Sullivan & Cromwell was awarded “Litigation Department of the Year” for Finance by The New York Law Journal at the New York Legal Awards. The award recognizes the Firm’s achievements in the biggest cases for many of the world’s largest companies and financial institutions.
Sharon Nelles, Managing Partner of the Firm’s Litigation Group, told The New York Law Journal that S&C’s Second Circuit victory for Argentina, reversing an $18 billion judgment, was particularly gratifying. “S&C is known for handling ‘bet-the-company cases,’ but this was our first ‘bet-the-country’ victory.”
The Firm was recognized for its exceptional results for:
- The Argentine Republic, persuading the Second Circuit to vacate an unprecedented $18 billion judgment. Argentina’s president Javier Milei praised the victory as “historic, unthinkable, the greatest legal achievement in national history.” The ruling was historic in U.S. terms, too: It vacated the largest judgment ever entered in the Southern District of New York and the largest against a foreign sovereign by any U.S. court.
- FirstEnergy, securing two critical Sixth Circuit wins in high-profile securities litigation, one reversing class certification and the other reversing a district court order granting plaintiffs access to FirstEnergy’s internal investigations.
- Rock Holdings Inc., prevailing in the first ever insider-trading claim litigated to trial in the Delaware Chancery Court, with the court rejecting plaintiffs’ claims for $203 million in damages.
- Tesla, persuading the Delaware Supreme Court to reverse the Chancery Court and reinstate the 10-year incentive compensation plan for CEO Elon Musk in one of the most consequential rulings on executive compensation and corporate governance.
- Barclays Bank PLC, securing a Second Circuit win ending securities litigation arising after the bank inadvertently issued $17.7 billion of securities in excess of the amount registered on a shelf registration statement.
- SVB Financial Trust, obtaining the dismissal of more than $944 million in claims brought by the liquidators of Silicon Valley Bank’s Cayman Islands branch.
- Citigroup, obtaining the dismissal with prejudice of all claims brought by a putative class of shareholders stemming from the bank’s 2020 settlements with banking regulators concerning its internal controls and risk management systems.
- Linqto, Inc., serving as special regulatory and corporate counsel on the company’s plan of reorganization.