Quinn emanuel trial lawyers

Rand, Sascha N.

Sascha N. Rand

Partner

  Biography

Sascha Rand is a partner in the New York office where his practice is focused on business tort and antitrust litigation in federal and state court and in arbitration.   Mr. Rand also litigates complex matters involving issues of bankruptcy and intellectual property.

Mr. Rand has substantial experience litigating complex financial and commercial disputes.  Among other high profile matters, Mr. Rand is currently representing the Federal Housing Finance Authority in its landmark actions against numerous financial institutions that has resulted in approximately $20 billion in recoveries and serves as one of the Court-appointed Lead Counsel in In re Interest Rates Swaps Antitrust Litigation, representing a proposed class of investors in interest rate swap, alleging that the major dealer banks conspired to prevent the development of competition in this market.  Mr. Rand also recently served as one of the Court appointed lead counsel of the plaintiff class in In re Credit Default Swaps Antitrust Litigation which negotiated one of the largest antitrust class action settlements in history ($1.87 billion) and represented UMB in its capacity as indenture trustee of senior bonds issued by Caesars Entertainment Operating Corp. (CEOC) in its action seeking a court appointed receiver over CEOC and the return of billions in assets and value stripped from CEOC by its parent and management.

In past years, Mr. Rand has been responsible for multi-billion dollar litigation actions brought against banks, auditors and other professionals in Enron, Parmalat, and Refco.  His clients include bankruptcy and litigation trustees, creditors, hedge funds, venture capital firms, fortune 500 companies and high net worth individuals.

Benchmark Litigation has repeatedly identified Mr. Rand as a New York Litigation Star and a National Bankruptcy Litigation Star.

  Representative Clients

  • Hedge and Equity Funds
  • Pension Funds and Institutional Investors
  • Federal Housing Finance Authority
  • Official Creditors Committee of Lehman Brothers Holdings
  • Refco Litigation Trustee
  • CIFG Group

  Notable Representations

  • Serving as one of the Court-appointed Lead Counsel in In re Interest Rates Swaps Antitrust Litigation, representing a proposed class of investors in interest rate swap alleging that the major dealer banks conspired to prevent the development of competition in this market causing billions in damages.
  • Serving as one of the court appointed lead counsel of the plaintiff class in the Credit Default Swaps Antitrust Litigation, in the Southern District of New York, which negotiated one of the largest antitrust class action settlements in history ($1.87 billion).  The case alleged that twelve of the world’s largest banks colluded to block the emergence of exchange trading venues for credit default swaps.  The Honorable Daniel Weinstein (Ret.), who served as Mediator in the case, stated in a sworn declaration that  he had “rarely, if ever, observed a Plaintiff in a case of this complexity and size, achieve a result of this magnitude with the speed that Plaintiffs achieved here.”
  • Representing the Federal Housing Finance Agency (FHFA) in its landmark RMBS litigation against UBS, JP Morgan, Merrill Lynch, Citibank, Goldman Sachs, Barclays, and Bank of America, and other major banks arising from its Conservatorship for Fannie Mae and Freddie Mac. To date, FHFA has settled sixteen cases and recovered approximately $20 billion for the American taxpayer.  Most recently, FHFA won an $800 million SDNY trial against Nomura and RBS, and continues to litigate a separate $9 billion action against RBS in Connecticut.
  • Lead counsel for UMB in its capacity as indenture trustee of certain senior bonds issued by Caesars Entertainment Operating Corp. (CEOC) in its action seeking appointing of a receiver over CEOC and the return of billions in assets and value stripped from CEOC by its parent and management.  Following the Court’s grant of expedition of the receiver application, CEOC filed for bankruptcy protection staying UMB’s claims.
  • Counsel for the Official Creditors Committee of Lehman Brothers Holdings, Inc. in multibillion lawsuit against JPMorgan Chase & Co. pending in the United States Bankruptcy Court for the Southern District of New York arising from JPMorgan’s demand for $8.6 billion in cash collateral in the last week before Lehman filed for chapter 11.
  • Representing the ResCap Liquidating Trust in scores of actions against correspondent lenders, relating to the origination and sale of defective residential mortgages.
  • Represented American Electric Power in securing a complete defense victory in a breach of contract and indemnity case alleging about $1.4 billion in damages related to the operation of a coal-fired power plant.  See Wilmington Trust Co., et al. v. AEP Generating Co., et al., 13-CV-01213 (S.D. Ohio Mar. 28, 2016).
  • Obtained favorable settlements from strategic investor, management, outside counsel, auditor and others in connection with representation of the Refco Litigation Trust and Refco Private Actions Trust (successors to the bankruptcy estate of Refco Inc. and its subsidiaries and assignee of private creditor causes of action).
  • Obtained a $2.1 billion settlement in favor of Yosemite Trusts and investors resolving contract and fraud claims against Citibank and Enron relating to Enron credit-linked notes.
  • Represented globally recognized hedge fund in connection with multi-billion dollar litigation against Porsche arising out of the October 2008 Volkswagen short squeeze.
  • Represented sovereign wealth fund in multi-billion dollar arbitration against worldwide financial institution involving mortgage-backed instruments.
  • Obtained favorable settlements from bank and auditor in connection with representation of note purchasers of bankrupt beverage manufacturer Le Nature's, Inc.
  • Represented a leading mutual fund in a $40 million action against Citibank brought under the Pennsylvania Securities Act relating to Enron credit-linked notes.
  • Represented Dr. Enrico Bondi, Extraordinary Commissioner of Parmalat S.P.A  in various actions against various financial institutions and accounting firms, for aiding and abetting Parmalat's insiders in the commission of massive fraud and for auditor malfeasance. 
  • Represented a Florida homebuilder in billion dollar contract action and a New York real estate developer in a contract dispute concerning a mixed use development.
  • Represented high net worth individual in dispute with international bank concerning exotic currency options.
  • Represented the former officers and directors and various investors in litigation brought by a Creditors Committee arising out of the bankruptcy of Interliant, Inc., a publicly-traded technology company.

  Practice Areas

  • Antitrust & Competition
  • Bankruptcy & Restructuring
  • Domestic U.S. Arbitration
  • Investment Fund & Fund Advisor Litigation
  • Lender Liability & Other Banking Financial Institution Litigation
  • Litigation Representing Plaintiffs
  • Securities Litigation
  • Structured Finance & Derivatives Litigation
  • Transnational Litigation

  Education

  • Benjamin N. Cardozo School of Law
    (J.D, magna cum laude, 1997)
    • Cardozo Law Review:
      • Submissions Editor
      Felix Frankfurter Award
      Order of the Coif

  • Oxford University
    (M. St., Constitutional Theory and Jurisprudence, 2000)

  • Vassar College
    (B.A., History, 1993)

  Admissions

The State Bar of New York United States Court of Appeals for the Second Circuit United States District Court for the Southern District of New York United States District Court for the Eastern District of New York

  Prior Associations

  • Weil, Gotshal & Manges LLP:
    • Associate, Litigation Department, 1997-2004

  • Brennan Center For Justice, New York University:
    • Staff Attorney (Part-time), 2000-2001

  Awards

  • Recognized as a National Litigation Star for Bankruptcy by Benchmark Litigation, 2011-2015.
  • Recognized as a New York Local Litigation Star for General Commercial Litigation by Benchmark Litigation, 2011-2015.

Professional Activities

  • Member, The Federal Bar Council: Prior Member of the Public Service Committee