Four Decades for Justice
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. The strength of this practice is grounded in the collective regulatory expertise, deep knowledge of the financial services and fintech sectors and solutions-oriented practical judgment of our attorneys.
Our integrated Financial Institutions Group (FIG) Practice draws upon the experience of our seasoned attorneys, many of whom were formerly with government organizations and regulators, 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.
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:
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 was named the Fintech Law Firm of the Year by The Deal in 2022 and a Fintech Practice Group of the Year by Law360 in 2021. The Firm was also 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, many of whom were formerly with government organizations and regulators, 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.
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:
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 was named the Fintech Law Firm of the Year by The Deal in 2022 and a Fintech Practice Group of the Year by Law360 in 2021. The Firm was also a Law360 Banking Practice Group of the Year for three of the past five years.
Deals & Cases
July 05, 2023
On July 5, 2023, Brookfield Reinsurance, which operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions, and American Equity Investment Life Holding Company (“AEL”) announced that they have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock transaction that values AEL at approximately $4.3 billion. Cravath is representing Brookfield Reinsurance in connection with the transaction.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
August 02, 2022
On August 2, 2022, Cowen Inc. (“Cowen”) and TD Bank Group (“TD”) announced a definitive agreement for TD to acquire Cowen in an all-cash transaction with an enterprise value of $1.9 billion. Cravath is representing Cowen in connection with the transaction.
Deals & Cases
June 07, 2022
Cravath represented the underwriters in connection with the $1 billion registered debt offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on May 24, 2022.
Deals & Cases
May 16, 2022
On May 16, 2022, SMBC Aviation Capital, one of the world’s leading aircraft leasing companies, announced that it has reached agreement with NWS Holdings Limited and Chow Tai Fook Enterprises Limited to acquire Goshawk Aviation (“Goshawk”), the Dublin‑based global aircraft lessor. Under the terms of the agreement, SMBC Aviation Capital will acquire Goshawk Management (Ireland), Goshawk’s Irish‑incorporated operating entity together with associated corporate assets for an enterprise value of $6.7 billion. The combined business will continue to operate as SMBC Aviation Capital and will consist of a single corporate structure incorporated in the Republic of Ireland, and will be the second largest leasing company by number of aircraft globally and the largest Japanese owned aircraft lessor. Cravath is representing SMBC Aviation Capital in connection with the transaction.
Activities & Publications
November 22, 2023
On November 20, 2023, Cravath published an executive summary‑style alert for its clients, with insights and reflections on the procedural guidance that the Financial Stability Oversight Council (“FSOC”) recently finalized for designating nonbank financial companies as “systemically important financial institutions” (“SIFIs”).
Activities & Publications
November 20, 2023
On November 14, 2023, Cravath partner Elad Roisman participated in Carta’s inaugural CFO Symposium in St. Helena, CA. The event convened CFOs in venture funds across the U.S. to discuss the state of venture capital, the impending regulations to the private markets and insights from leading financial thinkers in venture capital. Elad was featured in a fireside chat entitled “View from the Hill: Regulatory Updates & Impact on VC,” which reviewed the shifting SEC regulatory posture toward venture capital.
Activities & Publications
November 20, 2023
On November 17, 2023, Cravath partner Jelena McWilliams participated in The Clearing House’s 2023 Annual Conference in New York. The event convened senior financial services executives, regulators, policymakers and academics to discuss the evolving banking and payments landscapes and the shifting policy environment for banks. Jelena spoke on a panel entitled “Banking in the New Monetary Order: Adapting Business Models and Balance Sheets to the New Policy Environment and Payments Innovations,” which reviewed how regulation is changing in response to the exit from years of near‑zero interest rates and impacts from online banking apps, social media, new forms of payment and other innovations.
Activities & Publications
November 14, 2023
On November 14, 2023, Cravath partner Jelena McWilliams participated in the American Fintech Council’s 2023 Policy Summit in Washington, D.C. The event convened industry leaders, academics, consumer groups and policymakers to discuss emerging trends and the future of financial technology. Jelena was featured in a keynote fireside chat entitled “Responsible Regulation for Smart Innovation.”
Activities & Publications
November 13, 2023
On November 9, 2023, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the third quarter of 2023. This edition also examines several recent litigation decisions, including in bankruptcy court, notable developments on cryptocurrency enforcement and a variety of SEC rulemaking, comment and enforcement updates.
Deals & Cases
July 05, 2023
On July 5, 2023, Brookfield Reinsurance, which operates a leading capital solutions business providing insurance and reinsurance services to individuals and institutions, and American Equity Investment Life Holding Company (“AEL”) announced that they have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock transaction that values AEL at approximately $4.3 billion. Cravath is representing Brookfield Reinsurance in connection with the transaction.
Deals & Cases
September 06, 2022
On September 6, 2022, Texas Capital Bancshares, Inc. (“Texas Capital”) announced it has entered into a definitive agreement to sell BankDirect Capital Finance, LLC (“BankDirect”), its insurance premium finance subsidiary, to AFCO Credit Corporation (“AFCO”), an indirect wholly‑owned subsidiary of Truist Financial Corp. (“Truist”), in an all‑cash transaction for a purchase price of approximately $3.4 billion. This transaction represents the divestiture of the entire business unit including the equity interests of BankDirect and the associated loan balances held by Texas Capital Bank and no parent funding, deposits or capital will be transferred. Cravath is representing Texas Capital in connection with the transaction.
Deals & Cases
August 02, 2022
On August 2, 2022, Cowen Inc. (“Cowen”) and TD Bank Group (“TD”) announced a definitive agreement for TD to acquire Cowen in an all-cash transaction with an enterprise value of $1.9 billion. Cravath is representing Cowen in connection with the transaction.
Deals & Cases
June 07, 2022
Cravath represented the underwriters in connection with the $1 billion registered debt offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on May 24, 2022.
Deals & Cases
May 16, 2022
On May 16, 2022, SMBC Aviation Capital, one of the world’s leading aircraft leasing companies, announced that it has reached agreement with NWS Holdings Limited and Chow Tai Fook Enterprises Limited to acquire Goshawk Aviation (“Goshawk”), the Dublin‑based global aircraft lessor. Under the terms of the agreement, SMBC Aviation Capital will acquire Goshawk Management (Ireland), Goshawk’s Irish‑incorporated operating entity together with associated corporate assets for an enterprise value of $6.7 billion. The combined business will continue to operate as SMBC Aviation Capital and will consist of a single corporate structure incorporated in the Republic of Ireland, and will be the second largest leasing company by number of aircraft globally and the largest Japanese owned aircraft lessor. Cravath is representing SMBC Aviation Capital in connection with the transaction.
Activities & Publications
November 22, 2023
On November 20, 2023, Cravath published an executive summary‑style alert for its clients, with insights and reflections on the procedural guidance that the Financial Stability Oversight Council (“FSOC”) recently finalized for designating nonbank financial companies as “systemically important financial institutions” (“SIFIs”).
Activities & Publications
November 20, 2023
On November 14, 2023, Cravath partner Elad Roisman participated in Carta’s inaugural CFO Symposium in St. Helena, CA. The event convened CFOs in venture funds across the U.S. to discuss the state of venture capital, the impending regulations to the private markets and insights from leading financial thinkers in venture capital. Elad was featured in a fireside chat entitled “View from the Hill: Regulatory Updates & Impact on VC,” which reviewed the shifting SEC regulatory posture toward venture capital.
Activities & Publications
November 20, 2023
On November 17, 2023, Cravath partner Jelena McWilliams participated in The Clearing House’s 2023 Annual Conference in New York. The event convened senior financial services executives, regulators, policymakers and academics to discuss the evolving banking and payments landscapes and the shifting policy environment for banks. Jelena spoke on a panel entitled “Banking in the New Monetary Order: Adapting Business Models and Balance Sheets to the New Policy Environment and Payments Innovations,” which reviewed how regulation is changing in response to the exit from years of near‑zero interest rates and impacts from online banking apps, social media, new forms of payment and other innovations.
Activities & Publications
November 14, 2023
On November 14, 2023, Cravath partner Jelena McWilliams participated in the American Fintech Council’s 2023 Policy Summit in Washington, D.C. The event convened industry leaders, academics, consumer groups and policymakers to discuss emerging trends and the future of financial technology. Jelena was featured in a keynote fireside chat entitled “Responsible Regulation for Smart Innovation.”
Activities & Publications
November 13, 2023
On November 9, 2023, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the third quarter of 2023. This edition also examines several recent litigation decisions, including in bankruptcy court, notable developments on cryptocurrency enforcement and a variety of SEC rulemaking, comment and enforcement updates.
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. © 2023 Cravath, Swaine & Moore LLP.