Jayant W.Tambe (Jay)

Practice Leader Financial Markets

New York + 1.212.326.3604

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Jay Tambe, who serves as leader of Jones Day's Financial Markets Practice, advises financial institutions on litigations concerning securities, derivatives, credit default swaps, collateralized debt obligations (CDOs), and other financial products. Many of his cases involve cross-border disputes, and he is well-versed in navigating international discovery and judgment enforcement.

Jay has litigated significant claims involving CLOs (collateralized loan obligations), CDOs, CLNs (credit linked notes), and other structured finance investments in the New York state and federal courts, including many precedent-setting CDO litigations. He also led the team that prevailed in the very first appeal before ISDA's external review panel. For nearly 10 years Jay represented Lehman Bros. Holdings, Inc. and its affiliated debtors in more than 50 separate derivatives disputes, including several evidentiary hearings and trials. Currently Jay is defending Wells Fargo in numerous actions brought by institutional investors concerning more than 280 separate RMBS trusts.

Jay routinely provides prelitigation advice on documentation and risk mitigation and is a frequent speaker on complex financial products.

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Experience

  • U.S. financial institution successfully navigates House Oversight Committee investigationJones Day represented a U.S. financial institution in successfully navigating a high-profile investigation by the U.S. House of Representatives Committee on Oversight and Reform into the activities of politically sensitive clients.
  • Wells Fargo achieves full dismissal with prejudice of systemic fair-lending litigationLocal governments asserting class-action style fair-lending claims concerning alleged residential mortgage practices voluntarily dismissed their claims with prejudice, noting that this dismissal is not the result of any settlement, against Jones Day client, Wells Fargo Bank, National Association affiliates.
  • Global financial institution defends claims in VRDO mattersJones Day is defending a global financial institution in several matters related to its activities as remarketing agent for variable rate demand obligations (“VRDOs”) issued by agencies or units of state and local government.
  • Financial institution provides $50 million revolving credit facility secured by portfolio of commercial properties located in Illinois and New YorkJones Day represented a financial institution, as administrative agent and lead lender, in connection with a $50 million revolving credit facility secured by a portfolio of commercial properties located in Illinois and New York.
  • Financial institution provides $120 million term loan secured by commercial office campus in Irvine, CaliforniaJones Day represented a financial institution, as administrative agent and lead lender, in connection with a $120 million term loan secured by a Class A office campus containing approximately 288,000 square feet and located in Irvine, California.
  • Wells Fargo obtains dismissal of antitrust claims arising from trading of odd-lots of corporate bondsJones Day’s client, several Wells Fargo Bank, National Association affiliates, obtained dismissal of a putative antitrust class action alleging that more than a dozen horizontal competitors conspired to restrain the trade of odd-lots of corporate bonds in the secondary market.
  • Cuban national obtains asylum and defeats government appeal before Board of Immigration AppealsOn October 25, 2019, a trial team led by New York Partners Jay Tambe and Lauri Sawyer, and with support from Shachar Gannot, tried the firm’s first Migrant Protection Protocol (“MPP”) case from a tent facility in Laredo, Texas.
  • ISDA publishes ISDA U.S. Renewable Energy Certificate AnnexJones Day advised the International Swaps and Derivatives Association, Inc. (ISDA) in the development of the ISDA U.S. Renewable Energy Certificate Annex (REC Annex) to enable market participants to efficiently sell and purchase renewable energy certificates (RECs) under the ISDA Master Agreement.
  • Major Indian pharmaceutical company resolves securities fraud class action relating to FDA warning letterJones Day resolved a class action lawsuit filed against a major Indian pharmaceutical company in federal court, alleging violations of the federal securities laws in connection with a warning letter issued by the U.S. Food and Drug Administration ("FDA") to the company.
  • Wells Fargo resolves derivative and putative class action claims alleging wrongdoing with respect to 272 residential mortgage-backed securities trustsJones Day successfully resolved three putative class actions filed by institutional investors in 272 residential mortgage-backed securities (RMBS) trusts.
  • Wells Fargo obtains summary judgment win in CDO litigationJones Day represented Wells Fargo Bank, N.A., Wells Fargo Securities LLC, and affiliate Structured Asset Investors LLC, as successor-in-interest to Wachovia Bank and Wachovia Securities, in an action filed by offshore investment vehicles of the German bank IKB alleging common law fraud in the sales of notes from three CDOs: Octans II, Sagittarius, and Longshore.
  • Wells Fargo Securities and BNP Paribas obtain Second Circuit affirmation of summary judgment win in securities fraud suitJones Day defended Wells Fargo Securities, LLC, as successor to Wachovia Capital Markets LLC, and BNP Paribas, as successor to Fortis Securities LLC, who were involved in placing a CDO called Grand Avenue CDO II (Grand Avenue).
  • Wells Fargo obtains denial of class certification in RMBS trustee litigation alleging hundreds of millions of dollars in lossesJones Day represents Wells Fargo Bank, N.A., in a putative class action alleging hundreds of millions of dollars in classwide losses to investors on notes issued by two residential mortgage backed securities (RMBS) trusts for which Wells Fargo serves as trustee.
  • Deutsche Bank obtains dismissal of claim based on contractual no action clauseJones Day successfully defended Deutsche Bank AG New York in litigation brought by certificate holders in connection with the amendment and termination of two trusts containing portfolios of RMBS-related assets.
  • Wells Fargo defends third party breach of contract lawsuit relating to RMBS trustJones Day is representing Wells Fargo Bank, N.A. in a third-party complaint filed by a bank, which is the mortgage loan seller of an RMBS trust.
  • Wells Fargo defends against complaint filed by Nomura Credit & Capital Inc. alleging representations and warranties breachJones Day is representing Wells Fargo, National Association in a third-party complaint filed by Nomura Credit & Capital, Inc., the mortgage loan seller of six RMBS trusts.
  • iYogi defends against Telephone Consumer Protection Act putative class actionJones Day is representing iYogi, Inc. in connection with a putative class action asserting violations of the Telephone Consumer Protection Act.
  • Deutsche Bank defends against lawsuit by Arco Capital CorporationJones Day represents Deutsche Bank AG in an action alleging misconduct in connection with an emerging market collateral loan obligation ("CLO"), which as a synthetic CLO involved credit default swap agreements in which Deutsche Bank was the CLO issuer's swap counterparty.
  • Lehman Brothers, as Plan Administrator, challenges calculation of derivative termination paymentJones Day is representing Lehman Brothers Holdings Inc., as Plan Administrator, regarding calculation of derivative termination payment and possible recovery of collateral in connection with an accelerated share repurchase transaction between Lehman Brothers OTC Derivatives Inc and Intel Corporation.
  • Banorte obtains dismissal of claims it tortiously interfered with financial services consulting agreementJones Day successfully defended Banorte, a major Mexican bank, and its affiliates and certain of their directors and officers who were sued in New York Supreme Court on the allegation that they had tortiously interfered with plaintiffs' financial services consulting agreement with co-defendant Metrofinanciera in connection with the termination of a foreign exchange swap agreement between Metrofinanciera and a Banorte affiliate.
    • View All

    October 2024 Reprint

    A Class Action Trend Tests Limit Of Courts' Equity Powers (Law360)

    September 2024 Alert

    SEC Settles Charges with Keurig Over ESG Disclosures

    July 2024 Alert

    Supreme Court Overrules Chevron Deference

    March 2024 Alert

    FinCEN Issues Final Rule Extending Beneficial Ownership Information Reporting Deadline for New Entities

    February 2024 Commentary

    OCC Proposal and Policy Statement on Bank Mergers Could Freeze the Banking Industry in Place

    JANUARY 2024 Commentary

    Final Climate Risk Guidance Ensures Supervisory Focus from Banking Agencies in 2024

    December 2023 Commentary

    The CFTC Proposes Operational Resilience Framework for Swap Dealers and Futures Commission Merchants

    DECEMBER 2023 Commentary

    The CFTC Proposes Rules to Protect Clearing Member Funds Held by DCOs

    December 2023 Commentary

    The CFTC Proposes "Guidance" for Derivatives Markets on Listing Voluntary Carbon Credit Derivatives

    November 2023 Alert

    CFPB Seeks to Expand Regulatory Powers Over Consumer Payment Tech Entities
    View All

    Additional Publications

    • 2012
      Effectively Managing Increased Litigation and Enforcement
    • August 9, 2002
      Electronic Discovery Emerges as Key Corporate Compliance Issue, Washington Legal Foundation

    February 21, 2023 Firm Hosted

    ESG: The End, or Just the Beginning? The Future of ESG in Real Estate and Infrastructure

    January 24, 2023 Firm Hosted

    The Key Role of the Private Sector in the Reconstruction of Ukraine

    Additional Speaking Engagements

    • January 23, 2018
      7th Annual Conference of P.R.I.M.E. Finance
    • April 29, 2015
      Turmoil in the Oil Patch: Risks and Opportunities for Oil & Gas Investors and Companies
    • January 26-27, 2015
      4th Annual Conference of P.R.I.M.E. Finance
    • July 18, 2013
      The New York State Department Of Financial Services: How and Why Banks and Other Public and Private Financial Institutions Must Keep Close Tabs on this New Aggressive Regulator, West LegalEdcenter
    • October 19, 2011
      Decisions Impacting Financial Institutions
    • October 2, 2009
      Credit Default Swaps - Recent Developments (View webcast here)
    • June 10, 2009
      CDO Litigation Reaching a Crucial Stage (View the webcast here)
    • February 27, 2009
      The Obama Presidency: The Impact of Changing U.S. Policies on Asian Business and The Global Economy
    • November 18, 2008
      The Subprime Crisis: Restructuring in the Financial Sector and Securities Litigation in the United States and Europe
    • March 18, 2008
      Recent Trends in CDO and Derivative Litigation, NYSBA Derivatives and Structured Products Law Committee
      Presentation notes - PDF 
    • March 11-14, 2008
      American and English Perspectives on CDO Litigation, In-House Legal and Banking Professionals, Multiple Global Investment Banks
      Presentation notes - PDF
    • February 26-27, 2008
      The Future of the CDO, panelist, IQPC Subprime Conference
    • November 6, 2007
      Examining Litigation Attacks on the Typical CDO Structure, 3d Annual IQPC Securities Litigation Conference
    • September 11, 2007
      Evaluating the Risks of CDO Litigation, Global Investment Bank
    • June 20, 2007
      Recent Developments in CDO and Derivatives Litigation, Chief Legal Officers Global Investment Bank
    • May 22, 2007
      CDO Litigation at the SIFMA CDO Legal Roundtable
    • May 21, 2007
      Current Issues Concerning the In-House Privilege, In-House Legal and Compliance Staff, Fortune 500 Company
    • May 21, 2007
      Developments in the Law on Attorney-Client Privilege and Work Product Protection
    • April 30, 2007
      Derivatives and CDO Litigation, ACI Conference on Counterparty Relationship Documents for Derivatives and Synthetic CDOs
    • December 12, 2006
      CDO and Derivatives Litigation, In-House Legal and Banking Professionals, Global Investment Bank
    • November 16, 2006
      Scheme Liability under Federal Securities Law
    • November 13, 2006
      Effectiveness of Disclaimers of Reliance in Derivatives and CDO Documentation, In-House Legal and Banking Professionals, Global Investment Bank
    • October 10, 2006
      CDO and Derivatives Litigation at the Fifth Annual Credit Conference of IXIS Capital Markets
    • October 2005
      United States Securities Litigation
    • July 2005
      Recent Developments in CDO and Derivatives Litigation
    • June 2005
      Recent Developments in Derivatives Litigation
    • September 22-23, 2004
      Document Retention and E-Discovery

    • Practical Issues in Electronic Document Retention and Discovery

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