Cravath’s New York Office Moves to Two Manhattan West
Cravath brings sophisticated legal expertise and business judgment to fintech matters in the global digital economy and the trading and markets ecosystem. Our depth of experience advising on leading‑edge issues, often in uncharted territory, uniquely positions the Firm to partner with clients exploring opportunities and facing challenges inherent in these evolving areas of business and law.
We represent clients ranging from early‑stage companies to the full universe of global financial institutions within the trading and markets ecosystem on the legal and business issues most important to growth and investment in all areas of fintech. The cross‑disciplinary advice we provide spans transactional, financing and restructuring, tax, regulatory, intellectual property, litigation, strategic and policy matters.
Cravath has advised on matters involving blockchain and digital assets, decentralized finance (DeFi), the token economy and Web3 more generally. We also counsel on market structure in connection with the impact of fintech innovations on capital markets, and are on the forefront of litigating foundational and unprecedented issues in the field. Our deep experience in trading and markets regulatory and compliance matters, including in the areas of SEC and FINRA regulation—particularly as related to ATS, exchange and broker‑dealer regulation—enable us to help U.S. and international clients navigate these complex areas and craft bespoke frameworks and arrangements to fit the unique needs of our clients.
Our attorneys are influential thought leaders who provide insights into emerging and complex issues, including the future of money and future of banking policy debate and developments, as well as intellectual property rights within a Web3 environment. Cravath is recognized in the areas of fintech, financial services litigation, financial services regulatory and securities regulation by numerous third‑party publications and was named the Fintech Law Firm of the Year by The Deal in 2022 and a Law360 Fintech Practice Group of the Year in 2021.
We represent clients ranging from early‑stage companies to the full universe of global financial institutions within the trading and markets ecosystem on the legal and business issues most important to growth and investment in all areas of fintech. The cross‑disciplinary advice we provide spans transactional, financing and restructuring, tax, regulatory, intellectual property, litigation, strategic and policy matters.
Cravath has advised on matters involving blockchain and digital assets, decentralized finance (DeFi), the token economy and Web3 more generally. We also counsel on market structure in connection with the impact of fintech innovations on capital markets, and are on the forefront of litigating foundational and unprecedented issues in the field. Our deep experience in trading and markets regulatory and compliance matters, including in the areas of SEC and FINRA regulation—particularly as related to ATS, exchange and broker‑dealer regulation—enable us to help U.S. and international clients navigate these complex areas and craft bespoke frameworks and arrangements to fit the unique needs of our clients.
Our attorneys are influential thought leaders who provide insights into emerging and complex issues, including the future of money and future of banking policy debate and developments, as well as intellectual property rights within a Web3 environment. Cravath is recognized in the areas of fintech, financial services litigation, financial services regulatory and securities regulation by numerous third‑party publications and was named the Fintech Law Firm of the Year by The Deal in 2022 and a Law360 Fintech Practice Group of the Year in 2021.
Deals & Cases
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.
Deals & Cases
November 15, 2023
On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).
Deals & Cases
October 19, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner, in connection with $2.085 billion of credit facilities made available to NCR Atleos Corporation and $700 million of credit facilities made available to NCR Voyix Corporation (formerly known as NCR Corporation). The proceeds were used to partially finance the spin‑off of NCR Atleos Corporation, an industry‑leading financial technology company providing self‑directed banking solutions to a global customer base including financial institutions, retailers and consumers, from NCR Voyix Corporation, a leading global provider of digital commerce solutions for the retail, restaurant and digital banking industries. The credit facilities made available to NCR Atleos Corporation consisted of a $500 million revolving credit facility, a $750 million term loan “A” facility and a $835 million term loan “B” facility. The credit facilities made available to NCR Voyix Corporation consisted of a $500 million revolving credit facility and a $200 million term loan “A” facility. The facilities closed on October 16, 2023.
Deals & Cases
September 01, 2023
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.
Deals & Cases
August 31, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.3 billion term loan facility made available to Broadridge Financial Solutions, Inc., a leading provider of investor communications, technology‑driven solutions and data and analytics to the financial services industry. The transaction closed on August 17, 2023.
Accolades
June 13, 2024
The 2024 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 75 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Activities & Publications
May 25, 2024
On May 24, 2024, the United States Trustee for the U.S. Bankruptcy Court for the Central District of California appointed Cravath partner Jelena McWilliams to serve as the chapter 11 trustee in the bankruptcy case of Synapse Financial Technologies, Inc. (“Synapse”).
Activities & Publications
May 16, 2024
On May 14, 2024, Cravath partner Nicholas A. Dorsey participated in the International Bar Association’s 8th annual Global Entrepreneurship Conference, which was held from May 13‑14, 2024, in Madrid, Spain. Nick co‑chaired a workshop entitled “Selected Financing and Other Topics Relevant for Closely Held Companies,” which examined artificial intelligence and big data; blockchain technology and digital assets; foreign direct investment controls; current sectors, including digital health, energy/renewables and fintech; and trends in private equity and venture capital.
Activities & Publications
May 13, 2024
On May 6, 2024, Cravath partner Jelena McWilliams participated in the Milken Institute’s 27th annual Global Conference, which was held from May 5‑8, 2024, in Los Angeles, CA. The event convened C‑suite executives, global leaders, experts and innovators to discuss topics related to the theme “Shaping a Shared Future.” Jelena spoke on two panels entitled “The Future of Money: Technology Powering Mobility, Access, and Impact,” during which she discussed how new money and money‑like instruments could potentially affect the global economy and enable access and inclusion, and “Resiliency and Regulation: State of the US Financial Markets and Institutions,” which provided insights into the current state of U.S. financial markets and the ability of the U.S. financial system to weather future shocks.
Activities & Publications
May 01, 2024
On May 1, 2024, 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 first quarter of 2024. This edition also examines several recent litigation decisions, including in bankruptcy court, “double dip” financing, emerging trends as early filers comply with the SEC cybersecurity rules and a variety of SEC rulemaking and enforcement updates.
Deals & Cases
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.
Deals & Cases
November 15, 2023
On November 13, 2023, the U.S. District Court for the Southern District of Florida denied plaintiffs’ motion to certify a class asserting market manipulation claims under the federal securities laws against Cravath clients Robinhood Markets, Inc., Robinhood Financial LLC and Robinhood Securities, LLC (together, “Robinhood”).
Deals & Cases
October 19, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner, in connection with $2.085 billion of credit facilities made available to NCR Atleos Corporation and $700 million of credit facilities made available to NCR Voyix Corporation (formerly known as NCR Corporation). The proceeds were used to partially finance the spin‑off of NCR Atleos Corporation, an industry‑leading financial technology company providing self‑directed banking solutions to a global customer base including financial institutions, retailers and consumers, from NCR Voyix Corporation, a leading global provider of digital commerce solutions for the retail, restaurant and digital banking industries. The credit facilities made available to NCR Atleos Corporation consisted of a $500 million revolving credit facility, a $750 million term loan “A” facility and a $835 million term loan “B” facility. The credit facilities made available to NCR Voyix Corporation consisted of a $500 million revolving credit facility and a $200 million term loan “A” facility. The facilities closed on October 16, 2023.
Deals & Cases
September 01, 2023
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.
Deals & Cases
August 31, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.3 billion term loan facility made available to Broadridge Financial Solutions, Inc., a leading provider of investor communications, technology‑driven solutions and data and analytics to the financial services industry. The transaction closed on August 17, 2023.
Accolades
June 13, 2024
The 2024 edition of The Legal 500 United States ranked Cravath in the top tier nationally in 16 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; Fintech (Crypto); General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 75 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Activities & Publications
May 25, 2024
On May 24, 2024, the United States Trustee for the U.S. Bankruptcy Court for the Central District of California appointed Cravath partner Jelena McWilliams to serve as the chapter 11 trustee in the bankruptcy case of Synapse Financial Technologies, Inc. (“Synapse”).
Activities & Publications
May 16, 2024
On May 14, 2024, Cravath partner Nicholas A. Dorsey participated in the International Bar Association’s 8th annual Global Entrepreneurship Conference, which was held from May 13‑14, 2024, in Madrid, Spain. Nick co‑chaired a workshop entitled “Selected Financing and Other Topics Relevant for Closely Held Companies,” which examined artificial intelligence and big data; blockchain technology and digital assets; foreign direct investment controls; current sectors, including digital health, energy/renewables and fintech; and trends in private equity and venture capital.
Activities & Publications
May 13, 2024
On May 6, 2024, Cravath partner Jelena McWilliams participated in the Milken Institute’s 27th annual Global Conference, which was held from May 5‑8, 2024, in Los Angeles, CA. The event convened C‑suite executives, global leaders, experts and innovators to discuss topics related to the theme “Shaping a Shared Future.” Jelena spoke on two panels entitled “The Future of Money: Technology Powering Mobility, Access, and Impact,” during which she discussed how new money and money‑like instruments could potentially affect the global economy and enable access and inclusion, and “Resiliency and Regulation: State of the US Financial Markets and Institutions,” which provided insights into the current state of U.S. financial markets and the ability of the U.S. financial system to weather future shocks.
Activities & Publications
May 01, 2024
On May 1, 2024, 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 first quarter of 2024. This edition also examines several recent litigation decisions, including in bankruptcy court, “double dip” financing, emerging trends as early filers comply with the SEC cybersecurity rules and a variety of SEC rulemaking and enforcement updates.
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