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Sullivan & Cromwell LLP

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Richard H. Klapper

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Sullivan & Cromwell LLP


Rich Klapper is a partner in Sullivan & Cromwell’s Litigation Group, and was the managing  partner of the Group from 1999 through 2004. His practice has covered a wide range of civil litigation, including antitrust, securities, corporate governance and intellectual property disputes, as well as regulatory and white-collar investigations. His clients have included AIG, The Bank of New York, Barclays, Goldman Sachs and Wells Fargo. For further information on his practice, please visit S&C's website: 

United States: Dispute resolution

Financial services litigation

Within: Leading lawyers

Richard Klapper - Sullivan & Cromwell LLP

Within: Financial services litigation

Following an appeal brought by Aozora Bank the judge accepting the firm’s argument that the Japanese lender should have investigated sooner and was therefore time-barred in its allegations of fraud connected to its investment in a $31m CDO. The team also recently successfully secured the dismissal, on behalf of Barclays Bank, of a US class action litigation initiated by investors of $2.5bn in American depository shares issued by the bank just months before the financial crisis. The team has been involved in many of the highest-profile market manipulation investigations and private litigation that have dominated the market over recent years, including on behalf of Barclays Bank which it is defending in class action lawsuits involving accusations that it was involved in Libor rigging. The ‘formidableSharon Nelles has been involved in many matters emanating from the subprime mortgage crisis including her work for Moody’s in a DOJ investigation regarding the ratings agency’s methodology for assigning ratings to RMBS and CDOs, as well as in the defense of related consolidated shareholder class action litigation. Richard Klapper, Robert Giuffra, Matthew Schwartz and Justin DeCamp are recommended.

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Securities litigation: defense

Within: Securities litigation: defense

Sullivan & Cromwell LLP has ‘a uniformly excellent and tough team’ and great strength in depth. The New York office is home to leading light Robert Giuffra, who alongside rising star Matthew Schwartz secured, on behalf of UBS, a unanimous reversal of a decision to deny a motion to dismiss an investor’s complaint, in a case arising from collateral debt obligation (CDO) and RMBS transactions. Schwartz and key partner David Braff secured the dismissal of claims against Goldman Sachs in cases related to the issuance of auction rate securities. Giuffra and Richard Klapper also advised Goldman Sachs on a high-profile case at the Second Circuit. Sharon Nelles is a highly esteemed securities litigator and she defended Volkswagen in several cases arising from the diesel emissions scandal. Richard Pepperman, Jeffrey Scott, Washington DC-based Daryl Libow and Robert Sacks in Los Angeles are also recommended. Clients also remark that ‘world-class counselorWilliam Monahan in New York is ‘highly knowledgeable and has excellent strategic sense’.

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