Michael T. Sullivan
Michael Sullivan’s practice includes litigation, arbitration and counseling on matters concerning banking, trade finance, securities and insurance. His litigation and arbitration assignments have involved proceedings throughout the world, including the U.S. and the U.K. In addition to his litigation and arbitration practice, Mr. Sullivan advises a number of leading trade finance practitioners, including those involved in forfaiting.
Representative Client Work
- ICICI Bank UK plc v. Cargill Inc., et al., 1:15-cv-5379-VEC (S.D.N.Y.). Successful representation of plaintiff purchaser of alleged accounts receivables in the amount of $9 million through The Receivables Exchange LLC. Dispute settled after the court upheld plaintiff purchaser’s claims alleging fraud and breaches of contract.
- Karoon v. Credit Suisse Group AG, 1:15-cv-04643-JPO (S.D.N.Y.). Obtained dismissal of action asserting damages of $70 to $100 million for alleged breaches of contract and fiduciary duty, negligence and fraud.
- Cronin v. Credit Suisse AG, 2:14-cv-06346-WB (E.D.Pa.). Obtained dismissal of action for $40 million for alleged breach of contract and negligence.
- Novel Commodities S.A. v. QBE Insurance Corp., 11 Civ. 6339 (PGG) (S.D.N.Y.). Obtained $11.6 million judgment, following jury trial, for insured on trade credit insurance policy.
- Vaynshelboym v. Credit Suisse AG, 12 Civ. 8227 (RJS) (S.D.N.Y.). Obtained dismissal of action for $40 million in damages for alleged breach of contract and breach of fiduciary duty.
- Alki Partners, LP v. Vatas Holding GmbH, 769 F.Supp.2d 478 (S.D.N.Y. 2011), aff’d, 472 Fed.Appx. 7 (2d Cir. 2012). Obtained dismissal of securities fraud action.
- Confidential arbitrations (LCIA / ICC). Representation of insureds in ongoing disputes relating to trade credit insurance.
- Guirlando v. T.C. Ziraat Bankasi A.S., 602 F.3d 69 (2d Cir. 2010). Obtained dismissal of action based on Foreign Sovereign Immunities Act.
- Fortis Bank (Nederland) N.V. v. Abu Dhabi Islamic Bank, Index No. 601948/09, 2010 WL 7326395 (NY Sup. Ct., August 25, 2010). Obtained $44 million summary judgment for negotiating bank in dispute concerning "synthetic letter of credit."
- Successful, pre-indictment defense of foreign financial services firm in connection with criminal antitrust investigation.
- Schuss v. Penfield Partners, LP, C.A. No. 3132, 2008 WL 2433842 (Del. Ch., June 13, 2008). Defeated motion to dismiss in hedge fund valuation case.
- Confidential arbitration (LCIA). Obtained full recovery, $9 million, on behalf of major international bank shortly after submission of opening pleadings in trade credit insurance coverage dispute.
- Private arbitrations (AAA / ICDR). Obtained awards in excess of $30 million for major international bank in trade credit insurance coverage disputes arising from Parmalat collapse.
- Other recent assignments include: lead counsel for internal investigation conducted for international bank; obtained dismissal for foreign bank based on jurisdictional challenge; obtained dismissal of bankruptcy trustee’s "deepening insolvency" claim against domestic bank.
News & Publications
- In Search of the Prudential Insurer, Trade & Forfaiting Review (May 5, 2015)
- Will Insurance Pay? Not Always Under English Law..., Trade and Forfaiting Review (January 2013)
- Understanding the Risks, Global Trade Review Magazine (March/April 2011)
- Contributing author, A Guide to Forfaiting (Euromoney Books 1998)
Seminars & Presentations
- Fraud in Trade Transactions
Association of Trade & Forfaiting in the Americas (ATFA) (May 10, 2018)
- Litigation or Arbitration? — The New York - v - English Law Perspective
Pinners Hall, 105-108 Old Broad Street, London EC2N 1EN (September 28, 2017)
- Panelist, The Association of Trade & Forfaiting of the Americas' Annual Conference (Bermuda, 2017)
- Panelist, The Association of Trade & Forfaiting of the Americas' Annual Conference (Miami, 2016)
- Speaker, "Learning to Love Conflict," Trade Finance Breakfast Seminar (London, 2015)
- Panelist, The Association of Trade & Forfaiting of the Americas' Annual Conference (Miami, 2015)
- Panelist, ACC Annual Meeting (October, 2014)
- Panelist, Turkish-American Law Conference (New York, 2014)
- Speaker, International Forfaiting Association’s Annual General Meeting (Malta, 2013)
- Participant, "Roundtable," Global Trade Review (May / June 2011)
- Panelist, The Association of Trade and Forfaiting in the Americas' Spring Seminar re: Trade Credit Insurance (New York, 2011)
- Panelist, The Association of Trade and Forfaiting in the Americas' Annual Conference (Miami, 2007)
- Panelist, International Forfaiting Association's Annual General Meeting (Athens, 2005)
- Panelist, International Forfaiting Association's Annual General Meeting (Lisbon, 2004)
- Panelist, The Association of Forfaiters in the Americas' Annual Conference (Miami, 2004)
- Panelist, Annual Conference – The Association of Forfaiters in the Americas' Annual Conference (Miami, 2003)