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Todd Fishman


New York

Fishman Todd
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.

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 clients in cross-border enforcement investigations and litigation. This work includes major financial institutions in matters relating to accounting and securities fraud, corrupt practices and money laundering violations.

In addition, for nearly 25 years, Todd has represented clients in significant antitrust matters. 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. Also, he has frequently represented clients in government investigations and civil litigation involving the intersection of antitrust and the financial markets, including matters relating to U.S. Treasury note auctions, asset-based finance, electronic trading platforms and leveraged loan 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.

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.

Related articles

LCD screen depicting the stock market

Publications: 14 March 2023

Episode 5: Deconstructing Crypto - The U.S. regulatory vice tightens

In episode 5 of Deconstructing Crypto, Todd Fishman and Gene Ingoglia discuss the recent wave of regulatory actions by U.S. authorities on the crypto industry, and the increasing pressure on financial…

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Blog Post: 08 March 2023

Recent SEC enforcement relating to workplace misconduct

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Publications: 19 January 2023

Episode 4: Deconstructing Crypto - The Post-FTX Episode

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Publications: 05 December 2022

Episode 3: Deconstructing Crypto - A Requiem for Crypto?

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Experience highlights


New York

1221 Avenue of the Americas
New York
NY 10020

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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


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

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

Other noteworthy experience


  • One of the largest cryptocurrency derivatives trading platforms in class action litigation in the Southern District of New York alleging product offering and exchange trading practices in violation of the Commodity Exchange Act and U.S. and state securities laws.
  • A French banking group in a Southern District of New York action brought by a Bermuda hedge fund alleging that various broker-dealers engaged in spoofing and naked short selling strategies to manipulate the stock price of Concordia on U.S. and Canadian markets in violation of the U.S. securities laws.
  • A leading U.S. multinational brokerage firm in a Southern District of New York action alleging securities fraud and fiduciary breaches relating to the embezzlement of gains from cryptocurrency investments.
  • 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 a CFTC enforcement investigation relating to credit default swap index contracts cleared through ICE Clear Credit and ICE Clear Europe.
  • 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.
  • 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
  • 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.
  • Senior executives in criminal antitrust investigations across a number of industries, including chemical and manufacturing materials, transportation and consumer products.

Published work

  • "Active U.S. Enforcement of Anti-Money Laundering Rules Continues Unabated", New York Law Journal, June 3, 2020

  • "Criminal Antitrust Enforcement (Chapter 1), White Collar Crime: Business and Regulatory Offenses", Law Journal Press, 2019 Revised Edition

  • "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

  • "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