Former Top CFTC Official Joins Milbank's Litigation and Derivatives Groups

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Jul 08, 2024, 10:30 ET

WASHINGTON, July 8, 2024 /PRNewswire/ -- Milbank LLP is pleased to announce the addition of former senior Commodity Futures Trading Commission official Joshua (Josh) Sterling as a partner in Washington, D.C. Mr. Sterling will guide the growth of the firm's Litigation & Arbitration and Derivatives practice areas, as well as strengthening the White Collar Defense & Investigations practice. His practice will focus on regulatory and enforcement matters relating to derivatives, financial market infrastructure and cryptocurrency issues.

Mr. Sterling regularly assists major derivatives exchanges, market participants and fintech enterprises with obtaining approvals for new product and business initiatives through engagement with regulators, and by executing on their strategic business initiatives. He has extensive experience representing clients in CFTC and Securities and Exchange Commission enforcement investigations, as well as in examinations of their trading activities and regulatory compliance brought by National Futures Association and derivatives exchanges. He has successfully resolved cases for both corporate and individual defendants.

"We are delighted to welcome Josh to our firm," said Milbank Chairman Scott A. Edelman. "He has excelled as a leader both in the public sector as a top official at the CFTC, and in private practice as a leading practitioner in commodities and derivatives law. In addition to providing world-class regulatory counsel, we are confident he will serve the needs of our clients on the enforcement side of commodities, derivatives and cryptocurrency matters where our firm is poised for growth."

Mr. Sterling's client advice is informed by his tenure at the CFTC, where he served as Director of the Market Participants Division from 2019–2021. In that role, he oversaw the 3,300-plus banks, intermediaries and asset managers registered with the agency—as well as the examination, rulemaking and enforcement referral programs governing those firms. Mr. Sterling played an instrumental role in completing the remaining rulemakings required by the Dodd-Frank Act, as well as in charging and settling several groundbreaking enforcement actions. For his record-setting accomplishments at the CFTC, Josh received the Chairman's Award for Excellence in Management.

"Josh has quickly built a significant client portfolio since his return to private practice from the CFTC," said George S. Canellos, global head of the Litigation & Arbitration group. "His skills as a regulatory counselor and expertise in commodities, futures, and crypto markets will strongly complement our white collar and regulatory enforcement practices."

"I look forward to working closely with Josh, particularly in advising clients on enforcement-related matters," said partner Nola B. Heller, a member of the Litigation & Arbitration Group, and co-head of the New York office's White Collar and Investigations Group. "I'm excited to leverage our combined experience representing clients in CFTC and SEC enforcement investigations to both achieve their objectives and to meaningfully contribute to our firm's growth."

"We are confident that the addition of Josh's recent regulatory experience and insights will position Milbank well to support innovation in financial market infrastructure spaces—a key concern for our clients of our Derivatives practice," said partner John Williams, head of the firm's US Derivatives practice.

"I am thrilled to join Milbank, as it will allow me to provide my clients with regulatory advisory needs with the depth and stature of the firm's white collar enforcement practice," said Mr. Sterling. "Being able to operate in both the Litigation & Arbitration and Derivatives groups opens up a broad spectrum of opportunities that will greatly benefit our clients, as well as contribute to the firm's growth."

Mr. Sterling received his JD from the University of Pennsylvania Law School and his BA from Vanderbilt University, magna cum laude. He is ranked Band 4 in Chambers Global for Derivatives. Mr. Sterling also serves as a member of the Capital Markets Strategic Litigation Advisory Committee for the United States Chamber of Commerce, as the co-chair of the Derivatives Subcommittee of Corporation, Finance and Law Community of the Bar Association of the District of Columbia, and as a market expert for P.R.I.M.E. Finance, a dispute resolution and educational foundation based in The Hague.

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