Stephen Fishbein

Overview

Stephen Fishbein is a partner in the Litigation practice and Chair of the White Collar Defense & Investigations group. 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 represented 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 & Schuster in the DOJ’s challenge to the proposed merger of Simon & Schuster 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 Shearman & Sterling, 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 attended Yale Law School (class of 1987) and served as a law clerk to the Honorable Jon O. Newman, Second Circuit Court of Appeals.

Stephen has been recognized and lauded by many legal publications for his successes and dedication to his clients. Most recently, Stephen was recognized as a 2021 Law360 Antitrust “MVP” for his leading role in numerous victories for clients 1-800 Contacts and SS&C Technologies. In 2015, Stephen was named a “Litigator of the Year” by The American Lawyer and was recognized as a Law360 White-Collar “MVP” for his work on the United States v. Newman case. He is recognized as a “Leading Lawyer” by Legal 500 in Corporate Investigations and White-Collar Criminal Defense, a “National Practice Area Star” and a “Litigation Star” by Benchmark Litigation, and a top-tier practitioner in Chambers and Partners White-Collar Crime & Government Investigations in New York. Chambers USA applauds Mr. Fishbein as being “top-notch,” “intellectually efficient and understands how to break down issues to cover the most important points in an expedient manner,” and a “really smart and talented lawyer” who can “methodically and succinctly communicate to senior management.” He is also a long-time Fellow in the American College of Trial Lawyers.

Experience

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 & Schuster in a three-week trial of the DOJ’s challenge to the proposed merger between Simon & Schuster 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. Obtained $44 million plaintiff’s verdict after a two-week jury trial in Cook County, Illinois.
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 trial, 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)