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Shearman & Sterling LLP

Work +1 212 848 4000
Fax +1 212 848 7179

Adam Hakki

Work +1 212 848 4924
Shearman & Sterling LLP




United States: Antitrust

Civil litigation/class actions: defense

Within: Civil litigation/class actions: defense

In 2017, Shearman & Sterling LLP hired David Higbee, Djordje Petkoski, Ryan Shores and Todd Stenerson; all moved to its Washington DC office from Hunton Andrews Kurth LLP. Bruce Hoffman, who also made the same move, subsequently became acting director of the FTC’s Bureau of Competition. The firm’s recent work includes financial benchmarking litigation, and New York-based partners Richard Schwed and Adam Hakki are defending Bank of America in an interest rate swaps class action. The firm is also acting for the same client and Nomura Securities in a class action in which it is alleged that they were part of a conspiracy among 15 defendant financial institutions to manipulate the ISDAfix benchmark rate. The firm has also handled cases involving Libor and TIBOR, Treasury securities and SSA bonds. Petkoski and New York-based Michael Mitchell defended GS Yuasa against lawsuits arising from a DOJ investigation into an alleged lithium ion batteries price-fixing conspiracy. Higbee is the firm’s global antitrust head. John Cove in San Francisco is recommended.

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United States: Dispute resolution

Corporate investigations and white-collar criminal defense

Within: Corporate investigations and white-collar criminal defense

Shearman & Sterling LLP is best known for its representations in the financial services industry, of both individuals and banks. The practice is jointly led by Adam Hakki and Stephen Fishbein in New York, and includes deputy head Patrick Robbins in San Francisco. The group is acting for the independent directors of Wells Fargo in connection with an independent investigation into the bank’s retail sales practices. It is also assisting Citigroup with respect to US regulatory and enforcement inquiries concerning a major fraud perpetrated against the company’s Mexican unit, Banamex. Robbins is representing the former CFO of Logitech in a contested SEC enforcement action, while Fishbein and New York-based John Nathanson are representing a former health insurance specialist at the Centers for Medicare and Medicaid, in criminal and civil insider trading proceedings brought by the SEC. Washington DC’s Philip Urofsky is recommended for ‘very strong professional knowledge in the area of anti-corruption’.

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Financial services litigation

Within: Financial services litigation

Under the leadership of the ‘excellentAdam Hakki, Shearman & Sterling LLP has been involved in many high-profile regulatory investigations/enforcement actions and private litigation over recent years. Noted by one client as the ‘pre-eminent class action litigator in the market’, Hakki has been involved in a slew of antitrust-related matters for core client Bank of America, including as a defendant in interest rate swaps class action related to its alleged conspiracy with other banks to prevent the establishment of exchange-like trading platforms, and its role as an alleged co-conspirator in the manipulation of the forex market. Richard Schwed is also recommended and had a key role in the aforementioned matters.

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General commercial disputes

Within: General commercial disputes

Shearman & Sterling LLP excels in complex financial products litigation, though its client base extends beyond the financial services sector to include US and non-US companies in the healthcare, technology and automobile industries, among others. It also has experience representing high-ranking individuals. In a recent example, Adam Hakki and Jaculin Aaron represented former CEO and director of Providence Service Corporation Warren Rustand in shareholder derivative litigation. Deputy litigation head Richard Schwed has broad experience in state and federal courts and arbitration. Above-named partners are located in New York, which is the firm’s main base. In Washington DC, the firm hired several commercial and antitrust litigation specialists including Ryan Shores from Hunton Andrews Kurth LLP. Daniel Laguardia is a key contact in San Francisco.

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International litigation

Within: International litigation

Shearman & Sterling LLP is ‘a truly international firm that is more globally integrated than some of its competitors’ and has ‘a reputation that extends far beyond the US’. The firm advises multinational corporations and financial institutions on high-profile matters including global investigations, Foreign Corrupt Practices Act (FCPA) matters and US-based litigation involving non-US entities. In New York, global head of litigation Adam Hakki, who advised underwriters of the Alibaba IPO on a securities class action, and deputy head of the litigation department Richard Schwed are recommended. Schwed regularly handles cross-border matters relating to contested mergers and acquisitions, antitrust cases and financial services litigation. With Henry Weisburg and Washington DC-based Christopher Ryan, he sought enforcement of arbitral awards to secure a $50bn payment from the Russian Federation after its expropriation of investments in the former Yukos Oil Company. Paula Anderson is a rising star.

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M&A litigation: defense

Within: M&A litigation: defense

The mergers and acquisitions litigation practice at Shearman & Sterling LLP in New York regularly acts for corporates and investment banks in high-stakes transactions litigation. Global head of litigation Adam Hakki oversees a team with standout practitioners such as Alan Goudiss and Jaculin Aaron, who both played a key role in securing an appellate victory for Daimler AG in a dispute with Chrysler executives. Goudiss also represented Merrill Lynch in a purported class action arising from the merger of HTI - for which the bank was financial adviser - with entities owned by TDK Corporation. All claims were dismissed and the merger was completed. A highlight for Hakki and Aaron was their work for former Providence Service Corporation CEO Warren Rustand in settling breach of fiduciary duty claims. Rising star K. Mallory Brennan is now a partner.

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Securities litigation: defense

Within: Leading lawyers

Adam Hakki - Shearman & Sterling LLP

Within: Securities litigation: defense

Shearman & Sterling LLPprovides excellent advice and is always thoughtful and commercial in its approach to problems’. Clients describe it as ‘a leading firm for IPO cases and for representing underwriters’. New York-based head of litigation Adam Hakki is ‘superb, extremely responsive and benefits from superlative judgment’. Alongside rising star Daniel Lewis, he represented Countrywide in dozens of high-profile cases relating to RMBS transactions. Joseph Frank and up-and-coming partner Agnès Dunogué recently secured victories in RMBS cases for Nomura when the New York Court of Appeals barred claims for damages, and for Barclays when an appellate decision extinguished more than $422m in securities claims brought by the Federal Home Loan Bank of Seattle. Hakki and San Francisco-based Patrick Robbins also represented underwriters of the Alibaba IPO in securities litigation alleging that offering documents were misleading. Jaculin Aaron regularly acts for underwriters and her highlights included Ho v Duoyuan Global Water, Inc. Stuart Baskin and Brian Polovoy, who advised Ruby Tuesday in a class action in Tennessee, are also highly rated.

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