Michael A.
Paskin

Praised as a “true star,” Mr. Paskin has been recommended by The Legal 500 US for his work in the financial services, general commercial, corporate restructuring, antitrust and securities litigation practice areas.  Benchmark Litigation has also recognized him as one of the “Top 100 Trial Lawyers in America,” a “National Star” in general commercial and antitrust litigation and a “Local Litigation Star” in New York. Lawdragon has consistently selected Mr. Paskin as one of the “500 Leading Lawyers in America,” and has named him to its “500 Leading Litigators in America” list. He has additionally been recognized by The Best Lawyers in America and Super Lawyers for his litigation work. 

Mr. Paskin was featured as “Litigator of the Week” in The AmLaw Litigation Daily for representing the Republic of Argentina in litigation arising from its $80 billion sovereign debt default in 2001. After being retained as new counsel in February 2016, Mr. Paskin led a team that obtained the vacatur, first in the Southern District of New York and then on an expedited Second Circuit appeal, of extraordinary injunctions that had previously blocked Argentina’s access to the international capital markets. Mr. Paskin’s work for Argentina was also recognized in the Financial Times North America Innovative Lawyers report and received a “National Impact Case Award” from Benchmark Litigation.

Mr. Paskin’s other notable representations include:

Antitrust

• New Mexico State Investment Council v. Bank of America Corp., et al. (D.N.M.):  Representing Morgan Stanley in a class action against leading CDS dealers, alleging a conspiracy to manipulate the auction process used to value CDS contracts at settlement. 
• In re Interest Rate Swaps Antitrust Litigation (S.D.N.Y.):  Representing Morgan Stanley in a class action alleging dealers conspired to block exchange trading of IRS, as well as a related CFTC investigation.
• Iowa Public Employees’ Retirement System, et al. v. Bank of America Corporation, et al. (S.D.N.Y.):  Representing Morgan Stanley in a class action alleging that prime brokers conspired to block anonymous peer-to-peer trading platforms for securities lending. 
• SL-x IP S.á.r.l. v. Bank of America Corporation, et al.:  Won dismissal of all claims brought by the operator of a purported electronic stock loan trading platform, alleging a conspiracy by Morgan Stanley and several other major banks to boycott SL-x. Mr. Paskin continues to represent Morgan Stanley on appeal.
• Tera Group, Inc., et al. v. Citigroup, Inc., et al. (S.D.N.Y.):  Represented Morgan Stanley in an action alleging that CDS dealers conspired to block competing trading platforms.
• Bank Bill Swap Rate (BBSW) Litigation (S.D.N.Y.):  Represented Westpac in a class action alleging manipulation of the Australian BBSW benchmark.  
• In re Credit Default Swaps Antitrust Litigation (S.D.N.Y.):  Represented Morgan Stanley in a class action alleging a conspiracy to block exchange trading of CDS. Mr. Paskin also advised Morgan Stanley in related DOJ and European Commission inquiries.
• In re Aftermarket Filters Antitrust Litigation (N.D. Ill.):  Represented Cummins Filtration Inc. in a class action 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.

Securities

• Representing a preeminent investment bank in matters relating to the collapse of Archegos Capital Management.
• JPMorgan RMBS Litigations:  Represented JPMorgan and related entities—including WaMu and Bear Stearns—in RMBS investor actions. In In re Washington Mutual Mortgage Backed Securities Litigation (W.D. Wash.), Mr. Paskin won a decision limiting RMBS class claims based on tranche‑level standing, eliminating claims covering $7.5 billion in securities. In Dexia SA/NV, et al. v. Bear, Stearns & Co., et al. (S.D.N.Y. and N.Y. Sup. Ct.), Mr. Paskin won summary judgment in federal court covering certificates worth over $1.5 billion.

• Willis v. Big Lots, Inc., et al. and In re Big Lots, Inc. Shareholder Litigation (S.D. Ohio):  Represented Big Lots in securities and derivative litigation alleging insider trading and misstatements regarding the company’s performance and prospects. Mr. Paskin also represented Big Lots in related SEC and U.S. Attorney investigations.

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

• Lentsch v. Vista Outdoor Inc., et al. (D. Utah):  Represented Vista Outdoor in a securities class action related to alleged misrepresentations about the company’s performance and goodwill impairments.

• State of New Jersey and its Division of Investment v. Sprint Corporation, et al. (D. Kan.):  Won summary judgment in a securities class action alleging misstatements concerning employment contracts with Sprint’s former CEO and President. Mr. Paskin also represented Sprint in shareholder litigation in Kansas state court related to 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 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 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.

Contracts and General Commercial Litigation

• Antara Capital Master Fund LP et al. v. Bombardier Inc. et al. (N.Y. Sup. Ct.):  Representing Bombardier in a bondholder action alleging that recent divestitures constituted a breach of certain covenants in Bombardier’s indentures, and seeking to invalidate default waivers obtained through a consent solicitation. 
• Loomis Sayles Trust Co. v. Citigroup Global Markets (S.D.N.Y.): Representing Citigroup in putative class action litigation asserting contract and fiduciary duty claims for alleged failure to achieve “best execution” in equity trades.
• United Natural Foods, Inc. v. Goldman Sachs (N.Y. Sup. Ct.):  Won dismissal (and affirmance on appeal) of breach of contract and fraud action brought against Goldman Sachs by its former client United Natural Foods, Inc. (“UNFI”) relating to the syndication of financing for UNFI’s $3 billion acquisition of SuperValu in 2018.
• Akorn, Inc. v. Fresenius Kabi AG, et al. (Del. Ch. and Del.):  Represented Akorn in litigation regarding Fresenius’s termination of a $4.3 billion merger agreement. After expedited proceedings, the case culminated in a one-week bench trial in July 2018 and subsequent expedited appeal.  It is one of a handful of cases regarding termination rights arising from material adverse event (“MAE”) provisions to be tried to a decision, and the first such appeal decided by the Supreme Court of Delaware.

• Petersen Energía Inversora v. Argentine Republic and YPF S.A. and Eton Park Capital Management v. Argentine Republic and YPF S.A. (S.D.N.Y.):  Represented YPF against claims by minority shareholders arising out of Argentina’s 2012 expropriation of a controlling stake in YPF.

• 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 a special dividend of approximately $800 million.

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

Financial Reorganization & Restructuring

• Moby S.p.A. v. Morgan Stanley, et al. (N.Y. Sup.), Moby S.p.A. v. Morgan Stanley, et al. (Bankr. S.D.N.Y.), and In re Moby S.p.A. (Bankr. S.D. Fla.):  Won the dismissal of litigation filed against Morgan Stanley by Moby S.p.A., alleging that Morgan Stanley tortiously interfered with Moby’s restructuring proceedings in Italy.  He continues to represent Morgan Stanley in related chapter 15 bankruptcy proceedings filed by Moby.
• In re Energy Futures Holdings Corp., et al. (Bankr. D. Del.):  Conflicts counsel to 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 in an adversary proceeding (Bankr. D. Del.) brought by the chapter 7 trustee of Winstar Communications, culminating in a 21‑day bench trial.

Mr. Paskin also maintains an active pro bono practice, which in recent years has involved matters related to voting rights and ballot access, the right to shelter for homeless families in New York City, and claims of racial discrimination.

Mr. Paskin was born in Philadelphia, Pennsylvania. He 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. Following graduation, Mr. Paskin served as a law clerk to Hon. Paul J. Kelly, Jr. of the U.S. Court of Appeals for the Tenth Circuit. He is a member of the International Bar Association, American Bar Association and New York City Bar Association.

Mr. Paskin joined Cravath in 1996 and was elected a partner in 2002. He served as the Litigation Hiring Partner from 2016 to 2020 and was a member of the Diversity Committee.