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Todd Fishman

Partner

New York

Fishman Todd
Todd Fishman

Partner

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.

Other noteworthy experience includes advising:

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

Office

New York

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

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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

Experience highlights

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, 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

News & insights

Publications: 09 JUNE 2020

Active U.S. Enforcement of Anti-Money Laundering Rules Continues Unabated

In January 2020, the U.S. Department of the Treasury issued its National Strategy for Combating Terrorist and Other Illicit Financing (2020 Strategy).

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Publications: 03 APRIL 2020

Covid-19 coronavirus: U.S. regulatory enforcement and civil litigation over ESG disclosures update

Why the Covid-19 coronavirus crisis might accelerate U.S. regulatory enforcement and civil litigation over ESG disclosures

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Publications: 03 APRIL 2020

Why the Covid-19 coronavirus crisis might accelerate U.S regulatory enforcement and civil litigation over ESG disclosures

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Publications: 18 JULY 2019

U.S. continues aggressive sanctions and anti-money laundering enforcement against non-U.S. banks

When assessing anti-money laundering risk and exposure, global financial institutions should be mindful of the complex landscape and assertions of broad authority by U.S. authorities and banking…

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