Sascha Rand is a seasoned litigator with a focus on complex, high-stakes, commercial litigation involving financial instruments and institutions, antitrust, bankruptcy, and hedge fund-related litigation. Recently, Mr. Rand has been at the forefront of “busted deal” and force majeure litigation and successfully forced the closing of a $550 million acquisition after trial in the Delaware Chancery Court and is representing various Texas wind generation projects against hedge counter-parties in litigation arising out of winter storm Uri. Mr. Rand also played a leading role in numerous high-stakes RMBS litigations, including by recently securing a $500 million RMBS settlement from Credit Suisse, successfully co-chairing a four week jury trial on behalf of the ResCap Liquidating Trust, and representing the Federal Housing Finance Authority in its landmark RMBS securities actions that collectively resulted in over $20 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, and the In re Interest Rates Swaps antitrust case.
In past years Mr. Rand has 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 financial institutions, auditors and other professionals in Enron, Parmalat, and Refco. His clients include asset managers, hedge funds, private equity funds, public pension funds, sovereign wealth funds, bankruptcy and litigation trustees, institutional investors, fortune 500 companies and high net worth individuals and private companies.
Mr. Rand also regularly partners with the Brennan Center for Justice and the Legal Aid Society of New York on high-impact matters, including co-counseling with the Brennan Center in voting rights matters, including during the 2020 election.
Benchmark Litigation has consistently identified Mr. Rand as a New York Litigation Star and a National Bankruptcy Litigation Star. Lawdragon has similarly recognized Mr. Rand as a Leading Plaintiff Financial Lawyer and a Leading Restructuring Litigator.
- Numerous Hedge and Equity Funds and Asset Managers
- Pension Funds and Institutional Investors
- Rescap Liquidating Trust
- Federal Housing Finance Authority
- Official Creditors Committee of Lehman Brothers Holdings
- Refco Litigation Trustee
- Successfully represented Snow Phipps in one of the few COVID-related material adverse event claims to go to trial in the Delaware Chancery Court, securing a trial ruling resolving all issues in Snow Phipps’ favor and ordering the Defendants, Kohlberg & Company, to close its $550 million acquisition of DecoPac, Inc.
- Obtained a $500 million settlement against RMBS sponsor Credit Suisse on behalf of U.S. Bank National Association, in its capacity as Trustee of various RMBS trusts in a long-running RMBS case asserting breach of contract claims that, when filed, was among the first of its kind.
- Successfully co-chaired four week jury trial on behalf of the ResCap Liquidating Trust (“the Trust”) in a bellwether MBS-related action seeking to recover indemnity and damages from correspondent lenders arising from the defendant lenders’ sale of defective mortgage loans that was instrumental in securing over $1.3 billion for the Trust.
- 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
- Recipient of Felix Frankfurter Award (recognizing “outstanding academic achievement, maturity and responsibility, diligence and judgment”)
- Order of the Coif
- Cardozo Law Review:
- Oxford University
(M. St., Constitutional Theory and Jurisprudence, 2000)
- Vassar College
(B.A., History, 1993)
- The State Bar of New York
- United States Court of Appeals:
- Second Circuit
- Seventh Circuit
- United States District Courts:
- Southern District of New York
- Eastern District of New York
- 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 New York Local Litigation Star for General Commercial Litigation by Benchmark Litigation, 2011-2020.
- Recognized as a National Litigation Star for Bankruptcy by Benchmark Litigation, 2011-2020.
- Recognized as a Leading Plaintiff Financial Lawyer and a Leading Bankruptcy & Restructuring Lawyer by Lawdragon, 2020
- Member, The Federal Bar Council: Prior Member of the Public Service Committee
- Regularly partners with the Brennan Center for Justice and the Legal Aid Society on high-impact matters and initiatives