Litigation Department of the Year, Finance: Cravath, Swaine & Moore
As litigation relating to the financial crisis slows down, different trends are beginning to emerge, such as the wave of litigation seeking to hold banks liable for alleged antitrust and Anti-Terrorism Act violations.
October 03, 2018 at 04:15 PM
4 minute read
Q: What are some of the department's most satisfying successes of the past year and why?
Cravath has been fortunate to share a number of successes with our clients over the past year. For American Express, we won before the U.S. Supreme Court in a lawsuit originally brought by the DOJ and 17 state attorneys general challenging certain provisions in AmEx's merchant agreements. The ruling defines how antitrust law will be applied to two-sided markets, which are increasingly prevalent in today's business environment, and confirms a momentous Second Circuit victory on the long road Cravath traveled with AmEx in defense of the company's business model.
For Credit Suisse, we eliminated billions of dollars in RMBS claims against the company, and in 2017 tried only the second RMBS investor action ever to go to trial, which ultimately settled, as well as another RMBS lawsuit that settled on the first day of trial. We also argued on behalf of Credit Suisse before New York's highest court in a lawsuit brought by the New York attorney general relating to $40 billion in RMBS and won a landmark decision regarding the statute of limitations under the Martin Act.
Q: A prospective client in crisis calls and asks why your team should be retained. What is your answer?
A: Cravath's goal is to be our clients' first call to address their most challenging legal issues and critical disputes. Our generalist training means Cravath litigators have the tools to tackle complex cases from every angle, which allows us to staff matters leanly with experienced attorneys at every level. We customize strategy and tactics to every client and situation, learning our clients' business objectives and culture in order to provide short- and long-term solutions. As a result, we are not just legal advisers—we are our clients' partners in developing creative and workable solutions to the wide range of issues they face.
Q: What traits do you respect most in opposing firms and lawyers?
A: What we value in other firms is a reflection of what we value in ourselves. We appreciate going up against opposing firms and lawyers who, like our firm, are strong advocates for their clients while always acting professionally.
Q: What sorts of trends are you seeing in litigation, and what do you think will be the most important development in the law/legal business that will impact your field in the next 10 years?
A: As litigation relating to the financial crisis slows down, different trends are beginning to emerge, such as the wave of litigation seeking to hold banks liable for alleged antitrust and Anti-Terrorism Act violations. With the rapidly growing economy and advancements in technology, we are seeing new ways of doing business as well as cross-industry developments, which create new legal challenges. Firms that wish to tackle these challenges must understand their clients' long-term business goals and avoid a myopic view of the legal issues in front of them.
Q: What is the firm doing to ensure that future generations of litigators are ready to take the helm?
A: Cravath associates have been trained through our hallmark rotation system for decades. By working with different partners across different practice areas at all stages of litigation, the system exposes associates to a variety of legal issues, industries and advocacy styles. This comprehensive training enables attorneys to develop the generalist skills, creativity and confidence to successfully navigate even the most challenging circumstances. Through formal and informal mentorships, associates obtain additional support throughout their time at the firm. In addition, the firm recently developed an in-depth, multi-phased orientation program to educate new Cravath partners, which will help ensure the smooth succession of leadership from generation to generation.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All'A Regressive Institution': SDNY Judge Rakoff Delivers Pointed Remarks on SCOTUS in Recent Appearance
2 minute readFederal Court That Faces Its Share of Real-Life Horrors Gets Into Halloween Spirit
1 minute readLegal Aid Society Honors Milbank Attorney, Selendy Gay for Providing Pro Bono Firepower
2 minute readTrending Stories
- 1Cravath Elevates 7 to Partnership, Up From Last Year
- 2Kline & Specter Hit With Lawsuit From Another Former Associate
- 3USPTO Director Kathi Vidal Announces Resignation Ahead of Administration Change
- 4As Gen AI Acceptance Grows, Lawyers Race to Mitigate Risks
- 5Decisions Have 'Real-Life Consequences': Juvenile Court Judge Considered for Appellate Bench
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250