Patterson Belknap’s litigation and corporate attorneys have decades of experience navigating the highly regulated and constantly evolving financial services industry.
Structured Finance Litigation
Chambers USA has recognized Patterson Belknap's Structured Finance Litigation Team, with one commenter noting that, “[t]he caliber of people at both partner and associate level is exceptional.” The firm is also “Highly Recommended” for Litigation – New York in Euromoney Institutional Investor PLC’s Benchmark Plaintiff 2015 guide. Benchmark quoted a client as saying, “for residential mortgage-backed securities litigation, they are a go-to firm.”
As one of the few elite firms positioned to be adverse to most major banks and other financial institutions, we advise a broad range of clients, including hedge funds, private equity and investment firms, and financial guarantee (“monoline”) insurance companies. We have become the leading law firm representing the monolines in their efforts to recover against financial institutions and other sponsors of residential mortgage-backed securities (“RMBS”) for breaches of representations and warranties and other claims relating to the quality of the mortgage loans included in these transactions. We currently represent five monoline insurers in connection with their remediation efforts relating to dozens of separate RMBS transactions, including investigation and prosecution of billions of dollars in claims for breaches of representations and warranties and other wrongdoing against some of the world's largest financial institutions, as well as advising on restructuring and other loss-mitigation options. We also represent a private investment firm with over $20 billion in assets under management in the enforcement of remedies relating to events of default that occurred in a multi-billion dollar revolving credit facility used by one of the largest mortgage servicers in the country to finance its operations.
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Private Equity and Mergers and Acquisitions
Our corporate attorneys are at the forefront of constantly evolving industry standards, deal structures, and legal deal terms that the leading investors in the private equity business pursue. We represent clients in acquisitions and sales of businesses, in the financing of these acquisitions, and in related tax and regulatory matters. Our clients include target companies in private equity and merger and acquisition (“M&A”) transactions. We also advise bankers and special committees in private equity and other sale transactions.
On behalf of fund managers, we form and establish onshore and offshore funds, including hedge, venture capital, private equity and subordinated debt funds as well as funds of funds. These funds include those with unique trading techniques, such as multinational investment and FX hedging and specialty focuses such as life sciences, medical equipment and homeland security.
The Corporate Department at Patterson Belknap provides a unique combination of cross-border corporate finance and cross-border mergers and acquisitions practices. Our lawyers have established an international reputation in the depositary receipts arena, and, on behalf of major financial institutions, have been instrumental in developing novel cross-border instruments, including American depositary warrants, American depositary appreciation rights, American depositary notes, and depositary receipts eligible for trading and settlement in multiple jurisdictions.
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Privacy and Data Security
Patterson Belknap’s Privacy and Data Security Team advises financial institutions, and other public and private companies, on a broad range of privacy and data protection matters including prevention and compliance, data breach response, special board and committee representation, internal investigations, and litigation. Recent experience includes advising a New York-based financial institution concerning its rights and remedies against a national retailer and credit card companies in the aftermath of a major data breach; a financial services entity in a major litigation involving allegations of corporate espionage and trade secret misappropriation; and a leading financial firm in a misappropriation of trade secret information claim.
A number of our team members are former government attorneys active in both civil and criminal white collar defense and investigations. For example, while at the U.S. Attorney’s Office, one of our partners successfully prosecuted a systems administrator at a leading investment bank for writing, planting, and disseminating malicious computer code that attacked and took down up to 2,000 servers at the bank, while simultaneously shorting the company’s stock. The former employee was found guilty of computer sabotage and securities fraud, sentenced to more than eight years in prison, and ordered to pay more than $3 million in restitution.
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White Collar Defense and Investigations
The firm’s White Collar Defense and Investigations Group includes six former federal prosecutors and the former Attorney General of the State of New Jersey, all of whom have extensive trial and litigation experience. The Group represents corporations and individuals in cases involving allegations of securities fraud, health care fraud, antitrust violations, tax fraud, and violations the Foreign Corrupt Practices Act (FCPA).
The Group has extensive experience handling sensitive matters in the financial services industry, including conducting investigations on behalf of and representing a foreign bank and other corporate and individual clients in connection with allegations of the possible manipulation of the London Interbank Offering Rate (LIBOR) and of potential violations of the FCPA, among other things. The Group also represented a financial advisor and several bankers in connection with a U.S. Department of Justice and SEC investigation into alleged municipal bond bid-rigging in violation of the federal antitrust laws.
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Business Reorganization and Creditors’ Rights
Patterson Belknap offers clients significant skills and experience in bankruptcy matters and bankruptcy-related litigation. Our attorneys represent secured lenders and borrowers in connection with the restructuring of lending arrangements involving financially illiquid or distressed companies. This has included advising and representing a secured lender in the restructuring of its credit facilities with a series of related agribusinesses in Colorado, including the sale of real property and the liquidation of other collateral and advising foreign banks in the modification of revolving credit facilities to a troubled commodities dealer in order to avoid bankruptcy proceedings.
Patterson Belknap is particularly known for its active and effective litigation in bankruptcy court, concentrating in handling complex litigation arising from bankruptcy cases. Noteworthy recent matters include representation of a major financial institution in a negligence suit against a nationwide accounting firm upon which it relied in lending to a bankrupt manufacturer; representation of a nationwide accounting firm in litigation brought by financial institutions which relied on it in lending to a bankrupt commodities trader; and representation of a large foreign bank in its efforts to avoid fraudulent conveyance through the use of Liechtenstein trusts and similar asset protection vehicle.
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