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Headed by the former Comptroller of the Currency and recognized as a preeminent practice by Chambers, Legal 500, Best Lawyers in America, and other publications, Covington’s financial institutions practice is widely recognized as one of the leading practices in the United States. For more than 50 years, Covington has advised financial services firms on all types of regulatory, enforcement, transactional, and consumer protection matters.
Covington represents a broad range of clients in the financial services industry, including depository institutions and their holding companies, securities firms, private equity firms, government-sponsored enterprises, investment banks, money service businesses, and major financial services trade associations, as well as clients in other industries affected by financial services laws and regulations.
We advise financial services clients on a wide range of legal and regulatory issues, including:
We practice before the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and state bank regulatory agencies, as well as the United States Departments of Justice, Treasury, and Homeland Security. In many instances, we have confronted long-standing obstacles facing the banking industry and have shaped novel solutions that have received regulatory approval. We frequently serve as a sounding board to financial institutions interested in developing new and innovative products.
We have been closely involved in all aspects of financial regulatory reform, leading to the enactment and ongoing implementation of the landmark Dodd-Frank Wall Street Reform and Consumer Protection Act. A multi-disciplinary group of Covington attorneys has been closely following the implementation process and advising clients on a multitude of legal issues and best practices arising from it.
Representing General Electric and Synchrony Financial (GE Capital’s former North American retail finance business) in connection with Synchrony’s approximately $2.95 billion initial public offering and in connection with GE’s subsequent exchange offer to complete the separation of Synchrony from GE, including the Federal Reserve Board application process and approval required for the Synchrony’s separation from GE.
Representing several foreign banking organizations in the restructuring of their U.S. operations, including in the establishment of intermediate holding companies, mergers and acquisitions and regulatory filings associated with these corporate transactions.
Developing anti-money laundering compliance programs for banks, broker-dealers, money transmitters, providers and sellers of prepaid access, and dealers in precious metals.
Representing Freddie Mac in connection with the establishment of the U.S. government conservatorship over the company during the financial crisis in 2008.
Representing Wachovia Bank, N.A. before the U.S. Supreme Court in the landmark preemption case, Watters v. Wachovia Bank, N.A., which held that federal preemption barred Michigan State officials’ efforts to regulate a mortgage subsidiary of Wachovia Bank.
Advising the Securities Industry and Financial Markets Association, The Clearing House Association, American Bankers Association, and Global Financial Markets Association with respect to comment letters submitted in response to proposals from the Federal Reserve Board, Financial Stability Board, and other agencies affecting large systemically important financial institutions.
Represented major U.S. and European financial institutions in advisory and enforcement matters before the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on the impact of U.S. asset-blocking measures.
Representation of the investment manager and general partner of Octavian Special Master Fund, L.P., and its onshore and offshore feeder funds in connection with a complex reorganization, including: an investment in the funds by a TPG affiliate; a concurrent offer to existing fund investors to have their interests in the funds repurchased; and the takeover by TPG affiliates of the investment management and general partner responsibilities for such funds.
Represented a Fortune 500 company in a €400 million pan-European account receivable securitization funded through a commercial paper conduit.
Represented Octavian Advisors, Octavian Global Partners, and its affiliates in the sale of a significant stake in several of its funds to TPS Special Situations Partners.
We represented a coalition of Foreign Exchange Intermediaries in obtaining and implementing CFTC relief under Dodd-Frank provisions relating to derivatives, permitting continuation of their business operations.
Represent Prosper Marketplace in a variety of securities advisory and transactional matters, including in a first-of-its-kind registration of $500 million of borrower dependent notes and restructuring into a bankruptcy remote vehicle, several rounds of venture financings, as well as ongoing disclosure, SEC reporting and SEC regulatory matters.
Advised Prosper Marketplace, Inc. in its acquisition of American Healthcare Lending, LLC and merger with Prosper’s wholly owned subsidiary, Prosper Healthcare Lending, LLC.
Represented Pepco Holdings, Inc. and its subsidiaries as corporate and securities counsel for over 25 years, including representation in over $6.6 billion of securities offerings since 2002.
Advised Prosper Marketplace in its last six rounds of financing, including its most recent $165M Series D financing.
Represented Patriot Financial Partners in its investments in in BNC Bancorp and Palmetto Bancshares.
Representation of leading secondary market participants for the last ten years in transactions totaling in excess of $10 billion.
Representation of PineBridge Investments (formerly AIG Investments) in connection with the formation of numerous private equity funds targeting investments in emerging markets, including Africa, Asia, Brazil, Central and Eastern Europe, Israel, Latin America, the Middle East and Russia.
Represent Wilmington Trust Company, as indenture trustee for $49 billion of bonds and as Co-Chair of creditors’ committee.
In 2014 and 2015 to date, we have represented issuers or underwriters in 22 initial public offerings, including IPOs for UniQure, Horizon Discovery Group, Bankwell Financial Group, Bellicum Pharmaceuticals, Kite Pharma, Indivior plc and Automobile Association.
Represented Jefferies as sole book running manager to Jefferies Group, Inc. in an aggregate of $1 billion of senior notes, comprised of two tranches of notes, $600 million of 5.125% Senior Notes due 2023 and $400 million of 6.5% Senior Notes due 2043.
Represent the Chapter 11 trustee for this financial services company and its wholly-owned subsidiary, Check Holdings LLC in these Chapter 11 cases and related adversary proceedings.
Represented MidFirst Bank in its acquisition of Steele Street Bank and Trust from Steele Street Bank Corporation and in its acquisition of Presidential Financial Corporation.
Represented Keefe, Bruyette & Woods, as underwriters, in the $38.12 million initial public offering by National Commerce Corporation on Nasdaq.
Represented a major U.S. investment bank in developing and structuring a liquidity alternative for auction rate securities investors.
Represented Chapter 11 trustee and represent Plan Administrator in insurance coverage matters.
Represented Synchrony Financial as bank regulatory counsel in its $2.875 billion initial public offering on NYSE.
Provide ongoing support to a major banking contractor by challenging cost disallowances by the U.S. government that could interfere with the bank’s ability to provide critical banking services to military members stationed around the world.
Represented Temasek Holdings in various matters, including its investment in Merrill Lynch.
Represented WSFS Financial Corporation in its acquisition of First Wyoming Financial Corporation.
Represented Tricadia Capital Management as lead investor in the recapitalizations of Highlands Union Bank, a subsidiary of Highlands Bankshares, and Bank of Virginia, a subsidiary of Cordia Bancorp.
We represented UBS in the SEC registration of $21 billion of Auction Rate Securities Rights offered to clients of UBS as part of its entry into a settlement agreement with the SEC and other securities regulators relating to auction-rate securities.
Represent Fortune 100 companies in the consumer goods, health insurance, and technology industries with respect to sensitive, ongoing securities disclosure, and compliance matters.
Represented UBS in the negotiation of a new long-term services agreement with Bloomberg for the calculation and administration of commodities indices.
Representation of an international fund sponsor in connection with a $825 million India focused private equity fund focusing on stressed companies, distressed companies and special credit opportunities in India using a multi-vehicle platform.
Representation of an international fund sponsor in connection with the launch of a fully AIFMD compliant fund targeting €500 million of capital commitments.
Represent Kohlberg Kravis & Roberts (KKR) on various matters involving potential foreign investor partners.
Represented Simmons First National Corporation in a number of transactions, including in its $206.9 million acquisition of Liberty Bancshares, $243.4 million acquisition of Community First Bancshares, Inc., and $66 million acquisition of Delta Trust & Bank Corporation.
Assisted financial services client in investigation of potential sanctions compliance issues in UK affiliate; represented client before UK Financial Conduct Authority (the matter was ultimately resolved with the authorities taking no enforcement action).
We are representing a non-U.S. financial institution in connection with an investigation by federal and state civil and criminal enforcement authorities into the bank's processing to or through the United States of U.S. dollar payments involving U.S.-sanctioned parties.
Represent numerous Fortune 500 companies in the pharmaceuticals, consumer goods, health insurance, home equipment, advertising, motor vehicles, network communications, and technology industries with respect to the resolution of shareholder proposals concerning executive compensation, majority voting, proxy access, the right to call special meetings, political spending and lobbying disclosures, and a host of other topics.
Represented Cenkos Securities plc as sole coordinator and bookrunner in the £1.385 billion initial public offering by Automobile Association on the London Main Market.
Represented a leading global provider of investor communications and technology solutions in connection with its pursuit of specific changes to NYSE rules regarding the distribution of proxy materials on behalf of banks and brokers. Covington interacted with the SEC and NYSE staff and successfully persuaded the bodies to include the provisions advocated by our client.
Represented BBVA in its $114 million acquisition of Simple Technology Finance Corp.
Represented Sandler O'Neill & Partners and Keefe Bruyette & Woods, as underwriters, in the $48.6 million initial public offering by Bankwell Financial Group on Nasdaq.
Represented and procured favorable judgment through appeal for The Bank of New York Mellon Trust Company, N.A. as trustee for BNEC unsecured subordinated notes, in a subordination dispute with the trustee for BNEC senior unsecured notes.
Represent U.S. and international investors in bespoke CDO, variable rate note, equity- and credit-linked note, and other complex structured product investments.
Represented defendant in avoidance action brought by SIPA trustee.
Represented Deutsche Börse in its proposed $9.5 billion acquisition of the New York Stock Exchange. The transaction was subsequently terminated on EU antitrust grounds.
Representation of Hampshire, a privately-owned real estate investment manager, and its affiliates in connection with the formation of multiple related funds and private REITs for U.S. and foreign institutional investors with more than $1 billion of aggregate committed capital focused on investments in U.S. commercial real estate.
Represented boards in the pharmaceuticals, consumer goods, health insurance, home equipment, advertising, motor vehicles, network communications, and technology industries as well as hedge funds, public pension funds, and other investors with respect to corporate governance developments regarding board and committee composition, crisis management, cybersecurity, internal controls, shareholder proposals, proxy access, political spending, and other sensitive disclosures and similar matters.
Represented GCP as an investor in the acquisition and recapitalization of 1st Mariner Bank by a newly formed interim bank and in its investment in Eastern Virginia Bankshares, Inc.
Represented Grupo Suramericana de Inversiones, through its subsidiary AFP Integra, together with Profuturo AFP S.A., the Peruvian pension fund manager of Scotiabank, in their $516 million acquisition of AFP Horizonte, the Peruvian pension fund manager, from Banco Bilbao Vizcaya Argentaria.
Assisted global high-technology and financial sector companies with U.S. and other export controls affecting encryption items and high-performance computers.
Represented GCP Investment Partners in connection with the acquisition and recapitalization of First Mariner Bank in the Chapter 11 case of its bank holding company parent.
We represented a major financial services company in congressional investigations concerning the documentation of residential foreclosures. Conducted by the House Committee on Financial Services and the House Committee on the Judiciary, the investigations included document requests, interrogatory responses, and an oversight hearing. A significant complicating factor was widespread private and state attorneys general litigation on the same subject matter.
Represented Keefe, Bruyette & Woods with FIG Partners LLC, as co-placement agent, in the $75 million offering of subordinated debt by Fidelity Bank.
Conducted an investigation for a major international financial institution with regard to possible breaches of UK and EU financial sanctions and wire transfer regulations by the client’s UK branch.
Represented IndyMac’s former Chairman and CEO in defense of litigation instituted by bankruptcy trustee, the Bank’s receiver, and others arising out of IndyMac’s demise during the 2008 financial crisis. Recognized by AmLaw as a Litigation Department of the Year finalist for 2012 for representation.
Persuaded plaintiffs to dismiss voluntarily ERISA “stock drop” claims against our client, the independent fiduciary of BNY Mellon Corp.’s employer stock fund, by filing motion to dismiss. In re Bank of New York Mellon Corp. Foreign Exch. Trans. MDL (Sansano v. Fiduciary Counselors) (S.D.N.Y. 2012).
Represented Grupo Financiero Banorte, the Mexican financial group, and its affiliate Afore XXI Banorte in the $1.6 billion acquisition of Afore Bancomer from Banco Bilbao Vizcaya Argentaria to create Mexico’s largest pension fund.
Represent Portfolio Recovery Associates, a large debt collection firm, in a CFPB investigation and enforcement action that resulted in the negotiation and implementation of a consent order.
Advise numerous financial institutions and non-bank financial services firms on unfair, deceptive, or abusive acts or practices (“UDAAPs”), fair lending, overdraft programs, credit cards, installment loans, and other consumer credit products, payments and payment systems, military lending, and managing vendor and other third-party relationships.
Represent industry trade associations, including the Online Lenders Alliance, Consumer Data Industry Association, and American Bankers Association, in connection with CFPB and FTC regulatory strategy and policy advocacy, preparing comment letters on CFPB rulemakings, and amicus briefs.
Advise numerous financial technology and services companies, including consumer reporting agencies, payment processors, and technology providers, on issues related to consumer credit reporting, financial privacy and data security, payment processing and payment systems, and state licensing requirements.
Defended civil claims brought by the SEC and FDIC against the former CEO of IndyMac BankCorp, Michael Perry, in connection with the bank’s failure in 2008. The cases were ultimately settled on very favorable terms. Relatedly, we represented Mr. Perry on insurance coverage issues concerning his defense.
Defended the former CEO of IndyMac in an SEC securities fraud case and FDIC lawsuit involving one of the most high-profile bank failures of the recent financial crisis.
Represented the former CEO of IndyMac Bank in multiple securities and ERISA class actions.
In numerous securities arbitrations arising from alleged securities frauds and other wrongs.
Represent the former GE Capital Retail Bank (now Synchrony Financial) in a CFPB investigation, enforcement action, and consent order related to allegations of deceptive marketing of credit card add-on products and discrimination against Spanish-speaking customers related to certain offers to settle outstanding credit card balances and a Department of Justice enforcement action and consent order regarding the same allegations of discrimination.
Serving as global privacy and data security counsel to a global e-commerce business, including advising on financial services privacy and information security-related aspects of certain mobile payments and mobile wallet services and international data transfers
On an ongoing basis, we provide government relations advice to several large and mid-size financial institutions.
We have advised the largest and most sophisticated banks, consumer reporting agencies, and financial services companies on the collection, use and disclosure of nonpublic personal information under GLBA, that California Financial Information Privacy Act, and similar laws, including the development and implementation of privacy notices.
Representation of MasterCard in trademark litigation in the United States District Court for the District of Utah against a bank that was using a MASTER CARD mark for various banking services offered to account holders.
Advised a New York-headquartered investment bank on an international assignment from the UK to China.
A cross-office team conducting an internal investigation for a major U.S. financial institution of allegations that the bank assisted Argentine nationals evade taxes and launder money. We are also coordinating the bank's global defense strategy, which includes leading strategy meetings with local Argentine defense counsel, and interfacing with key U.S. officials in the U.S. and in Argentina.
Represented Bank of America in nationwide class actions challenging interchange fees paid on ATM and credit card transactions.
Representation of JPMorgan Chase in patent litigation brought in the Eastern District of Texas by LML Patent Corp. relating to electronic transactions on credit and debit accounts.
Represented JPMorgan Chase in numerous consumer class actions and attorney general representative actions on various practices relating to credit cards.
In obtaining the dismissal of an antitrust class action alleging that a number of credit-card issuers conspired to adopt arbitration clauses in their credit card agreements. 2006 WL 2685082 (S.D.N.Y. Sept. 20, 2006).
Representing Credit Suisse AG in connection with Federal Reserve Board investigation and Federal Reserve Board Consent Order to Cease and Desist and Assessment of Civil Money Penalty with respect to allegations that Credit Suisse assisted U.S. taxpayers with opening of foreign accounts to avoid required U.S. tax reporting and related matters—and in connection with implementation of requirements of the Order.
Represented a leading industry coalition in the rulemaking proceeding on the whistleblower provisions of the Dodd-Frank Act.
Representing Cole Taylor Bank, now part of MB Financial, in Federal Reserve Board (and Illinois banking department) investigation and consent cease and desist/civil money penalty order alleging violations of consumer protection laws with respect to deposit products provided by the bank through a third party that offered financial aid refund disbursement services to higher education students.
Prepare comment letter on behalf of SIFMA AMG related to a Joint Audit Committee policy on margining of accounts held by the same beneficial owner.
Prepare multiple comment letters on behalf of several trade associations related to the treatment of segregated margin for cleared derivatives under the Basel III leverage ratio.
Successful defense of putative nationwide class action for race discrimination on behalf of financial advisors.
Advising several of the largest bank holding companies in the U.S. on compliance with the FCRA. Advising major consumer reporting agencies and trade associations on the requirement of the FCRA. Successfully representing numerous consumer reporting agencies and financial services providers in CFPB and FTC supervisory and enforcement actions relating to FCRA. Representing numerous firms in connection with the acquisition of FCRA-regulated businesses, including due diligence and preparation of merger and acquisition documents.
Representing the former CEO of IndyMac Bancorp in matters arising out of the failure of IndyMac Bank, including knocking out all but one claim in SEC’s once wide-ranging securities enforcement case and settling the last remaining claim, without admitting or denying liability, as a negligence-based claim for $80,000 and a commitment to comply with the securities laws; successfully resolving an FDIC lawsuit; and defending against and/or successfully resolving several securities class action lawsuits, mortgage-backed securities cases, and purported ERISA class action lawsuits.
In a unanimous decision, the Supreme Court vacated a ruling that had gone against our client Fifth Third Bancorp in an ERISA case concerning Employee Stock Ownership Plans (ESOPs). The Court held that ESOPs are subject to rules designed to weed out meritless stock-drop cases at an early stage of the litigation.
Representation of UBS Financial Services in an employment discrimination class action brought on behalf of minority financial advisers.
Conduct real-time reviews of futures and swaps trading activity to verify compliance with internal hedging policies and CFTC regulations; prepare related response to the CFTC’s Division of Market Oversight special call request.
Represented a major financial services company in an investigation by the FTC of alleged exclusionary conduct with no action being taken against our client.
We represented a regional bank in responding to a congressional inquiry relating to a data breech.
Advise multiple derivatives market participants, including energy company end-users, regarding the regulatory requirements for domestic and international derivatives activities, specifically the analysis of whether financial products are “swaps” under Dodd-Frank, the analysis of whether a market participant satisfies the CFTC’s swap dealer registration requirements and the application of the CFTC’s guidance on the cross-border application of Dodd-Frank on the market participant’s derivatives activities.
Won a jury trial for a major credit card firm, defending claims based on race and national origin discrimination; and he obtained an award of $265,000 in attorneys' fees against the law firm of plaintiff's counsel.
Represented company in DOJ investigation of employee recruiting practices.
Prepare special reports for FIA and FIA Europe related to the European Securities and Markets Authority consultation process for the implementation of Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation.
Representing Morgan Stanley in a New York lawsuit filed by Lloyd’s disputing coverage under a financial institutions professional liability insurance policy.
Representing Plaza Bank in the U.S. Justice Department’s “Operation Choke Point” initiative that focuses on banks doing business with third-party payment processors and pay-day lenders and alleges violations of FIRREA.
Representation of private equity firms and other financial investors in connection with their broadcast media interests.
Outside tax counsel to the Investment Company Institute (ICI), the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds and unit investment trusts. Members of ICI manage over $13 trillion in assets and serve over 90 million shareholders. Our representation consists primarily in advising ICI on developments that affect the taxation of its member funds and their shareholders and advocating on behalf of the industry before Congress, Treasury and the IRS. Recent activity includes representing ICI in obtaining enactment of the 2014 technical corrections to the RIC Modernization Act and in connection with a proposed method of accounting for gains and losses of shareholders in certain money-market funds.
Act as outside tax counsel to U.S. Securities Markets Coalition, which consists of all U.S. options exchanges and related entities. Our representation includes advising the coalition and its members on developments that affect the taxation of options and other financial products and advocating on behalf of the options industry before Congress, Treasury and the IRS. In the past year we have been actively engaged on behalf of the Coalition with respect to proposed tax legislation that would require all exchange-traded options to be marked to market (treated as sold) at year-end, and with respect to proposed regulations that would treat certain equity options as giving rise to deemed dividends subject to U.S. withholding tax.
Representation of American Express in the United States District Court for the Northern District of California against claims by Visa that Advanta, in conjunction with American Express, used Visa marks beyond the scope of a trademark license and contrary to the Lanham Act.
We represented two major financial trade associations in drafting and presenting to Congress amendments to proposed legislation to revamp the housing finance system.
We worked with a major financial trade association in a successful effort to amend a provision of the Dodd-Frank Act.
Advised one of the largest mutual fund families in the U.S. on financial products issues affecting their funds and investors in their funds. In the past year we have advised on numerous specific products in which the funds have invested and on structuring issues related to a new type of actively managed exchange-traded fund.
In an ICC arbitration relating to executive compensation.
Advise a U.S. investment bank with international offices on the regulatory treatment of derivatives, including the CFTC’s guidance on the cross-border application of Dodd-Frank and the related structure of the investment bank’s operations.
Provided tax and commercial advice on the restructuring of a foreign currency hedging program to optimize the ability of client to utilize economic losses efficiently. Provide follow-on advice to prepare for potential audit and transactions to maximize regulatory benefit of deferred tax assets.
Provided tax and commercial advice relating to the structuring and execution of a complex bond exchange in connection with the wind-down of a business to optimize tier 1 capital. Provided follow-on advice relating to potential audit and transactions to maximize regulatory benefit of deferred tax assets.
Advise a derivatives trading platform on the application of the CFTC’s core principles for swap execution facilities and designated contract markets.
Provide advice to a major custody bank related to the CFTC requirements for customer collateral, including rules related to the interactions with futures commission merchants and clearinghouses.
Advise a coalition of foreign currency intermediaries regarding the CFTC’s external business conduct regulations in the context of foreign currency prime brokerage arrangements, including a successful request for no-action relief to the CFTC.
Advise multiple derivatives market participants on compliance with CFTC regulations, including the development of policies and procedures related to futures and swaps trading to demonstrate compliance with CFTC rules and regulations.
Representing Citibank, N.A., and Citigroup in connection with negotiation of OCC and Federal Reserve consent and civil money penalty orders related to Citibank, N.A.’s foreign exchange (FX) trading business.
In securing a stay of antitrust and related class-action claims in deference to arbitration clauses in credit-card agreements. 361 F.Supp. 2d 237 (S.D.N.Y. 2005).
Represented a multinational financial services provider in strategic matters relating to potential Court of Justice of the European Union (CJEU) litigation pursuant to the EU sanctions against Iran.
ICICI Bank Limited, India’s second largest bank, as the lender in a $1.7 billion structured financing for an affiliate of an India-based multinational company.
Represent collateral managers in numerous CDO and CLO transactions.
Representation of Neuberger Berman affiliate Dyal Capital Partners in connection with the formation of private equity funds with over $3 billion of aggregate capital commitments, using a customized master-feeder structure incorporating ERISA compliant vehicles.
We have represented clients in numerous other congressional investigations and oversight hearings, including a major internet services company in an investigation of its practices abroad, a chemical manufacturer in an investigation of the safety of its products, an insurance company in a hearing on the federal long term care insurance program, a financial services company in an investigation of credit card terms, and drug companies in investigations concerning such matters as payments to doctors, marketing practices, generic approvals, drug importation, and drug safety.
Represented Wells Fargo Bank in consumer class actions under the laws of multiple states challenging fees, disclosures, and other banking practices.
Representation of Wells Fargo Bank in numerous consumer class actions brought in state and federal courts in California invoking the state’s false advertising statutes with respect to the bank’s sales of products and services.
Represent Wells Fargo & Co. and Wells Fargo Financial, Inc. in connection with a Federal Reserve Board investigation, enforcement action involving allegations of customer income alteration and customer steering by Wells Fargo Financial sales personnel in originating nonprime mortgage loans—and with implementation of the resulting consent order.
Covington successfully represented Wachovia Bank in a National Bank Act preemption case. In ruling for Wachovia, the Supreme Court held that the state law at issue was preempted because national bank operating subsidiaries are supervised exclusively by the federal Office of the Comptroller of the Currency.
Won a Supreme Court victory for our client Harris Trust and secured ruling that ERISA permitted a fiduciary to sue a non-fiduciary party in interest that had participated in a prohibited transaction. Harris Trust and Sav. Bank v. Salomon Smith Barney, Inc., 530 U.S. 238 (2000).
Represented Citigroup in connection with the disposition of its 16% ownership stake in Grupo Aeroméxico SAB and in the sale of its controlling interest in AFP Confía, a pension management company in El Salvador, to Inversiones Atlántida, S.A., a financial holding company in Honduras. We also advised Citigroup and its Mexican affiliate, Grupo Financiero Banamex, in the sale to an affiliate of EVO Payments International of Banamex’s merchant acquiring business. All three transactions were completed in 2015.
Act as tax counsel to OCC, the clearing corporation for all of the U.S. options exchanges as well as for certain futures exchanges. OCC is the largest derivatives clearing organization in the world. We advise OCC on relevant tax developments, such as legislative and regulatory developments that affect the taxation of its member firms.
In persuading the courts to compel arbitration of claims relating to alleged wrongs by a brokerage firm. 394 F.3d 444 (6th Cir. 2005).
Representation of JPMorgan Chase as petitioner in four CBM proceedings for patents owned by Maxim Integrated Products relating to secure electronic transactions, which were terminated by settlement of the co-pending litigation.
Represented a global bank in class actions involving antitrust, commodities fraud, and RICO claims relating to alleged manipulation of financial benchmarks, including the London Interbank Offering Rate (LIBOR), foreign currency exchange benchmarks, and ISDAFIX®
Representation of Prosper Marketplace in a variety of securities advisory and transactional matters, including in a first-of-its-kind registration of $500 million of borrower dependent notes and restructuring into a bankruptcy remote vehicle, several rounds of venture financings, as well as ongoing disclosure, SEC reporting and SEC regulatory matters.
WSFS Bank in its strategic investment and partnership with ZenBanx Holdings, which offers a mobile, multi-currency account that will allow consumers to hold balances denominated in up to five currencies in a single account.
Representation of Legg Mason, Inc. in its investment in Precidian Investments LLC, a leader in the creation of innovative financial technology products, specializing in exchange-traded fund and mutual fund development, and associated trading and pricing technologies.
Representation of Cenkos Securities, plc as nominated adviser, broker and bookrunner in relation to an IPO on AIM and two follow-on offerings by FAIRFX GROUP plc, an international payment services provider.
Representation of a company in the fintech sector in a complex strategic alliance and outsourcing transaction to create an innovative post-financial trade processing and technology service for large banks in Europe and Asia.
Advising a global network that enables institutions to send and receive information about financial transactions on an innovative new communications technology platform.
Representation of Prosper Marketplace, Inc. in its acquisition of a healthcare lending platform, American Healthcare Lending, LLC, and merger with Prosper’s wholly owned subsidiary, Prosper Healthcare Lending, LLC.
Advising a number of firms on the provisions of the new Payment Services Directive 2 and how to implement the changes.
Representation of JD.com in connection with its investment in and joint venture with ZestFinance, Inc.
Representation of Prosper Marketplace in its last six rounds of financing, including its most recent $165M Series D financing.
Representation of Prosper in its acquisition of BillGuard, a personal finance analytics company.
Representation of leading industry trade association of online lenders in responding to CFPB small dollar rulemaking.
Representation of American Express in the divestiture of its global travel business to form a joint venture with Certares LP, which was the largest foreign investment ever in a travel management company and included Middle Eastern government-owned investors.
We have counseled clients on all aspects of data breach response globally, including incidents involving more than 100,000 impacted employees, payment card incidents involving millions of consumers, and breaches of other personal information impacting more than 50 million consumers.
We have handled multiple large cyber-based financial crimes, including, among others, assisting in the response to one of the largest criminal organization ATM cash drawdowns in U.S. history.
Representation of Banco Bilbao Vizcaya Argentaria, an international financial group based in Spain, in its acquisition of financial technology company Simple. The $117 million acquisition is part of BBVA's strategy to lead the technology-driven change that is transforming the financial services industry. According to Francisco González, Chairman and CEO of BBVA, Simple will reinforce BBVA’s “global digital transformation while BBVA will provide the means to help Simple maximize its outstanding growth potential.”
Counseling a major U.S. company on the operations of its Russian subsidiary in the wake of U.S. and EU sanctions, including advising it on the application of financial and energy sector sanctions to a range of ongoing and future projects.
Representation of a Bermuda company in a pending LCIA arbitration against a Russian investment firm arising out of investment brokerage arrangements.
Advising a Fortune 100 company in connection with its evaluation of a blockchain-based technology service for cross-border payments.
Providing government affairs and public policy support and advice to a bitcoin infrastructure and transaction processing company.
Advising a financial services company in connection with its acquisition of blockchain assets.
Providing strategic advice and support to a new blockchain industry association.
Advising a start-up blockchain company building an identity platform in connection with corporate, venture capital, privacy, and commercial licensing transactions.
Analyzed CFTC regulatory issues on behalf of digital currency wallet and platform provider, including the launch of an exchange and meetings with the CFTC Chairman, Commissioners, and staff to discuss the company and its request for no-action relief.
March 20, 2017, Cov Financial Services
On March 17, 2017, the U.S. District Court for the Eastern District of North Dakota dismissed without prejudice the CFPB’s complaint against third-party payment processor Intercept Corporation and two of its executives for failure to state a claim. The CFPB’s June 2016 complaint alleged that defendants had violated the Consumer Financial Protection Act (the ...
March 17, 2017, Cov Financial Services
On March 17, 2017, the U.S. Department of Justice filed a Brief for the United States as Amicus Curiae in PHH Corporation v. Consumer Financial Protection Bureau, 839 F.3d 1 (D.C. Cir. 2016), a case challenging the constitutionality of the CFPB’s single-director structure pending before the U.S. Court of Appeals for the District of Columbia … Continue Reading
On Wednesday, the Office of the Comptroller of the Currency (“OCC”) issued a highly-anticipated draft supplement to its Licensing Manual (the “Supplement”) for evaluating applications from fintech companies for a special purpose national bank (“SPNB”) charter. The Supplement explains how the OCC will apply its existing licensing standards and requirements to ...
March 15, 2017, Cov Financial Services
On March 14, 2017, the White House announced that President Donald Trump intends to nominate J. Christopher Giancarlo, currently Acting Chairman of the Commodity Futures Trading Commission (“CFTC”), to serve as the CFTC’s permanent Chairman, subject to confirmation by the Senate. Acting Chairman Giancarlo joined the CFTC as a commissioner in 2014, and was named ...
As has been widely reported, FDIC Vice Chairman Thomas Hoenig put forward in remarks to the Institute of International Bankers on Monday, March 13, a “Market-Based Proposal for Regulatory Relief and Accountability” (the “Hoenig Proposal” or the “Proposal”). If adopted, the Hoenig Proposal would substantially change the regulation of large and complex banking ...
March 14, 2017, Cov Financial Services
On March 10, 2017, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a request for information regarding the consumer credit market (the “RFI”). Section 502 of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the “CARD Act”) requires the CFPB to conduct a biennial review of the credit card market, which … Continue ...
March 13, 2017, Cov Financial Services
On March 7, 2017, Mark Calabria, chief economist to Vice President Mike Pence, commented on the Trump administration’s likely approach to the CFPB during a panel at the National Association for Business Economics’ annual economic policy conference. The comments provide rare insight given that President Trump has not publicly detailed his thinking on reforming ...
March 13, 2017, The Street
Arlo Devlin-Brown is quoted by The Street in an article regarding the removal of Preet Bharara from his position as U.S. Attorney General of the Southern District of New York by the Trump Administration and its effect on the future of financial enforcement prosecutions. According to Devlin-Brown, "Historically, U.S. attorneys for the Southern District of New ...
March 13, 2017, Law360
Arlo Devlin-Brown is quoted in a Law360 article regarding the effect of the removal of Preet Bharara from his position as U.S. Attorney General of the Southern District of New York on the independence of the Office. "[Bharara] wasn’t afraid of losing, and I think that made a big difference and inspired confidence in the prosecutors who worked for him," says ...
March 11, 2017, Cov Financial Services
On March 9, 2017, the House Financial Services Committee and Senate Banking Committee conducted their first legislative mark-ups in the new Congress and approved bipartisan bills to amend several SEC-related laws. Observers have speculated that the simultaneous advancement of this package of bipartisan bills in both chambers may indicate that key legislators ...
March 10, 2017, Cov Financial Services
On March 9, 2017, the CFPB released a proposal to delay the effective date for certain provisions of the prepaid accounts final rule for six months, from October 1, 2017, to April 1, 2018. In its proposal, the CFPB indicated that the proposed extension was prompted by industry concerns about constraints on the ability to … Continue Reading
March 8, 2017, Cov Financial Services
In separate remarks at the Lendit USA 2017 conference on March 6, 2017, Thomas Curry, the Comptroller of the Currency, and Richard Cordray, the Director of the Consumer Financial Protection Bureau (CFPB), discussed their respective agencies’ approaches to fintech. Although neither agency head made any groundbreaking announcement, their remarks provide an ...
March 6, 2017, Law360
Charlotte Hill is quoted in a Law360 article regarding the start of the Senior Managers and Certification Regime which allows the Financial Conduct Authority to trace responsibility up to the highest levels within banks and other financial institutions when there is evidence of misconduct. According to Hill, the introduction of criteria to ensure certain ...
March 6, 2017, Covington Alert
Following up on the Consumer Financial Protection Bureau’s (the “Bureau,” or “CFPB”) monthly complaint report highlighting credit reporting issues (and particularly issues with accuracy and disputes), on March 2, 2017, the CFPB issued a special edition of its Supervisory Highlights bulletin focusing on consumer reporting issues, highlighting those same concerns. ...
February 27, 2017
NEW YORK—Latinvex has named Covington partners Gabriel Mesa and Nicole Duclos among “Latin America’s Top 100 Lawyers” in 2017.
Mr. Mesa counsels corporations in joint ventures and private mergers and acquisitions in Latin America and other emerging markets, as well as in the United States. A client described Mr. Mesa as "an excellent lawyer,” noting that his ...
February 22, 2017, Payments Compliance
Michael Nonaka is quoted in a Payments Compliance article regarding financial crime regulation under President Trump amid Dodd-Frank reforms. According to Nonaka, “The conversation around deregulation hasn’t touched on anti-money laundering and terrorist financing compliance and enforcement.” The “strong nexus with law enforcement and border protection,” is why ...
February 21, 2017
In September 2016, the Office of the Comptroller of the Currency issued final guidance for recovery planning, requiring OCC-regulated banking organizations with average total consolidated assets of $50 billion or more to develop recovery plans. Covered banks with at least $750 billion in assets are required to comply by July 1, 2017; covered banks with at least ...
February 20, 2017, Law360
Ian Hargreaves is quoted in a Law360 article regarding the use of deferred prosecution agreements by the Serious Fraud Office to push deeper into enforcement in financial services. According to Hargreaves, financial firms have lived in the era of self-disclosure to the Financial Conduct Authority for so long they fully understand the consequences — and leave ...
February 17, 2017, The Wall Street Journal
Eric Mogilnicki is quoted by The Wall Street Journal in an article regarding the recent decision by the U.S. Court of Appeals ordering a rehearing of an earlier ruling that the CFPB’s single-director structure was unconstitutional. However, as Mogilnicki points out, the court may not even rule on the question of constitutionality: “The court could resolve the ...
February 17, 2017, Law360
February 13, 2017, Agenda
Keir Gumbs is quoted in an Agenda article regarding the Trump Administration’s rollback of Dodd-Frank. According to Gumbs, “I don’t think there’s any doubt that some of the Dodd-Frank rules that were not clearly connected to the financial crisis are going to either be gone or significantly reduced. The question is, will they be gone or reduced, and if so, how ...
February 13, 2017, BNA’s Banking Report
February 6, 2017, Law360
Beth Brinkmann is quoted in a Law360 article regarding her recent arrival to Covington’s Appellate and Supreme Court Practice Group. According to Brinkmann, “The teamwork and collaboration at Covington is incredible and the strength of its appellate practice attracted me to the firm.”
February 6, 2017, Harvard Law School Forum on Corporate Governance and Financial Regulation
February 3, 2017, Law360
Bruce Bennett is quoted in a Law360 article providing tips for British banks under the Trump Administration’s approach to financial reform. Commenting on the full repeal of Dodd-Frank, Bennett says, “[it] would be very difficult for a variety of reasons.” He adds, “Our sense is, in the overall hierarchy of priorities the new president has, this isn’t at the ...
February 3, 2017, Global Investigations Review
Ian Hargreaves and David Lorello are quoted in a Global Investigations Review article regarding Hargreaves’ recent arrival to Covington. According to Hargreaves, the firm’s “pre-eminence in dispute resolution, and its immense strength and global recognition as a market-leader in white-collar crime matters and investigations” fueled his decision.
Lorello says, ...
February 3, 2017, Covington Alert
Throughout his campaign, President Donald Trump promised to curtail financial regulations, particularly those promulgated under the Dodd-Frank Act. President Trump argued frequently that the regulations issued under the act have proven overly burdensome and, among other things, limited job growth. This afternoon, the President took his first formal step in ...
February 2, 2017, Commercial Dispute Resolution
Beth Brinkmann and Robert Long are quoted in a Commercial Dispute Resolution article regarding Brinkmann’s arrival to Covington’s Appellate and Supreme Court Practice Group. Citing “Covington’s long history litigating important cases in the Supreme Court,” Brinkmann says she looks forward to the opportunity to help expand the appellate practice.
According to ...
February 2017, The American Lawyer
Eric Mogilnicki was featured as a “Lateral All-Star” in The American Lawyer’s Lateral Report, recognizing his move to Covington as one of the “most notable and intriguing” in 2016.
January 31, 2017
WASHINGTON—Beth Brinkmann has joined Covington as a partner in the firm’s Appellate and Supreme Court Practice Group in Washington. Ms. Brinkmann served as Deputy Assistant Attorney General in the Civil Division of the U.S. Department of Justice from 2009 to 2016. She has argued 24 cases before the Supreme Court of the United States.
Ms. Brinkmann is an ...
LONDON—Ian Hargreaves has joined Covington as a partner in the firm’s European Dispute Resolution practice resident in London. Mr. Hargreaves’ arrival follows that of litigation partners Craig Pollack, Greg Lascelles, Elaine Whiteford, and Louise Freeman over the past six months.
Mr. Hargreaves advises on major European white collar and related civil and ...
January 31, 2017, The National Law Journal
Beth Brinkmann is quoted by The National Law Journal in an article regarding her arrival to Covington’s Appellate and Supreme Court Practice Group. "Covington turned out to be just a really unique opportunity," Brinkmann says. The firm is "a longstanding presence in the legal community," she adds, praising the "culture of teamwork."
January 31, 2017, Compliance Reporter
David Kornblau is quoted in a Compliance Reporter article regarding industry’s reaction to the SEC’s 2017 examination priorities. “I think everybody is waiting with bated breath to see if the priorities and philosophy of the agency will take a different direction once Clayton and other commissioners are confirmed,” says Kornblau. “We are all in a guessing game ...
January 24, 2017, Law360
Mark Young, Jennifer Martin, and Ian Hargreaves are quoted in a Law360 article regarding the high level of cyberattacks on the financial services industry and the resulting regulatory pressures. According to Young, “The GDPR [General Data Protection Regulation] is a massive text with groundbreaking change in the data privacy area, in terms of compliance ...
January 17, 2017, Law360
Alex Leitch and Jeremy Wilson are quoted in a Law360 article regarding the arrival of Craig Pollack and Louise Freeman to the firm’s European Dispute Resolution practice. According to Leitch and Wilson, “The firm’s growing footprint in London is a reflection of client demand that is fueled by the increasingly challenging regulatory and compliance environment, ...
January 17, 2017, Global Competition Review
Louise Freeman and Johan Ysewyn are quoted in a Global Competition Review article regarding Freeman’s arrival to the firm’s European Dispute Resolution practice. According to Freeman, Covington is an exciting firm to join – especially as the firm is “expanding at a phenomenal rate.” She adds, “It’s going to be great fun educating the London market on what is ...
January 16, 2017
LONDON—Craig Pollack and Louise Freeman have joined Covington as partners in the firm’s European Dispute Resolution practice resident in London. Mr. Pollack will also serve as co-chair of the firm’s Global Disputes Initiative with former U.S. Attorney General Eric Holder and former U.S. Under Secretary of State Alan Larson.
Mr. Pollack focuses on complex high ...
January 6, 2017, Law360
Sebastian Vos is quoted in a Law360 article regarding the launch of a Global Blockchain Business Council at this year’s World Economic Forum by Covington and The Bitfury Group. “Blockchain has the potential to be the next great technological innovation, revolutionizing areas from cross-border payments, trade finance and land registries to government records,” ...
January 3, 2017
WASHINGTON—Law360 has named six Covington lawyers as MVPs in their respective practice areas. The awards single out lawyers from across various practice areas based on their “success in high-stakes litigation, complex global matters, and record-breaking deals.”
The Covington lawyers recognized as Law360 MVPs are:
Shara Aranoff, International Trade. Ms. ...
January 2, 2017, Law360
Carlo Kostka is quoted in a Law360 article regarding UK financial services reforms to watch in 2017. Commenting on the 2014 Markets in Financial Instruments Directive II and Brexit, Kostka says, “There’s a host of operational reasons why you’d say you don’t want to fragment the clearing market.” He adds, “But the flip side ... is this is going to be a ...
December 29, 2016, Corporate Counsel
Eric Mogilnicki is quoted in a Corporate Counsel article regarding the anticipated spotlight on the Consumer Financial Protection Bureau in 2017 following Donald Trump’s election and an October 2016 ruling from the U.S. Court of Appeals for the D.C. Circuit. According to Mogilnicki, "The election results might speed up some work by the bureau on rules, for ...
December 28, 2016, American Banker
Ethan Levisohn is quoted in American Banker regarding the potential restructuring of the Consumer Financial Protection Bureau under President-elect Trump and the new Congress. Ethan comments on the PHH Corp. v. CFPB case, which in October found that the CFPB’s single-director structure is unconstitutional. According to Levisohn, PHH may have clipped the bureau's ...
December 11, 2016, Harvard Law School Forum on Corporate Governance and Financial Regulation
December 6, 2016, Covington Alert
Without much fanfare, the Consumer Financial Protection Bureau (the “Bureau,” or “CFPB”) recently released its Fall Unified Regulatory Agenda (“URA”), which describes the Bureau’s regulatory priorities for the next six months. The URA outlines fairly ambitious plans for the coming months, including final action on the controversial arbitration rule and the ...
December 5, 2016, Covington Alert
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC”) would move forward with issuing special purpose national bank charters to financial technology (“fintech”) companies. The OCC released a whitepaper1 outlining its authority to issue charters to fintech companies, its approach to ...
December 1, 2016, Law360
Law360 selected Marty Myers as a 2016 Insurance MVP and profiled his work over the past year, including his representation of World Fuel Services which scored the company a $24.5 million reward for insurance coverage related to a $17 million marine cargo loss off the coast of West Africa. “Each case suggests its own strategies,” Myers says. “In part, it’s being ...
November 28, 2016, Covington Alert
On 18th November 2016, the Financial Conduct Authority (“FCA”) published its long-awaited Interim Report setting out the findings of its asset management market study (“the Report”). The Report identifies issues and concerns regarding whether the market is providing value to customers, both in the retail and institutional sectors and the FCA has found evidence ...
November 22, 2016, Bloomberg BNA
Eric Mogilnicki is quoted in a Bloomberg BNA article regarding early signals that could offer insight into the regulatory landscape for financial services under the Trump administration. Mogilnicki says, “I would watch the extent to which other senators support Sen. Elizabeth Warren’s efforts on Trump administration nominees.” He adds, “Those hearings and votes ...
November 18, 2016, The Wall Street Journal
Eric Mogilnicki is quoted by The Wall Street Journal in an article regarding how Republican lawmakers may use the Congressional Review Act to block Obama-era regulations. According to Mogilnicki, “The CFPB has been working on an arbitration rule for several years, and was poised to issue a final rule in the next few months.” He continues, “It may now find that ...
November 14, 2016, The National Law Journal
Eric Mogilnicki is quoted by The National Law Journal in an article considering the effect of Donald Trump’s presidency on financial regulations. Commenting on the potential impact of Trump on the existence of the CFPB, Mogilnicki says, "The president-elect has experience firing people, and he may seek to fire Director Cordray even if the PHH case is still ...
November 14, 2016, The New Yorker
In a New Yorker article regarding potential conflicts of interest in President-elect Donald Trump’s administration, Arlo Devlin-Brown comments on the importance of avoiding even ‘the appearance of impropriety’ for companies doing business with the Trump Organization.
November 10, 2016, Bloomberg BNA
Eric Mogilnicki is quoted in a Bloomberg BNA article regarding how Donald Trump could affect the leadership and rulemaking and enforcement activities of the Consumer Financial Protection Bureau (CFPB). Commenting on the recent court decision on the constitutionality of the CFPB’s structure, Mogilnicki says, ‘‘There’s a real possibility that the en banc court ...
November 3, 2016, Law360
Charlotte Hill is quoted in a Law360 article regarding how banks and investment firms should prepare following the UK High Court decision that Brexit will require Parliamentary approval. According to Hill, the City, if it feels ignored, will now have room to maneuver and realign lobbying targets. "This will cause changes in all sorts of ways," she says. ...
October 27, 2016, Bank Director
Eric Mogilnicki is quoted in a Bank Director article regarding the significant impact the CFPB has had on the banking industry in its first five years of existence. According to Mogilnicki, the bureau signifies an evolution rather than a revolution in the banking industry's regulatory infrastructure. "Banks have always been concerned about compliance and ...
October 24, 2016, Covington Alert
On October 13, 2016, the Criminal Finances Bill was introduced to the UK’s House of Commons. The Bill contains provisions concerning the proceeds of crime, amendments to existing legislation concerning investigations, money laundering, civil recovery, and enforcement powers, concerning terrorist property. It also creates a new corporate offence of failure to ...
October 21, 2016, The Wall Street Journal
Charlotte Hill is quoted by The Wall Street Journal in an article regarding rules proposed by UK regulators to strengthen individual accountability at banks and insurance companies. According to Hill, the widening scope of the Senior Managers Regime is part and parcel of regulators’ increased focus on tackling misconduct and shouldn’t be a surprise to firms. ...
October 20, 2016, Covington Alert
On October 19, 2016, the Board of Governors of the Federal Reserve System (Federal Reserve), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) (collectively the “Agencies”) released a joint Advance Notice of Proposed Rulemaking (ANPR) requesting public comment on enhanced cybersecurity standards that would apply to ...
October 14, 2016, Law360
October 13, 2016, The Law Society Gazette
Charlotte Hill is quoted in a Law Society Gazette article regarding the Criminal Finances Bill, which would boost the National Crime Agency (NCA) powers and increase the regulatory burden on financial services businesses. “This [approach confirms] the direction that anti-money laundering, terrorist financing and financial crime legislation are going in,” and it ...
October 11, 2016, The National Law Journal
Eric Mogilnicki is quoted in a National Law Journal article regarding the D.C. Circuit’s decision limiting the authority of the Consumer Financial Protection Bureau. According to Mogilnicki, “If the court had ruled that the decisions of the bureau have to be made by a commission, that would cast more doubt than this ruling, which makes clear that Director ...
October 11, 2016, Covington Alert
The U.S. Court of Appeals for the D.C. Circuit today released its long-awaited decision in PHH Corp., et al. v. Consumer Financial Protection Bureau, No. 15-1177 (D.C. Cir., Oct. 11, 2016). The 110-page decision, which includes a concurrence and a concurrence in part and dissent in part, represents a significant blow to the CFPB.
October 4, 2016, Law360
Carlo Kostka is quoted in a Law360 article regarding British Prime Minister Theresa May's speech which indicated that the financial services sector should prepare to lose the passporting rights that make it easier for UK-based firms to do business across the EU. According to Kostka, "She's setting out a negotiating position that seemed harder than softer, which ...
October 3, 2016, American Banker
Ed Yingling is quoted in an American Banker article regarding the brokered-deposit legislation. According to Yingling, the bills would help community banks because it would remove limits on the amount of reciprocal deposits they can hold. He adds that several deposit-placement service providers would benefit.
September 28, 2016, SNL Financial Extra
John Dugan participated in a panel discussion as SIFMA’s annual meeting and is quoted in an SNL Financial Extra article regarding concerns over the Dodd-Frank Act. According to Dugan, "It's really going down a constructive path, but I don't think people appreciate it. They think it's all a rigged system.”
September 27, 2016, The Hill
John Dugan is quoted by The Hill in an article regarding the progress made in implementing Wall Street reforms. According to Dugan, praising regulators and the industry for making significant headway adopting and implementing rules, “We have this huge list of huge rules and we are coming to the finish line with it,” citing the regulatory mandates of the ...
September 20, 2016, Law360
September 19, 2016, Law360
Carlo Kostka is quoted in a Law360 article regarding the UK’s diminishing influence over EU banking regulation following the Brexit vote. According to Kostka, "There's a broad concern that the expertise of the UK has been very positive to the EU's financial rulemaking in general.” He continues, “So to the extent that that's taken away by definition because the ...
September 12, 2016, Global Arbitration Review
Greg Lascelles and Alex Leitch are quoted in a Global Arbitration Review article regarding Lascelles’ recent arrival to Covington. “I am very excited to join this growing team,” says Lascelles.
According to Leitch, the financial services sector attracts significant client demand and Lascelles’ arrival is a “welcome addition” to the practice.
September 5, 2016
LONDON—Greg Lascelles has joined Covington as a partner in the European Dispute Resolution practice resident in the firm’s London office.
Mr. Lascelles has a broad litigation and arbitration practice covering a variety of industry sectors, with a particular focus on financial services. He advises hedge funds, private equity houses, asset managers, investment ...
September 2016, The Banking Law Journal
August 30, 2016, Covington Alert
As election season enters full swing, with political candidates at all levels actively soliciting campaign donations from individuals and companies, it is an ideal time for all companies to review the policies and procedures in place for political donations. While the SEC’s pay-to-play rules governing registered investment advisers and their “covered associates” ...
August 25, 2016, PaymentsCompliance
Michael Nonaka is quoted in a PaymentsCompliance article regarding FinCEN’s renewed efforts to reissue anti-laundering (AML) controls on prepaid cards after abandoning original proposals two years earlier. According to Nonaka, “There are all these controls and existing tracking mechanisms that apply to cross-border movements of cash, but these aren't in place ...
July 28, 2016, Covington Alert
Today, the Consumer Financial Protection Bureau (“CFPB”) issued its outline of proposals under consideration for a debt collection rulemaking that would govern third-party debt collection activities of debt collection agencies, debt buyers, collection law firms, and loan servicers. Release of this outline of proposals signals the start of the Small Business ...
The UK is currently the largest financial centre in the European Union (“EU”). A large number of global financial institutions have a presence in the UK, both in order to participate in the UK financial market and also as a hub to access clients and markets across the EU. Whatever form Brexit takes, it will have an enormous impact on the financial services ...
July 13, 2016, Legal Business
Alex Leitch is quoted in a Legal Business article regarding Greg Lascelles’ upcoming arrival to Covington as a partner in the firm’s European Dispute Resolution practice. According to Leitch, “Financial services remains an active sector that attracts a lot of demand from our clients across a variety of disciplines, including antitrust litigation, commercial ...
July 13, 2016, Legal Week
Alex Leitch is quoted in a Legal Week article regarding the upcoming arrival of Greg Lascelles as a partner in the firm’s European Dispute Resolution practice. “Greg’s arrival will be another welcome addition to an already vibrant practice,” Leitch says. According to Leitch, “Financial services remains an active sector that attracts a lot of demand from our ...
On June 23, 2016, the UK voted in an advisory referendum to leave the European Union. The impact of Brexit in the medium-to-long term will very much depend on the form a post-Brexit UK will take, the relationship that the UK chooses to have with the EU, and the relationship that the EU is willing to accept. That will not become clear for some time as it will ...
July 1, 2016, Journal of Investment Compliance
June 30, 2016, American Banker
Eric Mogilnicki is quoted in an American Banker article regarding the ways banks, credit card companies, and other financial firms may react to a CFPB proposal to limit the use of arbitration clauses. Mogilnicki, who expects transition issues as companies try to preserve old clauses, says, “There may be a flood of arbitration clauses added to contracts just ...
June 24, 2016, Covington Alert
The UK has voted to leave the European Union in an advisory referendum. 52% leave - 48% remain.
Were the UK to leave the EU, this would have significant implications for the UK and for international businesses operating in the UK. The longer term impact of the decision on the regulatory framework for the UK will depend, in part, on the relationship that the UK ...
June 10, 2016, The National Law Journal
Eric Mogilnicki participated in a panel discussion at the American Constitution Society’s annual convention and is quoted in this National Law Journal article regarding arbitration and the future of class actions. According to Mogilnicki, federal agencies such as the Consumer Financial Protection Bureau should take a bigger role in pursuing cases, arguing that ...
June 9, 2016, The Trade
Stephen Humenik participated in a panel discussion at the Fixed Income Leaders Summit and is quoted in this The Trade article regarding the European Securities and Markets Authority’s ability to implement the MiFID II rules on bond trading without the necessary resources. According to Humenik, “Firms should go early and go often to speak with regulators in ...
June 7, 2016
WASHINGTON—Covington has again received top rankings from Chambers USA, with 60 practice rankings and 120 individual rankings for lawyers in the publication’s 2016 edition. The legal guide identifies leading lawyers and law firm practices based on interviews conducted by Chambers’ researchers with thousands of lawyers and their clients.
The firm was ranked in ...
June 6, 2016
BRUSSELS—Ambassador Péter Balás, the former Deputy Director-General of DG Trade at the European Commission between 2005 and 2014, has joined Covington as a Senior Policy Advisor. Recently Ambassador Balás also held the position of Head of the Support Group for Ukraine at the European Commission. He was previously Ambassador and Permanent Representative of ...
June 3, 2016
NEW YORK—Covington advised Beltone Financial Holding, a leading Egyptian investment bank, in its acquisition of 51 percent of Auerbach Grayson & Company, a New York brokerage firm specializing in global trade execution and research on developed, frontier, and emerging markets for U.S. institutional investors.
This acquisition marks Beltone Financial’s entry into ...
June 2, 2016, The Wall Street Journal
John Dugan participated in a panel discussion hosted by the Securities Industry and Financial Markets Association and the Clearing House Association and is quoted in this Wall Street Journal article regarding tougher big-bank capital requirements signaled by Federal Reserve officials. According to Dugan, the move by the Fed “would be really quite significant, ...
May 19, 2016
BRUSSELS — Carl Bildt, the former Prime Minister of Sweden, has joined Covington as a Senior Policy Advisor in the firm’s global Public Policy and Government Affairs practice. Most recently, Mr. Bildt served as Sweden’s Minister for Foreign Affairs between 2006 and 2014.
As Prime Minister of Sweden, Mr. Bildt led the government that negotiated and signed ...
May 13, 2016, American Banker
Christopher DeCresce is quoted in this American Banker article exploring whether more fintech companies will seek bank charters. According to DeCresce, one sector in fintech that may soon be forced to look at the option is marketplace lenders. "They have to register in every state they want to do business in, and that can be a cumbersome process," he says. "A ...
May 10, 2016, Covington Alert
On May 5, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its long-awaited final rule on beneficial ownership with respect to customer due diligence requirements. The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account ...
May 5, 2016, Covington Alert
Today, the Consumer Financial Protection Bureau published a proposed rule substantially curtailing the ability of financial services firms and consumers to enter into voluntary pre-dispute arbitration clauses. The proposed rule would prevent financial services providers from including arbitration clauses in consumer contracts unless those arbitration clauses ...
May 3, 2016, Law360
April 29, 2016, The Wall Street Journal
Charlotte Hill is quoted in this Wall Street Journal article discussing the new UK market abuse rules. According to Hill, “The scope of the new market abuse regime is much wider than the previous regime.”
April 27, 2016, Covington Alert
In late April 2016, federal financial regulators began the process of re-proposing rules (the “Proposal”) to implement restrictions on incentive-based compensation required by Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Section 956 directs a number of federal regulators (the “Agencies”) to jointly issue ...
April 21, 2016
New York — Law360 has named Covington international arbitration partner David Pinsky a “Rising Star.” This annual recognition honors top attorneys under the age of 40 “whose legal accomplishments belie their age.”
Law360 recognized how Mr. Pinsky, who leads Covington’s arbitration group’s Russia and Eurasia initiative, helped develop the firm’s Russia-focused ...
April 20, 2016
BRUSSELS — Sophie Bertin, a former senior official who served as Head of Unit in the “Financial Crisis” Task Force within the Directorate-General for Competition at the European Commission, has joined forces with Covington’s global antitrust and competition practice. Ms. Bertin will be working with the firm’s Brussels and London offices.
At DG COMP, Ms. Bertin ...
April 15, 2016, The Wall Street Journal
Charlotte Hill is quoted in The Wall Street Journal’s “Morning Risk Report” discussing the Financial Conduct Authority’s consultation paper. According to Hill, improving transparency and efficiency is part of the reform that is making the FCA a “very much tougher” regulator.
April 1, 2016, Covington Alert
Yesterday, the Office of the Comptroller of the Currency issued a whitepaper, Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective, that introduces the agency’s principles for facilitating and regulating “responsible innovation” in the federal banking system, particularly in financial technology or “fintech.” The whitepaper ...
April 2016, Data Protection Law & Policy
March 22, 2016, The Wall Street Journal
Charlotte Hill is quoted in The Wall Street Journal’s “Morning Risk Report” discussing the shake-up of the U.K. Stewardship Code. According to Hill, "Not only will fund managers have an increased burden in relation to their clients, but they will also have a significantly increased responsibility to the FRC.”
March 17, 2016, Covington Alert
March 9, 2016, Covington Alert
March 8, 2016, Covington Alert
March 7, 2016, Covington Alert
March 7, 2016
LONDON — Carlo Kostka has joined Covington’s global financial institutions practice resident in the firm’s London office.
Most recently Mr. Kostka served as co-head of UniCredit's legal department, where he was responsible for international legal operations, including all legal matters related to the corporate and investment banking division, significant ...
March 2, 2016, Covington Alert
March 2016, E-Commerce Law and Policy
February 26, 2016, Covington Alert
February 18, 2016, The Wall Street Journal
Mark Plotkin is quoted in this Wall Street Journal article discussing the scrutiny that Chinese acquisitions will receive from U.S. regulators. According to Plotkin, "Given the amount of state ownership of Chinese companies, together with the history of espionage between our countries and U.S. concerns about the potential appropriation and proliferation of ...
February 8, 2016
BRUSSELS — Erika Mann, a former Member of the European Parliament and policymaker with over 20 years of experience, has joined Covington in its Brussels office as a senior European policy advisor in the firm’s global Public Policy and Government Affairs practice. Most recently, Ms. Mann served as Managing Director of Public Policy for Facebook in Brussels from ...
February 8, 2016, BNA's Banking Daily
February 4, 2016, Covington Alert
February 2, 2016, Covington Alert
January 29, 2016, Covington Alert
January 5, 2016
WASHINGTON, DC, January 5, 2016 - Covington announced that Eric Mogilnicki has joined the firm as a partner in its Washington office and will co-chair the firm’s new Consumer Financial Services practice. Andrew Smith, who served as a senior financial services lawyer at the Federal Trade Commission prior to joining the firm, will also lead the newly formed ...
December 2, 2015, Covington Alert
December 1, 2015, Harvard Law School Forum on Corporate Governance and Financial Regulation
November 12, 2015, Covington Alert
November 11, 2015, Covington Alert
October 12, 2015, Covington Alert
October 6, 2015
NEW YORK, October 6, 2015 - Covington partner C. William Phillips has been named a Fellow of the American College of Trial Lawyers, one of the premier legal associations in North America. Mr. Phillips is the seventh Covington lawyer among the current Fellows, joining Lanny Breuer, Robert Haslam, James McKay, John Nields, George Pappas, and Robert Sayler.
September 30, 2015, Covington Alert
September 21, 2015
WASHINGTON, D.C., September 21, 2015 - The American Bar Association’s Business Law Section has appointed Covington’s Andrew Smith, a Washington, D.C.-based partner, to a three-year term as chair of its Consumer Financial Services Committee.
Mr. Smith advises clients on retail financial services, credit reporting, privacy, technology and e-commerce issues, ...
May 26, 2015
WASHINGTON, DC, May 26, 2015 — Leading consumer financial services lawyer David Stein has joined Covington’s financial institutions group in the firm’s Washington office. Mr. Stein will advise financial services industry clients on regulatory and compliance matters, focusing on consumer protection and consumer financial services issues.
Mr. Stein brings ...
May 14, 2015, Covington E-Alert
May 11, 2015, Covington E-Alert
April 1, 2015, Covington E-Alert
Spring 2015, The Business Lawyer
March 24, 2015, Covington E-Alert
March 18, 2015, Covington E-Alert
January 20, 2015, Covington E-Alert
December 11, 2014, Covington E-Alert
December 2014, World Securities Law Report
November 2014, Operational Risk & Regulation
Quarter 3/2014, Banking Perspective
September 22, 2014, BankDirector.com
September 11, 2014, Law360
Covington's Stephen Humenik is quoted in this article regarding which aspects of Dodd-Frank rules are the source of most concern for energy firms:
"Most of the Dodd-Frank rules affecting energy firms — primarily issued by the U.S. Commodity Futures Trading Commission — are already on the books either in proposed or final form."
“There are few important ones ...
September 2014, Money Laundering Bulletin
August 29, 2014, The New York Times
Covington's David Martin is quoted in this article regarding Luis Aguilar, a commissioner at the S.E.C., stating that he was concerned that the agency’s stance on cases involving executives who put misleading and fraudulent numbers into their financial filings might be weakening.
"Mr. Aguilar’s missive goes to the heart of one of the S.E.C.’s main jobs – ...
June 3, 2014, Reuters
Covington partner John Dugan is quoted in Reuters regarding Basel III capital rules.
The article states, "In a May speech, Fed Governor Daniel Tarullo condemned the latitude that Basel III gives banks to use their own models. While he was expressing his own views, a source familiar with the matter told Reuters that Tarullo's opinion is held by other ...
May 14, 2014, Law360
Covington partner Marty Myers is featured in this article about his recent move to the firm.
May 12, 2014, Bloomberg
Marty Myers is mentioned in Bloomberg regarding his recent move to Covington:
"Covington & Burling LLP said Martin H. Myers joined its insurance recovery practice, representing corporate policyholders in complex coverage disputes with insurers. Myers, who joins the firm as a partner in San Francisco, was previously at Jones Day."
February 2014, Covington E-Alert
February 24, 2014, Covington E-Alert
February 18, 2014, Covington E-Alert
February 5, 2014, Covington E-Alert
January 16, 2014, Covington E-Alert
January 2014, Covington E-Alert
November/December 2013, Financial Fraud Law Report
WASHINGTON, DC, November 21, 2013 — Institutional Investor has named Covington & Burling partner Richard Shea as one of the 40 people with the greatest influence in shaping the future of the nation’s retirement system. Just one other lawyer in private practice was named to the list—David Boies for his defense of changes to Rhode Island’s state pension plan. ...
November 9, 2013, Harvard Law School Forum on Corporate Governance and Financial Regulation
November 1, 2013, Compliance Monitor
November 2013, Covington E-Alert
September 30, 2013, Law360
September 9, 2013
LONDON, 9 September, 2013 — Covington & Burling is pleased to announce that Charlotte Hill has joined its London office as partner, strengthening the firm’s ability to advise clients on EU and UK financial regulatory matters.
Ms. Hill advises financial institutions on regulatory and commercial matters and has extensive experience assisting fund management ...
September 2013, Listed Private Equity Brief
August 5, 2013, Covington E-Alert
July 29, 2013, Covington Advisory
July 10, 2013, Covington E-Alert
SAN FRANCISCO, May 9, 2013 — Covington & Burling partners Amy Toro and Sonya Winner have been named to the Daily Journal’s annual list of “Top Women Lawyers” in California. The list, which includes 75 litigators and 25 corporate practitioners, recognizes “excellent lawyering and leadership skills among women attorneys.” Ms. Toro was recognized for her work ...
April 5, 2013, Covington E-Alert
February 21, 2013, Law360
February 14, 2013, Covington E-Alert
February 14, 2013, Covington Advisory
January 2, 2013, Covington E-Alert
January 2013, The Clearing House
December 21, 2012
WASHINGTON, DC, December 21, 2012 — Am Law Litigation Daily named Covington & Burling’s D. Jean Veta as “Litigator of the Week” for leading the defense of former IndyMac CEO Michael Perry, who was sued by both the SEC and the FDIC as a result of one of the largest bank failures in the nation’s history. Last week, Perry reached a $12 million settlement with the ...
WASHINGTON, DC, November 7, 2012 — Covington & Burling received 97 first-tier practice rankings in the 2013 “Best Law Firms” survey by U.S. News-Best Lawyers, placing Covington among the top 10 firms nationwide. Covington was also named “Law Firm of the Year” in both FDA Law and Corporate Compliance Law. The honor is presented to one law firm in each of the ...
NEW YORK, October 2, 2012 — Former federal prosecutor Lynn Neils joins Covington & Burling’s litigation group as a partner, strengthening the firm’s highly regarded white collar practice. She will be resident in Covington’s New York office. A prosecutor in the U.S. Attorney’s Offices for the Southern District of New York and the District of New Jersey for more ...
August 27, 2012
WASHINGTON, DC, August 27, 2012 — Covington & Burling LLP lawyers received 196 individual mentions in 57 areas of law in the 2013 edition of The Best Lawyers in America. This annual compilation of top U.S. lawyers is based on peer-review surveys and is used as a referral guide in the legal profession.
The Covington lawyers recognized are as ...
July 27, 2012, Covington E-Alert
July 12, 2012, Covington Advisory
May 23, 2012, Covington E-Alert
May 7, 2012, Covington Advisory
April 5, 2012, Covington E-Alert
April 2012, International Financial Law Review
BRUSSELS, 17 January, 2012 — Covington & Burling LLP is pleased to announce that Jean De Ruyt has joined the firm’s government affairs group as a senior European policy advisor in Brussels. Ambassador Jean De Ruyt is among the most experienced diplomats in Europe. Most recently, he served as the Permanent Representative of Belgium to the European Union and was ...
January 5, 2012, Covington Advisory
2012, Regulation of Foreign Banks and Affiliates in the United States
December 22, 2011, Covington Advisory
December 8, 2011
LONDON, 8 December, 2011 — Covington & Burling LLP is pleased to announce that Kristian Wiggert has joined the firm’s European corporate group as a partner in London.
Mr. Wiggert is a US-qualified lawyer with extensive experience in cross-border financings, mergers and acquisitions, private equity and securities. His practice covers a wide range of industries, ...
December 2011, Financier Worldwide
November 30, 2011
WASHINGTON, DC, November 30, 2011 — Washingtonian magazine has named 34 Covington & Burling attorneys as “Best Lawyers” in its December issue. The biennial list, compiled by the magazine’s editorial staff, identifies leading lawyers in the Washington area.
Of the approximately 800 “Best Lawyers” identified in the issue, Washingtonian included profiles of 31 ...
November 1, 2011
WASHINGTON, DC, November 1, 2011 — For the second consecutive year, U.S. News-Best Lawyers awarded Covington & Burling the most first-tier practice rankings for Washington, DC in the “Best Law Firms” survey. The 2011-12 survey also awarded the firm 82 first-tier practice rankings, placing Covington among the top 20 firms nationwide.
Additionally, U.S. ...
October 25, 2011
NEW YORK, October 25, 2011 — Covington & Burling’s John Dugan joins a discourse on global finance and the economy at The Economist’s third annual Buttonwood Gathering October 26-27 at the National Museum of the American Indian in New York City. This year’s event focuses on global imbalances in the aftermath of the 2008 financial crisis and draws upon the ...
June 27, 2011, Covington E-Alert
June 20, 2011, Covington E-Alert
April 26, 2011, Covington E-Alert
January 6, 2011
WASHINGTON, DC, January 6, 2011 — Covington & Burling LLP announced today that it plans to establish a strategic risk and crisis management practice to assist national and international businesses and their managements and boards.
Senior members of the group include former Homeland Security Secretary Michael Chertoff; Ambassador Stuart Eizenstat; former DC ...
WASHINGTON, DC, December 20, 2010 — Covington & Burling LLP is pleased to announce that former Comptroller of the Currency John C. Dugan is rejoining the firm as a partner. Mr. Dugan will chair the firm’s Financial Institutions Group, and will advise clients on a range of legal matters affected by significantly increased regulatory requirements resulting from ...
December 7, 2010
WASHINGTON, DC, December 7, 2010 — Covington & Burling LLP is pleased to announce that Edward Yingling, President and CEO of the American Bankers Association (ABA), will be joining the firm as a partner. His practice will focus on advising financial institutions on regulatory, transactional, enforcement, and legislative matters, with particular emphasis on ...
December 6, 2010, Bloomberg Law Reports
December 2, 2010, Covington Advisory
October 7, 2010, Covington Advisory
October 6, 2010
LONDON, 6 October, 2010 — Covington & Burling LLP is pleased to announce the appointment of Christopher Walter as a partner in the European employment practice. He will be joined by special counsel Chris Bracebridge and associate Helena Laughrin. They will significantly enhance Covington's capabilities to meet the needs of the firm's growing European corporate ...
August 9, 2010
REDWOOD SHORES, CA, August 9, 2010 — Covington & Burling LLP is pleased to announce that three partners from its Washington, D.C. office, Kurt Calia, Emily Henn, and Emily Leonard, have relocated to the Silicon Valley office. Their move will strengthen the link to the firm’s deep regulatory roots as well as further enhance the firm’s transactional and litigation ...
July 21, 2010, Covington Advisory
June 2, 2010, Covington E-Alert
May 27, 2010, Covington E-Alert
May 26, 2010, Covington E-Alert
May 25, 2010, Covington E-Alert
May 24, 2010, Covington E-Alert
May 21, 2010, Covington E-Alert
March 19, 2010, Covington E-Alert
March 16, 2010, Covington Advisory
March 12, 2010, Covington E-Alert
October 29, 2009, Covington E-Alert
August 12, 2009, Covington Advisory
July 16, 2009, Covington E-Alert
June 17, 2009, Covington E-Alert
April 17, 2009, Covington E-Alert
March 27, 2009, Covington E-Alert
February 10, 2009, Covington E-Alert
December 19, 2008, Covington E-Alert
NEW YORK, NY, November 21, 2008 — Trustmark Corporation announced today that it completed the issuance and sale of $215 million of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, and a Warrant to purchase approximately 1.65 million shares of Trustmark common stock to the U.S. Treasury as part of the government’s Capital Purchase Program. The Capital ...
September 23, 2008, Covington E-Alert
September 6, 2007
WASHINGTON, DC, September 6, 2007 — Covington & Burling LLP received 115 individual mentions in 38 areas of law in the 2008 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The recipients are as follows:
Administrative: E. Edward Bruce and ...
June 18, 2007
WASHINGTON, DC, June 18, 2007 — Covington & Burling LLP received 44 practice mentions and 74 individual mentions in the newly released 2007 Chambers USA guidebook. The 2007 edition of Chambers USA attempts to identify the most skilled legal practitioners throughout the country based on the qualities most valued by clients. Covington attorneys have been ...
May 8, 2007
LONDON, 8 May, 2007 — Covington & Burling LLP today announced its role in advising ICICI Bank Limited, India’s 2nd largest bank, and Standard Chartered Bank, India’s largest international bank, as joint lead arrangers for an aggregate of US$925m in project financings supporting two separate projects being undertaken separately by Reliance Ports and Terminals ...
June 29, 2000
June 29, 2000 — Washington, DC — Earlier this week, the Supreme Court ruled in favor of Covington client Mobil Oil in Mobil Oil Exploration & Producing Southeast, Inc. v. United States.
In addition to this win, Covington earned two other Supreme Court victories this term in Harris Trust & Savings Bank v. Salomon, Brothers, Inc. and Food & Drug Administration ...
1993, 48 Business Lawyer 1499
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