Todd Fishman
Partner
New York
Todd Fishman
Partner
New York
Contact details
Todd is a partner in the litigation group, concentrating on the defense of antitrust, commodities markets and securities investigations and complex class actions. 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.
For ten years, Todd served as defense counsel for the former chairman and chief executive officer of Lehman Brothers in government investigations and multiple other proceedings arising out of the firm's bankruptcy filing in September 2008. Todd also has extensive experience representing financial services clients in cross-border enforcement investigations and litigation.
In addition, for nearly 30 years, Todd has represented clients in significant antitrust matters. He frequently represents clients in government investigations and civil litigation involving the intersection of antitrust and the financial markets. 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. In addition, he represented Toys ‘R’ Us, Inc. in administrative proceedings before the Federal Trade Commission, including at trial and on appeal to the Seventh Circuit Court of Appeals.
Todd also has a focus on the crypto and digital assets space. He is representing a large cryptocurrency derivatives trading platform in a long-running Southern District of New York class action litigation alleging product offering and exchange trading practices in violation of the Commodity Exchange Act and U.S. and state securities laws. He also regularly comments on enforcement trends and disruptive trading practices in digital asset markets.
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.
Qualifications
Professional
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
J.D., magna cum laude, Benjamin N. Cardozo School of Law, 1995
B.A., cum laude with highest honors in Politics, Brandeis University, 1991
Related articles
Publications: 15 September 2023
DeFi protocol Uniswap and investors avoid suit for fraudulent activity on digital asset exchange
On August 30, 2023, in a case of first impression, the U.S. District Court for the Southern District of New York dismissed in full a putative securities class action against Uniswap Labs, a…
Publications: 05 September 2023
Publications: 14 July 2023
Ripple Labs: long-awaited decision answers some questions but gives rise to further uncertainty
Experience highlights
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.
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 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.
Qualifications
Professional
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
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
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An Emerging Financial Crisis In 2023? A Primer on Old Metrics, New York Law Journal, June 20, 2023
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Update to Criminal Antitrust Enforcement (Chapter 1), White Collar Crime: Business and Regulatory Offenses, Law Journal Press, May 2023 (Release 66)
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"Behind the DOJ’s recent antitrust trial losses: an evolving concept of intent", Allen & Overy update, May 18, 2022
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"Department of Justice Antitrust Division Updates Its Leniency Program", Allen & Overy update, April 7, 2022
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"Criminal Antitrust in 2022: Two Cases Likely to Frame the New Agenda", New York Law Journal, January 11, 2022
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"Active U.S. Enforcement of Anti-Money Laundering Rules Continues Unabated", New York Law Journal, June 3, 2020
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"Criminal Antitrust Enforcement (Chapter 1), White Collar Crime: Business and Regulatory Offenses", Law Journal Press, 2019 Revised Edition
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"U.S. continues aggressive sanctions and anti-money laundering enforcement against non-U.S. banks", Allen & Overy update, July 19, 2019, with co-authors, David Esseks and Rachel Agress
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"Beyond Leniency: DOJ Antitrust Announces New Approach For Crediting Corporate Compliance Programs", Allen & Overy update, July 12, 2019
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"The Rule of Reason as a Bar to Criminal Antitrust Enforcement", New York Law Journal, December 12, 2018
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"Risk of investor claims for non-disclosure", Allen & Overy Legal and Regulatory Risk Note, February 2018
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"The SEC's Renewed Focus on Gatekeepers", The Review of Securities & Commodities Regulation, October 5, 2016
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"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
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"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
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"Whither amnesty? Uncertainty in U.S. antitrust enforcement", Allen & Overy Client Bulletin, June 2013
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"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
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"Limiting FINRA Arbitral Jurisdiction", New York Law Journal, September 12, 2011
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"Supreme Court raises the bar on class actions: Wal-Mart Stores, Inc. v. Dukes", Allen & Overy eAlert, June 22, 2011
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"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
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"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
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"FTC In Nine West Studies Resale Price Maintenance Plans", New York Law Journal, with co-author Desma Polydorou, June 2, 2008
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"Preserving the Private Securities Fraud Action: Will Courts Dilute the Tellabs Mandate?", International Law Office, with co-author Sarah Havens, March 11, 2008
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"Supreme Court Further Restricts Investor Lawsuits Against Secondary Actors", Allen & Overy eBulletin, January 2008
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"Lafferty's Orphan: The Abandonment of Deepening Insolvency", American Bankruptcy Institute Journal, with co-authors Hugh McDonald and Laura Martin, December 2007/January 2008
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"Developments in Private Securities Litigation", PLI's 39th Annual Institute on Securities Regulation Handbook (Vol. 2), with co-author Patricia M. Hynes, November 2007
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"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
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"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
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"Antitrust Immunity in the Securities Markets: The U.S. Supreme Court Speaks", Allen & Overy eAlert, June 2007
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"Scheme Liability: The New Securities Litigation Bugbear", Allen & Overy Bulletin, September 2006
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"Antitrust Immunity in the Second Circuit, Redux", New York Law Journal, November 21, 2005
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"Antitrust Immunity in the Second Circuit", New York Law Journal, January 14, 2004
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"Coping with the Limits of Joint Defense Agreements", New York Law Journal, with co-author Michael S. Feldberg, November 13, 2003
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"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
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"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
