New York Law Journal has recognized 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.
“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 NYLJ. “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.”