Cravath’s London Office Moves to 100 Cheapside
Financial Institutions Group (FIG)
Cravath represents leading financial institutions in connection with domestic and cross‑border transactional, regulatory, supervisory, enforcement and governance matters. Our lawyers also advise fintech companies and non‑bank firms in evaluating charter options, bank partnerships and acquisitions of banks. Cravath is uniquely positioned among leading U.S. firms by our deep bench of regulatory attorneys and legal knowledge at the intersection of law and policy. The strength of this practice is grounded in our attorneys’ collective regulatory and legislative expertise, comprehensive knowledge of the financial services and fintech sectors and solutions‑oriented practical judgment.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, most of whom were formerly with government organizations, regulatory agencies and legislative bodies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices. These varied regulatory, enforcement and policymaking experiences have allowed our attorneys to understand not only legal issues at hand but why the law was written the way it was written and what policy objectives the law intended to accomplish. We are able to leverage this knowledge as we negotiate complex regulatory and enforcement matters with governmental agencies on behalf of clients.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
- Transactions with or involving regulated institutions
- Regulatory strategies for fintech companies
- The full range of regulatory matters under federal and state bank regulatory frameworks
- Cryptoasset-related matters
- Volcker Rule matters
- Enhanced prudential standards and other Dodd-Frank Act issues
- Basel III capital and liquidity requirements
- Investigations, examination and enforcement matters involving federal and state banking agencies
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath has been named Fintech Law Firm of the Year by The Deal and a Fintech Practice Group of the Year by Law360. The Firm has also been recognized as a Law360 Banking Practice Group of the Year for three of the past five years.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, most of whom were formerly with government organizations, regulatory agencies and legislative bodies, including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the U.S. Department of the Treasury, the U.S. Department of Justice, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and various U.S. Attorneys’ Offices. These varied regulatory, enforcement and policymaking experiences have allowed our attorneys to understand not only legal issues at hand but why the law was written the way it was written and what policy objectives the law intended to accomplish. We are able to leverage this knowledge as we negotiate complex regulatory and enforcement matters with governmental agencies on behalf of clients.
Our clients, which include many of the world’s leading financial institutions, fintechs and other financial services providers, rely on our lawyers’ strategic advice to navigate the changing regulatory environment and the increasingly complex challenges it presents. Cravath’s position at the forefront of regulatory developments enables us to provide invaluable insight when advising our financial services clients across a broad array of issues, including:
- Transactions with or involving regulated institutions
- Regulatory strategies for fintech companies
- The full range of regulatory matters under federal and state bank regulatory frameworks
- Cryptoasset-related matters
- Volcker Rule matters
- Enhanced prudential standards and other Dodd-Frank Act issues
- Basel III capital and liquidity requirements
- Investigations, examination and enforcement matters involving federal and state banking agencies
Cravath is consistently recognized in the areas of financial services litigation, financial services regulatory, fintech, investigations and securities regulation by numerous third‑party publications. Cravath has been named Fintech Law Firm of the Year by The Deal and a Fintech Practice Group of the Year by Law360. The Firm has also been recognized as a Law360 Banking Practice Group of the Year for three of the past five years.
Deals & Cases
February 10, 2025
FactSet’s Acquisition of LiquidityBook
On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.
Deals & Cases
January 22, 2025
CardWorks’s Acquisition of Ally’s Credit Card Business
On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.
Deals & Cases
November 19, 2024
Robinhood’s Acquisition of TradePMR
On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.
Deals & Cases
October 25, 2024
L&G’s Investment in Taurus Investment Holdings
On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.
Deals & Cases
September 26, 2024
Citi’s $25 Billion Private Credit, Direct Lending Program with Apollo
On September 26, 2024, Citigroup Inc. (“Citi”) and Apollo announced they have entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The firms anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions, and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion. Cravath is representing Citi in connection with the agreement.
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.
Activities
May 20, 2025
Jelena McWilliams Speaks at S&P Global’s Community Bankers Conference 2025
On May 20, 2025, Cravath partner Jelena McWilliams participated in S&P Global Market Intelligence’s Community Bankers Conference 2025, which was held from May 18‑20 in Irving, Texas. The conference hosted bank executives, board members, investors, technology providers and advisers to discuss the strategic issues facing community banks and how they can best respond to the market forces continuing to reshape the industry. Jelena was featured in a fireside chat on banking policy and regulation, during which she examined what recent developments reveal about potential regulatory posture, key issues that could have a profound impact on banks’ operations and other hot‑button issues that have surfaced during recent examinations.
Publications
May 15, 2025
Jeff Dinwoodie Publishes Essay in Yale Journal on Regulation Blog on Net Capital and Crypto
On May 13, 2025, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “Net Capital and Crypto.” The essay discusses how the application of the SEC’s Net Capital Rule to crypto will likely play a role in shaping crypto market structure under the emerging U.S. regulatory framework.
Publications
May 13, 2025
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2025
On May 12, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2025. Highlights from this edition include:
Activities
May 12, 2025
Jeff Dinwoodie Moderates Panel at the SEC Crypto Task Force “Tokenization” Roundtable
On May 12, 2025, Cravath partner Jeffrey T. Dinwoodie participated in the Securities and Exchange Commission (SEC) Crypto Task Force’s “Tokenization – Moving Assets Onchain: Where TradFi and DeFi Meet” roundtable, which was held at the SEC’s Washington, D.C. headquarters. Jeff moderated the panel entitled “Evolution of Finance: Capital Markets 2.0.” The event is part of an ongoing series of roundtables hosted by the SEC’s Crypto Task force on crypto asset regulation.
Deals & Cases
February 10, 2025
FactSet’s Acquisition of LiquidityBook
On February 10, 2025, FactSet, a global financial digital platform and enterprise solutions provider, announced the acquisition of LiquidityBook, a leading provider of cloud‑native buy- and sell‑side trading solutions, for a gross purchase price of $246.5 million in cash. Cravath is representing FactSet in connection with the transaction.
Deals & Cases
January 22, 2025
CardWorks’s Acquisition of Ally’s Credit Card Business
On January 22, 2025, CardWorks, Inc. (“CardWorks”), a leader in credit and payments, and Ally Financial Inc. (“Ally”), a financial services company with the nation’s largest all‑digital bank and an industry‑leading auto financing business, announced that they have entered into a definitive agreement for CardWorks, and its wholly‑owned bank subsidiary, Merrick Bank, to acquire Ally’s credit card business, including a portfolio of $2.3 billion in credit card receivables with 1.3 million active cardholders as of December 31, 2024. Cravath is representing CardWorks in connection with the transaction.
Deals & Cases
November 19, 2024
Robinhood’s Acquisition of TradePMR
On November 19, 2024, Robinhood Markets, Inc. (“Robinhood”) announced that it has entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors. Final deal consideration is expected to be approximately $300 million, subject to customary purchase price adjustments, consisting of a mix of cash and stock. Cravath is representing Robinhood in connection with the transaction.
Deals & Cases
October 25, 2024
L&G’s Investment in Taurus Investment Holdings
On October 25, 2024, Legal & General (“L&G”), one of the U.K.’s leading financial services groups and a major global investor, announced its strategic investment in Taurus Investment Holdings, LLC (“Taurus”), a Boston‑based, global real estate private equity firm, alongside an initial commitment of up to $200 million in seed capital to multifamily real estate. Cravath is representing L&G in connection with the transaction.
Deals & Cases
September 26, 2024
Citi’s $25 Billion Private Credit, Direct Lending Program with Apollo
On September 26, 2024, Citigroup Inc. (“Citi”) and Apollo announced they have entered into an exclusive agreement for a subsidiary of Citi and certain affiliates of Apollo to form a landmark $25 billion private credit, direct lending program initially in North America, with the potential to expand to additional geographies. The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The firms anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions, and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion. Cravath is representing Citi in connection with the agreement.
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.
Activities
May 20, 2025
Jelena McWilliams Speaks at S&P Global’s Community Bankers Conference 2025
On May 20, 2025, Cravath partner Jelena McWilliams participated in S&P Global Market Intelligence’s Community Bankers Conference 2025, which was held from May 18‑20 in Irving, Texas. The conference hosted bank executives, board members, investors, technology providers and advisers to discuss the strategic issues facing community banks and how they can best respond to the market forces continuing to reshape the industry. Jelena was featured in a fireside chat on banking policy and regulation, during which she examined what recent developments reveal about potential regulatory posture, key issues that could have a profound impact on banks’ operations and other hot‑button issues that have surfaced during recent examinations.
Publications
May 15, 2025
Jeff Dinwoodie Publishes Essay in Yale Journal on Regulation Blog on Net Capital and Crypto
On May 13, 2025, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “Net Capital and Crypto.” The essay discusses how the application of the SEC’s Net Capital Rule to crypto will likely play a role in shaping crypto market structure under the emerging U.S. regulatory framework.
Publications
May 13, 2025
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2025
On May 12, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2025. Highlights from this edition include:
Activities
May 12, 2025
Jeff Dinwoodie Moderates Panel at the SEC Crypto Task Force “Tokenization” Roundtable
On May 12, 2025, Cravath partner Jeffrey T. Dinwoodie participated in the Securities and Exchange Commission (SEC) Crypto Task Force’s “Tokenization – Moving Assets Onchain: Where TradFi and DeFi Meet” roundtable, which was held at the SEC’s Washington, D.C. headquarters. Jeff moderated the panel entitled “Evolution of Finance: Capital Markets 2.0.” The event is part of an ongoing series of roundtables hosted by the SEC’s Crypto Task force on crypto asset regulation.
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