Sullivan & Cromwell

Founded in 1879, Sullivan & Cromwell has grown from a small firm in New York’s Financial District to a 12-office international powerhouse routinely sought by clients for their most complex and pressing cases. Peers address the firm in tones of reverence. “Sullivan & Cromwell is where the biggest companies in the world look to when they need their biggest problems solved - not garden-variety headaches but literal bet-the-company issues.” A client cheers, “S&C simply has the best bench strength of any law firm supporting financial institutions in the myriad matters in which they become involved, and this has been the case for a long time. The level of service, in terms of expertise, efficient use of partner/associate/other professionals for tasks, cost, responsiveness and client management is unparalleled in my 35 years of litigation management.”

Lending support to this claim, Sullivan & Cromwell, and specifically New York’s Robert Giuffra and Sharon Nelles, served as National Coordinating Counsel for German automaker Volkswagen Group in connection with an unprecedented agreements in principle with the US DoJ, US EPA, the US FTC, the California Air Resources Board and the Plaintiffs Steering Committee, to resolve a significant portion of the massive multidistrict litigation arising from the company’s recent emissions scandal. A settlement was reached in April 2016, and it includes offering to almost 500,000 US owners of certain Volkswagen vehicles buybacks, repairs, compensation and environmental remediation. The overall value of the settlement is estimated at over $14 billion. Since the initial global settlement, the team has guided Volkswagen to reaching multiple other settlements arising out of the litigation, including a $1.2 billion settlement of consumer and environmental claims; a $4.3 billion settlement with the DoJ, EPA and Customs & Border Patrol at the U.S. Department of Homeland Security resolving claims for criminal penalties, civil penalties and injunctive relief; a second settlement with CARB totaling $153.8 million in civil penalties and reimbursement of certification costs; and a $1.2 billion settlement with 652 Volkswagen franchise dealers. “This is just huge, historic,” marvels a peer. “Bob and Sharon have literally saved that company from being brought to its knees.”

The S&C team continues to serve as national coordinating counsel for Volkswagen in multinational litigation and investigations stemming from “clean-diesel”-related developments. In August 2017, the pair obtained the dismissal of all claims brought by the state of Wyoming against clients Volkswagen and Audi. Wyoming alleged that emissions “defeat devices” in new diesel vehicles violated Wyoming environmental laws, and sought potentially billions of dollars in penalties beyond those already imposed by federal regulators. The court held that Wyoming’s claims were preempted by Section 209(a) of the federal Clean Air Act. Volkswagen and Audi are seeking dismissal of the other states’ and counties’ actions. In December 2017, the S&C team successfully obtained the dismissal of a related action brought by the state of Alabama, and in April 2018 obtained dismissal of all claims brought by Salt Lake County, Utah, and Hillsborough County, Florida. The S&C team continues to serve as liaison with VW’s court-appointed monitor and is also defending Volkswagen against the claims of roughly 4,000 car owners and lessees who opted out of the class actions settlements and are suing the company in federal and state courts across the country. While the firm’s team on these matters most prominently features Giuffra and Nelles, it also includes future star Matthew Schwartz, who is seeing his profile buoyed on the strength of vibrant peer review.

Nelles meanwhile continues to enjoy an uninterrupted ascent in market recognition. She represented Moody’s Corporation, Moody’s Investors Service and Moody’s Analytics in securing an $864 million FIRREA settlement with the DoJ and 21 states regarding Moody’s financial crisis-era ratings of residential mortgage backed securities and collateralized debt obligations, ending a multi-year government investigation. The overall payment by Moody’s was markedly less than competitors, and the client was not compelled to admit liability. “In the securities capacity, Sharon is really coming into her own, becoming one of ‘the Street’s’ most sought-after saviors.”

Peers also insist, “Richard Pepperman is really becoming a force at that firm.” One peer quips, “Richard is burying me in depositions at the moment so I wish I could ignore him, but I have to put in a good word for him. He is excellent in both securities and antitrust.” The latter practice is one in which S&C has doubled down, earning numerous plaudits from peers in this capacity. Two partners in the DC office, Daryl Libow and Amanda Davidoff, obtained dismissals in full of two putative class actions against BP and several other oil producers. The plaintiffs brought claims under the Commodity Exchange Act, Sherman Act and state law alleging that defendants engaged in manipulative trades of physical Brent crude oil, which allegedly were incorporated into a benchmark reported by price reporting agency Platts. A team including Libow and Davidoff also obtained the dismissal—for the second time—of an antitrust class action alleging multiple financial institutions, including four defendants represented by the firm, conspired to manipulate the Singapore Interbank Offered Rate and the Singapore Swap Offer Rate. The team on this matter also included Matthew Porpora, another future star making his mark in the eyes of several peers.

Another area in which the firm has quickly developed a stronghold is intellectual property, In this capacity, Garrard Beeney successfully obtained an $814.9 million arbitration award on behalf of BlackBerry Limited in a binding arbitration against Qualcomm Incorporated. The award—one of the biggest commercial arbitration awards on record—represents royalty payments made to Qualcomm in excess of those required under Qualcomm’s royalty cap program.

Sullivan & Cromwell is a full-service law firm with an established labor and employment practice that routinely advises and represents a wide array of employers. The practice is largely located in New York with a presence in the District of Columbia as well. Theodore Rogers and Julia Jordan actively represent employers facing complex and significant matters. Rogers hails from the New York office and has recently defended Goldman Sachs in a nationwide class action with significant allegations of gender discrimination against the client. In early 2018, Rogers led the team in narrowing the claims that the plaintiff can bring on behalf of the class.

Earlier in 2017, Rogers led a team in representing a FinTech company that was facing disreputable allegations of a toxic environment due to sexual harassment and widespread sexual misconduct. The team conducted an internal investigation into the company’s culture and provided substantive advice and strategic crisis management. In the DC office, Jordan actively leads a team in representing Fiat in individual and class actions alleging that the FCA and a labor union violated the Labor Management Relations Act.

Sullivan & Cromwell is a full-service law firm with an established labor and employment practice that routinely advises and represents a wide array of employers. The practice is largely located in New York with a presence in the District of Columbia as well. Theodore Rogers and Julia Jordan actively represent employers facing complex and significant matters. Rogers hails from the New York office and has recently defended Goldman Sachs in a nationwide class action with significant allegations of gender discrimination against the client. In early 2018, Rogers led the team in narrowing the claims that the plaintiff can bring on behalf of the class.

Earlier in 2017, Rogers led a team in representing a FinTech company that was facing disreputable allegations of a toxic environment due to sexual harassment and widespread sexual misconduct. The team conducted an internal investigation into the company’s culture and provided substantive advice and strategic crisis management. In the DC office, Jordan actively leads a team in representing Fiat in individual and class actions alleging that the FCA and a labor union violated the Labor Management Relations Act.

Sullivan & Cromwell has an impressive corporate practice and is often mandated on large scale UK and EU competition cases. Juan Rodriguez is a notable figure within the UK team and focuses on competition matters. The firm also picks up work relating to white-collar crime and regulatory disputes. 

During the research period, the competition team advised Fiat Chrysler Finance Europe on an EU state aid decision regarding tax rulings. The firm also represented pharmaceutics company Bayer on the competition elements of its proposed acquisition of Monsanto for $66 billion.