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News & Insights

Silvergate’s Settlement Agreements with the Federal Reserve, California Department of Financial Protection and Innovation and Securities and Exchange Commission

July 09, 2024

On July 1, 2024, Silvergate announced it has agreed to settlements with the Board of Governors of the Federal Reserve System (“Federal Reserve”), the California Department of Financial Protection and Innovation (“DFPI”) and the Securities and Exchange Commission (“SEC”). In a statement, Silvergate noted its decision to liquidate voluntarily and without government assistance in March 2023, and that, as of November 2023, all deposits had been repaid to banking customers, soon after which Silvergate ceased banking operations. The announced settlements, which facilitate the surrender of Silvergate’s bank charter, are part of the Bank’s continued orderly wind down and conclude investigations by the Federal Reserve, DFPI, and SEC. Cravath represented Silvergate in connection with the investigations, resulting settlements, and voluntary liquidation.

Partners John D. Buretta and Benjamin Gruenstein, of counsel Jeffrey A. Rosen, practice area attorney Lindsay J. Timlin and associates Dean M. Nickles and Benjamin S. Spiegel represented Silvergate regarding investigative matters; partner Jelena McWilliams, of counsel Will C. Giles and associate Jonathan A. Gordon represented Silvergate regarding bank regulatory matters; and partner D. Scott Bennett and associates Ellen H. Park, Joshua Kameel and Danielle A. Solaru represented Silvergate regarding corporate matters.

Related Practices & Industries

  • Litigation
  • Investigations and Regulatory Enforcement
  • Corporate
  • Financial Institutions Group (FIG)
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People

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Name
John D. Buretta
Title
Litigation
Title
Partner
Email
jburetta@cravath.com
Phone
+1-212-474-1260
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    Education

    • J.D., 1996, Georgetown University Law Center
      cum laude
    • B.A., 1993, University of California, Berkeley

    Admitted In

    • New York
    • District of Columbia
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    Name
    Benjamin Gruenstein
    Title
    Litigation
    Title
    Partner
    Email
    bgruenstein@cravath.com
    Phone
    +1-212-474-1080
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      Education

      • J.D., 1999, Harvard Law School
        magna cum laude
      • A.B., 1996, Harvard College
        Phi Beta Kappa, summa cum laude

      Admitted In

      • New York
      • District of Columbia
      Photo
      Name
      Jelena McWilliams
      Title
      Corporate
      Title
      Partner
      Email
      jmcwilliams@cravath.com
      Phone
      +1-202-869-7710
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        Education

        • J.D., 2002, University of California, Berkeley, School of Law
          Highest Honors for JD thesis.
        • B.A., 1999, University of California, Berkeley
          Alumni Scholar, Dean's Honor List, High Distinction

        Admitted In

        • District of Columbia
        • California
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        Name
        D. Scott Bennett
        Title
        Corporate
        Title
        Partner
        Email
        sbennett@cravath.com
        Phone
        +1-212-474-1132
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          Education

          • J.D., 2006, Emory University School of Law
          • B.A., 2002, Duke University

          Admitted In

          • New York
          Photo
          Name
          Jeffrey A. Rosen
          Title
          Litigation
          Title
          Of Counsel
          Email
          jrosen@cravath.com
          Phone
          +1-202-869-7724
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            Education

            • J.D., 1982, Harvard Law School
              magna cum laude
            • B.A., 1979, Northwestern University
              highest distinction

            Admitted In

            • District of Columbia
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            Name
            Will C. Giles
            Title
            Corporate
            Title
            Of Counsel
            Email
            wgiles@cravath.com
            Phone
            +1-202-869-7728
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              Education

              • LL.M., 2010, Boston University
              • J.D., 2007, University of Virginia School of Law
              • B.S.B.A., 2004, University of Arkansas, Fayetteville

              Admitted In

              • District of Columbia
              Photo
              Name
              Dean M. Nickles
              Title
              Litigation
              Title
              Of Counsel
              Email
              dnickles@cravath.com
              Phone
              +1-212-474-1135
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                Education

                • J.D., 2016, University of Notre Dame Law School
                  summa cum laude
                • B.A., 2013, Villanova University
                  magna cum laude

                Admitted In

                • New York
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                Name
                Ellen H. Park
                Title
                Corporate
                Title
                Of Counsel
                Email
                epark@cravath.com
                Phone
                +1-212-474-1652
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                  Education

                  • J.D., 2017, Harvard Law School
                    cum laude
                  • B.A., 2013, University of California, San Diego

                  Admitted In

                  • New York
                  Photo
                  Name
                  Lindsay J. Timlin
                  Title
                  Litigation
                  Title
                  Practice Area Attorney
                  Email
                  ltimlin@cravath.com
                  Phone
                  +1-212-474-1281
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                    Education

                    • J.D., 2009, Columbia Law School
                      Harlan Fiske Stone Scholar
                    • B.A., 2004, University of Virginia

                    Admitted In

                    • New York

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