WASHINGTON--(BUSINESS WIRE)--Promontory Financial Group issued the following statement regarding today’s action by the New York State Department of Financial Services (NYDFS) relating to work Promontory performed on behalf of legal counsel for Standard Chartered Bank between 2009 and 2011. NYDFS contests the independence of Promontory’s work and has acted to prohibit the firm from receiving confidential supervisory information pursuant to New York State Banking Law 36(10).
Promontory will seek a stay of the NYDFS action in New York State Supreme Court. We will litigate the matter and defend our firm against this regulatory overreach. We stand behind the integrity of our professionals and the quality of our work, the accuracy of which the order does not dispute.
We believe the department has willfully misconstrued our work based on a handful of emails taken out of context. Promontory reviewed approximately 131,000 Standard Chartered transactions from 2001 to 2007 totaling more than $590 billion. The two-year-long NYDFS investigation identified no substantive errors.
Working with outside counsel, we have thoroughly reviewed how we conducted this engagement, examining thousands of emails and other documents. We are convinced that an impartial review of the facts will show that our professionals acted at all times with appropriate independence and an unwavering commitment to factual accuracy.
Promontory Financial Group, based in Washington, D.C., specializes in helping companies and governments around the world manage complex risks and meet their greatest regulatory challenges. Promontory’s work aims to make its clients stronger and the financial system safer. Promontory has offices in New York, San Francisco, Atlanta, and Denver, and affiliate offices in Beijing, Brussels, Dubai, Dublin, Hong Kong, Istanbul, London, Madrid, Milan, Paris, Singapore, Sydney, Tokyo, and Toronto. Eugene A. Ludwig, who served as U.S. comptroller of the currency under President Bill Clinton, founded Promontory in 2001.