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Cravath, Swaine & Moore LLP

Work +1 212 474 1000
Fax +1 212 474 3700
London, New York

Michael Paskin

Work (212) 474-1760
Cravath, Swaine & Moore LLP

Work Department



Michael A. Paskin is a partner in Cravath’s Litigation Department and serves as the Department's Hiring Partner.

Over the course of more than 30 years at the Firm, his practice has focused on class actions and other complex litigation matters, primarily in the areas of securities, antitrust, bankruptcy, mergers and acquisitions and general commercial disputes. Mr. Paskin has extensive experience representing many of the world's leading financial institutions, including JPMorgan Chase, Morgan Stanley, Credit Suisse and Westpac, in a wide variety of matters that regularly involve complex financial products such as residential mortgage-backed securities, credit default swaps, interest rate swaps and other derivatives, as well as interest rate benchmarks. He also has represented numerous corporate clients in other industries, including Big Lots, Beazer Homes, Cummins, Sprint, Lucent Technologies and IBM. In addition, Mr. Paskin represents corporations and boards of directors in connection with internal investigations and external inquiries by U.S. and foreign regulatory agencies, including the SEC, DOJ, CFTC and European Commission.

In April 2016, Mr. Paskin was featured as “Litigator of the Week” in The AmLaw Litigation Daily for his representation of the Republic of Argentina in connection with litigation arising from its $80 billion sovereign debt default in 2001. After being retained as new counsel to Argentina in February 2016,
Mr. Paskin led a team that obtained the vacatur, first at the S.D.N.Y. and then on an expedited appeal before the Second Circuit, of extraordinary injunctions that were imposed on Argentina in 2012 and 2015. The victory cleared the way for Argentina to return to the international capital markets for the first time since its historic default. Mr. Paskin's work for Argentina also received an award for Innovation in Legal Work in Latin America in the Financial Times North America Innovative Lawyers 2016 report, and a National Impact Case Award from Benchmark Litigation

Mr. Paskin’s other notable representations include:


JPMorgan RMBS Litigations: Defended JPMorgan and related entities—including WaMu and Bear Stearns—in numerous cases brought by RMBS investors. In In re Washington Mutual Mortgage Backed Securities Litigation (W.D.Wash.), Mr. Paskin won one of a handful of decisions limiting RMBS class claims based on tranche-level standing, which eliminated claims covering approximately
$7.5 billion in securities. The case settled shortly before a scheduled jury trial for less than 5% of claimed damages on the remaining tranches. Mr. Paskin also represented JPMorgan, Bear Stearns and WaMu affiliates in Dexia SA/NV, et al. v. Bear, Stearns & Co., et al. (S.D.N.Y. and N.Y. Sup. Ct.), winning summary judgment in federal court that eliminated from litigation certificates worth over
$1.5 billion and reduced claimed damages by over 99%.

Willis v. Big Lots, Inc., et al. and In re Big Lots, Inc. Shareholder Litigation (S.D. Ohio): Representing Big Lots and several of its officers and directors in a securities class action and related derivative litigations alleging insider trading and false statements regarding the company's performance and sales prospects. Mr. Paskin also represented Big Lots in connection with related investigations by the U.S. Attorney’s Office (S.D.N.Y.) and SEC that were closed with no action being taken.

In re Chemed Corp. Securities Litigation (S.D. Ohio) and In re Chemed Corp., Shareholder Derivative Litigation (D. Del.): Representing Chemed Corp. and individual defendants in class action securities litigation and related shareholder derivative actions.

• State of New Jersey and its Division of Investment v. Sprint Corporation, et al. (D. Kan.): Won summary judgment in 2010 for Sprint Nextel Corporation in a securities class action alleging fraudulent statements concerning long-term employment contracts with Sprint’s former CEO and President.  Paskin also represented Sprint and its outside directors in a class action in Kansas state court claiming breaches of fiduciary duty in connection with the recombination of Sprint’s FON and PCS “tracking stocks.”  

• In re Beazer Homes USA, Inc. Securities Litigation (N.D. Ga.): Represented Beazer in securities class action and derivative litigation alleging improper mortgage origination practices and accounting improprieties designed to obscure the impact of the declining housing market.

• Represented Lucent Technologies in one of the largest securities fraud class actions in history (D.N.J.), and related federal and state securities, derivative, whistleblower and bankruptcy litigation and SEC and U.S. Attorney investigations.

• Won summary judgment for IBM in securities class action litigation (S.D.N.Y.) relating to allegations that IBM made false statements concerning the level of its stock dividend.


In re Interest Rate Swaps Antitrust Litigation (S.D.N.Y.): Defending Morgan Stanley in consolidated MDL litigation alleging that it and other dealers conspired to foreclose competition in the market for trading IRS, and representing it in connection with a related investigation by the CFTC.

In re Credit Default Swaps Antitrust Litigation (S.D.N.Y.): Defended Morgan Stanley in a consolidated MDL litigation alleging that dealers conspired to block exchange trading of CDS to maintain artificially high bid/ask spreads in the OTC market. Mr. Paskin also advised Morgan Stanley in connection with related regulatory inquiries by the DOJ and the European Commission that were closed with no action being taken against Morgan Stanley. 

• Bank Bill Swap Rate (BBSW) Litigation (S.D.N.Y.): Defending Westpac Banking Corporation in purported class action litigation alleging that Westpac and other banks manipulated the Australian BBSW benchmark.

• In re Aftermarket Filters Antitrust Litigation (N.D. Ill.): Defended Cummins Filtration Inc. in a consolidated MDL proceeding alleging price-fixing in the market for automotive replacement filters.

• Represented IBM in connection with the contested termination of a 1956 DOJ antitrust consent decree, as well as a DOJ antitrust investigation into agreements between IBM and Storage Technology Corporation.


Lehman Brothers Holdings Inc. et al. v. Credit Suisse et al. (Bankr. S.D.N.Y.): Representing Credit Suisse concerning claims in excess of $1 billion related to derivatives trades on which Lehman defaulted when it filed for Chapter 11.

In re Energy Futures Holdings Corp., et al. (Bankr. D.Del.): Conflicts counsel to the independent director of Energy Future Intermediate Holdings Company LLC in connection with the $49 billion bankruptcy of the largest electricity utility in Texas.

In re Tribune Company, et al. (Bankr. D.Del.): Represented various affiliates of both Dimensional Fund Advisors and Goldman Sachs in connection with adversary proceedings and other litigation related to the Tribune bankruptcy.

In re Tronox Incorporated (Bankr. S.D.N.Y.): Represented Credit Suisse, JPMorgan and other secured lenders in an adversary proceeding that sought to avoid transfers and obligations under a $200 million secured debt facility.

• Represented Lucent Technologies in an adversary proceeding (Bankr. D.Del.) brought by the Chapter 7 trustee of Winstar Communications, culminating in a 21-day bench trial.

Mergers and Acquisitions Litigation

• Represented Symetra Financial Corporation and its board in shareholder litigation arising out of its $3.8 billion acquisition by Sumitomo.

• Won motions to dismiss for Casey’s General Stores and its board in Iowa state and federal court litigations related to the attempted hostile takeover of Casey’s by Alimentation Couche-Tard.

• Represented the Haas Trusts, the largest shareholder of Rohm and Haas Company, in contested M&A litigation with Dow Chemical. The litigation settled based on the Haas Trusts’ agreement to make an equity investment in Dow, which cleared the way for the $15.5 billion acquisition.

• Represented EMBARQ Corporation and its board in shareholder litigation arising out of its acquisition by CenturyTel.

• Represented GTECH Holdings and its board in shareholder litigation arising out of its merger with Lottomatica. 

Other Commercial Litigation 

• Morgan Stanley v. Discover Financial Services (N.Y. Sup. Ct.): Won partial summary judgment for Morgan Stanley in a breach of contract action, based on Discover’s refusal to pay Morgan Stanley a special dividend of approximately $800 million from Discover’s settlement of an antitrust case against Visa and Mastercard that had been filed when Morgan Stanley owned Discover.

• Successfully represented Big Lots in an action to block a research analyst from wrongfully obtaining and publishing confidential and proprietary information concerning Big Lots’ business.

• IBM v. Lexmark (S.D.N.Y.): Represented IBM in a contract action relating to the transfer of pension assets in connection with IBM’s sale of its printer business.  The case culminated in a two-week bench trial and judgment for IBM in excess of $55 million.  


Following graduation from law school, Mr. Paskin served as law clerk to Hon. Paul J. Kelly, Jr. of the U.S. Court of Appeals for the Tenth Circuit. He joined Cravath in 1996 and became a partner in 2003.

Mr. Paskin was recognized as one of the Top 100 Trial Lawyers in America, a "National Star" in general commercial litigation by the 2017 edition of Benchmark Litigation and as a "Local Litigation Star" in New York in both the 2016 and 2017 editions. In 2017, he was selected as one of Lawdragon's
"500 Leading Lawyers in America." Mr. Paskin was also recommended by The Legal 500 United States for his work in financial services litigation and corporate restructuring litigation and has also been recognized by The Best Lawyers in America and Super Lawyers for his litigation work.


Mr. Paskin is a member of the International Bar Association, American Bar Association and New York City Bar Association.


Mr. Paskin received a B.A. cum laude from the University of Pennsylvania in 1992 and a J.D. from Fordham School of Law in 1995, where he was a member of the Law Review.

United States: Antitrust

Civil litigation/class actions

Within: Civil litigation/class actions

Cravath, Swaine & Moore LLP’s practice is led by Christine Varney, a former US Assistant Attorney General for Antitrust and FTC Commissioner. The firm has a particularly strong following of clients from the financial services sector; John Buretta is representing Nomura International in nine consolidated class actions involving allegations of collusion and price-fixing over SSA bonds. In another highlight, Daniel Slifkin and Michael Paskin are acting for Morgan Stanley in Re Interest Rate Swaps Antitrust Litigation. Kevin Orsini has experience representing American Express in high-profile antitrust disputes. Elsewhere, Rowan Wilson is representing Mylan Laboratories in a consolidated set of class actions centered on alleged reverse payment settlement agreements between Cephalon and various generic drugs manufacturers (including Mylan). Evan Chesler and Peter Barbur are other notable individuals.

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United States: Dispute resolution

Financial services: litigation

Within: Financial services: litigation

Cravath, Swaine & Moore LLP provides ‘thoughtful and thorough advice’ to a broad range of financial institutions on their most strategically important disputes. Noted for his ‘credibility and creativity’, Richard Clary has led Credit Suisse to numerous important victories in RMBS cases and recently represented it in an appellate hearing seeking to overturn the decision to deny the bank’s motion to dismiss - on the grounds of an expired limitation period - the $11bn damages case brought against it by the New York Attorney General. Alongside John Buretta and Michael Reynolds, Clary is also defending Credit Suisse in a sanctions case brought by US soldiers wounded in Iraq, alleging that it, along with other European banks, helped process monetary transactions for certain Iranian banks, which in turn were accused of funding Iran-backed terrorist groups. Buretta is also defending Nomura as one of the defendants accused of colluding to rig the agency bond market. Michael Paskin recently received plaudits for his innovative representation of the Argentinian government in its long-running creditor dispute, which enabled it to return to the global capital markets and thereby pay back its creditors. Daniel Slifkin was also involved in that case and is a key partner in the team that includes the ‘hardworking and astuteRobert Baron and Lauren Moskowitz.

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Securities litigation: defense

Within: Securities litigation: defense

Cravath, Swaine & Moore LLP in New York ‘certainly belongs in the top echelon of securities litigation firms’. Its continues to play a major role in high-profile cases such as In re Akorn, Inc Securities Litigation, in which head of litigation Daniel Slifkin, Antony Ryan and David Stuart are representing Akorn in a case alleging misrepresentation by the company and its board. The firm’s respected regulatory enforcement team is handling an SEC investigation into Akorn’s accounting restatements. Michael Paskin and Timothy Cameron’s recent highlights include Willis v Big Lots, Inc, et al, in which plaintiffs allege Big Lots made false statements about its financial performance and that executives earned $37m from insider trading. Richard Clary’s strong track record in RMBS matters continues with cases for Credit Suisse such as People of the State of New York v Credit Suisse Securities (USA) LLC, et al.Robert Baron is acting for Deutsche Bank Securities and Credit Suisse Securities; Evan Chesler and Karin DeMasi are handling the appeal of a class action against DreamWorks Animation; and Sandra Goldstein won dismissal of a case against ADT Corporation’s former CFO. The regulatory enforcement team has standout practitioners in Rachel Skaistis, John Buretta and Benjamin Gruenstein.

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