Covington is a leader in providing legal, regulatory and legislative assistance to banks, thrifts, bank and thrift holding companies, and other financial services providers throughout the United States and internationally. Our financial services clients include major regional, national, and international organizations, and their boards of directors and senior officers.
We provide advice on the full range of legal and regulatory issues that face financial services providers, including:
- regulatory issues concerning financial institution activities and structures;
- internal investigations and regulatory enforcement matters;
- anti-money laundering;
- fair lending;
- litigation;
- privacy and data security;
- consumer compliance and protection;
- mergers and acquisitions;
- electronic banking and commerce;
- international matters for foreign-based and US clients; and,
- legislation and government affairs.
We practice before the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and state bank regulatory agencies, as well as the United States Departments of Justice, Treasury, and Homeland Security. We also have handled major financial institutions litigation in multiple federal and state courts, from the trial level to the United States Supreme Court.
Representative Matters
- Ongoing representation of the former Sterling Financial Corporation (now a part of The PNC Financial Services Group, Inc.) in consolidated securities class action litigation, as well as inquiries by the SEC and the U.S. Attorney's Office, concerning a massive fraud at a Sterling subsidiary that resulted in the restatement of Sterling's financial statements.
- Representing Wachovia Bank, N.A. before the U.S. Supreme Court in Watters v. Wachovia Bank, N.A. regarding federal preemption of Michigan State officials’ efforts to regulate mortgage subsidiary of Wachovia Bank.
- Conducting internal investigations for financial institutions regarding compliance with domestic and foreign anti-money laundering laws, and representing such institutions before the U.S. Departments of Justice and the Treasury and the federal bank regulators.
- Representing Freddie Mac in SEC and OFHEO government inquiries and civil litigation related to its $5 billion restatement of earnings, including negotiation and entry of $125 million civil money penalty and two consent orders with OFHEO; and the favorable comprehensive global settlement of all of the approximately 20 securities class action and derivative lawsuits following an important victory on a novel defense to plaintiffs’ class certification motion.
- Representing National City Corporation in connection with its proposed acquisition of Fidelity Bankshares, Inc.
- Representing both state-chartered and federally-chartered financial institutions in connection with a variety of charter conversions and expansions, including preparation of the required regulatory filings.
Accolades
- Listed as a Leading Firm in Financial Services Regulatory Enforcement and Investigations in Chambers USA.
- Three partners listed as Leading Individuals in Financial Services Regulatory Compliance and/or Regulatory Enforcement and Investigations in Chambers USA.
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