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Antony L. Ryan

Partner, Litigation

Antony L. Ryan is a partner in Cravath’s Litigation Department. He handles a wide variety of litigation matters, focusing on accountants’ liability and securities litigation.

Mr. Ryan regularly represents accounting firms in Federal and state courts around the country. Those cases have included:

  • In re AIG 2008 Securities Litigation: He represented PricewaterhouseCoopers LLP (“PwC”) in a securities class action in the Southern District of New York relating to disclosures by AIG regarding its credit default swaps and the Federal government bailout of AIG in 2008, as well as other related actions. The court granted PwC’s motion to dismiss. Mr. Ryan also represents PwC in related individual securities fraud litigation, and represented PwC in a previous securities class action involving accounting issues that led AIG in 2005 to restate its financial statements.
  • In re Banco Santander Securities–Optimal Litigation and In re Thema Fund Securities Litigation: He represented the Irish PricewaterhouseCoopers firm (“PwC Ireland”) in separate securities class actions in the Southern District of Florida and the Southern District of New York involving two investment funds audited by PwC Ireland that lost money in Bernard L. Madoff’s Ponzi scheme. Both actions were dismissed, and the dismissals were affirmed on appeal in the Second and Eleventh Circuits.
  • Teachers’ Retirement System of Louisiana v. PwC: He represented PwC in a shareholder derivative action relating to AIG’s 2005 restatement. The Delaware Court of Chancery dismissed the claims against PwC under New York in pari delicto law, and the New York Court of Appeals issued an opinion answering a certified question of law in favor of PwC. The Delaware Chancery Court’s ruling was affirmed by the Delaware Supreme Court.
  • Official Committee of Unsecured Creditors of AHERF v. PwC: He represented PwC in the Western District of Pennsylvania and the Third Circuit in an action by the official unsecured creditors’ committee of the bankrupt Allegheny Health, Education and Research Foundation (“AHERF”), a nonprofit health care system, seeking to recover from PwC for AHERF’s insolvency. The case encompassed the certification of in pari delicto questions to the Pennsylvania Supreme Court.
  • In re The Bear Stearns Cos., Inc. Securities Litigation: He represented Deloitte & Touche LLP (“Deloitte”) in a securities class action in the Southern District of New York arising out of the sale of Bear Stearns to JPMorgan in March 2008, which settled. Mr. Ryan continues to represent Deloitte in individual securities fraud actions brought by Bear Stearns shareholders who opted out of the class. In one such action, the court dismissed claims by a hedge fund that entered into more than $200 million of total return swaps; the case is on appeal in the Second Circuit.
  • Varga v. The Bear Stearns Cos.: He represented Deloitte in a lawsuit in the Southern District of New York brought by the liquidators of two Bear Stearns hedge funds. The district court dismissed the claims against Deloitte for lack of standing under the Second Circuit’s Wagoner rule.
  • In re Tower Group International, Ltd. Securities Litigation: He represented PwC in a securities class action in the Southern District of New York alleging that Tower’s loss reserves were understated. The court dismissed the claim against PwC.
  • Collins & Aikman Corp. v. Stockman: He represented PwC in the District of Delaware in an action by a litigation trustee on behalf of the bankrupt Michigan auto‑parts manufacturer Collins & Aikman Corp. The district court dismissed the claims against PwC under Michigan’s “wrongful conduct” rule.
  • Warmack‑Muskogee L.P. v. PwC: He represented PwC in a putative nationwide class action in Arkansas state court on behalf of clients of a number of leading accounting and consulting firms regarding travel rebates, and in related False Claims Act litigation in the Central District of California relating to the defendants’ government contracting work.
  • In re NQ Mobile, Inc. Securities Litigation: He represented PricewaterhouseCoopers International Ltd. (“PwCIL”) in a class action in the Southern District of New York alleging misrepresentations concerning a Chinese software company. The court dismissed the claim against PwCIL.
  • Certain Funds, Accounts and/or Investment Vehicles Managed by Affiliates of Fortress Investment Group L.L.C. v. KPMG L.L.P.: He represented PwCIL on appeal in the Second Circuit, which affirmed the denial of a Section 1782 petition to obtain discovery for use in foreign proceedings from PwCIL and other accounting firms that audited the financial statements of two bankrupt Saudi Arabian conglomerates.

In addition to these and other litigations, Mr. Ryan has represented accounting firms and issuers in Securities and Exchange Commission (“SEC”), Department of Justice and other government investigations and enforcement matters into accounting issues.

Mr. Ryan has extensive experience in securities and M&A litigation. He has been recommended by The Legal 500 United States for his work in those fields, as well as for his appellate work, and was ranked as a Leading Lawyer in securities litigation from 2016 through 2018. In 2011, Mr. Ryan was recognized by Law360 as one of five securities lawyers under 40 to watch. From 2012 through 2018, he was recognized for his work in securities litigation by Chambers USA. From 2014 through 2018, Mr. Ryan was selected by Lawdragon as one of “500 Leading Lawyers in America.” He has also been recognized by Benchmark Litigation, including as a “National Star” in securities litigation in 2017 and 2018. Mr. Ryan also has experience in other areas. Those cases have included:

  • Anderson News, L.L.C. v. American Media, Inc., et al.: He represents Time Inc. in an antitrust action brought by a wholesaler against magazine publishers and distributors alleging over $1 billion in damages. The court in the Southern District of New York granted summary judgment to defendants, and the case is on appeal in the Second Circuit.
  • Alliant Techsystems, Inc. v. MidOcean Bushnell Holdings, L.P.: He represents Vista Outdoor, Inc., as successor to ATK, in a purchase price adjustment dispute. The Delaware Court of Chancery ruled for Vista that the claims were properly brought as a purchase price adjustment dispute rather than as claims for indemnification, and the case is on appeal in the Delaware Supreme Court.
  • Foreign Corrupt Practices Act (FCPA) Investigation: He represents a U.S. corporation in an investigation by government agencies into business dealings with state‑owned enterprises in China.
  • In re The Reserve Fund Securities Litigation: He represented a number of corporate investors in the Reserve Primary Fund, a money‑market fund that “broke the buck” following the bankruptcy of Lehman Brothers, in issues concerning the SEC’s plan of distribution of the fund’s assets to investors.
  • The Cartoon Network LP, LLLP v. CSC Holdings, Inc.: He represented Time Warner Inc. companies in a copyright case in the Southern District of New York and the Second Circuit concerning a cable operator’s service for copying and transmitting television programming on demand.
  • Biogen, Inc. v. Berlex Laboratories, Inc.: He represented Berlex Laboratories in a biotechnology patent infringement action in the District of Massachusetts and the Federal Circuit concerning drugs for multiple sclerosis, and in private arbitration against another pharmaceutical company involving a patent in a related area.
  • BAE Systems North America, Inc. v. Lockheed Martin Corp.: He represented BAE Systems in a purchase price adjustment dispute in the Delaware Court of Chancery.

Mr. Ryan maintains an active pro bono practice and is a member of the board of directors of Volunteers of Legal Service, for which he serves as Secretary‑Treasurer. In 2011, he received a Pro Bono Publico Award from the Legal Aid Society for helping to win an Article 440 petition in New York Supreme Court to vacate the wrongful conviction of a client who spent 14 years in prison for second‑degree murder. The decision was affirmed on appeal, and the charges against his client were dropped. In 2007, 2009, 2010 and 2012, Mr. Ryan also received Pro Bono Publico Awards for his work, together with Legal Aid and the Urban Justice Center, leading a class action against New York State and City agencies seeking pre‑release planning and transitional services for parolees with serious mental illness. He also obtained a writ of mandamus from the Second Circuit in a Section 1983 case on behalf of a prison inmate, in a decision establishing the legal standard for implied waiver of the psychotherapist‑patient privilege.

Mr. Ryan co‑edited the book and co‑authored the U.S. chapter in Getting the Deal Through: Securities Litigation (Law Business Research), which is currently in its third edition. He also has authored law review articles on civil procedure and patent law.

Mr. Ryan was raised in Amherst, Massachusetts. He received a B.A. summa cum laude from Yale University in 1992, where he was elected to Phi Beta Kappa. He received a J.D. magna cum laude from Harvard University in 1995, where he was Supervising Editor of the Law Review, and oralist on the winning team in the Ames Moot Court Competition. Following graduation, Mr. Ryan served as law clerk to Hon. Judith W. Rogers of the U.S. Court of Appeals for the District of Columbia Circuit. He joined Cravath in 1996 and became a partner in 2003.

Mr. Ryan may be reached by phone at +1‑212‑474‑1296 or by email at

Mr. Ryan is admitted only in New York.

+1 (212) 474-1296
+1 (212) 474-3700