Sascha Rand is a seasoned litigator with a focus on complex, high-stakes, commercial litigation involving financial institutions, financial instruments, derivatives, antitrust, bankruptcy, business torts, and hedge fund-related litigation. Among recent matters, Mr. Rand successfully co-chaired a four week jury trial on behalf of the ResCap Liquidating Trust in an RMBS-related action arising from the defendant lender’s sale of defective mortgage loans. This trial was one of dozens of separate actions that have thus far resulted in recoveries of over $1.3 billion for the Trust. Mr. Rand also represented the Federal Housing Finance Authority in its landmark RMBS securities actions against numerous financial institutions and it's month-long bench trial against Nomura that collectively resulted in approximately $25 billion in recoveries for the U.S. Treasury.
Mr. Rand is also known for his work in plaintiff antitrust cases and has served as one of the Court-appointed co-lead counsel in an array of precedent-setting cases including the In re Credit Default Swaps antitrust case (resulting in an antitrust class action settlement of $1.87 billion); the In re Stock Lending antitrust case, the In re Interest Rates Swaps antitrust case; the US Treasuries antitrust litigation; and the SSA bonds antitrust litigation.
In past years Mr. Rand has also 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 and the return of billions in assets stripped from CEOC by its parent and management and was responsible for multi-billion dollar litigation actions and recoveries brought against banks, auditors and other professionals in Enron, Parmalat, and Refco. His clients include bankruptcy and litigation trustees, asset managers, hedge funds, private equity funds, public pension funds, sovereign wealth funds, institutional investors, fortune 500 companies and high net worth individuals.
Benchmark Litigation has consistently identified Mr. Rand as a New York Litigation Star and a National Bankruptcy Litigation Star.
- Rescap Liquidating Trust
- 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
- Successfully co-chaired four week jury trial on behalf of the ResCap Liquidating Trust (“the Trust”) in one of approximately 85 lawsuits seeking to recover indemnity and damages from correspondent lenders arising from the defendant lenders’ sale of defective mortgage loans that resulted in billions of dollars of losses and liabilities for the Trust’s predecessor, Residential Funding Company. Recoveries for the Trust currently exceed $1.3 billion.
- Serving as one of the Court-appointed Lead Counsel in In re Stock Lending Antitrust Litigation, representing proposed classes of investors in stock lending transactions 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 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.”
- Represented 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 and served as trial counsel for FHFA in its $800 million SDNY trial against Nomura and RBS which was upheld by the Second Circuit. Overall, FHFA recovered approximately $25 billion in these actions.
- 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.
- 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.
- 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.
- Antitrust & Competition
- Bankruptcy & Restructuring
- Domestic U.S. Arbitration
- Investment Fund Litigation
- Lender Liability & Other Banking Financial Institution Litigation
- Litigation Representing Plaintiffs
- Real Estate Litigation
- Securities Litigation
- Structured Finance & Derivatives Litigation
- Transnational Litigation
- Mergers & Acquisitions Litigation
- Benjamin N. Cardozo School of Law
(J.D, magna cum laude, 1997)
- Cardozo Law Review:
- Submissions Editor
Order of the Coif
- Cardozo Law Review:
- Oxford University
(M. St., Constitutional Theory and Jurisprudence, 2000)
- Vassar College
(B.A., History, 1993)
- Weil, Gotshal & Manges LLP:
- Associate, Litigation Department, 1997-2004
- Associate, Litigation Department, 1997-2004
- Brennan Center For Justice, New York University:
- Staff Attorney (Part-time), 2000-2001
Recognized as a National Litigation Star for Bankruptcy by Benchmark Litigation, 2011-2018.
Recognized as a New York Local Litigation Star for General Commercial Litigation by Benchmark Litigation, 2011-2018.
- Member, The Federal Bar Council: Prior Member of the Public Service Committee
- Regularly partners with the Legal Aid Society and the Brennan Center for Justice on pro bono matters and initiatives