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    Richard H. Klapper

    Of Counsel

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    New York

    +1-212-558-3555

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    klapperr@sullcrom.com

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    Rich Klapper is Of Counsel in Sullivan & Cromwell’s Litigation Group and was the managing partner of the Group from 1999 through 2004. His practice has covered a wide range of civil litigation, including antitrust, securities, corporate governance and intellectual property disputes, as well as regulatory and white-collar investigations. His clients have included AIG, The Bank of New York, Barclays, Goldman Sachs and Wells Fargo.

    Mr. Klapper has significant experience in cases involving complex antitrust, financial and intellectual property issues that require extensive use of experts and presentation of complex technical concepts to courts and juries.

    Experience

    • In re: Wells Fargo & Co Shareholder Derivative Litigation (Wells Fargo)
      A high-profile derivative action based on the bank’s account creation process. (N.D. Ca.)
    • In re: Goldman Sachs Group, Inc. (Goldman Sachs)
      In obtaining a major victory from the U.S. Court of Appeals for the Second Circuit in a $13 billion securities case, with the court reversing class certification after 13 years of litigation and establishing important guardrails to the “inflation-maintenance” theory of securities fraud. The Second Circuit’s 2023 ruling followed a favorable decision for Goldman Sachs by the U.S. Supreme Court in 2021 and three discretionary Rule 23(f) appeals, marking just the second time a federal appeals court has granted interlocutory review of class certification three times. Following the Second Circuit win, plaintiffs voluntarily dismissed the suit with prejudice, bringing an end to the long-running litigation.
    • Goldman Sachs
      In reaching the April 2016 global settlement with the U.S. Department of Justice, the New York, Illinois and California Attorneys General, the National Credit Union Administration and the Federal Home Loan Banks of Chicago and Seattle to resolve claims regarding Goldman’s structuring, underwriting and sales of RMBS.

    • U.S. v. Barclays (Barclays)
      In a civil action by the Department of Justice alleging that Barclays made misrepresentations about the quality of mortgages packaged into residential mortgage-backed securities leading up to the financial crisis (E.D.N.Y.)
    • Dodona I, LLC v. Goldman, Sachs & Co. (Goldman Sachs)
      Summary judgement granted dismissing fraud claims brought by hedge fund Dodona on behalf of investors in two CDO funds, alleging losses exceeding $2 billion. 132 F. Supp. 3d 505 (S.D.N.Y. 2015)
    • FHFA v. Goldman Sachs (Goldman Sachs)
      In one of a series of cases filed by the FHFA on behalf of Fannie Mae and Freddie Mac alleging that banks fraudulently issued or underwrote hundreds of mortgage-backed securities prior to the subprime collapse (S.D.N.Y.)
    • Electronic Trading Group v. Banc of America Securities, et al. (Goldman Sachs)
      Dismissal of purported class action alleging conspiracy among prime brokers to charge short sellers excessive interest on borrowed securities, in violation of Sherman Act Section 1 (S.D.N.Y.)
    • In re: Bank of New York Shareholder Litigation (Bank of New York)
      Shareholder derivative litigation alleging breaches of fiduciary duty (S.D.N.Y.; Second Circuit; Supreme Court, N.Y. County) 320 F.3d 291 (2d Cir. 2003)
    • In re: Goldman Sachs Mutual Fund Fee Litigation (Goldman Sachs)
      Dismissal of purported class action lawsuits alleging improper revenue sharing payments to broker-dealers by mutual fund distributor See 2006 WL 126772 (S.D.N.Y.)
    • New York Mercantile Exchange, Inc. v. Intercontinental Exchange, Inc. (Intercontinental Exchange) Summary judgement granted dismissing copyright, trademark and trade name claims and antitrust counterclaims 389 F. Supp. 2d 527 (S.D.N.Y. 2005)
    • Eastman Kodak Co. v. STWB Inc. and Bayer Inc. (Kodak)
      $50 million judgment after trial of contract dispute over liability for retiree benefit expenses 232 F. Supp. 2d 74 (S.D.N.Y. 2002)

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    Credentials

    Education

    • Yale Law School, J.D., 1979
    • Yale University, M.A., 1979
    • Hamilton College, A.B., 1975

    Bar Admissions

    • New York

    Clerkships

    • The Honorable Stanley A. Weigel, United States District Court, Northern District of California, 1979-1980

    Related Practices