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Allen & Overy LLP
1221 Avenue of the Americas
New York
NY 10020
United States

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  Todd Fishman


New York

Todd is a partner in the litigation group, concentrating on the defense of antitrust, commodities markets and securities investigations, complex class actions and general commercial litigation. He represents companies and individuals in federal and state courts throughout the country and in proceedings before the Department of Justice, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Reserve Board, Financial Industry Regulatory Authority and state attorneys general in matters concerning accounting fraud, securities fraud and financial reporting, commodities fraud and manipulation, antitrust and competition matters, corrupt practices and money laundering, and ERISA.

During the past ten years, Todd served as defense counsel for the former chairman and chief executive officer of Lehman Brothers in government inquiries and multiple other proceedings arising out of the firm's bankruptcy filing in September 2008.

In recent years he has represented global financial services firms in DOJ and regulatory investigations and multidistrict class action proceedings relating to alleged manipulation and collusion in the markets for credit default swaps, CDS indices, precious metals and U.S. Treasury instruments.

Prior to joining Allen & Overy, Todd served as a law clerk for the Honorable William H. Pauley III, United States District Judge, Southern District of New York.

Todd is a co-author of the Criminal Antitrust Enforcement chapter in the leading treatise White Collar Crime: Business and Regulatory Offenses. Todd also served as a member of the New York City Bar’s Securities Litigation Committee from 2014 to 2018. He is recognized by The Legal 500 as "knowledgeable and great to work with" in its Dispute Resolution category (corporate investigations as well as international litigation) and by Super Lawyers (New York Metro) for antitrust litigation.


Financial Markets Investigations and Litigation

The former chairman and chief executive officer of Lehman Brothers in connection with congressional testimony, testimony before the Financial Crisis Inquiry Commission, criminal, Securities and Exchange Commission, New York Attorney General and bankruptcy examiner investigations, FINRA proceedings and civil securities and ERISA actions arising out of the bankruptcy filing.

Representing a Dutch banking group in a cross-border FCPA investigation by the SEC and Dutch criminal authorities relating to potential corrupt practices, money laundering, and failures in due diligence.

Lead counsel for a global French bank in a False Claims Act action arising out of the emergency loans issued to AIG by the Federal Reserve Bank of New York in late 2008.

A global financial services firm in a CFTC enforcement investigation relating to credit default swap index contracts cleared through ICE Clear Credit and ICE Clear Europe, including overseas requests for information placed through the UK Financial Services Authority.

Lead counsel for a U.K.-based broker-dealer in a federal court action involving claims of conversion by an investor in a failed hedge fund.

A global investment bank in In re Parmalat Securities Litigation and related bankruptcy recovery actions before the district court and on appeal to the Second Circuit and Supreme Court.

The former assistant controller of a major US corporation in a federal grand jury investigation concerning the corporation’s accounting practices and financial disclosures.

The former chief executive officer of GlobalSanteFe in connection with Williams Act claims arising out of the Deepwater Horizon accident.

Antitrust Investigations and Litigation

A global French bank in regulatory investigations relating to alleged manipulation and collusion in the market for U.S. Treasury instruments as well as the multidistrict class action proceedings In re Treasury Securities Auction Antitrust Litigation.

A global financial services firm in DOJ and regulatory investigations relating to the precious metals and derivative trading markets as well as the multidistrict class action proceedings In re Commodity Exchange Inc., Gold Futures and Options Trading Litigation and In re Silver Fixing, Ltd. Antitrust Litigation.

A global financial services firm in the DOJ antitrust investigation of the credit derivatives clearing, trading and information services markets. 

A global financial services firm in the DOJ antitrust review of the proposed joint venture combining the index businesses of The McGraw-Hill Companies, CME Group Inc. and the Dow Jones companies. 

Conducted a reputational risk review and antitrust audit for a global financial services firm concerning one of its investment banking business units.

Senior executives of a helicopter transportation services company in a criminal antitrust investigation.

A senior sales executive of a global supplier of processed eggs in a criminal antitrust investigation.

General Commercial Litigation

At trial and on appeal, a prominent New York law firm and individual partners in state court actions involving allegations by former clients of attorney malpractice, breach of fiduciary duty and conflict of interest.

Lead counsel for a domestic liquefied natural gas company in a federal court breach of contract action relating to a local agent's activities on a project in Bangladesh.

Lead counsel for a Canadian bank in a pre-arbitration dispute with a Bermuda insurer relating to a failure to pay on a sovereign risk insurance policy. 

Lead counsel for a Cyprus-based bank in a federal court bankruptcy recovery action involving claims of civil money laundering arising out of the failure of AremisSoft Corporation. 

Lead counsel for a UK financial services firm in a federal court bankruptcy recovery action involving fraudulent transfer claims arising out of the failure of Lyondell Chemical Company.

Professional qualifications

Admitted: Bar of the State of New Jersey, 1995

Admitted: Bar of the State of New York, 1996

Admitted: United States District Courts

District of New Jersey, 1996

Southern District of New York, 1996

Eastern District of New York, 1996

Western District of New York, 2008

Admitted: United States Court of Appeals

Second Circuit, 2007

Third Circuit, 2010

Ninth Circuit, 2014

Admitted: Supreme Court of the United States 2008

Academic qualifications

J.D., magna cum laude, Benjamin N. Cardozo School of Law, 1995

B.A., cum laude with highest honors in Politics, Brandeis University, 1991

Published work

U.S. continues aggressive sanctions and anti-money laundering enforcement against non-U.S. banks, Allen & Overy, July 19, 2019, with co-authors, David Esseks and Rachel Agress

Beyond Leniency: DOJ Antitrust Announces New Approach For Crediting Corporate Compliance Programs, Allen & Overy eAlert, July 12, 2019

The Rule of Reason as a Bar to Criminal Antitrust Enforcement, New York Law Journal, December 12, 2018

Risk of investor claims for non-disclosure, Allen & Overy Legal and Regulatory Risk Note, February 2018

The SEC's Renewed Focus on Gatekeepers, The Review of Securities & Commodities Regulation, October 5, 2016

The Wheat and the Whale: Reckless Manipulation and the CFTC's Use of the Dodd-Frank Act Anti-Manipulation Provisions, BNA Securities Regulation & Law Report, July 13, 2015

Lessons from the Credit Crisis: A Subtle Shift in the Long Reach for Top Executives, Wall Street Lawyer, December 2013 (Volume 17, Issue 12), with co-author Brian de Haan

Whither amnesty? Uncertainty in U.S. antitrust enforcement, Allen & Overy Client Bulletin, June 2013

U.S. and EU Antitrust Enforcement: What Role In A More Heavily Regulated Financial Sector?, Competition Policy International, Fall 2011, with co-authors Olivier Freget and David Gabathuler. Awarded Best Academic General Antitrust Article in Competition Policy International's 2012 Antitrust Writing Awards

Limiting FINRA Arbitral Jurisdiction, New York Law Journal, September 12, 2011

Supreme Court raises the bar on class actions: Wal-Mart Stores, Inc. v. Dukes, Allen & Overy eAlert, June 22, 2011

Hyper field pre-emption: Did the Billing case create hyper field pre-emption for U.S. securities laws? An analysis of the Second Circuit's short sale decision, International Financial Law Review, February 2010

Unscrambling the (Organic) Egg? Persistence Pays Off for FTC against Whole Foods?, International Law Office, with co-authors Michael Jahnke and Desma Polydorou, November 4, 2008

FTC In Nine West Studies Resale Price Maintenance Plans, New York Law Journal, with co-author Desma Polydorou, June 2, 2008

Preserving the Private Securities Fraud Action: Will Courts Dilute the Tellabs Mandate?, International Law Office, with co-author Sarah Havens, March 11, 2008

Supreme Court Further Restricts Investor Lawsuits Against Secondary Actors, Allen & Overy eBulletin, January 2008

Lafferty's Orphan: The Abandonment of Deepening Insolvency, American Bankruptcy Institute Journal,  with co-authors Hugh McDonald and Laura Martin, December 2007/January 2008

Developments in Private Securities Litigation, PLI's 39th Annual Institute on Securities Regulation Handbook (Vol. 2), with co-author Patricia M. Hynes, November 2007

Reaching tipping point – U.S. courts are struggling to decide whether they want the world's securities fraud cases, International Financial Law Review, October 2007

One Hundred Years Gone: U.S. Supreme Court Rejects Per Se Liability For Vertical Minimum Price Restraints, Allen & Overy eAlert, with co-author Desma Polydorou, June 2007

Antitrust Immunity in the Securities Markets: The U.S. Supreme Court Speaks, Allen & Overy eAlert, June 2007

Scheme Liability: The New Securities Litigation Bugbear, Allen & Overy Bulletin, September 2006

Antitrust Immunity in the Second Circuit, Redux, New York Law Journal, November 21, 2005

Antitrust Immunity in the Second Circuit, New York Law Journal, January 14, 2004

Coping with the Limits of Joint Defense Agreements, New York Law Journal, with co-author Michael S. Feldberg, November 13, 2003

DeMaria v. Andersen:  For The Second Circuit, Novelty And Retrospection In The Securities Act Of 1933, Banking and Financial Services Policy Report, with co-author Harry S. Davis, August 2003

The Proposed Antitrust Guidelines for Competitor Collaborations, New York Law Journal, with co-author Harry S. Davis, November 9, 1999; reprinted in Antitrust Litigator, April 2000

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