Information you need from those in the know

Cadwalader regularly publishes materials, including newsletters and news alerts of interest to our clients. Our communications portfolio also includes articles authored by our attorneys, as well as information about events in which our personnel will participate.

Articles & Books

Cadwalader’s Michael Mascia is Contributing Editor of Fund Finance 2018: Second Edition

Feb 15, 2018

Cadwalader Finance Group co-chair Michael Mascia is the Contributing Editor of Global Legal Insights’ recently released comprehensive guide to the fund finance market, “Fund Finance 2018: Second Edition.” Mascia and Cadwalader Finance partner Tim Hicks also co-authored the chapter “Equity Commitment Facilities: A Primer,” which summarizes the key structural features of an equity commitment facility and outlines the essential considerations for lenders.  View the chapter and the book in its entirety here.

 


Related Attorney(s): Tim Hicks, Michael Mascia
Related Practice(s): Fund Finance
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Recent Trends In Structuring Risk Retention Vehicles

Feb 14, 2018

Law360

In the wake of the 2007-2008 global financial crisis, the United States and Europe enacted “risk retention” rules that require sponsors of securitization vehicles to maintain a financial interest in those vehicles (i.e., “skin in the game”).


Related Attorney(s): Gregg Jubin, Adam Risell, Jason Schwartz
Related Practice(s): CLOs, Securitization & Asset Based Finance
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Outside Counsel May Face Criminal Liability In Complex Business Cases

Jan 29, 2018

New York Law Journal

Todd Blanche and Kyle DeYoung discuss the criminal liability that outside counsel may face in complex business cases.


Related Attorney(s): Todd Blanche, Kyle DeYoung
Related Practice(s): White Collar Defense and Investigations
Related Office(s): New York, Washington
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Events

SFIG Vegas 2018

Feb. 25-28, 2018

We’re looking forward to seeing you at SFIG Vegas 2018. There will be plenty of informative panels and dynamic speakers, but…

Between sessions and throughout the conference, we invite you to stop by Cadwalader Corner in Copperleaf 1 on the Second Floor, where you can take a breather.

Related Attorney(s): Cheryl Barnes, Joseph Beach, Sophie Cuthbertson, Stephen Day, Michael Gambro, Chris Gavin, David Gingold, Stuart Goldstein, Gregg Jubin, Henry LaBrun, Ivan Loncar, Peter Morreale, Frank Polverino, Ira Schacter, Jason Schwartz, Nathan Spanheimer, Neil Weidner
Related Practice(s): Commercial Mortgage-Backed Securities
Related Office(s): Charlotte, London, New York, Washington
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Due Diligence in Subscription Credit Facilities Seminar

Feb 27, 2018

A program covering general structuring issues related to subscription credit facilities and best practices for legal due diligence in advising lenders of potential risks found in fund and investor documentation.

Related Attorney(s): Tim Hicks, Michael Mascia
Related Practice(s): Fund Finance
Related Office(s): Charlotte
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SEC's Whistleblower Bounty Program: Best Practices for Compliance, Investigations and Responding to Whistleblowers

Feb. 27, 2018

Cadwalader Partner Kyle DeYoung and Associates Lex Urban and Kendra Wharton will present a webinar, "SEC's Whistleblower Bounty Program: Best Practices for Compliance, Investigations and Responding to Whistleblowers" on Tuesday, February 27 from 1:00 pm - 2:30 pm EST.

Related Attorney(s): Kyle DeYoung, Lex Urban, Kendra Wharton
Related Practice(s): Global Litigation, Securities Enforcement and Compliance, White Collar Defense and Investigations
Related Office(s): Washington
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Clients & Friends Memos

Revisions Proposed to the UK Corporate Governance Code: An Overview and Comparison with Aspects of US Corporate Governance

Feb 23, 2018

In December 2017, the UK Financial Reporting Council (the “FRC”) proposed revisions to the UK Corporate Governance Code. These revisions will impact companies with a Premium Listing of equity shares in the UK, which are required under the Listing Rules to state in their annual report and accounts how they have applied the Code. The revisions are designed to achieve long-term company growth through enhanced corporate accountability mechanisms and are aimed at consolidating the UK’s reputation as a leading environment for transparent and efficient international business. Many of the proposed revisions, if enacted, would facilitate greater alignment between UK and US corporate governance law and regulations.


Related Attorney(s): Steven Baker, Jason Halper, Hyungjoo Han, Ellen Holloman, Jared Stanisci, Janaki Tampi
Related Practice(s): Global Litigation
Related Office(s): London, New York
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SCOTUS Blows the Whistle: Internal Whistleblowers Take Note

Feb 22, 2018

A whistleblower is not a whistleblower unless he reports suspected securities law violations to the SEC.  And, if the whistleblower does not report suspected misconduct to the SEC, the whistleblower is not protected against retaliation by the employer. So said the Supreme Court on February 21, 2018, in Digital Realty Trust, Inc. v. Somers; the Supreme Court ruled that the Dodd-Frank Act’s whistleblower anti-retaliation provisions apply only to individuals who have reported possible securities law violations to the U.S. Securities and Exchange Commission (“SEC”).


Related Attorney(s): Jodi Avergun, Kyle DeYoung, Lex Urban, Kendra Wharton
Related Practice(s): White Collar Defense and Investigations
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High Court Decision Confirms the Availability of the Protection of Litigation Privilege in the Context of Internal Investigations

Feb 21, 2018

In a recent decision, the Chancellor of the High Court in Bilta v RBS confirmed that in certain circumstances litigation privilege may protect from disclosure documents created in the context of an internal investigation. The decision stands in contrast to the 2017 decision of the High Court in SFO v ENRC, which generated significant commentary and some criticism because it was perceived to have narrowed the circumstances in which litigation privilege could arise in the context of internal investigations.


Related Attorney(s): Steven Baker, Elizabeth Clay, Janaki Tampi
Related Practice(s): Global Litigation
Related Office(s): London
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Blogs & Newsletters


Recent Blog Postings


Health Care Fraud Focus

Judge Assigned to Opioid MDL Determined to “Solve” the Opioid Crisis

Jan 16, 2018


Northern District of Ohio Judge Dan Polster, boldly asserting that he would attempt to resolve the opioid crisis because federal, state and local governments had failed to do so — presided over a wide-ranging status conference on January 11 in the opioid MDL assigned to him. In November 2017, a panel of federal judges decided... Continue Reading…


Court: CMS’ Broad Authority To Suspend Medicare Payments Based On Alleged Overpayments Beyond Judicial Review Until All Administrative Remedies Are Exhausted

Nov 17, 2017


On October 19, 2017, the United States District Court for the Northern District of Illinois, in the case of MedPro Health Providers, LLC v. Hargan, dismissed a home care agency’s suit — without deciding the merits of the agency’s challenge to a Medicare contractor’s determination to suspend the agency’s Medicare payments.  Noting that the delay... Continue Reading…


Does a 2016 Law Strip DOJ and DEA of Police Powers to Enforce Drug Laws?

Nov 01, 2017


Last week, President Trump declared the opioid crisis a public health emergency. The President’s opioid Commission has now issued its final report with recommendations on how to combat the country’s drug crisis. While both important, neither have a significant impact on law enforcement efforts to address the crisis. That impact will likely come from public... Continue Reading…



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Antitrust in Financial Services

The Spanish Competition Authority fines four banks for fixing derivative prices

Feb 22, 2018


On 13 February 2018, the Spanish Competition Authority, the National Commission for Markets and Competition (CNMC), fined four banks, Caixabank, Banco Santander, BBVA and Banco Sabadell, a total of € 91 million for colluding on the price of interest-rate derivatives, used to hedge risks related to syndicated loans for project finance. 


Related Attorney(s): Tom Bainbridge, Vincent Brophy
Related Practice(s): Antitrust
Related Office(s): Brussels, London
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FCA launches study into non-workplace pensions

Feb 07, 2018


On 2 February 2018, the Financial Conduct Authority (FCA) launched a study into the state of competition in “non-workplace pensions”.  Citing potential concerns, the FCA announced its intention to look for evidence of consumer harm, and if any is found to propose remedies.  


Related Attorney(s): Tom Bainbridge, Vincent Brophy
Related Practice(s): Antitrust
Related Office(s): Brussels, London
read more »

Bank of England creates independent committee to decide contested enforcement cases

Jan 10, 2018


The Bank of England (BoE) is set to establish a new ‘Enforcement Decision Making Committee’ (EDMC) for its Prudential Regulation Authority (PRA). The Committee, which will be composed of independent members, will decide so-called ‘contested cases’ where no settlement agreement could be reached between the PRA and the firm or individual under investigation.


Related Attorney(s): Tom Bainbridge, Vincent Brophy
Related Practice(s): Antitrust
Related Office(s): Brussels, London
read more »

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FCPA Advisor

US and UK Regulators Speak Out on Anti-Corruption Enforcement Trends and Priorities

Dec 06, 2016


A number of key trends and priorities in international anti-corruption enforcement emerged last week at the 33rd ACI International Conference on the Foreign Corrupt Practices Act, held November 29 – December 2 outside of Washington, DC. Leading prosecutors and regulators from the US and UK described skyrocketing international law enforcement coordination, announced both “sticks” and “carrots” to encourage self-disclosure and cooperation, and pledged again to hold individuals accountable for anti-corruption violations. Officials from the Department of Justice (DOJ), the Securities and Exchange Commission (SEC), and the UK Serious Fraud Office (SFO) repeatedly emphasized these points in both their prepared remarks and their responses to questions.


Related Attorney(s): J. Robert Duncan, James Treanor
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Paper Tigers: Recent Settlements Show Companies Operating in China Need to Do More to Enforce FCPA Policies

Mar 02, 2016


Amid a recent flurry of Foreign Corrupt Practices Act (“FCPA”) settlements announced by the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) were two settlements relating to the provision of improper gifts, hospitality and travel to Chinese government officials.


Related Attorney(s): James Treanor
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
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Bank of New York Mellon Settles FCPA Charges Regarding Internships for Relatives of Sovereign Wealth Fund Officials

Aug 20, 2015


On August 18, 2015, the Securities and Exchange Commission (“SEC”) announced that the Bank of New York Mellon Corporation (“BNY Mellon”) had agreed to settle administrative charges that it violated the Foreign Corrupt Practices Act (“FCPA”) by providing internships and work experiences to family members of officials of a Middle Eastern sovereign wealth fund (the “Fund”). The resolution with BNY Mellon continues a trend of aggressive FCPA enforcement by the SEC and marks the first time that the influencing of officials of a sovereign wealth fund has been the basis of an FCPA enforcement action.


Related Attorney(s): A. Joseph Jay III
Related Practice(s): FCPA Enforcement and Compliance, White Collar Defense and Investigations
read more »

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Women in the City Program

Update - February 2017

Feb 14, 2017


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

Can emerging companies offer an opportunity for women to do something different? Can technology revolutionise conventional financial services? These and other questions were debated by a panel of high profile leaders from the European FinTech and alternative finance industry to discuss opportunities and challenges for women in this growing area as part of Cadwalader’s Women in the City Programme, a series of seminars designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance.


Related Attorney(s): Jeremiah Wagner
Related Office(s): London
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Update - October 2016

Oct 14, 2016


How can more women be encouraged into funds?

This question was debated by a panel of women leaders in the investment fund industry at Cadwalader's second Women in the City debate.  The programme of discussions is designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance. Cadwalader hosted a large group of clients and colleagues over breakfast for a very lively panel discussion entitled "Women in Investment Funds: A Fundamental Advantage: Building Female Talent in the Investment Management Sector".


Related Attorney(s): Ingrid Bagby
Related Office(s): London
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Update - August 2016

Aug 04, 2016


What skills do women need to be successful leaders?

This question was debated by a panel of high profile female leaders at the recent launch of Cadwalader's Women in the City Programme, a series of seminars designed to inspire more women to take leadership roles in their organisations by offering open dialogue, useful insights and practical guidance.


Related Attorney(s): Gregory Petrick
Related Office(s): London
read more »

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Videos

Still Marching Into Selma

Jan 31, 2018

Our 2018 Civil Rights Series opened with guest speaker Richard Cohen, President of the Southern Poverty Law Center, discussing the organization's plans for 2018.


Related Page(s): Civil Rights Series, Diversity & Inclusion

Rock Paper Scissors: Religious Freedom or Equal Rights?

Nov 1, 2017

During the fifth installment of the Civil Rights Series – "Rock Paper Scissors: Religious Freedom or Equal Rights?" – Janson Wu, Executive Director at GLAD and Columbia Law Professor Suzanne Goldberg led a discussion on the class of two core American values – religious freedom and freedom from discrimination. We discussed historical cases and the Masterpiece Cakeshop case.


Related Page(s): Civil Rights Series, Diversity & Inclusion

Fanning the Flames: The Rise in Hate Crimes in America

Sep 13, 2017

Kenneth Jacobson, Deputy National Director Anti-Defamation League, and Christopher Magyarics, Senior Investigative Researcher and Training Coordinator Anti-Defamation League’s Center on Extremism, led an open discuss on the rise in hate crimes in America and how we can play a larger role to combat them. 


Related Page(s): Diversity & Inclusion

Cadwalader News

ACI Summit on Controlled Substances: Regulation, Litigation and Enforcement

Jodi Avergun is speaking at this ACI event on January 30 in Washington, DC.

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