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    Home /  Practices /  Litigation /  Securities & Commodities Investigations Practice

    Securities & Commodities Investigations Practice

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    The Firm’s Securities & Commodities Investigations lawyers have a deep understanding of markets and complex trading and financial products. They regularly represent clients in investigations and enforcement actions by the SEC, the CFTC, FINRA, the National Futures Association and other federal, state, and non-U.S. regulators and self-regulatory organizations. These matters include those involving alleged accounting and disclosure issues, insider trading, market manipulation, spoofing, the FCPA, and issues relating to digital assets. Clients facing securities and commodities investigations turn to the Firm for its record of obtaining favorable outcomes in high-stakes matters. In recent years, we have successfully played a leading role in handling industry investigations into LIBOR, FX, and other benchmark interest rates, navigated clients through large-scale spoofing investigations, and successfully resolved large-scale FCPA matters.

    The Group has extensive experience guiding companies and their senior executives through multifaceted, enterprise-level crises that demand a combination of rapid reaction and strategic thinking.  The Group’s lawyers—many of whom have held senior positions in government—are positioned to serve clients during challenging times. This breadth of practice—the insights and knowledge developed from the volume and variety of matters the Firm has handled—has made it a one-stop shop for clients.

    “If you have a major issue and the CFTC is coming after you, you want them on your side.”

    –Chambers USA 2020

    Chambers USA

    Tier #i

    Corporate Crime & Investigations

    White Collar Crime & Government Investigations

    Derivatives

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    Spotlight

    Recent Developments in SEC Enforcement 
    –Steve Peikin, Julia Malkina and Jeff Scott

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    S&C Critical Insights – Recent Developments in Private Securities Litigation

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    Securities Enforcement and Litigation Update

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    GIR 30 Ranks S&C as a Leading Firm for Corporate Investigations

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    Steve Peikin Discusses Enforcement Topics in ‘Masterclass: Managing a True Corporate Crisis/Major Internal Investigation’

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    • Experience
    • Rankings and Recognitions
    • News
    • Publications, Videos and Podcasts
    • Practice Contacts
    • Related Practices
    Experience

    Experience

    • Allianz in the resolution of investigations by the SEC and DOJ in Structured Alpha hedge funds managed by Allianz. Also represented Allianz in settling a related series of individual and putative class actions filed in the Southern District of New York by investors.
    • BlockFi in resolving investigations by the SEC and 32 state securities regulators of the BlockFi Interest Account, an interest-bearing cryptocurrency product. BlockFi Lending is the first company to settle with the SEC or state regulators regarding interest-bearing cryptocurrency accounts, and the settlements clarified important regulatory questions surrounding cryptocurrency lending practices. As part of the resolution, BlockFi Lending’s parent, BlockFi Inc., announced plans to register with the SEC a new interest-bearing cryptocurrency account product, becoming the first company to do so.

    • JPMorgan in achieving resolutions with the DOJ, the CFTC and the SEC, resolving multi-year investigations into alleged “spoofing” by JPMorgan traders in the precious metals and U.S. treasuries markets, and manipulation of precious metals barrier options.
    • Fiat Chrysler Automobiles in numerous matters arising from claims related to emissions control devices, including guiding FCA in resolving an SEC investigation related to disclosures concerning an internal audit of emissions control systems, and in reaching resolutions with DOJ Civil, the EPA, CARB, 50 state attorneys general and CPB.
    • Scotiabank in obtaining global coordinated resolutions with the DOJ and CFTC resolving investigations of spoofing with respect to precious metals futures contracts as well as alleged failures to provide pre-trade mid-market marks to swap counterparties and other swap dealer compliance issues.
    • RPM International Inc. in a disclosure and accounting fraud action filed by the SEC arising from RPM’s alleged failure to timely disclose a loss contingency, or record an accrual for, the potential settlement of an investigation by the DOJ.
    • Volkswagen in obtaining a dismissal of multiple claims brought by the SEC concerning disclosures regarding diesel emissions.
    • Tower Research Capital in obtaining a $67 million resolution with the DOJ and CFTC to resolve allegations of spoofing in futures markets by certain former traders.
    • Moody’s in obtaining a favorable resolution of a first-of-its-kind SEC action involving alleged violations of Rule 17g-8(b), promulgated under Dodd-Frank.
    • Barclays in the investigation and resolution with the DOJ, CFTC, the U.K. FCA, and other regulators of matters relating to voice and electronic trading in the global FX Spot Market.
    • Barclays in the investigation and resolution with the CFTC of matters relating to the ISDAFIX benchmark rate.
    • Obsidian Energy Ltd., a Canadian oil and natural gas company, in litigation brought by the SEC in the U.S. District Court for the Southern District of New York against Obsidian and former executives relating to an accounting restatement.
    • BP in the settlement of DOJ and CFTC investigations of alleged commodities manipulation, including entering into a deferred prosecution agreement with the DOJ and a consent order with the CFTC.
    • A Fortune 500 company, in obtaining an SEC declination in an investigation of allegations of improper earnings management.
    • A major technology company, in obtaining an SEC declination in an investigation of revenue recognition practices at major technology company.
    • A global financial institution in successfully resolving investigations by the DOJ and SEC concerning allegations raised by a former senior employee on the company’s whistleblower hotline and in the media.
    • A global trading firm in a multi-year investigation by the CFTC Division of Enforcement, regarding alleged manipulation/attempted manipulation of physical and financial energy products. The CFTC closed its investigation with no action taken against the company.
    • Prominent international financial institutions in well-publicized, industrywide regulatory investigations by authorities in several countries, including the CFTC and DOJ, into potential irregularities in the setting of the LIBOR interest rates, in addition to related class action litigation.
    • Multiple financial services firms in investigations related to their OTC and listed derivatives trading activities, including potential allegations related to manipulation, spoofing, and other issues.
    • Multiple global commodities trading merchants and other commercial and trading companies in various CFTC and SRO investigations of trading activities, including manipulation, market disruption, spoofing and other inquiries.
    • Multiple proprietary trading firms in CFTC and Exchange inquiries and investigations related to algorithmic and other electronic trading activities.
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    Rankings and Recognitions

    Rankings and Recognitions

    • Chambers USA Ranks S&C Highly for 2022

      June 2, 2022
    • Law360 “Practice Group of the Year”: White Collar

      March 9, 2023
    • GIR 30 Ranks S&C as a Leading Firm for Corporate Investigations

      November 22, 2022
    • Law360 MVP Awards: Eight Sullivan & Cromwell Partners Named 2022 MVPs

      September 6, 2022
    • Law360 Rising Stars: Eight Sullivan & Cromwell Lawyers Named Rising Stars

      May 31, 2022
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    News

    News

    • Sharon Nelles, Karen Seymour, Steve Peikin, Sarah Payne and Colin Lloyd to Speak at SIFMA’s C&L Seminar

      March 12, 2023
    • Steve Peikin Discusses Enforcement Topics in “Masterclass: Managing a True Corporate Crisis/Major Internal Investigation”

      November 22, 2022
    • Jay Clayton Discusses Markets and SEC Regulation on Cats Roundtable Podcast

      November 8, 2022
    • S&C Advises Cronos in SEC Settlement

      November 2, 2022
    • Sullivan & Cromwell’s Cryptocurrency Enforcement Practice Featured in The National Law Journal

      August 30, 2022
    • Nicole Friedlander and Sharon Cohen Levin Comment on Demand for Cryptocurrency Expertise in The American Lawyer

      August 30, 2022
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    Publications, Videos and Podcasts

    Publications, Videos and Podcasts

    • Supreme Court and First Circuit Cut Back on Expansive Theories of Federal Fraud

      S&C Memos |  May 15, 2023
    • SEC Proposes New Disclosure Rule for Market Entities, and Amendments to Regulations SCI and S-P, to Address Cybersecurity Risks to the U.S. Securities Markets

      S&C Memos |  March 22, 2023
    • U.S. Department of Justice Announces Changes to Policies for Prosecuting Corporate Crime

      S&C Memos |  March 7, 2023
    • Recent Developments in Private Securities Litigation

      Podcasts |  January 9, 2023
    • Delaware Court of Chancery Denies Motion to Dismiss Claims Against SPAC Directors and Holds Entire Fairness Applies

      S&C Memos |  January 6, 2023
    • Recent Developments in SEC Enforcement 

      Podcasts |  January 5, 2023
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    Practice Contacts

    Practice Contacts

    Steven R. Peikin Headshot Photo
    Steven R. Peikin
    New York
    +1-212-558-4636
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    Stephen Ehrenberg Headshot Photo
    Stephen Ehrenberg
    New York
    +1-212-558-4000
    Email
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    Kathleen S. McArthur Headshot Photo
    Kathleen S. McArthur
    Washington, D.C.
    +1-202-956-7591
    New York
    +1-212-558-4321
    Email
    vCard
    James M. McDonald Headshot Photo
    James M. McDonald
    New York
    +1-212-558-3030
    Washington, D.C.
    +1-202-956-7050
    Email
    vCard
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    Related Practices

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