Lawyers in the Firm's Criminal Defense and Investigations Group (CDIG) represent sophisticated clients around the world in high-stakes matters relating to white-collar criminal defense, regulatory enforcement and internal investigations. The Firm has represented global institutions in virtually every major U.S. enforcement initiative, including those involving issues relating to:
  • federal and state securities law violations, including insider trading;
  • commodities fraud and market manipulation;
  • violations of economic sanctions regimes;
  • Bank Secrecy Act and anti-money laundering;
  • mortgages and the financial crisis;
  • the Foreign Corrupt Practices Act;
  • criminal antitrust matters; and
  • criminal tax matters.
Lawyers in CDIG include fourteen former federal and state prosecutors; former bank regulatory counsel; and leading practitioners in banking, securities and commodities regulation and enforcement. The team boasts extensive trial experience, having collectively handled more than 125 criminal trials in federal and state courts.
 
The Firm has in-depth experience handling multiagency investigations and cross-border enforcement actions. Its global presence assures clients a comprehensive and seamless defense across multiple jurisdictions and practice areas.
 

SELECTED REPRESENTATIONS

Sullivan & Cromwell’s experience in white-collar criminal defense spans a wide range of subject matters, including the following recent representative matters.
  • Economic Sanctions & Money Laundering
     
    • Standard Chartered Bank in 2012 and 2019 deferred prosecution agreements with the DOJ and the Manhattan District Attorney’s Office and regulatory settlements with the New York State Department of Financial Services, the Federal Reserve and OFAC, all related to OFAC sanctions and anti-money laundering compliance.
       
    • ABN AMRO BankBarclaysING GroupLloyds TSB Bank, Standard Chartered BankHSBC Group, and BNP Paribas in the resolution of multiagency criminal and regulatory investigations relating to their compliance with economic sanctions and/or anti-money-laundering regulations.
       
    • J.P. Morgan Chase in its resolution with criminal and bank regulatory authorities relating to dealings with Bernard L. Madoff Investment Securities, and TD Bank in its resolution of civil and regulatory investigations involving its relationship with Scott Rothstein.
       
  • FCPA & Anti-Corruption
     
    • Eni in two high-profile DOJ investigations related to its oil and gas businesses in Africa, both of which the DOJ closed without taking any enforcement action, and in resolving related SEC investigations.
       
    • Bank Hapoalim in an investigation by the United States Department of Justice and others concerning alleged corruption in connection with international soccer confederations and competitions.
       
    • Kinross Gold in its favorable settlement with the SEC stemming from an FCPA investigation arising from the company’s activities in West Africa, as well as in a parallel investigation by the DOJ, which closed its investigation and declined to pursue charges.
       
  • Consumer Protection
     
    • Wells Fargo as lead counsel in resolving multiple criminal and regulatory investigations, including by the DOJ, the SEC and a multi-state working group of attorneys general, as well as in civil litigation, related to Wells Fargo’s “fake account” sales practices scandal.
       
    • A worldwide payment processing company in an agreed resolution with the Federal Trade Commission related to allegations regarding insufficient controls and transaction monitoring of a wholesale independent sales organization (ISO), and its downstream merchants and affiliates.
       
  • Accounting & Tax
     
    • Bank Hapoalim in a cross-border tax investigation by the Department of Justice, Federal Reserve, and New York Department of Financial Services.
       
    • A major global automotive manufacturer in criminal and regulatory investigations concerning accounting and corruption allegations.
       
  • Market Manipulation, Spoofing & Trading Practices
     
    • Barclays in persuading the DOJ not to bring criminal charges against the bank relating to allegations that bank employees used confidential merger information to front-run trades and enable the bank to profit at a client’s expense. In a major policy shift, this matter marked the first time that DOJ had been willing to extend its declination program for companies outside of the FCPA context.
       
    • A major financial institution in an SEC investigation of the firm’s trading practices and Volcker Rule compliance.
       
    • Barclays in global investigations relating to Libor and Euribor, including securing from the DOJ the only non-prosecution agreement for any institution that has resolved benchmark interest-rate matters. 
       
    • Barclays in the investigation and resolution with the CFTC of matters relating to the ISDAFIX benchmark rate.
       
  • Insider Trading
     
    • The Goldman Sachs Group, its board of directors and many of its executive officers and employees in matters relating to the civil and criminal prosecution of a former director.
       
    • Numerous senior executives of issuers, hedge funds, and trading firms in investigations by the DOJ and SEC relating to insider trading.
  • Criminal Antitrust
     
    • One of the largest ocean container shipping companies in a DOJ criminal cartel investigation, with DOJ concluding its investigation without bringing any charges or taking any other action.
       
    • British Airways, in global criminal antitrust investigations of price-fixing of fuel surcharges with respect to cargo and passenger air services.
       
  • Individual Representations
     
    • Senior executives and other high-ranking employees in connection with criminal and regulatory investigations involving allegations of, among other things, insider trading, securities fraud, antitrust, tax fraud, bribery, and automobile safety recalls.