Todd Fishman


Todd has thirty years of experience focusing on the defense of antitrust, commodities markets and securities investigations and complex class actions.

He represents companies and individuals in federal and state courts throughout the country and in proceedings before the Department of Justice, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Reserve Board, Financial Industry Regulatory Authority and state attorneys general in matters concerning accounting fraud, securities fraud and financial reporting, commodities fraud and manipulation, antitrust and competition matters and corrupt practices and money laundering.

For ten years, Todd served as defense counsel for the former chairman and chief executive officer of Lehman Brothers in government investigations and multiple other proceedings arising out of the firm's bankruptcy filing in September 2008. Todd also has extensive experience representing financial services clients in cross-border enforcement investigations and litigation.

In addition, Todd has represented clients in significant antitrust matters. He frequently represents clients in government investigations and civil litigation involving the intersection of antitrust and the financial markets. In recent years he has represented global financial services firms in DOJ and regulatory investigations and multidistrict class action proceedings relating to alleged manipulation and collusion in the markets for credit default swaps, CDS indices, precious metals and U.S. Treasury instruments. In addition, he represented Toys ‘R’ Us, Inc. in administrative proceedings before the Federal Trade Commission, including at trial and on appeal to the Seventh Circuit Court of Appeals.

Todd also has a focus on the crypto and digital assets space. He is representing a large cryptocurrency derivatives trading platform in a long-running Southern District of New York class action litigation alleging product offering and exchange trading practices in violation of the Commodity Exchange Act and U.S. and state securities laws. He also regularly comments on enforcement trends and disruptive trading practices in digital asset markets.

Prior to joining the firm, Todd served as a law clerk for the Honorable William H. Pauley III, United States District Judge, Southern District of New York.

Todd is a co-author of the Criminal Antitrust Enforcement chapter in the leading treatise White Collar Crime: Business and Regulatory Offenses. Todd also served as a member of the New York City Bar’s Securities Litigation Committee from 2014 to 2018. He is recognized by Legal 500 as "knowledgeable and great to work with" in its Dispute Resolution category (corporate investigations as well as international litigation) and by Super Lawyers (New York Metro) for antitrust litigation.


Representative matters

The former chairman and chief executive officer of Lehman Brothers in connection with congressional testimony, testimony before the Financial Crisis Inquiry Commission, criminal, Securities and Exchange Commission, New York Attorney General and bankruptcy examiner investigations, FINRA proceedings and civil securities and ERISA actions arising out of the bankruptcy filing.

A global French bank in regulatory investigations relating to alleged manipulation and collusion in the market for U.S. Treasury instruments as well as the multidistrict class action proceedings In re Treasury Securities Auction Antitrust Litigation.

A global financial services firm in DOJ and regulatory investigations relating to the precious metals and derivative trading markets as well as the multidistrict class action proceedings In re Commodity Exchange Inc., Gold Futures and Options Trading Litigation and In re Silver Fixing, Ltd. Antitrust Litigation. 

A Dutch banking group in a cross-border FCPA investigation by the SEC and Dutch criminal authorities relating to potential corrupt practices, money laundering, and failures in due diligence.

Published Work

  • An Emerging Financial Crisis In 2023? A Primer on Old Metrics, New York Law Journal, June 20, 2023 
  • Update to Criminal Antitrust Enforcement (Chapter 1), White Collar Crime: Business and Regulatory Offenses, Law Journal Press, May 2023 (Release 66) 
  • Behind the DOJ’s recent antitrust trial losses: an evolving concept of intent, Allen & Overy update, May 18, 2022 
  • Department of Justice Antitrust Division Updates Its Leniency Program, Allen & Overy update, April 7, 2022 

Speaking Engagements

Panelist, Regulatory Actions of US Authorities Regarding Foreign Banks — Recent Risks and Precedents, 21st International Seminar on Prevention of Money Laundering and Combating Terrorism Financing, México City, October 4, 2019 

Panelist, Hot Topics in Securities Litigation and Enforcement, Omnicare, Halliburton III, Home Courts and the Financial Reporting and Audit Task Force, New York City Bar Association, April 6, 2016 

Panelist, ISDA Symposium: CFTC Enforcement Conference, New York, October 1, 2015 
Moderator and Panelist, Swap Regulation and Enforcement: CFTC, DOJ Antitrust and EU Competition, New York (Sandpiper Partners), April 19, 2013 

Panelist, Benchmark Canada Cross-Border Forum, New York, September 27, 2012 

Panelist, PwC Securities Litigation Study Breakfast Briefing, New York (April 11, 2012) and Chicago (April 17, 2012) 

Panelist, Securities Litigation: Stoneridge, Tellabs and Other Recent Developments and Decisions, New York City Bar, July 15, 2008

Leadership Positions And Professional Affiliations

Member, New York City Bar Association, Securities Litigation Committee (2014-2018)

Member, American Bar Association, Antitrust and Litigation Sections

Member, Federal Bar Council



Registered Foreign Lawyer, England and Wales, 2024

Admitted: Bar of the State of New Jersey, 1995

Admitted: Bar of the State of New York, 1996

Admitted: United States District Courts District of New Jersey, 1996

Southern District of New York, 1996

Eastern District of New York, 1996

Western District of New York, 2008

Admitted: United States Court of Appeals Second Circuit, 2007

Third Circuit, 2010 Ninth Circuit, 2014

Admitted: Supreme Court of the United States 2008


J.D., magna cum laude, Benjamin N. Cardozo School of Law, 1995

B.A., cum laude with highest honors in Politics, Brandeis University, 1991

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.