Investigations and Regulatory Enforcement

Cravath represented Circle Internet Financial, LLC on SEC regulatory matters concerning the non‑applicability of securities laws to payment stablecoins, concurrent with Circle Internet Group Inc.’s initial public offering.

On January 22, 2025, Eros Media World plc, a global media and entertainment company, announced that its internal review of certain accounting practices and internal controls has been concluded, with the Audit Committee determining that no revenues of the Company recognized during the fiscal year ended March 31, 2020, were inappropriately recognized, and finding no impairment in the intangible assets and goodwill reflected on the Company’s Form 6‑K dated March 31, 2021. In addition, the Audit Committee found no material weaknesses in internal controls over financial reporting.

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.

Cravath represented Robinhood Markets, Inc. (“Robinhood”) in its Share Purchase Agreement (the “Share Purchase Agreement”) with the United States Marshals Service (the “USMS”), acting for and on behalf of the United States, pursuant to which Robinhood agreed to purchase 55,273,469 shares of the company’s Class A common stock (the “Shares”) from the USMS for an aggregate purchase price of $605,694,411.59, or approximately $10.96 per share. The transaction closed on August 31, 2023.

On March 31, 2022, Swvl Inc. (“Swvl”), a global provider of transformative tech-enabled mass transit solutions, announced the completion of its previously announced business combination with Queen’s Gambit Growth Capital, the first special purpose acquisition company founded and led entirely by women, following an extraordinary general meeting of Queen’s Gambit’s shareholders held on March 30, 2022. The combined company has changed its name to Swvl Holdings Corp. On April 1, 2022, Swvl Holdings Corp’s Class A ordinary shares and warrants are expected to commence trading on NASDAQ under the ticker symbols “SWVL” and “SWVLW”, respectively. Cravath is representing Swvl in connection with the transaction.

On February 13, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the fourth quarter of 2025. Highlights from this edition include:

On February 13, 2026, Cravath published the latest edition of its Quarterly Review, which provides insight into practical points, key takeaways and relevant developments across the M&A, activism, tax, regulatory and corporate governance landscape. This edition covers:

On January 14, 2026, Cravath of counsel Dean M. Nickles participated in the New York State Bar Association’s Business Law Section & Corporate Counsel Section 2026 Annual Meeting, which was held in New York. Dean spoke as part of a program entitled “Cybersecurity Law and Risk Management: Essential Strategies for Multinational Organizations,” which reviewed how to navigate the cybersecurity legal landscape and covered topics including current regulatory requirements (such as the NY DFS Cybersecurity Regulation), incident response planning, responding to data breaches and ransomware, third‑party vendor risk management, the intersection of cybersecurity with privacy laws and AI security risks.

On December 6, 2025, Cravath partner Benjamin Gruenstein presented to The International Academy of Financial Crime Litigators, a collaboration between public- and private-sector litigation professionals and the Basel Institute on Governance that aims to promote worldwide access to solutions in cases of economic crime. Ben delivered a talk entitled “Evolving Standards for Sentence Reduction: Interpreting § 3582(c)(1)(A) Post-First Step Act,” in which he discussed developments in the law governing compassionate release, including his recent argument before the Supreme Court in Fernandez v. United States.

Cravath partner Nicole M. Argentieri participated in the American Conference Institute’s 42nd Annual Conference on FCPA and Global Anti‑Corruption, which was held from December 3‑4, 2025 in Washington, D.C. Nicole, who co‑chaired the conference, led a fireside chat with the Acting Assistant Attorney General for the Criminal Division Matt Galeotti about the Division’s priorities and revised policies. Nicole also interviewed Emma Luxton, the Director of Operations for the UK Serious Fraud Office about recent updates to SFO’s corporates guidelines and case announcements, and introduced Deputy Attorney General Todd Blanche, who gave his first speech on the state of white collar enforcement.