The Firm's Securities & Commodities Investigations & Enforcement 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.

 



 


 






Recent Selected Representations
  • 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 an ongoing 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 most 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. 


Recent Publications










 

SELECTED REPRESENTATIONS

Selected Representations
  • 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 an ongoing 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 most 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.