Stephen Fishbein

Stephen Fishbein

Partner

Stephen is an accomplished trial lawyer whose achievements in recent years include successful representations of defendants in criminal insider trading trials and a $44 million plaintiff’s jury verdict in a trade secrets misappropriation case.

Stephen also has deep experience in antitrust, compliance, and internal investigations, including his appointment by the U.S. Department of Justice and the U.S. Securities and Exchange Commission as the independent compliance monitor for Baker Hughes, Inc. in what was then the largest FCPA case on record.

Stephen has represented individuals and companies in a wide range of criminal matters, with a particular emphasis on white collar and financial crimes such as securities fraud. Stephen was trial and appellate counsel to Todd Newman in the landmark United States v. Newman insider trading case where he obtained a complete exoneration of his client in a decision from the Second Circuit Court of Appeals that established high standards for charging insider trading offenses. Stephen also represents Chris Worrall in the United States v. Blaszczak insider trading case, where he obtained acquittals at trial on 14 of 16 counts and the two remaining counts of conviction were reversed on appeal resulting in the dismissal of all charges against his client. Stephen’s criminal representations also include complex multinational investigations, for example, his representation of Citigroup in the Banamex/Oceanografia fraud matter, his representation of Bilfinger SE in its FCPA investigations and deferred prosecution agreement with the DOJ, and serving as the DOJ- and SEC-appointed independent compliance matter for Baker Hughes, Inc.

Stephen’s civil litigation practice includes all types of commercial disputes, with a focus on breach of contract and trade secrets matters. Stephen recently obtained a $44 million jury verdict for his client SS&C Technologies, Inc. in a trial in Cook County, Illinois alleging theft of trade secrets, and has successfully obtained temporary restraining orders and preliminary injunctions in courts around the country in other trade secrets matters. Other commercial trial and arbitration experience includes defense verdicts in several contract disputes for German automotive company Continental AG, and defense judgments in licensing/affiliation agreement cases for NBC and Viacom.

Stephen also has deep experience in antitrust matters, both criminal and civil. In 2022, he represented Paramount Global and Simon & Shuster in the DOJ’s challenge to the proposed merger of Simon & Shuster and Penguin Random House. He was lead appellate counsel for 1-800 Contacts in persuading the Second Circuit to reverse and dismiss an FTC judgment that 1-800’s trademark settlement agreements with competitors violated the antitrust laws. In recent years, Stephen also obtained two federal court dismissals of monopolization claims against SS&C Technologies. On the criminal side, Stephen has represented companies and individuals in the largest price-fixing investigations in recent years, including BASF AG in the vitamins cartel case, Cargolux Airlines International in the air cargo cartel case, and several companies and executives in the automotive parts cartel cases. 

Prior to joining the firm, Stephen was an Assistant United States Attorney in the Southern District of New York from 1988 to 1993, specializing in prosecutions of bank fraud and computer fraud. He served as a law clerk to the Honorable Jon O. Newman, Second Circuit Court of Appeals. 

Experience

Representative matters

Criminal Defense and Internal Investigations Experience Includes Representation of:

Christopher Worrall, former manager at the U.S. Center for Medicare and Medicaid Services, in criminal insider trading trial, United States v. Blaszczak No. 17 Cr. 357 (S.D.N.Y. 2018). Obtained trial acquittals on 14 of 16 counts, including complete acquittals on conspiracy and insider trading charges. On appeal, the Second Circuit dismissed the two remaining counts of conviction resulting in a complete dismissal of all charges against Mr. Worrall.

Todd Newman, former portfolio manager at Diamondback Capital, in criminal insider trading trial, United States v. Newman et al. No. 12 Cr. 121 (S.D.N.Y. 2012). Obtained landmark Second Circuit decision reversing Mr. Newman’s conviction and dismissing all charges against him.

Individual accused of insider trading in the ImClone insider trading case; all criminal charges dropped based on advocacy to DOJ after client was charged and arrested.

Bilfinger SE in negotiations with the DOJ over a deferred prosecution agreement, dealings with the company’s DOJ-appointed compliance monitor, and conducting dozens of investigations of potential corruption around the world.

David Nichols, executive of The Bank of New York Mellon, in DOJ FIRREA action alleging fraud in connection with foreign exchange pricing, United States v. The Bank of New York Mellon and David Nichols, No. 11 Civ. 6969 (S.D.N.Y. 2012).

Citigroup in investigation of $400 million fraud at Banamex subsidiary, including internal investigation and representation of the Company before DOJ, SEC and regulatory agencies.

UniCredit S.p.A. in economic sanctions investigation led by OFAC, DOJ, Federal Reserve, and NY DFS.

Carl Shapiro family in DOJ investigation and bankruptcy trustee claims arising from Madoff fraud.

Baker Hughes, Inc. as DOJ and SEC appointed independent compliance monitor to report and make recommendations on anti-corruption compliance issues.

Nokia and Nokia Siemens Networks in worldwide FCPA investigation.

ABB Ltd in worldwide FCPA investigation and related sale of ABB’s upstream oil and gas business.

Four former CEOs and CFOs of Titan Wireless Corp. in DOJ and SEC investigations under the FCPA. Three executives of Japanese electronics firm in SEC investigation of FCPA issues.

Antitrust Experience Includes Representation of:

Paramount Global and Simon & Shuster in a three-week trail of the DOJ’s challenge to the proposed merger between Simon & Shuster and Penguin Random House.

SS&C Technologies Inc. in obtaining dismissals in the Third Circuit Court of Appeals and the Southern District of New York of claims by competitors that SS&C monopolized alleged markets relating to financial technology software.

1-800 Contacts in an action by the FTC alleging improper agreements with competitors to refrain from certain types of paid internet search advertising, and a parallel consumer class action. Obtained reversal and dismissal of the adverse FTC judgment by the Second Circuit, thereby clearing 1-800 of all alleged violations.

Syngenta Seeds, Inc. in a civil lawsuit alleging that Monsanto Company monopolized the US market for genetically modified corn seeds.

JTEKT Corporation in criminal cartel investigation alleging price-fixing in market for automotive bearings.

Cargolux Airlines International, S.A. in civil and criminal proceedings relating to alleged price-fixing of air cargo rates and fuel surcharges.

BASF AG in civil and criminal proceedings relating to several alleged price-fixing cartels involving vitamins, automotive paint and other products.

Regional New York hospital in dispute with other area hospitals over physician licensing practices.

Commercial Litigation Experience Includes Representation of:

SS&C Technologies Inc. in a trade secrets claim against Clearwater Analytics after a two-week jury trial in Cook County, Illinois Obtained $44 million plaintiff’s verdict.

Continental AG in a dispute with Motorola over a $60 million purchase price adjustment (Arbitration under ICDR rules).

Continental AG in a dispute with Grupo Carso over alleged breach of a shareholder’s agreement, breach of fiduciary duty and other claims (bench trail, New York Supreme Court, Commercial Division).

Viacom Inc. in a dispute with the owners of the Nickelodeon Hotel over territorial exclusivity and other issues. (New York Supreme Court, Commercial Division).

Viacom Inc. in employment dispute with artistic talent who voiced “Dora the Explorer” (case resolved with favorable ruling from United States Court of Appeals for the Second Circuit).

Viacom Inc. in an action brought by an internet start-up over the terms of an investment agreement (New York Supreme Court, Commercial Division, summary judgment granted.

NBC in a dispute with TV Azteca over the terms of a joint venture agreement (Arbitration under ICC rules).

NBC in an action by Paxson Communications over the terms of an investment agreement (Arbitration under AAA rules).

New York law firm LeBoeuf, Lamb, Greene & MacRae in a legal malpractice action alleging deficiencies in representing a client at trial (jury trial, New York Supreme Court, Commercial Division).

Published Work

  • Author, “A Streamlined Test to Determine Insider Trading”, New York Times, 2016
  • Author, “When Is Confidential Information Really Confidential? A Recent Second Circuit Case Opens a New Door On An Old Question”, American Bar Association, White-Collar Conference, 2012
  • Author, “Disclosure of Evidence in US and EU Civil Cartel Matters”, American Bar Association, International Cartel Workshop, 2012
  • Author, “Confidentiality Waivers in Global Cartel Investigations”, American Bar Association, International Cartel Workshop, 2012
  • Author, “The UK Bribery Act 2010”, The Review of Securities & Commodities Regulation, 2011
  • Author, “Compliance Advisors Reduce FCPA Risk”, Law.com, 2010
  • Author, “The Scope of “Direct” Effect Under the Foreign Trade Antitrust Improvements Act”, American Bar Association, International Cartel Workshop, 2010
  • Author, “Discovery from Foreign Defendants in U.S. Civil Antitrust Proceedings”, American Bar Association, International Cartel Workshop, 2008

Leadership Positions And Professional Affiliations

  • Fellow, The American College of Trial Lawyers

Awards

  • “Leading Lawyer” in Corporate Investigations and White-Collar Criminal Defense, The Legal 500
  • Top-tier lawyer for Litigation: White-Collar Crime & Government Investigations, Chambers USA
  • “National Practice Area Star” and a “Litigation Star,” Benchmark Litigation Antitrust MVP, Law360, 2021
  • White Collar MVP, Law360, 2015
  • One of the top ten “Innovative Lawyers” in North America, Financial Times, 2016
  • Litigator of the Year, The American Lawyer, 2015

Qualifications

Admissions

New York, 1988

Courts

United States District Court for the Southern District of New York, 1989

United States District Court for the Western District of New York, 1995

United States District Court for the Eastern District of New York, 2006

United States Court of Appeals for the Second Circuit, 1989

United States Court of Appeals for the Third Circuit, 2002

United States Court of Appeals - District of Columbia Circuit, 2000

United States Supreme Court, 2015

Academic

A.B., summa cum laude, Dartmouth College, 1983

J.D., Yale Law School, 1987

Editor, Yale Law Journal

Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.