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Cravath, Swaine & Moore LLP

WORLDWIDE PLAZA, 825 EIGHTH AVENUE, NEW YORK, NY 10019-7475, USA
Tel:
Work +1 212 474 1000
Fax:
Fax +1 212 474 3700
Email:
Web:
www.cravath.com
London, New York

Daniel Slifkin

Tel:
Work 212-474-1438
Email:
Cravath, Swaine & Moore LLP

Work Department

Litigation.

Position

Daniel Slifkin is a partner in Cravath’s Litigation Department and serves as the Firm's Head of Litigation. Over the course of his 26 years at Cravath, Mr. Slifkin has tried numerous cases in state and federal courts throughout the United States, as well as domestic and international arbitrations. He is among the few litigators to have ever taken a securities case through trial, having handled two such jury trials in recent years.

Mr. Slifkin has extensive experience representing some of the world’s leading financial institutions on a wide range of matters, including antitrust claims; securities claims (both as issuer and underwriter); shareholder derivative claims; claims arising out of financial advisory work; claims relating to private equity portfolio companies; and general contract disputes. Mr. Slifkin’s financial services clients have included Barclays, Chemical Bank, Credit Suisse, DLJ, JPMorgan Chase, Lindsay Goldberg, Morgan Stanley, Salomon Brothers and Westpac.

Mr. Slifkin has also represented significant corporations in numerous other industries, including Alcoa, BAE Systems, Deloitte & Touche, IBM, Lucent Technologies, priceline.com and Vivendi. He has substantial experience in antitrust, arbitration, bankruptcy, employment, intellectual property and securities, as well as general commercial litigation, and has represented clients in regulatory investigations by the DOJ, SEC and European Union.

Mr. Slifkin’s representative matters include:

Securities

• Representing Akorn Pharmaceuticals and its executive officers in a consolidated securities class action lawsuit in Illinois federal court seeking damages for alleged misrepresentations related to the company’s acquisitions of Hi-Tech Pharmacal and VersaPharm. Mr. Slifkin is also representing Akorn in related shareholder derivative actions and an SEC investigation.

• Representing Insys Therapeutics and current and former members of its management team in securities class action litigation filed in Arizona federal court alleging that the company’s financial statements and other statements made by the defendants were false and misleading because the company was engaged in improper off-label marketing.

• Representing Vivendi for over a decade in some of the most significant and complex securities actions in recent history, including in a long-running class action that culminated in a four-month long, “f-cubed” securities fraud jury trial, and in a four-week jury trial over securities and contract claims brought by Liberty Media.

• Represented JPMorgan Chase and related entities (including Bear Stearns and Washington Mutual) in numerous RMBS actions filed across the country, including the first two major RMBS investor actions to proceed through conclusion of discovery and summary judgment. In one action, Mr. Slifkin won a motion for judgment on the pleadings that removed from litigation bonds worth $8 billion.

• Represented priceline.com in a securities class action (which settled favorably) and in a related derivative suit (won both in the Delaware Chancery and Supreme courts).

• Represented Lucent Technologies and several former and current directors and officers in over 50 shareholder and related ERISA, bondholder, debt security holder, derivative and state securities law litigations, all of which settled on favorable terms.

• Represented Morgan Stanley, its inside directors and certain of its executives in a shareholder derivative action concerning executive compensation that was dismissed, with prejudice, at the motion to dismiss stage and affirmed on appeal.

• Represented Alcoa in shareholder derivative lawsuits concerning its proxy statement both in federal district court and before the Second Circuit Court of Appeals.

• Represented Lindsay Goldberg in a shareholder derivative action asserting claims for breach of fiduciary duty and unjust enrichment arising out of a public offering for nominal defendant Energy Solutions. 

• Represented DLJ in state and federal court litigation concerning its role as underwriter for high-yield securities of Mid-American Waste Systems. 

General Commercial

• Representing the Republic of Argentina in connection with litigation brought by holders of its defaulted sovereign debt. After being retained as new counsel to Argentina in February 2016,
Mr. Slifkin was part of the team that obtained the vacatur of extraordinary injunctions that had been imposed on Argentina in 2012 and 2015, first at the District Court level and then on an expedited appeal before the Second Circuit. The victory cleared the way for Argentina to resolve the vast majority of its litigation with holdout creditors and return to the international capital markets for the first time since its $80 billion default in 2001, with the largest emerging markets debt issuance at the time. 

• Represented IBM in a breach of contract action relating to the sale of IBM’s printer division to Lexmark and obtained a judgment in excess of $55 million in favor of IBM following a two-week bench trial.

• Represented Morgan Stanley as plaintiff in a breach of contract action against Discover Financial Services and won summary judgment, after which Discover settled, paying Morgan Stanley
$775 million.

• Represented BAE Systems North America in a dispute with Lockheed Martin relating to certain indemnification provisions in the acquistion agreement between Lockheed and BAE relating to BAE's purchase of Lockheed's Sanders division. The case was amicably resolved. 

Antitrust

• Representing Westpac Banking Corporation in a defense against a purported class action lawsuit that was filed in the Southern District of New York. Plaintiffs bring claims against numerous financial institutions alleging manipulation of the Australian Bank Bill Swap Reference Rate (the BBSW). 

• Representing Morgan Stanley in In re Interest Rate Swaps Antitrust Litigation. Mr. Slifkin previously represented Morgan Stanley in the now settled In re Credit Default Swaps Antitrust Litigation.

• Represented IBM in its contested termination of an antitrust consent decree with the DOJ dating back to 1956.

• Represented IBM in a DOJ investigation of its agreements with STK Storage. 

• Represented IBM in a DOJ review of the sale of its networking assets to Cisco Systems. 

Arbitration

• Represented a major American industrial company in an arbitration in London, conducted under International Chamber of Commerce rules, against one of its European customers in a dispute as to the correct interpretation of the contracts between the parties. 

• Represented a European auto parts manufacturer in an arbitration before the American Arbitration Association regarding a breach of contract and breach of fiduciary duty dispute arising out of a joint venture agreement between the company and a Mexican auto parts manufacturer.

• Represented Alcoa in an arbitration with The Fairchild Corporation concerning indemnification claims. Following a two-week arbitration trial, the arbitrator found in favor of Alcoa and this ruling was upheld after a challenge before the District Court.

Bankruptcy

• Representing Credit Suisse and several of its U.S. and non-U.S. subsidiaries, as creditors, in connection with the Lehman Brothers Chapter 11 bankruptcy.

• Represented Barclays in bankruptcy litigation concerning the City of Detroit. 

• Represented Alcoa in an adversary proceeding brought by the Trustee of Longview Aluminum LLC and secured summary judgment for Alcoa on all claims.

• Represented Lucent Technologies in an adversary proceeding brought by the Chapter 7 trustee of Winstar Communications alleging that Lucent breached various agreements related to the expansion of Winstar’s worldwide broadband network, which culminated in a 21-day bench trial.

Employment

• Represented Alcoa in an ERISA class action lawsuit regarding healthcare benefits, securing a summary judgment for Alcoa following a two-week bench trial which was affirmed on appeal.

• Represented Alcoa in a FLSA class action lawsuit and secured a summary judgment victory.

Intellectual Property

• Represented Alcoa in a two-week jury trial and obtained judgment upholding the validity of Alcoa’s patent on high damage-tolerance aluminum alloys used to manufacture the fuselage skin of the Boeing 777 aircraft.

• Represented IBM in a patent infringement lawsuit brought by BTAX Corporation concerning IBM's microprocessor architecture. 

• Represented priceline.com in its suit against Microsoft and Expedia for patent infringement.

Career

Mr. Slifkin joined Cravath in 1991 and became a partner in 1998.

Mr. Slifkin has been recognized twice as “Litigator of the Week” in The Am Law Litigation Daily: first, for his representation of Morgan Stanley in Morgan Stanley v. Discover Financial Services, a breach of contract action in which he obtained a judgment of over $800 million against Discover Financial Services and, second, for his representation of JPMorgan in Dexia SA/NV, et al. v. Bear, Stearns & Co., et al., in which he obtained a summary judgment victory that eliminated from litigation certificates worth over $1.5 billion, reducing the total amount of claimed damages by over 99% to approximately
$5.7 million. The Financial Times’ U.S. Innovative Lawyers Report, which ranks innovative work in the legal sector based on originality, rationale and impact, has featured Mr. Slifkin’s work three times, highlighting his representation of JPMorgan and Vivendi in securities litigation matters. He has also been recognized as one of the country’s leading commercial and securities litigators by numerous legal ranking publications. Mr. Slifkin was selected by Lawdragon as one of "500 Leading Lawyers in America" from 2009 through 2017 and was named to Lawdragon’s list of "100 Lawyers You Need to Know in Securities Litigation." From 2013 through 2016, he was ranked as one of the country’s leading securities litigators by Chambers USA and was recommended for his work in financial services and securities litigation by The Legal 500 United States. In 2015, he was also recommended by The Legal 500 for his commercial litigation work. Benchmark Litigation named Mr. Slifkin a “National Star” in general commercial litigation in 2011 and a “National Star” in securities litigation from 2014 through 2017. Mr. Slifkin was recognized for his expertise in international arbitration in the 2015-2016 edition of the Leaders League Litigation & International Arbitration Report.

Member

Mr. Slifkin is a member of the Second Circuit Courts Committee of the Federal Bar Council, a fellow of the American Bar Foundation and a member of the International Bar Association. He is also a member of the Board of Americans for Oxford, sits on its Audit Committee and serves as its General Counsel.

Education

Mr. Slifkin received a B.A., with first class honors, from Oxford University in 1987, where he was awarded the Martin Wronker Prize (Torts); a B.C.L., with first class honors, from Oxford University in 1988; and a J.D. magna cum laude from Harvard Law School in 1991, where he was an Editor of the Harvard Law Review and a Sears Prize winner.


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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