A fully integrated international conglomerate, Shearman & Sterling has been at the forefront of some headline-making litigation on a global basis and is routinely recognized as a leading legal entity by disputes lawyers from such locales as Europe and Southeast Asia. With most of its 20 offices being based in Europe, Asia, and the Middle East, some would even argue that the firm is too globally integrated to even be relegated to assessment on just a one-country level. Nonetheless, within the States the firm is called upon most often for its experience and acumen with matters of the securities and white-collar and FCPA enforcement variety and is quickly developing a leading profile in the antitrust space as well.
New York’s Adam Hakki remains a perennial peer favorite, with glowing reviews offered on a unanimous basis. Hakki’s practice is largely focused on, but not limited to, the securities, antitrust and governance fields, with experience in both the criminal and civil capacities. A team led by Hakki (and also involving Agnès Dunogué and Lyle Roberts) won a significant and complete victory for Paramount Global (formerly ViacomCBS) in a high-profile and closely watched securities class-action arising from the 2021 collapse of Archegos Capital Management, a family office run by billionaire investor Bill Hwang, who later was indicted for his conduct. (ViacomCBS was one of the companies whose share prices were adversely affected by the liquidation of Archegos.) The litigation claimed that the offering documents for March 2021 securities offerings by ViacomCBS should have disclosed that Archegos had obtained concentrated and leveraged synthetic positions in ViacomCBS stock via total return swaps entered into with investment banks, which also acted as underwriters for the offerings, and that those swaps needed to be liquidated due to Archegos’ financial distress. Hakki also achieved a significant victory for Twitter in shareholder litigation relating to the fraught acquisition of Twitter by Elon Musk. The shareholder plaintiff agreed to voluntarily dismiss the case a few days before pre-trial briefs were due. Hakki has also balanced an active portfolio of antitrust cases along with his securities matters. One example involved a victory on behalf of Intercontinental Exchange and various subsidiaries in a LIBOR-related antitrust action brought on behalf of group of consumers purportedly injured as a result of an alleged price-fixing conspiracy.
Shearman’s US bench is brimming with others noted for their antitrust prowess. A frequent teammate of Hakki’s, Jeffrey Resetarits, is generating a good deal of traction in antitrust as well as securities. “Keep your eye on him,” advises a colleague at one of New York’s top firms. “We’ve been seeing more of him lately and we are very impressed. He and Adam Hakki had a nice win [in March 2019] in a matter involving CDOR [Canadian Dollar Offered Rate.]” New York’s Richard Schwed is representing JetBlue Airways Corporation in two high-profile DoJ lawsuits concerning alleged anti-competitive activity in several capacities. Todd Stenerson, based in the DC office, led a team (including DC’s David Higbee) that achieved a significant victory for Booz Allen in the DoJ’s attempt to block its $440 million acquisition of EverWatch. In December 2022, the DoJ dismissed its lawsuit, officially ending the litigation after the court permitted the parties to close the transaction. One fellow leader in the antitrust space enthuses, “Todd is a very creative and out-of-the-box thinker. He will just generate idea after idea in a very thought-provoking way that benefits all involved.”
Stephen Fishbein, whose practice straddles white-collar crime and enforcement with antitrust elements, secured a victory on behalf of an individual in a significant criminal insider-trading case. In December 2022, the Second Circuit ruled, among other things, that the evidence was insufficient on the two counts on which the client was convicted and dismissed the fraud charges.
