The American Lawyer and New York Law Journal have selected S&C as “Litigation Department of the Year” for Finance. S&C has long led the field in financial services litigation and investigations and we remain the essential firm for today’s complex financial services disputes.
“Having Sullivan & Cromwell in your corner during a high-profile investigation or bankruptcy proceeding is a bit like having a shutdown pitcher who is going to start in Game 7 of the World Series,” The American Lawyer wrote. “The stakes are high and you expect to be put in a position to win.” S&C Co-Chair and Litigation partner Robert Giuffra Jr. said that the Firm has long excelled in representing financial services clients in their most challenging investigations and litigation. “We are a crisis management firm with a track record of handling the most difficult financial issues and getting to the bottom of them so clients can move on. With that, there is no playbook.”
“Our results are the product of a deep and diverse bench that is a key to our success,” said Sharon Nelles, Managing Partner of S&C’s Litigation Group, in comments to the New York Law Journal. “Sullivan & Cromwell is known for its generalist approach, which is important when dealing with any type of litigation, but essential in a corporate crisis. We collaborate with our partners in other practices to devise a multi-faceted playbook that addresses all angles, including legal, business, regulatory and public relations.”
In the past year, S&C delivered crucial victories and achievements for financial services clients, including:
- Serving as lead counsel to FTX Trading in its Chapter 11 proceedings and related investigations;
- Resolving one of the largest corporate criminal cases ever for Allianz SE’s U.S. subsidiary, Allianz Global Investors U.S.;
- Obtaining a major victory for Goldman Sachs from the U.S. Court of Appeals for the Second Circuit in a $13 billion securities case, with the court reversing class certification after 13 years of litigation and establishing important guardrails to the “inflation-maintenance” theory of securities fraud;
- Winning an important case for JPMorgan Chase Bank and the trillion-dollar syndicated loan industry, with the Second Circuit ruling that interests in a syndicated loan were not securities under federal securities laws;
- Obtaining a rare summary judgment for Goldman Sachs in a sprawling ERISA class action brought on behalf of Goldman Sachs’ 401(k) plan;
- Securing a dismissal of all claims for Citigroup in a shareholder securities fraud class action claiming $17 billion in stock market value losses;
- Helping Wells Fargo reach an historic global settlement with the Consumer Financial Protection Bureau, resolving novel consumer protection issues;
- Winning summary judgment for Barclays in a residential mortgage-backed securities case with a half-billion dollars at stake; and
- Representing Danske Bank in resolving investigations by the DOJ and the SEC concerning past activity at its Estonian branch involving non-resident customers.
Sharon also stressed the importance of developing and supporting young lawyers at S&C. “We prioritize training and giving our associates and young partners as much direct experience as possible. … The firm also believes that mentoring is crucial to associate development. From the start of their careers, every associate is paired with a partner who serves as a mentor, and these relationships often continue throughout a lawyer’s career at Sullivan & Cromwell and beyond.”