration Regime (“FMI SAR”).


Related Attorney(s): Michael Sholem
Related Practice(s): Financial Regulation
read more »

CFTC Considers Greater Regulation of Carbon Offset Markets

June 9, 2022

On June 2, 2022, the Commodity Futures Trading Commission (“CFTC”) convened for the first time market participants to discuss the state and the challenges of the U.S. voluntary carbon credit (“VCC”) markets and, at the end of the meeting, published a Request for Information (“RFI”) on Climate-Related Financial Risk. This convening was an important step in CFTC’s broader initiative to conceptualize its jurisdictional reach over environmental, social and governance (“ESG”) commodity markets generally.


Related Attorney(s): Peter Malyshev
Related Practice(s): Commodities & Futures Regulation, Financial Regulation
read more »

President Biden Reiterates Independence of the Fed at Meeting with FRB Chair Powell

June 2, 2022

Federal Reserve Board Chair Jay Powell had a meeting at the White House earlier this week with President Biden and Secretary of the Treasury Yellen to discuss inflation.


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
read more »

No, Fancy Technology Does Not Excuse Compliance Obligations

June 2, 2022

The Consumer Financial Protection Bureau (“CFPB”) released a regulatory Circular providing guidance regarding the use of “complex algorithms” to assess whether a consumer should be extended credit. Often referred to as “black box” solutions, which may include artificial intelligence protocols, the CFPB has stated that full compliance with obligations is required, regardless of the technology used.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
read more »

OFAC Settles with Puerto Rico-Based Bank over Apparent Sanctions Compliance Lapse

June 2, 2022

On May 27, OFAC announced a civil settlement with a Puerto Rico-based bank in connection with apparent violations of the Venezuela Sanctions Regulations. While the settlement amount of $255,938 is a fraction of the blockbuster fines paid by some banks in recent years, the case nonetheless serves as an important reminder that sanctions requirements vary from program to program, and compliance procedures must be tailored accordingly. 


Related Attorney(s): James Treanor
Related Practice(s): Economic Sanctions, White Collar Defense and Investigations
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CFPB Makes the Case for Credit Card Issuers to Provide Actual Payment Histories

June 2, 2022

In a blog post, the Consumer Financial Protection Bureau (“CFPB”) revealed that it had sent letters requesting information from credit card issuers as to the reasons why actual payment histories are often not being reported to credit bureaus.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
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Eighth Circuit Follows Second Circuit and Affirms Broad Safe Harbor Protections for Bank Customers

June 2, 2022

In Kelley v. Safe Harbor Managed Account 101, Ltd.,[1] the Eighth Circuit Court of Appeals endorsed a broad view of parties protected from avoidance claims related to certain derivative and financial contracts (“QFCs”), including a securities contract (e.g., purchase and sale of securities).


Related Attorney(s): Eric Waxman, Marc Veilleux
Related Practice(s): Financial Restructuring
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A Primer on Interest Rate Caps

May 31, 2022

When the interest rate on a mortgage financing is not fixed, the amount that a borrower may be required to pay may fluctuate depending on changes in the underlying index to which the “margin” or “spread” is tied. While a lender may be comfortable with its underwriting of a financing and the ability of its borrower to service its debt at closing, if the underlying index of a floating rate loan changes over time, the lender’s comfort and the ability of its borrower to service its debt will obviously change. To combat against interest rate volatility, borrowers and lenders usually agree to hedge the interest rate against the uncertainty in the market for floating rate loans. The most common form of such hedging is an “interest rate cap.”


Related Attorney(s): Steven Herman, Krista Gresia
Related Practice(s): Real Estate
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Sustainability Linked Loans Series, Part 1 – Introduction to Sustainability Linked Loans

May 31, 2022

In our last few editions of REF News and Views, we featured the Green Loan Series of articles in which we discussed the emergence of “green loans” and the Green Loan Principles − those principles that form the proposed framework for market standards, guidelines and methodology to be adopted across the green loan market.


Related Attorney(s): William Lo
Related Practice(s): Environmental, Social & Governance (ESG), Real Estate
read more »

SEC Proposes New ESG Rules for Funds, Clearly Signaling Its Intent to Scrutinize ESG Claims

May 26, 2022

The Securities and Exchange Commission (the “SEC”) yesterday proposed amendments to rules and forms relating to ESG disclosures for investment advisors and investment companies. Specifically, the proposed changes seek to expand U.S. funds’ disclosure requirements to clients and shareholders and to prevent misleading and deceptive claims relating to ESG qualifications.


Related Attorney(s): Michael Ruder, Melissa Farber
Related Practice(s): Environmental, Social & Governance (ESG)
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A Call to Arms: CFPB Encourages States to Use Federal Authorities to Bring Enforcement Actions

May 26, 2022

The Consumer Financial Protection Bureau ("CFPB") issued an interpretive rule on May 19, reiterating the authority that states have to pursue companies and individuals that violate federal consumer financial protection laws, including the Consumer Financial Protection Act of 2010 ("CFPA").


Related Attorney(s): Rachel Rodman, Wesley Wintermyer
Related Practice(s): Global Litigation
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CFTC Considers FTX’s Democratized Clearing Proposal

May 26, 2022

On May 25, 2022, the U.S. Commodity Futures Trading Commission (“CFTC”) conducted a public hearing to consider a request from LedgerX, LLC, d.b.a. FTX US Derivatives (“FTX”), to amend its order of registration as a derivatives clearing organization (“DCO”) to allow direct clearing of listed futures contracts on Bitcoin and Ethereum and other digital assets by retail participants. This is a dramatic departure from a traditional clearing model where retail participants can trade and clear futures only through professional intermediaries – registered and heavily-regulated futures commission merchants (“FCMs”). 


Related Attorney(s): Peter Malyshev
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
read more »

Acting Comptroller Hsu Brings Crypto-Skepticism to Blockchain Summit

May 26, 2022

This week, Acting Comptroller of the Currency Michael Hsu gave remarks to the DC Blockchain Summit titled “Crypto: A Call to Reset and Recalibrate.”

 


Related Attorney(s): Daniel Meade, Mercedes Tunstall
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
read more »

Meeting of G7 Finance Ministers and Central Bank Governors: Crypto-Asset Regulation

May 26, 2022

The G7 Finance Ministers and Central Bank Governors recently met in Petersberg, Germany, from May 18 and 20. They were joined by the heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and the Financial Stability Board (“FSB”). The Ukrainian Prime Minister and Finance Minister were also in attendance.


Related Attorney(s): Michael Sholem
Related Practice(s): Financial Regulation
read more »

Deposit Insurance Limits and Trusts and Mortgage Servicing

May 26, 2022

The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
read more »

Cadwalader’s Wesley Misson, Brian Foster and Patrick Calves Co-Author Chapter in Wildgen’s Fund Finance Security Guide

May 19, 2022

Wildgen’s Fund Finance Security Guide

Cadwalader Finance Group co-chair and Head of U.S. Fund Finance Wesley Mission, partner Brian Foster and special counsel Patrick Calves co-authored a chapter in Wildgen’s “Fund Finance Security Guide” describing the security package and related governing law and structuring considerations for subscription and NAV facilities in the U.S.


Related Attorney(s): Wesley Misson, Brian Foster, Patrick Calves
Related Practice(s): Fund Finance
Related Office(s): Charlotte, New York
read more »

Priorities for Derivatives Markets from ISDA's Annual General Meeting

May 12, 2022

The first in-person ISDA annual general meeting (“AGM”) after the COVID-19 pandemic is wrapping up today in Madrid, Spain. This conference follows the Futures Industry Association Law and Compliance (“FIA L&C”) annual conference held in Washington, D.C. at the end of April, and the topics addressed were essentially similar, albeit approached from a different angle.


Related Attorney(s): Peter Malyshev
Related Practice(s): Financial Regulation
Related Office(s): Washington
read more »

CFPB: Consumers Who Have Already Received Credit Are Protected by Fair Lending Laws

May 12, 2022

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on May 9, confirming that for purposes of the Equal Credit Opportunity Act (“ECOA”) and its implementing regulation, Regulation B, the intended breadth of the provisions prohibiting discrimination on the basis of race, color, religion, national origin, sex, marital status and age is to cover not just applicants for credit, but also customers who have already been extended credit.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
Related Office(s): Washington
read more »

Yellen to Senate Banking Committee: Stablecoins Should Be Regulated

May 12, 2022

Earlier this week, Department of the Treasury Secretary Janet Yellen provided testimony and responded to questions from the Senate Banking Committee regarding volatility in cryptocurrencies that are designated to be “stablecoins,” meaning that the value is supposed to remain fixed, on a one-to-one basis with the dollar, and emphasized that a federal framework for regulating digital assets is necessary to avoid “risks to financial stability,” as reported by The Wall Street Journal.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
Related Office(s): Washington
read more »

Queen’s Speech 2022: UK Government to Revoke EU Financial Regulations (Eventually)

May 12, 2022

On May 10, 2022, Prince Charles announced in the Queen’s Speech that the Government would bring in new legislation to “strengthen” the UK’s financial services industry to ensure that it acts “in the interest of all people and communities.”


Related Attorney(s): Michael Sholem
Related Practice(s): Financial Regulation
Related Office(s): London
read more »

In Depth: A Look at Federal Banking Agencies’ Proposal to Update Community Reinvestment Act Rules

May 12, 2022

As we mentioned briefly in our newsletter last week, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”)  and the Office of the Comptroller of the Currency (“OCC”) (together, “The Agencies”) issued a notice of proposed rulemaking to amend and update the rules implementing the Community Reinvestment Act (“CRA”). The comment period on the proposal will be open until August 5, 2022. 


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
Related Office(s): Washington
read more »

More Crypto Sheriffs from the SEC

May 5, 2022

The Securities and Exchange Commission ("SEC") has renamed and expanded a unit within its Division of Enforcement to address protection of investors in crypto markets.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
Related Office(s): Washington
read more »

Federal Banking Agencies Issue Interagency Proposal to Update Community Reinvestment Act Rules

May 5, 2022

In May 5, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) (together, the “Agencies”) issued a notice of proposed rulemaking to amend and update the rules implementing the Community Reinvestment Act (“CRA”).  The comment period on the proposal will be open until August 5, 2022. 


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
Related Office(s): Washington
read more »

Launch of UK Transition Plan Taskforce to Support Climate Transition Plans

May 5, 2022

On April 25, 2022, the UK Transition Plan Taskforce (the “Taskforce”) was formally launched by HM Treasury. The goal of the independent Taskforce is to develop a “gold standard” for climate transition plans. With a two-year mandate and active involvement from regulators (to draw on the Taskforce’s findings and strengthen disclosure rules), industry leaders and academia, the Taskforce will “help to drive decarbonisation by ensuring that financial institutions and companies prepare rigorous plans to achieve net zero and support efforts to tackle greenwashing.”


Related Attorney(s): Michael Sholem
Related Practice(s): Financial Regulation
Related Office(s): London
read more »

Cutting Corners in a Competitive Auto Market

May 5, 2022

The Consumer Financial Protection Bureau ("CFPB") announced in a press release issued in conjunction with the release of its latest Supervisory Highlights that it is concerned that financial institutions and other companies involved with auto financing might be incented to step up repossession of cars belonging to borrowers in default. 


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
Related Office(s): Washington
read more »

In Depth: President Biden Proposes New Administrative Forfeiture Process and Other Legislative Changes to Address Ukraine Crisis

May 5, 2022

Alongside the slew of new sanctions imposed in response to Russia’s invasion of Ukraine, the Biden administration also has been laying the groundwork to maximize the impact of those sanctions. 


Related Attorney(s): Christian Larson
Related Practice(s): Economic Sanctions, Global Litigation, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Live from FIA L&C: Redefining the Scope of a “Trading Facility”

April 28, 2022

This week, attendees at the FIA L&C conference are gathered in Washington, D.C., for the first time in three years to discuss several issues with significant potential impact on the markets. One such issue is redefining the concept of the trading facility for securities and derivatives. 


Related Attorney(s): Peter Malyshev
Related Practice(s): Financial Regulation
read more »

FCA Announcement on Synthetic Sterling LIBOR

April 28, 2022

On April 25, 2022, the UK Financial Conduct Authority (“FCA”) provided an important update relating to the future of the London Inter-Bank Offered Rate (“LIBOR”) benchmark. On its updated Benchmarks Regulation: our powers, policy and decision-making webpage, the FCA has set out the steps it intends to take regarding synthetic sterling LIBOR.


Related Attorney(s): Michael Sholem
Related Practice(s): LIBOR Preparedness Team
Related Office(s): London
read more »

CFPB Targets Nonbanks for Supervision

April 28, 2022

The Consumer Financial Protection Bureau (“CFPB”) recently announced that it is going to exercise authority described as “dormant” to supervise nonbanks that are not otherwise subject to the CFPB’s supervision authority.


Related Attorney(s): Mercedes Tunstall
Related Practice(s): Financial Regulation
read more »

Trade Associations Raise “Significant Concerns” on Re-Proposed Guidelines for Access to Federal Reserve Bank Accounts and Services

April 28, 2022

Last week, six bank trade associations, including the Bank Policy Institute and the American Bankers Association, submitted a joint comment letter on the Federal Reserve’s re-proposed Guidelines for access to Fed accounts and services that we previously wrote about in March.


Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
read more »

Alterations Provisions in Loan Documents

April 28, 2022

Related Attorney(s): Steven Herman, Alissa Rowens
Related Practice(s): Real Estate
read more »

Further Developments in Mezzanine Foreclosures

April 28, 2022

Related Attorney(s): Steven Herman, Jose Oropeza
Related Practice(s): Real Estate
read more »

Privacy and Suspect Rights - UK Supreme Court Confirms an Individual's Right to Privacy When Under Criminal Investigation

April 26, 2022

Expert Witness Journal

In a recent judgement, the UK Supreme Court confirmed that suspects subject to a criminal investigation are entitled, as a general rule, to a reasonable expectation of privacy regarding information relating to the investigation until they are charged. 


Related Attorney(s): Kevin Roberts, Duncan Grieve
Related Practice(s): Global Litigation, White Collar Defense and Investigations
Related Office(s): Dublin, London
read more »

You Win Some, You Lose Some: The Second Circuit Affirms Dismissal of Landlords' Free Speech Challenge to Harassment Laws and Reverses Dismissal of Landlords' Contract Clause Challenge to Guaranty Law

April 25, 2022

In this article, the authors discuss a decision by the U.S. Court of Appeals for the Second Circuit in which New York City landlords alleged that certain laws enacted in response to the COVID-19 pandemic were unconstitutional. 


Related Attorney(s): Steven Herman, Eunji Jo
Related Practice(s): Real Estate
read more »

FDIC Weighs In on Crypto Activities

April 14, 2022

Related Attorney(s): Daniel Meade
Related Practice(s): Blockchain and Digital Assets, Financial Regulation
Related Office(s): Washington
read more »

Corporate Board Diversity

March 31, 2022

LexisNexis

Cadwalader partner Ellen Holloman discusses the importance of corporate board gender and racial diversity. Among other things, this practice note surveys state legislation on corporate board diversity and offers best practices for employers on how to create such diversity.


Related Attorney(s): Ellen Holloman
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Global Litigation
read more »

Understanding Future Advance Conditions

March 31, 2022

Related Attorney(s): Steven Herman, Michael Anglin
Related Practice(s): Real Estate
read more »

Protecting Company Intellectual Property in Today’s Work From Home Economy

March 28, 2022

Cadwalader Intellectual Property attorneys Dorothy Auth, Howard Wizenfeld and Dash Cole discuss ownership of patent rights, trade secrects and other IP concerns in today's work from home economy.


Related Attorney(s): Dash Cole, Dorothy Auth Ph.D., Howard Wizenfeld
Related Practice(s): Global Litigation, Intellectual Property, Patent & Trade Secret Litigation, Patent Preparation & Prosecution, Trademark & Copyright Protection
Related Office(s): New York
read more »

Federal LIBOR legislation: five things financial market participants need to know

March 23, 2022

Reuters Legal News

Cadwalader partners Jason Halper, Rachel Rodman and Lary Stromfeld, members of the firm's LIBOR Preparedness Team, authored a Reuters article this week.


Related Attorney(s): Lary Stromfeld, Jason Halper, Rachel Rodman
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Financial Regulation, LIBOR Preparedness Team
Related Office(s): New York, Washington
read more »

Federal LIBOR Legislation in Five Quick Bites

March 17, 2022

Modelled on legislation prepared by the ARRC and enacted by New York and other states, on Tuesday the President signed federal legislation addressing legacy contracts that reference LIBOR after it ceases in June 2023. While it is an extremely important part of the LIBOR transition process, the legislation should not replace proactive management of LIBOR portfolios. The attached deck provides a quick overview of the legislation.


Related Attorney(s): Lary Stromfeld, Jeffrey Nagle, Lawrence Brandman, Sophie Cuthbertson, Jason Halper, Rachel Rodman
Related Practice(s): LIBOR Preparedness Team
read more »

SEC Amendments on Cybersecurity Disclosure

March 17, 2022

Related Attorney(s): Peter Bariso
Related Practice(s): Corporate
read more »

Sarah Bloom Raskin Withdraws from Fed Nomination

March 17, 2022

Related Attorney(s): Daniel Meade
Related Practice(s): Financial Regulation
read more »

Lexology GTDT's Securities Litigation 2022

March 14, 2022

Lexology GTDT

Cadwalader attorneys provide an overview of recent securities litigation news from around the world for Lexology GTDT’s “Securities Litigation 2022.” Global Litigation Co-Chair Jason Halper is the contributing editor of the guide. 


Related Attorney(s): Jason Halper, Adam Magid, James Orth, Victor Celis, Jayshree Balakrishnan
Related Practice(s): Global Litigation
read more »

Further Developments in Mezzanine Foreclosures

February 28, 2022

Related Attorney(s): Steven Herman, Suleida Arias
Related Practice(s): Real Estate
read more »

It’s the end of LIBOR as we know it

January 10, 2022

Westlaw Today

Across the global markets, the countdown to midnight on New Year’s Eve started long before revelers gathered in Times Square. Regulators had announced that the end of 2021 would also be the end of nearly all tenors of LIBOR in the $400 trillion global market.


Related Attorney(s): Lary Stromfeld
Related Practice(s): Financial Regulation, LIBOR Preparedness Team
read more »

Mean What You Say, Say What You Mean: Tenant Estoppels Do Work

January 5, 2022

Real Estate Finance Journal

The authors discuss an Illinois Court of Appeals decision holding that estoppels are enforceable against a tenant’s subsequent actions and claims.


Related Attorney(s): Steven Herman, Andrea Weitzman
Related Practice(s): Real Estate
read more »

Book Review: “A Practical Guide to Extradition Law Post-Brexit”

January 4, 2022

Law Brief Publishing

Cadwalader partner Kevin Roberts provides a review of the recently released Practical Guide to Extradition Law Post-Brexit, published by Law Brief Publishing and edited by Myles Grandison and members of the Temple Garden Chambers.


Related Attorney(s): Kevin Roberts
Related Practice(s): Global Litigation, White Collar Defense and Investigations
Related Office(s): Dublin, London
read more »

It’s The End of LIBOR As We Know It

January 4, 2022

Across the global markets, the countdown to midnight on New Year’s Eve started long before revelers gathered in Times Square. Regulators had announced that the end of 2021 would also be the end of nearly all tenors of LIBOR in the $400 trillion global market. This presented multiple challenges on two fronts: new transactions needed to find a replacement benchmark(s) as a reference for their borrowing costs and outstanding “legacy” transactions needed to function without disruption following the discontinuance of their embedded benchmark.


Related Attorney(s): Lary Stromfeld
Related Practice(s): LIBOR Preparedness Team
read more »

Substantive Consolidation and Non-Consolidation Opinions

January 1, 2022

Pratt's Journal of Bankruptcy Law

In this article, the authors review the elements that should be included in a nonconsolidation opinion delivered to the lender in a structured finance transaction by counsel for the special purpose entity.


Related Attorney(s): Kathryn Borgeson, Peter Dodson
Related Practice(s): Bankruptcy Litigation, Financial Restructuring
Related Office(s): New York, Washington
read more »

Looking Back, Looking Ahead: A U.S. Perspective

December 30, 2021

Related Attorney(s): Steven Herman, Bonnie Neuman
Related Practice(s): Real Estate
read more »

The Way Forward: A European Perspective

December 30, 2021

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
read more »

CLOs and the Securitisation Regulations

December 7, 2021

The Loan Market Association

Cadwalader Capital Markets partner David Quirolo and special counsel Alex Collins co-authored a chapter in the Loan Market Association’s new book “Leading The Way” The LMA: 25 Years in the Loan Market.  The chapter “CLOs and the Securitisation Regulations”, focuses on the application of the Securitisation Regulations to CLOs structured as securitisations and the impact of such regulation on the underlying loans in which CLOs invest.


Related Attorney(s): David Quirolo, Alexander Collins
Related Practice(s): CLOs, Securitization & Asset Based Finance
Related Office(s): Dublin, London
read more »

Top Intellectual Property Issues to Watch in 2022

December 3, 2021

Bloomberg Law

Dorothy Auth, Head of Cadwalader's Intellectual Property Practice, and attorneys Howard Wizenfeld and Dash Cole look at key IP cases to watch in 2022. They recommend keeping an eye on a U.S. Supreme Court case involving patent eligibility, and two potential Supreme Court cases that could affect the biotech and pharma industries, as well as a case that involves artwork by Andy Warhol.


Related Attorney(s): Dorothy Auth Ph.D., Dash Cole, Howard Wizenfeld
Related Practice(s): Intellectual Property
read more »

Subject to Change? Reassessing economic sanctions under the Biden administration

November 22, 2021

Thomson Reuters Legal

In recent decades, economic sanctions have emerged as a critical, and sometimes favorite, tool of foreign policy for U.S. presidents and lawmakers of both political parties. With the recent release of the Department of the Treasury’s 2021 Sanctions Review, however, this longstanding trend shows signs of moderating – at least in certain areas – under President Joseph R. Biden. In fact, many of the Review’s recommendations have already been put into practice, reflecting a new approach to economic sanctions.


Related Attorney(s): James Treanor
Related Practice(s): Global Litigation, White Collar Defense and Investigations
read more »

How ESG and Social Movements are Affecting Corporate Governance

November 21, 2021

The Practical Guidance Journal

This article provides guidance on the recent trends in Environmental, Social, and
Governance (ESG), the #MeToo movement (#MeToo), and Black Lives Matter (BLM)
impacting corporate governance and the workplace.


Related Attorney(s): Ellen Holloman
Related Practice(s): Global Litigation
Related Office(s): New York
read more »

Basics of Reserves

October 28, 2021

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

Epic Games v. Apple Ruling: Antitrust Litigation Takeaways

October 6, 2021

Bloomberg Law

Cadwalader antitrust partner Joel Mitnick and counsel Ngoc Pham Hulbig discuss the decision and its impact on future antitrust litigation, including Google Play store practices.


Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Antitrust Litigation, Global Litigation
Related Office(s): New York, Washington
read more »

ESG: Regulatory Reform on the Horizon?

October 1, 2021

Fund Finance Friday

Cadwalader's Katie McShane discusses potential ESG regulatory reform as it relates to the Fund Finance industry.


Related Attorney(s): Katie McShane
Related Practice(s): Fund Finance
read more »

Do I Recognize You (Preferred Equity)?

September 29, 2021

Related Practice(s): Real Estate
read more »

Cadwalader Discusses FTC’s About Face on Debt for Hart-Scott-Rodino Purposes

September 17, 2021

Columbia Law School's Blue Sky Blog

Another decision from the FTC could raise the costs of merger reviews for both the parties and the government alike. Cadwalader's Joel Mitnick and Ngoc Hulbig provide insights here.


Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation
Related Office(s): New York, Washington
read more »

Sexual Harassment Workplace Investigations in the MeToo Era

September 15, 2021

LexisNexis

This practice note provides an overview of the statutes and standards governing the various legal issues implicated by the MeToo (or #MeToo) movement and addresses best practices for conducting sexual harassment workplace investigations in the MeToo era.


Related Attorney(s): Ellen Holloman
Related Practice(s): Global Litigation
read more »

Circuit Strikes Class Action Allegations on Pleadings, Sends Securities Fraud Claims to Arbitration

September 14, 2021

ABA Section of Litigation

The Eighth Circuit recently enforced an arbitration clause despite evidence that the plaintiff never saw the clause or signed the arbitration agreement. Cadwalader's Jason Halper and Adam Magid outline the decision here. 


Related Attorney(s): Jason Halper, Adam Magid
Related Practice(s): Global Litigation
Related Office(s): New York
read more »

Limited Recourse Finance Series

August 30, 2021

Related Practice(s): Real Estate
read more »

How Social Movements Are Affecting Corporate Governance

August 26, 2021

Law360

This article provides guidance on the recent trends in the environmental, social and governance, or ESG, arena, and the #MeToo and Black Lives Matter movements influencing corporate governance and the workplace.


Related Attorney(s): Ellen Holloman
Related Practice(s): Environmental, Social & Governance (ESG), Global Litigation
read more »

The ABCs of ESG

August 6, 2021

Related Attorney(s): Joseph Zeidner
Related Practice(s): Environmental, Social & Governance (ESG), Fund Finance
Related Office(s): Charlotte
read more »

The President’s Competition Order Signals the Return to Stricter Antitrust Enforcement

8/6/2021

Practising Law Institute Chronicle
Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation
read more »

ESG, MeToo, and Black Lives Matter: Key Corporate Governance and Workplace Issues

August 2, 2021

LexisNexis

Cadwalader's Ellen Holloman and Hyungjoo Han provide guidance on the recent trends in Environmental, Social, and Governance (ESG), the #MeToo movement (#MeToo), and Black Lives Matter (BLM) impacting corporate governance and the workplace.


Related Attorney(s): Ellen Holloman
Related Practice(s): Corporate, Corporate Governance, Environmental, Social & Governance (ESG), Global Litigation
read more »

Note Prevails over Mortgage in the Event of a Conflict

July 30, 2021

Related Attorney(s): Jessica Wong
Related Practice(s): Real Estate
Related Office(s): New York
read more »

Challenges in standardisation of greenbonds: The US perspective

July 15, 2021

IFLR Americas ESG Report

Cadwalader's Michael Gambro and Michael Ruder co-authored an article in the IFLR ESG Report 2021 which highlights the following: 

  • Challenges facing green bond issuers and investors regarding the development of common disclosure frameworks.  

  • Legislative and regulatory steps that have been taken to address the lack of a clear definition of what qualifies as a green bond.

  • Risk factor disclosure best practices for green bond offerings, including a sample green bond risk factor.


Related Attorney(s): Michael Gambro, Michael Ruder
Related Practice(s): Environmental, Social & Governance (ESG), Securitization & Asset Based Finance
read more »

A Guide to LIBOR Legislation

July 14, 2021

Bloomberg Law

In this Bloomberg Law Professional Perspective, Cadwalader partner Lary Stromfeld outlines key features of LIBOR legislative initiatives designed to avoid the uncertainty, disputes, litigation, and market disruption that could arise from the trillions of dollars of unremediated legacy transactions.


Related Attorney(s): Lary Stromfeld
Related Practice(s): LIBOR Preparedness Team
Related Office(s): New York
read more »

IP Law 2021 Mid-Year Trends—Looking Ahead

July 2, 2021

Cadwalader intellectual property attorneys Dorothy Auth, Howard Wizenfeld, and Dov Hirsch look at the potential impact of some recent and pending IP court decisions. Trends to watch include potential guidance in the areas of patent eligibility, whether AI can be an “inventor,” and protections for Covid-19 vaccines.


Related Attorney(s): Dorothy Auth Ph.D., Howard Wizenfeld
Related Practice(s): Global Litigation, Intellectual Property, Patent & Trade Secret Litigation, Patent Preparation & Prosecution
Related Office(s): New York
read more »

Coming Back

June 30, 2021

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

Make Me a Right of Refusal I Can't Refuse

June 30, 2021

Related Attorney(s): Loren Taub
Related Practice(s): Real Estate
read more »

The Importance of Springing Members

June 30, 2021

Related Attorney(s): Kathryn Borgeson, Peter Dodson
Related Practice(s): Real Estate
read more »

A Slam Dunk From the Supreme Court for College Athletes: No Antitrust Immunity for the NCAA

June 23, 2021

Westlaw Today

Cadwalader’s Joel Mitnick and Ngoc Hulbig co-authored an article in Westlaw Today which highlights the Supreme Court’s recent landmark decision regarding student athlete compensation. This article examines the relevant cases, dating back decades, that ultimately led to this decision and outlines what happens next.


Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation, Sports Industry
read more »

CLO managers embed new EU sustainable disclosure language in docs after investor push

June 17, 2021

Cadwalader Capital Markets partner David Quirolo and Financial Services partner Michael Sholem comment on various considerations for EU-based CLO investors and managers regarding the incorporation of EU Sustainable Finance Disclosure Regulation (SFDR)-compliant information into their associated deal documentation.


Related Attorney(s): David Quirolo, Michael Sholem
Related Practice(s): CLOs, Securitization & Asset Based Finance
Related Office(s): Dublin, London
read more »

One Way Out: New York’s One-Action Rule

May 27, 2021

Related Attorney(s): Kevin Sholette
Related Practice(s): Real Estate
read more »

Anti-Money Laundering and Cryptocurrency: Legislative Reform and Enforcement

May 27, 2021

ICLG

Cadwalader partner Kevin Roberts and associates Duncan Grieve, Shruti Chandhok and Charlotte Glaser have co-authored a chapter titled, “Anti-Money Laundering and Cryptocurrency: Legislative Reform and Enforcement,” in Anti-Money Laundering 2021: A practical cross-border insight into anti-money laundering law, published by International Comparative Legal Guides (ICLG).


Related Attorney(s): Kevin Roberts, Duncan Grieve, Charlotte Glaser
Related Practice(s): Blockchain and Digital Assets, Global Litigation
Related Office(s): Dublin, London
read more »

Stand Pat, Don’t Act: Supreme Court Holds That Mere Retention of Debtor Property Does Not Violate Section 362(a)(3) of the Bankruptcy Code’s Automatic Stay Provision

April 28, 2021

Pratt's Journal of Bankruptcy Law

In a unanimous decision, the U.S. Supreme Court held that mere retention of estate property after the filing of a bankruptcy petition does not violate Section 362(a)(3). The authors of this article discuss the decision and its implications. 


Related Attorney(s): Ingrid Bagby, Michele Maman, Casey Servais, Eric Waxman
Related Practice(s): Bankruptcy Litigation
Related Office(s): New York
read more »

High Court Oracle Copyright Ruling Is A Boon For Innovation

April 8, 2021

Law360

Many companies will look to the Supreme Court's decision in Google v. Oracle for guidance on the scope of Java's copyright protection. Cadwalader Intellectual Property attorneys Dorothy Auth, Howard Wizenfeld and Jaclyn Hellreich provide key takeaways.


Related Attorney(s): Dorothy Auth Ph.D., Howard Wizenfeld
Related Practice(s): Global Litigation, IP Due Diligence, ITC Litigation, Patent & Trade Secret Litigation, Patent Preparation & Prosecution, Trademark & Copyright Protection
Related Office(s): New York, Washington
read more »

Lexology GTDT's Securities Litigation 2021

March 31, 2021

Lexology GTDT

Cadwalader attorneys provide an overview of recent securities litigation news from around the world for Lexology GTDT’s “Securities Litigation 2021.” Global Litigation Chair Jason Halper is the contributing editor of the guide. 


Related Attorney(s): Jason Halper, Jared Stanisci, Gillian Burns, Sara Bussiere
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Global Litigation, Securities Enforcement
Related Office(s): New York
read more »

LIBOR Update

March 30, 2021

Related Attorney(s): William Lo
Related Practice(s): LIBOR Preparedness Team, Real Estate
Related Office(s): London
read more »

Making Sure the Ground Tenant Builds

March 30, 2021

Related Attorney(s): Michael Anglin
Related Practice(s): Real Estate
Related Office(s): New York
read more »

LIBOR Remediation Raises Lien Priority and Title Insurance Questions

March 29 ,2021

The Real Estate Finance Journal

Commercial mortgage lenders face unique challenges due to LIBOR remediation. The authors of this article explain the challenges, various remediation approaches, and note that there are no simple answers.


Related Attorney(s): Alan Lawrence
Related Practice(s): LIBOR Preparedness Team, Real Estate
Related Office(s): New York
read more »

Risk Retention in EU and UK Securitisations

March 24, 2021

LexisNexis

Cadwalader partner Nick Shiren and special counsel Alex Collins cover Risk Retention in EU and UK securitisations in a recent practice note for LexisNexis.


Related Attorney(s): Nick Shiren, Alexander Collins
Related Practice(s): Securitization & Asset Based Finance
Related Office(s): London
read more »

Publicity: The UK Perspective

March 8, 2021

Global Investigations Review

Cadwalader partner Kevin Roberts and associates Duncan Grieve and Charlotte Glaser have co-authored a chapter titled, “Publicity: The UK Perspective,” in the fifth edition of The Practitioner's Guide to Global Investigations, published by Global Investigations Review.


Related Attorney(s): Kevin Roberts, Duncan Grieve, Charlotte Glaser
Related Practice(s): Global Litigation
Related Office(s): Dublin, London
read more »

Brexit Update – Changes to Loan Documentation

February 25, 2021

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
Related Office(s): London
read more »

A Conversation with Bill Ackman

February 16, 2021

Harvard Law School Forum on Corporate Governance
Related Attorney(s): Stephen Fraidin
Related Practice(s): Corporate, Corporate Governance, Mergers & Acquisitions, Private Equity
Related Office(s): New York
read more »

Cos. Should Keep A Close Watch On SIGPR Enforcement

February 10, 2021

Law360

As the Biden administration takes the reins in Washington, company general counsels should keep a close watch on the work of The Special Inspector General for Pandemic Recovery (SIGPR). Cadwalader's James Treanor, Cheryl Risell and Kendra Wharton outline what companies should expect from the SIGPR.


Related Attorney(s): James Treanor, Kendra Wharton, Cheryl Risell
Related Practice(s): Global Litigation, White Collar Defense and Investigations
Related Office(s): Washington
read more »

The Commercial Real Estate Landscape in the Post-COVID World

February 3, 2021

The Real Estate Finance Journal

The COVID-19 pandemic has had an unparalleled impact on the way we live and work and will have long-lasting implications on the future of commercial real estate. Jessica Wong discusses retail, hospitality, and office properties in the wake of the pandemic.


Related Attorney(s): Jessica Wong
Related Practice(s): Real Estate
Related Office(s): New York
read more »

What Is “Physical Loss”? Court Opens the Door for Policy Holders

February 3, 2021

A district court recently denied an insurance company defendant’s motion to dismiss based on the assertion that COVID-19 does not result in “direct physical loss or direct physical damage” to real property because the same requires an “actual, tangible, permanent, physical alteration of property.” Loren Taub discusses the decision and its implications. 


Related Attorney(s): Loren Taub
Related Practice(s): Corporate, Real Estate
Related Office(s): New York
read more »

Navigating alternative liquidity solutions

February 1, 2021

Private Equity International

With fund finance surging during the pandemic, Cadwalader partners Samantha Hutchinson and Brian Foster examine how the likes of ‘PRAV’ facilities, preferred equity solutions, and continuation financings can be utilized.


Related Attorney(s): Brian Foster, Samantha Hutchinson
Related Practice(s): Fund Finance
Related Office(s): Charlotte, London, New York, Washington
read more »

Key Takeaways From CFPB's Year-End Enforcement Flurry

January 26, 2021

Law360

In a recent article for Law360, Cadwalader partner Rachel Rodman and associate Kendra Wharton provide key takeaways from the CFPB's year-end enforcement flurry.


Related Attorney(s): Rachel Rodman, Kendra Wharton
Related Practice(s): Consumer Financial Services Enforcement and Litigation, Global Litigation, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Pandemic-Era Practical Considerations When Invoking and Interpreting Material Adverse Effect and Change Clauses

January 14, 2021

PLI

In this article, Cadwalader partner Melis Acuner and associate Emma Farrow analyze practical considerations when invoking and interpreting material adverse effect and change clauses in commercial contracts during the pandemic-era.


Related Attorney(s): Melis Acuner, Emma Farrow
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Global Litigation, International Dispute Resolution, Trial Practice
Related Office(s): London
read more »

Bankruptcies in Mass Torts Cases

January 1, 2021

Westlaw

Bankruptcies in Mass Torts Cases, Litigating Mass Tort Cases, Supplement (2021)


Related Attorney(s): Marc Veilleux
Related Practice(s): Financial Restructuring
read more »

Expect a Boost in Consumer Financial Protection Under Biden

December 23, 2020

Bloomberg Law

Cadwalader's Rachel Rodman, Keith Gerver and Kendra Wharton cover the expected boost in consumer financial protection under the Biden administration and at state agencies enforcing consumer protection laws.


Related Attorney(s): Rachel Rodman, Keith Gerver, Kendra Wharton
Related Practice(s): Consumer Financial Services Enforcement and Litigation, Global Litigation, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Implementing New Regulation SK Requirements

December 23, 2020

Corporate Secretary

Revised SEC rules that took effect in November are intended to modernize reporting requirements. Matthew Dolloff, Erica Hogan and William Mills explain what the changes are and how companies can comply with them.


Related Attorney(s): Erica Hogan, William Mills
Related Practice(s): Corporate
read more »

Welcoming 2021

December 21, 2020

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
Related Office(s): New York
read more »

Take Another B-Piece of My Heart, Now Baby

December 21, 2020

Related Attorney(s): Lisa Pauquette, Kate Foreman
Related Practice(s): Real Estate
Related Office(s): New York
read more »

Hotel Financing Series, Part 6: Cash Control

December 21, 2020

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
Related Office(s): London
read more »

Hotel Financing Series, Part 5: Hotel Management Arrangements and Related Issues

November 30,2020

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
Related Office(s): London
read more »

Proposed Amendments Would Fundamentally Change HSR Compliance for Private Fund Managers

11/12/2020

Hedge Fund Law Report

Cadwalader partner Joel Mitnick and counsel Ngoc Hulbig summarize the FTC’s proposals and offer a high-level analysis of their respective effects on private fund managers and other financial investors. 


Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation, Merger Clearance
Related Office(s): New York, Washington
read more »

LawWise Podcast: Real Estate Workouts and Restructurings

October 28, 2020

Related Attorney(s): Steven Herman, Loren Taub
Related Practice(s): Real Estate
Related Office(s): New York
read more »

CFIUS Basics for Real Estate Lenders

October 28, 2020

Related Attorney(s): Melissa Hinkle, Kevin Sholette, Keith Gerver
Related Practice(s): Real Estate
Related Office(s): Charlotte, New York, Washington
read more »

The Only Guarantee in Life Is That There Are No Guarantees

October 28, 2020

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
Related Office(s): New York
read more »

Hotel Financing Series, Part 3: Use of OpCo/PropCo Structures

September 30, 2020

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
Related Office(s): London
read more »

The Mark Hotel Borrower Granted Injunction Delaying Mezzanine Lender’s Foreclosure Sale

September 17, 2020

Cadwalader's Melissa Hinkle, Christopher Dickson and Howard Hawkins Jr. discuss a recent preliminary injunction granted in favor of a borrower enjoining the mezzanine lender from proceeding with a Uniform Commercial Code foreclosure sale of the equity interests in The Mark Hotel.


Related Attorney(s): Melissa Hinkle, Christopher Dickson, Howard Hawkins
Related Practice(s): Bankruptcy Litigation, Financial Restructuring, Mezzanine Finance, Real Estate
Related Office(s): Charlotte, New York
read more »

Justice Department Revises Merger Remedies Guidelines

9/11/2020

NYU School of Law Compliance and Enforcement Blog
Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation
read more »

Private Trust Companies - US Tax and Regulatory Considerations

September 1, 2020

Globe Law and Business

While high net worth families and practitioners have used private trust companies for many years in the international estate planning realm, the use of these structures is increasing in the U.S., as driven by a host of regulatory and geopolitical factors. Cadwalader's Sasha Grinberg provides insight into various related tax and regulatory considerations for both practitioners and clients when creating such entities.


Related Attorney(s): Sasha Grinberg
Related Practice(s): Estate Planning & Administration, Institutional Planning, Private Wealth
Related Office(s): New York
read more »

Hotel Financing Series, Part 2: Covenants

August 31, 2020

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
Related Office(s): London
read more »

Some Thoughts on Late Charges and Default Rate Interest

August 31, 2020

Related Attorney(s): Steven Herman, Eunji Jo
Related Practice(s): Real Estate
Related Office(s): New York
read more »

Taking Notice

August 31, 2020

Related Attorney(s): Matthew Robertson, Alicia Davis
Related Practice(s): Real Estate
Related Office(s): Charlotte
read more »

PPP Loan Forgiveness: Challenges for Lenders

August 17, 2020

Lenders continue to face a number of challenges and risks in connection with #PPP loan forgiveness. Cadwalader's Jodi Avergun, Anne Tompkins, Christian Larson and Kendra Wharton, alongside Guidehouse Financial Services' Kathryn Rock and Christopher Sicuranza, outline several challenges and risks lenders face in the coming weeks and months.


Related Attorney(s): Jodi Avergun, Anne Tompkins, Christian Larson, Kendra Wharton
Related Practice(s): Anti-Money Laundering Investigations and Compliance, Global Litigation, White Collar Defense and Investigations
Related Office(s): Charlotte, Washington
read more »

UK–EU Extradition Arrangements Post Brexit

August 14, 2020

New Law Journal

With UK-EU negotiations continuing, Cadwalader’s Kevin Roberts and Charlotte Glaser discuss the UK’s anticipated departure from the European Arrest Warrant in an article for New Law Journal


Related Attorney(s): Charlotte Glaser, Kevin Roberts
Related Practice(s): Global Litigation, White Collar Defense and Investigations
Related Office(s): London
read more »

Supreme Court Holds That CFPB's Structure is Unconstitutional

July 20, 2020

Harvard Law School Forum on Corporate Governance

On June 29, the Supreme Court issued its long-awaited opinion in Seila Law LLC v. Consumer Financial Protection Bureau, finally resolving the question that has dogged the new agency since its inception: Is the leadership structure of the Consumer Financial Protection Bureau (CFPB) constitutional?


Related Attorney(s): Rachel Rodman
Related Practice(s): Consumer Financial Services Enforcement and Litigation, Financial Regulation
Related Office(s): Charlotte, New York, Washington
read more »

Transitions From IBOR to Alternative Rates Avoid Tax Under Proposed Regulations (Journal of Taxation of Investments)

July 17, 2020

Journal of Taxation of Investments

Recently proposed U.S. treasury regulations confirm that replacing interbank offered rates with alternative reference rates in certain fi nancial instruments will not be treated as taxable events for U.S. federal income tax purposes.


Related Attorney(s): Mark Howe
Related Practice(s): Corporate Taxation, LIBOR Preparedness Team, Securitization & Structured Products Taxation, Tax
Related Office(s): New York, Washington
read more »

Tips For Securitizing Loans With Future Advance Obligations

July 8, 2020

Law360

The COVID-19 pandemic has heightened the importance of certain issues that are ever-present in the lending market - namely, the borrower's desire to minimize costs and maximize repayment flexibility, and the lender’s desire for liquidity in the secondary markets. One loan feature which is emblematic of these somewhat conflicting considerations is a loan term for a lender to make future advances.


Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
Related Office(s): New York
read more »

MAEbe So, MAEbe Not

June 30, 2020

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

COVID-19 Update: Three Months into Lockdown

June 30, 2020

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
read more »

The Pharmaceutical Industry and the Controlled Substances Act – A Distinct Breed of Monitorship

June 9, 2020

Global Investigations Review

Cadwalader's Jodi Avergun, Todd Blanche and Christian Larson provide insights into the practice of imposing monitorships on pharmaceutical companies that are settling alleged or admitted violations of the Controlled Substances Act for Global Investigations Review.


Related Attorney(s): Todd Blanche, Christian Larson, Jodi Avergun
Related Practice(s): Global Litigation, Pharmaceutical Regulation and Compliance, White Collar Defense and Investigations
Related Office(s): New York, Washington
read more »

Making the Most of Distressed Collateralized Loan Obligations

June 1, 2020

Tax Analysts

Jason Schwartz describes how an investor can make the most out of a collateralized loan obligation issuer that becomes distressed as a result of economic fallout stemming from the COVID-19 pandemic.


Related Practice(s): CLOs, Securitization & Asset Based Finance, Structured Products, Tax
Related Office(s): Washington
read more »

What are the economic and practical effects of COVID-19 on the European CLO market?

May 12, 2020

LexisNexis Banking and Finance

Collateralised loan obligation (CLO) transactions have long been a prolific investor in sub-investment grade corporate debt both in Europe and the US. The combination of the outbreak of SARS-CoV-2 and the related respiratory disease (coronavirus (COVID-19), the impact of coronavirus on such corporate debt and the CLO market’s reliance on such corporate debt has, very quickly, created a perfect storm affecting various aspects of the European CLO market.

Claire Puddicombe, David Quirolo, and Daniel Tobias discuss the impact of COVID-19 on the European CLO market.

 

Related Attorney(s): Claire Puddicombe, David Quirolo, Daniel Tobias
Related Practice(s): CLOs, Securitization & Asset Based Finance
Related Office(s): London
read more »

Drafting Issues

May 11, 2020

Structured Credit Investor

Cadwalader's Assia Damianova considers the potential effect on capital relief trades of the current market volatility arising from COVID-19 restrictions.

 


Related Attorney(s): Assia Damianova
Related Practice(s): Securitization & Asset Based Finance
Related Office(s): London
read more »

Real Estate Finance—The Last 50 Years

May 1, 2020

Related Attorney(s): Fredric Altschuler
Related Practice(s): Real Estate
read more »

Use Of AI To Treat COVID-19 Shows Novel Inventorship Issues

Apr 13, 2020

Law360

Technology and medical companies around the world are rising to meet the challenges created by the COVID-19 pandemic, in many cases turning to artificial intelligence (AI) and super computers to develop life-saving treatments for the disease as quickly as possible. While the use of AI will undoubtedly bring tremendous innovation, the data, test results and any inventions resulting from its use will also raise questions about how to best protect these innovations and who should get credit as an inventor.


Related Attorney(s): John Moehringer, Danielle Tully, Michael Powell
Related Practice(s): Global Litigation, Intellectual Property
Related Office(s): New York
read more »

Google v. Oracle: Will Software Be Free?

April 1, 2020

The Licensing Journal

The authors break down the arguments likely to be heard by the Supreme Court in the “the copyright case of the century” that could determine the fate of software protection.


Related Attorney(s): Dorothy Auth Ph.D., Howard Wizenfeld
Related Practice(s): Intellectual Property
Related Office(s): New York
read more »

DTSA Can Help Cos. Mitigate Damage During COVID-19

Mar 30, 2020

Law360

While the COVID-19 pandemic presents serious challenges to public health and the economy, the extraordinary access of confidential business information at home should present a lurking concern for companies, since employees themselves are typically the largest source of trade secret misappropriation. The Defend Trade Secrets Act (DTSA) provides a way for companies to mitigate the damage caused by the unauthorized dissemination of confidential business information.


Related Attorney(s): John Moehringer, Danielle Tully, Michael Powell
Related Practice(s): Global Litigation, Intellectual Property
Related Office(s): New York
read more »

COVID-19 Update: Immediate Considerations

March 29, 2020

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
read more »

Onshore CLOs May Make Sense For Insurer Investors

Mar 10, 2020

Law360

U.S. insurer investment in collateralized loan obligations, or CLOs, has increased steadily over the past several years and totaled approximately $122 billion in book/adjusted carrying value as of the end of 2018.


Related Attorney(s): Gregg Jubin
Related Practice(s): CLOs, Securitization & Asset Based Finance, Securitization & Structured Products Taxation, Tax
read more »

Update on New EB-5 Regulations

February 25, 2020

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

Email Footers: Proceed with Caution

February 25, 2020

Related Attorney(s): William Lo
Related Practice(s): Real Estate
read more »

Universities Shouldn't Roll Dice On Sports Betting Compliance

Feb. 14, 2020

Law360

Cadwalader's Anne Tompkins, Lex Urban and Stephen Weiss discuss how legal sports betting has become the latest “third rail” for colleges, universities, and their athletics programs. The authors raise critical questions that administrators and compliance officers should consider as they prepare to implement safeguards to help protect their institutions, student-athletes and the integrity of their sports. Because each college and university has a unique risk profile, the authors also provide tips on how institutions can appropriately tailor their compliance programs.


Related Attorney(s): Anne Tompkins, Lex Urban, Stephen Weiss
Related Practice(s): Global Litigation, Sports Industry, White Collar Defense and Investigations
Related Office(s): Charlotte, Washington
read more »

Actionable Claim to Inspect Books and Records

Feb. 13, 2020

Harvard Law School Forum on Corporate Governance

In Lebanon County Employees’ Retirement Fund, et al. v. AmerisourceBergen Corporation, the Delaware Court of Chancery ordered the inspection of the books and records of AmerisourceBergen Corporation, one of the leading opioid distributors in the country, for the purpose of investigating potential mismanagement or breaches of fiduciary duty in connection with the company’s distribution of opioids.


Related Attorney(s): Jason Halper, Sara Bussiere, Ellen Holloman
Related Practice(s): Global Litigation
Related Office(s): New York
read more »

INSIGHT: Proposed Vertical Merger Guidelines - Increased Transparency or Opaque Glass?

Feb. 4, 2020

Bloomberg Law

New proposed vertical merger guidelines from the FTC and DOJ essentially codify the informal lore in the antitrust bar that vertical mergers generally pose less of a potential anticompetitive threat than certain horizontal mergers.


Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation
Related Office(s): New York
read more »

Strategic Considerations For Litigating Alice Issues At Trial

Feb. 3, 2020

Law360

Michael Powell discusses the impact of Alice Corp. v. CLS Bank International on jury trials, including how Alice provides a separate invalidity defense that bypasses certain patent-friendly validity doctrines, such as motivation to combine and the secondary considerations of nonobviousness and how practitioners might tailor jury instructions, verdict forms and trial evidence when an Alice defense will be presented to the jury.

 


Related Attorney(s): Michael Powell
Related Practice(s): Global Litigation, IP Due Diligence, ITC Litigation, Intellectual Property, Patent & Trade Secret Litigation, Patent Preparation & Prosecution, Trademark & Copyright Protection
Related Office(s): New York
read more »

Some Thoughts on Lockouts and Default Prepayment

January 28, 2020

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

The State of Play on Overcall Limitations

Jan. 27, 2020

Global Legal Insights

Cadwalader Finance Group co-chair Michael Mascia and partner Wesley Misson are co-authors of the “The State of Play on Overcall Limitations” chapter in the recently released Fund Finance 2020, a comprehensive guide to the fund finance market published by Global Legal Insights.


Related Attorney(s): Wesley Misson
Related Practice(s): Fund Finance
Related Office(s): Charlotte
read more »

The Secondaries Market: The Rise of GP-led and Preferred Equity Solutions

Jan. 27, 2020

Global Legal Insights

Cadwalader partner Samantha Hutchinson and senior attorney Amrita Maini are co-authors of “The Secondaries Market: The Rise of GP-led and Preferred Equity Solutions,” a chapter in the recently released Fund Finance 2020, a comprehensive guide to the fund finance market published by Global Legal Insights.


Related Attorney(s): Samantha Hutchinson
Related Practice(s): Fund Finance
Related Office(s): London
read more »

Fund Finance 2020: England & Wales

Jan. 27, 2020

Global Legal Insights

Cadwalader partners Samantha Hutchinson and Nathan Parker are co-authors of the England & Wales chapter in the recently released Fund Finance 2020, a comprehensive guide to the fund finance market published by Global Legal Insights.


Related Attorney(s): Samantha Hutchinson, Nathan Parker
Related Practice(s): Fund Finance
Related Office(s): London
read more »

INSIGHT: America Will Double Down on Sports Betting in 2020

Jan. 23, 2020

Bloomberg Law

Cadwalader's Lex Urban and Stephen Weiss break down the rapidly expanding sports betting industry in America and explain why the stage is set for legal sports betting’s popularity to surge in 2020.


Related Attorney(s): Lex Urban, Stephen Weiss
Related Practice(s): Sports Industry, White Collar Defense and Investigations
Related Office(s): Washington
read more »

The Re-Emergence of European CMBS Transactions

Jan. 21, 2020

European CMBS transactions have re-emerged at a steady pace for the first time since before the financial crisis. Cadwalader special counsel Sabah Nawaz provides analysis in the Winter 2020 issue of CRE Finance World.


Related Attorney(s): Sabah Nawaz
Related Practice(s): Securitization & Asset Based Finance
Related Office(s): London
read more »

Welcoming 2020

December 19, 2019

Related Attorney(s): Duncan Hubbard, Steven Herman
Related Practice(s): Real Estate
read more »

The Benefits of Opco/Propco Financing

December 19, 2019

Related Attorney(s): Duncan Hubbard, Catherine Richardson
Related Practice(s): Real Estate, Tax
read more »

INSIGHT: IP Cases and Trends—A Look Back and 2020 Expectations

Dec. 16, 2019

Bloomberg Law

Cadwalader attorneys review the most significant IP issues from 2019, including new IP legislation and U.S. Supreme Court decisions. They offer insights on what’s to come in 2020, including the big news that the Supreme Court will hear the Oracle v Google case relating to copyright infringement of protected software.


Related Attorney(s): Dorothy Auth Ph.D., Howard Wizenfeld
Related Practice(s): FinTech, ITC Litigation, Intellectual Property, Patent & Trade Secret Litigation, Patent Preparation & Prosecution, Trademark & Copyright Protection
Related Office(s): New York
read more »

The Competition-Privacy Collision

Dec. 13, 2019

Global Competition Review

As political pressure builds for competition enforcers to protect consumers’ privacy, Joel Mitnick and Monica Martin look at whether U.S. antitrust law provides the means to do so.


Related Attorney(s): Joel Mitnick
Related Practice(s): Antitrust, Global Litigation
Related Office(s): New York
read more »

Protecting Intellectual Property in the U.S. - What to Know as a Chinese Entrepreneur

Dec. 5, 2019

Tsinghua Financial Review (Chinese-language)

https://www.cadwalader.com/uploads/books/ad7aa027855fcbcd86c5b45ddcc22d6b.pdfThis article details important steps every Chinese company should take before entering the U.S. market to protect the intellectual property surrounding their products and to prevent infringing third-party IP in the United States.


Related Attorney(s): Dorothy Auth Ph.D., John Augelli
Related Practice(s): FinTech, Global Litigation, Intellectual Property, Trademark & Copyright Protection
Related Office(s): New York
read more »

INSIGHT: The Demise of LIBOR—Tax and Transfer Pricing Implications—Part 2

Nov. 26, 2019

Bloomberg Tax

The London Interbank Offered Rate (LIBOR) is coming to an end with implications for tax, accounting, and transfer pricing. Sherif Assef, Yosef Lugashi, and Petia Petrova of KPMG LLP, and Jeff Nagle of Cadwalader, Wickersham & Taft LLP outline in Part II of a two-part series the potential for significant modifications for U.S. tax purposes, implications of IRS proposed regulations, how to adapt systems and processes, and associated challenges.


Related Attorney(s): Jeffrey Nagle
Related Practice(s): LIBOR Preparedness Team, Tax
Related Office(s): Charlotte
read more »

INSIGHT: The Demise of LIBOR—Tax and Transfer Pricing Implications—Part I

Nov. 25, 2019

Bloomberg Tax

The London Interbank Offered Rate (LIBOR) is coming to an end with implications for tax, accounting, and transfer pricing. Sherif Assef, Yosef Lugashi, and Petia Petrova of KPMG LLP, and Jeff Nagle of Cadwalader, Wickersham & Taft LLP explain in Part I of a two-part series how taxpayers need to prepare for the U.S. LIBOR alternative rate and the impact on intercompany agreements. 


Related Attorney(s): Jeffrey Nagle
Related Practice(s): LIBOR Preparedness Team, Tax
Related Office(s): Charlotte
read more »

Property Insurance in Real Estate Finance Transactions

November 22, 2019

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
read more »

Exposure and Remedies under Completion Guaranties

November 22, 2019

Related Attorney(s): Michael Anglin
Related Practice(s): Real Estate
read more »

How Fed. Circ. May Defer To PTAB In Facebook Case

Nov 8, 2019

Law360

Facebook Inc. v. Windy City Innovations LLC is currently pending before the U.S. Court of Appeals for the Federal Circuit. Central to the appeal is the question of whether the Federal Circuit should provide deference under Chevron USA Inc. v. Natural Resources Defense Council Inc. to the Patent Trial and Appeal Board’s precedential decisions. As such, the case has the potential to call the entire Chevron framework into question.


Related Attorney(s): Dorothy Auth Ph.D., Danielle Tully
Related Practice(s): Global Litigation, Intellectual Property
Related Office(s): New York
read more »

Protecting Intellectual Property in the United States

Nov. 5, 2019

Cadwalader partner Dorothy Auth and associate John Augelli outline what entrepreneurs entering the U.S. market need to know to protect their intellectual property.


Related Attorney(s): Dorothy Auth Ph.D., John Augelli
Related Practice(s): FinTech, Global Litigation, Intellectual Property
Related Office(s): New York
read more »

Outlook on Foreign Investment in U.S. Commercial Real Estate

October 28, 2019

Related Attorney(s): Jessica Wong
Related Practice(s): Real Estate
read more »

The ‘Tipping’ Point - Possible Shakeup to Insider Trading Rules

Oct 25, 2019

Bloomberg Law

The guilty plea by former N.Y. Congressman Chris Collins put the spotlight on insider trading again. The proposed Insider Trading Prohibition Act could clarify the legal haziness that financial institutions, corporate executives, and casual investors regularly wrestle with, but it also raises liability questions for the C-Suite.


Related Attorney(s): Lex Urban, Stephen Weiss
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Global Litigation, Securities Enforcement, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Sports Gambling Compliance: Big Money Worth The Wager

Oct 11, 2019

Law360

Fans and states cheered the U.S. Supreme Court’s May 2018 decision in Murphy v. NCAA giving states the power to authorize sports betting. In some ways, the immediate enthusiasm for the Supreme Court’s ruling may have been premature. Far from authorizing sports betting at the federal level, Murphy v. NCAA merely cleared the way for states to set rules either banning or regulating sports betting within state lines.


Related Attorney(s): Jodi Avergun, Todd Blanche, Christian Larson, Stephen Weiss
Related Practice(s): Global Litigation, Sports Industry, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Transitions From IBOR to Alternative Rates Avoid Tax Under Proposed Regulations

Oct. 10, 2019

In a BrassTax Alert, the Cadwalader Tax team provides insights regarding the Treasury Department and IRS proposed regulations deeming transitions from IBOR to alternative rates a non-taxable event.


Related Attorney(s): Linda Swartz, Mark Howe, Adam Blakemore, Gary Silverstein
Related Practice(s): Tax
Related Office(s): New York, Washington
read more »

The District Court in Tribune Circumscribes Merit and Maintains Section 546(e) Safe Harbor Protection for Shareholders in the Wake of a Failed LBO

Oct 1, 2019

Pratt’s Journal of Bankruptcy Law

In a decision related to the failed leveraged buyout and subsequent bankruptcy of the Tribune Company, the U.S. District Court for the Southern District of New York found that Tribune, the purchaser of stock from its shareholders, employed a bank to effect the two-step leveraged buyout and was a customer of the bank. The authors of this article explain the decision and its implications. 


Related Attorney(s): Ingrid Bagby, Michele Maman, Kathryn Borgeson, Eric Waxman
Related Practice(s): Financial Restructuring
Related Office(s): New York
read more »

Using Irish Treaty Funds To Avoid US Taxes In Direct Lending

Sept. 30, 2019

Given the emergence of direct lending as a popular asset class for institutional investors, an Irish treaty fund could be a powerful tool for U.S. managers with access to foreign capital. Cadwalader partner Gregg Jubin provides analysis via Law360.


Related Attorney(s): Gregg Jubin
Related Office(s): Washington
read more »

Modifications of Loan Documentation

September 27, 2019

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

CVA and Its Prominence in Restructuring the Retail Sector

September 27, 2019

Related Attorney(s): Duncan Hubbard
Related Practice(s): Real Estate
read more »

Designating an Agent for Service of Process

September 27, 2019

Related Attorney(s): Nicholas Brandfon
Related Practice(s): Real Estate
read more »

Logistics as the Logical Commercial Real Estate Investment

September 27, 2019

Related Attorney(s): Bonnie Neuman
Related Practice(s): Real Estate
read more »

State Attorney General Insider | The New Cadwalader Edition

Sept. 17, 2019

Cadwalader is pleased to present our inaugural issue of the State Attorney General Insider, a newsletter on the latest notable cases and updates from within the State Attorneys General community.


Related Practice(s): State Attorneys General Practice
Related Office(s): Charlotte, New York, Washington
read more »

INSIGHT: Big Tech Facing State Attorneys General Antitrust Freight Train

Sept. 20, 2019

Bloomberg Law

State attorneys general are banding together to take on Big Tech antitrust issues. Cadwalader attorneys say it remains to be seen whether the investigations will ripen into complaints and, if so, whether they will be rooted in antitrust or involve consumer protections with respect to data privacy.


Related Attorney(s): Joel Mitnick, Douglas Gansler
Related Practice(s): Antitrust, Global Litigation, State Attorneys General Practice
Related Office(s): New York, Washington
read more »

Too Many Stakeholders in the Kitchen

September 2019

CEP Magazine

High-stakes corporate investigations into bribery, corruption and other misconduct can be highly complex. The impulse to let every conceivable stakeholder play a role, while well-intentioned, can often lead to a “too many cooks in the kitchen” situation, undercutting the efficiency and effectiveness of the entire investigative process.


Related Attorney(s): Lex Urban
Related Practice(s): Global Litigation, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Things to Consider When Your Guarantor Is a Fund

August 26, 2019

Related Attorney(s): Steven Herman
Related Practice(s): Real Estate
read more »

The ‘Range’ When Valuing for LTV Covenants

August 26, 2019

Related Attorney(s): Duncan Hubbard, William Lo
Related Practice(s): Real Estate
read more »

Reflections on the Council’s Supreme Court Admissions Trip

Aug. 23, 2019

Federal Bar Council Quarterly

Cadwalader partner Ellen Holloman reflects on being admitted to the bar of the Supreme Court of the United States in this issue of the Federal Bar Council Quarterly.


Related Attorney(s): Ellen Holloman
Related Practice(s): Global Litigation
Related Office(s): New York
read more »

INSIGHT: Five Things Every Company Should Know About SEC Whistleblowers

Aug. 1, 2019

Bloomberg Law

The recent payment of $50 million to a pair of whistleblowers should serve as a wake-up call to companies that the SEC’s Whistleblower Program is alive and well. The authors provide five key compliance steps to help companies respond to whistleblowers and minimize their associated risks.


Related Attorney(s): Lex Urban, William Simpson
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Global Litigation, Securities Enforcement, White Collar Defense and Investigations
Related Office(s): New York, Washington
read more »

Trulia’s Impact

June 4, 2019

Harvard Law School Forum on Corporate Governance and Financial Regulation

The Harvard Law School Forum on Corporate Governance and Financial Regulation published an excerpt of a recent Clients & Friends Memo (Corporate Governance Litigation & Regulation: A Periodic Review and Predictions for the Remainder of 2019) written by members of the Global Litigation practice. 


Related Attorney(s): Jason Halper, Jared Stanisci, Ellen Holloman, Zack Schrieber
Related Practice(s): Corporate & Financial Services Litigation & Regulation, Corporate Governance Litigation and Counseling, Global Litigation
read more »

On Wealth: The Modern Evolution of the Trust Company

June 1, 2019

International Family Offices Journal

During the past decade there has been a significant shift in the ownership and structure of the private trust business that serves high net worth individuals and families in the United States and abroad.


Related Attorney(s): Jonathan Wainwright
Related Practice(s): Estate Planning & Administration, Private Wealth
Related Office(s): New York
read more »

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 Industry, White Collar Defense and Investigations
Related Office(s): Washington
read more »

Cadwalader’s Wesley Misson Co-Authors 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 and Head of U.S. Find Finance Wesley Mission co-authored the chapter “The Global Subscription Credit Facility and Fund Finance Markets – Key Trends and Forecasts” in the International Comparative Legal Guide to Lending and Secured Finance 2019.


Related Attorney(s): Wesley Misson
Related Practice(s): Fund Finance, Securitization & Asset Based Finance
Related Office(s): Charlotte
read more »

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
read more »

Cadwalader’s Wesley Misson Co-Authors Chapter in Fund Finance 2019

Mar 15, 2019

Fund Finance 2019

Cadwalader Finance Group co-chair and Head of U.S. Fund Finance Wesley Mission co-authored the chapter “Lending to Separately Managed Accounts” in Fund Finance 2019, a comprehensive guide to the fund finance market published by Global Legal Insights


Related Attorney(s): Wesley Misson
Related Practice(s): Fund Finance, Securitization & Asset Based Finance
Related Office(s): Charlotte
read more »

Cadwalader’s Brian Foster, Samantha Hutchinson Co-Author Chapter in Fund Finance 2019

Mar 15, 2019

Fund Finance 2019

Cadwalader partners Brian Foster and Samantha Hutchinson are co-authors of “The Rise of Private Equity Secondaries Financings.” a chapter in the recently released Fund Finance 2019, a comprehensive guide to the fund finance market published by Global Legal Insights.

 


Related Attorney(s): Brian Foster, Samantha Hutchinson
Related Practice(s): Fund Finance, Securitization & Asset Based Finance
Related Office(s): London, New York
read more »

Cadwalader’s Samantha Hutchinson and Mathan Navaratnam Co-Author Chapter in Fund Finance 2019

Mar 15, 2019

Fund Finance 2019

Cadwalader partner Samantha Hutchinson and associate Mathan Navaratnam are co-authors of the England & Wales chapter in the recently released Fund Finance 2019, a comprehensive guide to the fund finance market published by Global Legal Insights.


Related Attorney(s): Samantha Hutchinson, Mathan Navaratnam
Related Practice(s): Fund Finance, Securitization & Asset Based Finance
Related Office(s): London
read more »

STS: a new age for European securitisations

Jan. 16, 2019

Butterworths Journal of International Banking and Financial Law

In this article, Nick Shiren and Alex Collins consider how STS (simple, transparent and standardised) status is achieved under the Securitisation Regulation. This article first appeared in the January issue of Butterworths Journal of International Banking & Financial Law.


Related Attorney(s): Nick Shiren, Alexander Collins
Related Practice(s): CLOs, Securitization & Asset Based Finance
Related Office(s): London
read more »

Private Client USA | 2019

Jan. 11, 2019

The International Comparative Legal Guide

In this comprehensive Q&A, the authors review notable recent developments in the provision of private client and offshore services.


Related Attorney(s): William Schaaf, Sasha Grinberg
Related Practice(s): Estate Planning & Administration, Institutional Planning, Private Wealth
Related Office(s): New York
read more »
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