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Enforcement Actions Department of Financial Services

Goodwin

Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit

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IN THIS ISSUE - Eleventh Circuit Overturns Dismissal of Cryptocurrency Ponzi Scheme Class Action Suit; Federal Court of Appeals Dismisses Leading Fannie Mae and Freddie Mac Shareholder Lawsuits; NY Seeks Blockchain...more

Ballard Spahr LLP

NYDFS brings first action to enforce state’s debt collection regulation

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The New York Department of Financial Services (DFS) announced on September 16 that it has filed a Statement of Charges against debt collector Forster & Garbus LLP (Forster) for alleged violations of the state’s Debt...more

Akin Gump Strauss Hauer & Feld LLP

First Enforcement Action by New York Department of Financial Services Under Cybersecurity Regulation

On July 21, 2020, the New York Department of Financial Services (DFS) filed a “Statement of Charges and Notice of Hearing” (the “Charges”) against First American Title Insurance Company (the “Company”) alleging violations of...more

Ballard Spahr LLP

New York Department of Financial Services opens investigation into Facebook advertisers

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Only a few months have passed since the U.S. Department of Housing and Urban Development filed a charge of discrimination against Facebook, alleging that the ad-targeting techniques used to determine which users would see...more

Katten Muchin Rosenman LLP

Bridging the Week - March 2019 #4

Not the spoofer, but the person alleged to have developed the computer program used by the spoofer to conduct his illicit futures transactions goes on trial this week in a criminal action brought by the Department of Justice....more

Skadden, Arps, Slate, Meagher & Flom LLP

New York Cybersecurity Regulations Could Affect Foreign Banks

Financial institutions covered by the New York State Department of Financial Services’ (NYDFS) new Cybersecurity Requirements for Financial Services Companies must file their first annual certification by February 15, 2018....more

A&O Shearman

Bank Of Tokyo Mitsubishi Sues DFS And Alleges That DFS Has No Investigatory Or Enforcement Authority Over It Since It Is Now...

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On November 7, 2017, in the midst of a pending examination by, and implementation of previously agreed upon consent orders with, the New York State Department of Financial Services (“DFS”), the Bank of Tokyo Mitsubishi UFJ...more

Sullivan & Worcester

Object Lesson on How Not to Respond to Consent and Enforcement Actions

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Last week, the DFS announced an enforcement action and charges against the NY Branch of Habib Bank, a Pakistani bank that had been doing business in NY for almost 40 years....more

Manatt, Phelps & Phillips, LLP

Corporate Investigations and White Collar Defense - July 2017

Supreme Court Limits SEC’s Disgorgement Power - Why it matters: On June 5, 2017, the Supreme Court held in Kokesh v. SEC that the five-year statute of limitations found in 28 U. S. C. §2462 with respect to actions for...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Cross-Border Investigations Update - December 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update looks at Brexit’s impact on corporate crime and investigations, the U.S. DOJ’s increased use of forfeiture actions with international implications, current...more

Locke Lord LLP

Final New York Anti-Money Laundering Regulations Released – Risk of Liability for AML Compliance Expands to Senior Officers and...

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Last December we alerted our clients of newly proposed anti-money laundering regulations issued by the New York Department of Financial Services (the Department). These rules generated nationwide attention (and criticism) due...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations & White Collar Defense - January 2016

The FCPA in 2016: DOJ and SEC Focus on International Cooperation and Investigation of Individuals - Why it matters: As we reported in our December 2015 newsletter, both SEC Enforcement Director Andrew Ceresney and DOJ...more

Goodwin

NYDFS Enters Settlement Agreement With PwC Under Which PwC Pays $25 Million Fine, Accepts 24-Month Consulting Suspension and Will...

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The New York State Department of Financial Services (“DFS”) entered into a settlement agreement (the “Settlement Agreement”) with PricewaterhouseCoopers LLP (“PwC”) related to consulting services performed by PwC for the...more

Goodwin

Credit Suisse Pleads Guilty to DOJ Charge of Conspiracy to Aid Tax Evasion; FRB and NYDFS Take Related Actions

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As widely reported in the financial press, Credit Suisse AG (“Credit Suisse”), a large Swiss bank that maintains a branch and other offices in the United States pleaded guilty to the felony of conspiracy to aid tax evasion by...more

Ballard Spahr LLP

Hearing on New York DFS lawsuit postponed until May 12

Ballard Spahr LLP on

We reported last week about the novel lawsuit brought by the New York Department of Financial Services (“DFS”) against a large subprime auto finance company and its president and CEO. The DFS relied on Section 1042 of...more

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