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Industries

Financial Services and Insurance

Financial Services and Insurance

Cravath has been a leading advisor to a broad array of financial institutions, insurers and reinsurers for decades, including in some of the largest and most important transactions and cases in recent history. Our clients include commercial banks, including both U.S. and non-U.S. money‑center banks and large U.S. regional banks, investment banks, broker‑dealers, non‑traditional lending sources, fintech companies and non-bank firms, private equity funds, hedge funds, asset managers and investment advisors. We also represent diversified insurance and related financial services companies and leaders in the property and casualty insurance and reinsurance markets.

Our transactional capabilities include representing these clients, or their boards of directors, in connection with mergers, acquisitions, divestitures, spin-offs, regulatory matters, bank financings and capital market activities. Over the years, we have advised on groundbreaking deals employing first-use structures, handled critical transactions and assisted companies in navigating some of the most significant financial crises and post-crisis matters in this sector.

Our litigators routinely tackle the largest and most significant cases in the industry, representing financial institutions (or their outside directors or special committees) in securities class actions—including serving as nationwide coordinating counsel—antitrust class actions, RICO class actions, mergers & acquisitions litigation, bankruptcy litigation and shareholder derivative actions, as well as litigation arising under the Alien Tort Statute and matters involving non-U.S. law. Our litigators handle matters at the trial and appellate levels, in arbitrations and before government and regulatory bodies. In addition, our investigations team is a trusted advisor to financial institutions, their boards of directors and their senior executives regarding internal and government investigations, regulatory enforcement proceedings and white collar criminal defense matters involving the full range of corporate crises.

Our transactional capabilities include representing these clients, or their boards of directors, in connection with mergers, acquisitions, divestitures, spin-offs, regulatory matters, bank financings and capital market activities. Over the years, we have advised on groundbreaking deals employing first-use structures, handled critical transactions and assisted companies in navigating some of the most significant financial crises and post-crisis matters in this sector.

Our litigators routinely tackle the largest and most significant cases in the industry, representing financial institutions (or their outside directors or special committees) in securities class actions—including serving as nationwide coordinating counsel—antitrust class actions, RICO class actions, mergers & acquisitions litigation, bankruptcy litigation and shareholder derivative actions, as well as litigation arising under the Alien Tort Statute and matters involving non-U.S. law. Our litigators handle matters at the trial and appellate levels, in arbitrations and before government and regulatory bodies. In addition, our investigations team is a trusted advisor to financial institutions, their boards of directors and their senior executives regarding internal and government investigations, regulatory enforcement proceedings and white collar criminal defense matters involving the full range of corporate crises.

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

June 02, 2025

Ascot Group Limited’s Fixed‑Rate Reset Senior Notes Offering

Cravath represented the initial purchasers in connection with the $350 million 144A/Reg. S fixed‑rate reset senior notes offering of Ascot Group Limited, a global insurance and reinsurance organization offering a broad range of specialty insurance and reinsurance products to customers worldwide through underwriting platforms in the U.K., Bermuda and the U.S. The transaction closed on May 16, 2025.

Deals & Cases

May 27, 2025

CBRE Services, Inc.’s $1.1 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1.1 billion registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc. (“CBRE”). CBRE is the world’s largest commercial real estate services and investment firm. The transaction closed on May 12, 2025.

Deals & Cases

May 08, 2025

State Street Corporation’s $2 Billion Registered Senior Notes, Floating Rate Notes and Fixed‑to‑Floating Rate Senior Notes Offering

Cravath represented the underwriters in connection with the $2 billion registered senior notes, floating rate notes and fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2025.

Deals & Cases

May 06, 2025

JPMorgan Chase & Co.’s $6 Billion Registered Fixed‑to‑Floating Rate Notes Offering

Cravath represented the underwriters in connection with the $6 billion registered fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on April 22, 2025.

Deals & Cases

April 24, 2025

FactSet Research Systems Inc.’s $1.5 Billion of Credit Facilities

Cravath represented the borrower, FactSet Research Systems Inc., in connection with the arrangement of $1.5 billion of credit facilities used to refinance existing indebtedness and for working capital and other general corporate purposes. The facilities consisted of a $1 billion revolving credit facility and a $500 million term loan facility. The transactions closed on April 8, 2025.

Activities

June 12, 2025

Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

Activities

June 11, 2025

Elad Roisman Testifies Before U.S. House Financial Services Committee on the Digital Asset Market Clarity Act of 2025

On June 4, 2025, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing entitled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework” examined the Digital Asset Market Clarity Act of 2025, which sets forth a proposed digital asset market structure framework.

Publications

June 06, 2025

Scott Bennett, Nick Dorsey, Virginia Anderson and Ellen Park Co‑Author U.S. Chapter of 2025 Chambers Venture Capital Guide

Cravath partners D. Scott Bennett and Nicholas A. Dorsey and of counsels Virginia M. Anderson and Ellen H. Park co‑authored the U.S. Law and Practice chapter of the Chambers Venture Capital Guide, which was published in May 2025. The guide, which is part of the publisher’s Global Practice Guides series, provides the latest legal information on trends in the venture capital market; fund structures, economics and regulation; investments in VC companies; government subsidies and tax; employee incentivization and exits in the 26 jurisdictions covered. The U.S. Law and Practice chapter examines how the artificial intelligence sector drove momentum in the venture capital market throughout the past year; the continued prevalence of “down round” raises, bridge financing solutions and alternative financing solutions for companies that have faced financing challenges; typical venture capital fund structure in the United States and more.

Activities

May 29, 2025

Jelena McWilliams Speaks at This Week in Fintech’s Stablecon 2025

On May 29, 2025, Cravath partner Jelena McWilliams participated in This Week in Fintech’s Stablecon 2025, which was held in New York. The conference hosted founders, c‑suite executives, regulatory authorities, venture capitalists and crypto innovators to discuss critical themes in the rapidly evolving stablecoin ecosystem, including regulatory frameworks, technological advancements, institutional adoption and the role of stablecoins in global commerce. Jelena spoke on a panel entitled “The Shifting Regulatory Sands of Stablecoins,” which reviewed the regulatory treatment of stablecoins, including the interplay of federal and state regulation, the effect of stablecoin legislation and regulation on the structure of the market and what to watch during the implementation of stablecoin regulation.

Activities

May 20, 2025

Elad Roisman Speaks at PLI’s The SEC Speaks in 2025 Program

Cravath partner Elad Roisman participated in “The SEC Speaks in 2025,” a program presented by the Practising Law Institute in cooperation with the U.S. Securities and Exchange Commission (“SEC”) from May 19‑20, 2025, in Washington, D.C. Elad was a commentator alongside other former SEC Commissioners on the panels for Division of Corporation Finance, Division of Trading and Markets and Division of Enforcement. The program convened corporate attorneys, private sector executives and SEC officials, including the Chairman, Commissioners and senior staff, to provide and discuss essential updates on the current initiatives and priorities at the SEC. 

Deals & Cases

June 02, 2025

Ascot Group Limited’s Fixed‑Rate Reset Senior Notes Offering

Cravath represented the initial purchasers in connection with the $350 million 144A/Reg. S fixed‑rate reset senior notes offering of Ascot Group Limited, a global insurance and reinsurance organization offering a broad range of specialty insurance and reinsurance products to customers worldwide through underwriting platforms in the U.K., Bermuda and the U.S. The transaction closed on May 16, 2025.

Deals & Cases

May 27, 2025

CBRE Services, Inc.’s $1.1 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1.1 billion registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc. (“CBRE”). CBRE is the world’s largest commercial real estate services and investment firm. The transaction closed on May 12, 2025.

Deals & Cases

May 08, 2025

State Street Corporation’s $2 Billion Registered Senior Notes, Floating Rate Notes and Fixed‑to‑Floating Rate Senior Notes Offering

Cravath represented the underwriters in connection with the $2 billion registered senior notes, floating rate notes and fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on April 24, 2025.

Deals & Cases

May 06, 2025

JPMorgan Chase & Co.’s $6 Billion Registered Fixed‑to‑Floating Rate Notes Offering

Cravath represented the underwriters in connection with the $6 billion registered fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on April 22, 2025.

Deals & Cases

April 24, 2025

FactSet Research Systems Inc.’s $1.5 Billion of Credit Facilities

Cravath represented the borrower, FactSet Research Systems Inc., in connection with the arrangement of $1.5 billion of credit facilities used to refinance existing indebtedness and for working capital and other general corporate purposes. The facilities consisted of a $1 billion revolving credit facility and a $500 million term loan facility. The transactions closed on April 8, 2025.

Activities

June 12, 2025

Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

Activities

June 11, 2025

Elad Roisman Testifies Before U.S. House Financial Services Committee on the Digital Asset Market Clarity Act of 2025

On June 4, 2025, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing entitled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework” examined the Digital Asset Market Clarity Act of 2025, which sets forth a proposed digital asset market structure framework.

Publications

June 06, 2025

Scott Bennett, Nick Dorsey, Virginia Anderson and Ellen Park Co‑Author U.S. Chapter of 2025 Chambers Venture Capital Guide

Cravath partners D. Scott Bennett and Nicholas A. Dorsey and of counsels Virginia M. Anderson and Ellen H. Park co‑authored the U.S. Law and Practice chapter of the Chambers Venture Capital Guide, which was published in May 2025. The guide, which is part of the publisher’s Global Practice Guides series, provides the latest legal information on trends in the venture capital market; fund structures, economics and regulation; investments in VC companies; government subsidies and tax; employee incentivization and exits in the 26 jurisdictions covered. The U.S. Law and Practice chapter examines how the artificial intelligence sector drove momentum in the venture capital market throughout the past year; the continued prevalence of “down round” raises, bridge financing solutions and alternative financing solutions for companies that have faced financing challenges; typical venture capital fund structure in the United States and more.

Activities

May 29, 2025

Jelena McWilliams Speaks at This Week in Fintech’s Stablecon 2025

On May 29, 2025, Cravath partner Jelena McWilliams participated in This Week in Fintech’s Stablecon 2025, which was held in New York. The conference hosted founders, c‑suite executives, regulatory authorities, venture capitalists and crypto innovators to discuss critical themes in the rapidly evolving stablecoin ecosystem, including regulatory frameworks, technological advancements, institutional adoption and the role of stablecoins in global commerce. Jelena spoke on a panel entitled “The Shifting Regulatory Sands of Stablecoins,” which reviewed the regulatory treatment of stablecoins, including the interplay of federal and state regulation, the effect of stablecoin legislation and regulation on the structure of the market and what to watch during the implementation of stablecoin regulation.

Activities

May 20, 2025

Elad Roisman Speaks at PLI’s The SEC Speaks in 2025 Program

Cravath partner Elad Roisman participated in “The SEC Speaks in 2025,” a program presented by the Practising Law Institute in cooperation with the U.S. Securities and Exchange Commission (“SEC”) from May 19‑20, 2025, in Washington, D.C. Elad was a commentator alongside other former SEC Commissioners on the panels for Division of Corporation Finance, Division of Trading and Markets and Division of Enforcement. The program convened corporate attorneys, private sector executives and SEC officials, including the Chairman, Commissioners and senior staff, to provide and discuss essential updates on the current initiatives and priorities at the SEC. 

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