Tawfiq S. Rangwala is a partner in the New York office of Milbank and a member of the firm’s Litigation & Arbitration Group. Mr. Rangwala also spent two years resident in Milbank’s London office.
Primary Focus & Experience
Mr. Rangwala's practice focuses on US and international regulatory and criminal enforcement matters, as well as internal investigations across multiple jurisdictions and industries. He also advises broker-dealers, investment advisers, banks and corporate clients on compliance with the securities laws and related rules and regulations, and assists clients in the development of appropriate policies, procedures and controls to govern their business and trading activities.
Mr. Rangwala also has extensive experience handling federal and state court litigation of complex commercial cases involving securities and corporate law, contract disputes and financial restructuring.
Notable regulatory matters handled by Mr. Rangwala include:
- Representation of a large global bank in LIBOR-related investigations by a number of civil and criminal authorities worldwide, including the US Department of Justice (Fraud and Anti-Trust divisions), the CFTC, the UK Financial Conduct Authority, the Japanese Financial Services Authority and other authorities and central banks in various European and Asian countries.
- Representation of a leading broker dealer in a FINRA investigation relating to its supervisory framework for detecting and preventing manipulative trading by customers.
- Representation of a large financial institution in an internal review of FX trading practices and other trading tied to financial industry benchmarks.
- Representation of a major investment bank in an investigation by the SEC and the Office of the New York Attorney General (“NYAG”) into the securitization of residential subprime mortgage loans and related due diligence practices and disclosures.
- Representation of a large mutual fund company in an investigation by the SEC, FINRA, the NYAG and other state regulators concerning sales and marketing practices for auction-rate securities.
- Representations of placement agents and investment advisers in investigations by the SEC and NYAG into political “pay to play” arrangements.
- Representation of a large broker-dealer in a FINRA investigation into receipt of kickbacks by employees on its securities lending desk.
- Representation of several broker-dealers, hedge funds and individuals in investigations relating to the market timing and late trading of mutual funds.
- Representation of an accounting firm in a criminal investigation by the US Attorney’s Office and the IRS relating to the promotion and use of unlawful tax shelters.
- Representation of a technology company executive in a criminal investigation into alleged accounting fraud and stock options backdating.
Notable civil litigation matters handled by Mr. Rangwala include:
- Representation of JPMorgan Chase and JPMorgan Global Markets in litigation stemming from the Adelphia bankruptcy.
- Representation of Deutsche Bank Global Markets and Silverpoint Capital in a successful breach of contract suit to recover losses in connection with two distressed debt trades. See Deutsche BankGlobal Markets, Inc. et al. v. Lexington Drake et al, 2010 WL 4941997 (N.Y. Sup).
- Defense of Cambrex Corporation, a public life-sciences company, in a fraud and breach of contract action in connection with a corporate acquisition; Cambrex won summary judgment on all claims and the decision was affirmed by the Second Circuit Court of Appeals. See Rubin Squared v. Cambrex Corporation, 2009 WL 765008 (C.A.2 (N.Y.).
- Representation of John Francis Wille, a Louisiana man sentenced to death for murder in 1986, in a post-conviction proceeding to exonerate him on the basis of false confessions and numerous constitutional violations. In 2014, Milbank secured a court order vacating Mr. Wille’s death sentence and continues to fight to prove his innocence.
Recognition & Accomplishments
While at Osgoode Hall Law School, Mr. Rangwala served as the managing editor of the Osgoode Hall Law Journal.
- Osgoode Hall Law School, J.D.
- McGill University, B.A.
- New York
- US Court of Appeals for the Second Circuit
- US District Court for the Southern District of New York