Ben Gruenstein Moderates Panel at ACI’s 3rd Annual Forum on Digital Assets

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.

On May 13, 2024, the U.S. District Court for the Southern District of Texas dismissed claims brought by the Federal Trade Commission (“FTC”) against private equity firm Welsh Carson relating to U.S. Anesthesia Partners’ (“USAP”) acquisition of anesthesiology practices in Texas, and other allegedly anticompetitive conduct. In a novel approach, the FTC had named both USAP and Welsh Carson, a minority investor, as defendants in the case. On behalf of Cravath client American Investment Council, Cravath submitted an amicus brief in support of Welsh Carson’s motion to dismiss.

On February 13, 2024, the New York State Appellate Division, First Department, reversed the convictions of Tommy Davis, who was simultaneously prosecuted for two unrelated incidents involving firearms. Cravath represented Mr. Davis on a pro bono basis alongside co‑counsel at the Office of the Appellate Defender.

On September 22, 2023, the U.S. District Court for the District of Massachusetts ruled in favor of Cravath clients Abiomed, Inc. and Abiomed Europe GmbH (together, “Abiomed”), denying a motion to dismiss litigation brought by Abiomed against German defendants Enmodes GmbH and its CEO Tim Kaufmann.