Monitorships are an important way for government authorities and companies to resolve investigations into corporate wrongdoing and gain confidence that a company’s compliance program is robust enough to detect and prevent such wrongdoing in the future. Jenner & Block lawyers have successfully served as court- or government-appointed monitors of numerous global companies and organizations. We also regularly counsel clients who are anticipating the imposition of a monitor or are actively engaged in a monitorship.
Our approach combines a strict adherence to the independent role of a monitor with a deep understanding that, to be sustainable, reform must be practical, executable, and sensitive to the broader mission and business of the monitored entity.
Experience
- Appointed monitor of the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) in response to a DOJ investigation involving corruption at the highest levels of the union, including by two of its past presidents.
- Appointed monitor for a Tier 1 financial institution, under three separate consent orders, to assess global anti-money laundering and sanctions remediation, among other things.
- Appointed monitor to Credit Suisse AG following the bank’s $715 million settlement with the New York State Department of Financial Services related to the assistance of tax evasion, part of a broader $2.6 billion settlement that involved DOJ and federal regulators.
- Appointed monitor to determine Citigroup Inc.’s compliance with consumer relief obligations, valued at $2.5 billion, under its settlement agreement with DOJ and five states over the sale of residential mortgage securities, including determining the appropriate methodology to validate the credit claimed with respect to different types of consumer relief activities and the types of evidence required to establish each element. View publicly available reports.
- Appointed monitor to oversee the ongoing compliance by Credit Suisse Securities (USA) LLC with the consumer relief terms of its $5.3 billion settlement with DOJ over the sales of residential mortgage-backed securities in the run-up to the 2008 financial crisis.
- Appointed Special Master by the Hon. Jack B. Weinstein (US District Court for the EDNY) to ensure that approximately 20 firearms dealers in five states complied with court orders obtained through litigation brought by New York City.
- Appointed Settlement Administrator of an Assurance of Voluntary Compliance (Agreement) between the state of Iowa and Bridgepoint Education, Inc. and Ashford University to review compliance with the terms of the Agreement and provide annual reports to the state.
- Appointed an independent settlement administrator to oversee Education Management Corporation’s compliance with required reforms to its recruiting and enrollment practices and more than $100 million in loan-debt forgiveness to more than 80,000 former students in its four education systems.
Chair
Chair