Antony L.
Ryan

Praised by his clients as “analytically exceptional,” “extremely intellectual, very smart and strategic,” and “a great leader and a consummate professional,” Mr. Ryan frequently leads his clients’ most challenging and business‑critical litigation. (Chambers USA) His recent notable matters include:

• Robinhood Markets, Inc.: Representing Robinhood in dozens of class actions centralized in multidistrict litigation (MDL) in the Southern District of Florida. These actions have involved antitrust, contract, securities and various other state and federal claims arising out of Robinhood’s decision to temporarily place certain limits on trading in certain securities in the face of unprecedented market volatility. Mr. Ryan also represents Robinhood and certain of its senior executives and directors in purported class action securities litigation and a related stockholder derivative action related to the company’s July 2021 IPO. 

• The Williams Companies Inc.:  Represented Williams as lead trial and appellate counsel, securing a judgment totaling more than $600 million in M&A litigation against Energy Transfer, LP related to a planned $37.7 billion merger. Following a six‑day trial, the Delaware Court of Chancery awarded Williams a $410 million contractual termination fee, plus nearly $200 million in interest and reasonable attorneys’ fees. On appeal before the Delaware Supreme Court, Mr. Ryan argued and won a decision affirming the judgment in full.

• Qualcomm Inc.: Representing Qualcomm and certain of its directors and officers in a securities class action in the Southern District of California filed in the wake of antitrust investigations and litigation concerning the company’s patent licensing and modem chipset businesses. 

• Deutsche Telekom AG: Representing Deutsche Telekom, T-Mobile’s controlling shareholder, and certain officers, in putative class action and derivative litigation in the Delaware Court of Chancery alleging defendants breached their fiduciary duties in connection with T-Mobile’s $26 billion merger with Sprint.

• Dfinity Foundation:  Representing Dfinity, an international organization developing blockchain technology, in purported class action securities litigation filed in California federal and state court related to the issuance of Dfinity’s Internet Computer Project (“ICP”) master governance tokens.

• The Walt Disney Company:  Representing Disney in consolidated putative antitrust class actions in the Northern District of California brought by YouTube TV subscribers and DirecTV Stream subscribers. Plaintiffs allege that Disney’s carriage agreements with YouTube, DirecTV and other streaming live pay television (“SLPTV”) providers violate the Sherman Act. Mr. Ryan also represents Disney and its subsidiary ESPN in antitrust litigation brought by FuboTV in the Southern District of New York seeking to block a joint venture through which Disney and co‑defendants ESPN, Fox, and Warner Brothers Discovery will distribute their sports portfolios through a combined streaming platform.

Select Additional Securities Litigation and Related Experience

• AIG: Represented PricewaterhouseCoopers LLP (“PwC”) in actions relating to AIG’s 2005 restatement of its financial statements and a separate set of actions relating to AIG’s credit default swaps and the federal government’s 2008 support package. These matters included government investigations and cases in the Southern District of New York, the Second Circuit, as well as state trial and appeals courts in California, Delaware and New York.

• Bear Stearns: Represented Deloitte & Touche LLP (“Deloitte”) in various actions relating to the liquidation of Bear Stearns hedge funds as well as the sale of Bear Stearns to JPMorgan in 2008, in the Southern District of New York and the Second Circuit.

• Madoff Funds: Represented PricewaterhouseCoopers Ireland (“PwC Ireland”) in securities class actions in the Southern District of Florida and the Southern District of New York involving investment funds audited by PwC Ireland that lost money in Bernard L. Madoff’s Ponzi scheme. Both actions were dismissed, and the dismissals were affirmed on appeal in the Eleventh and Second Circuits.

In addition, Mr. Ryan has represented corporations and accounting firms in Department of Justice (DOJ), Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) investigations. He has specific expertise in representing foreign defendants in U.S. litigation and has experience in Foreign Corrupt Practices Act (FCPA) investigations, including representing a U.S. corporation in investigations into business dealings with Chinese state‑owned entities.

Select Additional M&A and Delaware Litigation Experience

• Alliant Techsystems, Inc. v. MidOcean Bushnell Holdings, L.P.: Represented Vista Outdoor, Inc., as successor to Alliant Techsystems, Inc.(“ATK”), in a purchase price adjustment dispute. The Delaware Court of Chancery ruled for Vista that the claims were properly brought as a purchase price adjustment dispute rather than as claims for indemnification.
• Anheuser-Busch InBev SA/NV (“ABI”):  Represented ABI in a purchase price adjustment arbitration with Molson Coors Brewing in connection with ABI’s acquisition of SABMiller. The dispute settled after extensive written submissions to the arbitrators.
• BAE Systems North America, Inc. v. Lockheed Martin Corp.:  Represented  BAE Systems North America in litigation in the Delaware Court of Chancery relating to BAE’s purchase of Lockheed’s Sanders division. The case was amicably resolved.

Select Additional Antitrust Litigation Experience

• Qualcomm Inc.:  Represented Qualcomm in a series of actions relating to Qualcomm’s licensing practices and its position in the market for selling baseband processors. These matters included winning a complete defense victory for Qualcomm before the Ninth Circuit in a lawsuit brought by the Federal Trade Commission (FTC). He also tried a matter against Apple before the International Trade Commission (ITC), and represented Qualcomm in an action filed by Apple in California federal court. Following opening statements at trial, Apple and Qualcomm reached a global settlement that included a payment from Apple to Qualcomm; the companies also reached a six‑year license agreement and a multi‑year chipset supply agreement.
• Time Inc.: Represented Time Inc. in an antitrust action brought by a wholesaler against magazine publishers and distributors alleging a group boycott with over $1 billion in damages. The Southern District of New York granted summary judgment to defendants, and the decision was affirmed on appeal in the Second Circuit.

Mr. Ryan is regularly recognized by the industry’s leading publications. He has been selected by Lawdragon as a nationwide “Legend,” and named to the publication’s “500 Leading Litigators in America,” “500 Leading Lawyers in America” and “500 Leading Global Litigators” lists. The Legal 500 US has recommended Mr. Ryan for M&A litigation, securities litigation, financial services litigation and appellate work. In recognition of his extensive experience in securities litigation, Mr. Ryan has been named to The Legal 500 Hall of Fame for his work in the field, and he was previously recognized by Law360 as one of five securities lawyers under 40 to watch. He has also been repeatedly recognized for his work in securities litigation by Chambers USA and Benchmark Litigation, which named him a “National Star” in this area.

Mr. Ryan maintains an active pro bono practice and serves as the Pro Bono Partner. He is Chairman of the Board of Directors of Volunteers of Legal Service, and serves on the Board of Directors of The Legal Aid Society.

Mr. Ryan currently leads three separate pro bono class actions, on behalf of juvenile offenders in New York State eligible for release on parole, children in the New York City foster‑care system, and inmates at St. Clair Correctional Facility in Alabama. He received a Pro Bono Publico Award from The Legal Aid Society for helping to win an Article 440 petition in New York Supreme Court to vacate the wrongful conviction of a client who spent 14 years in prison for second‑degree murder. The decision was affirmed on appeal, and the charges against his client were dropped. Mr. Ryan also received multiple Pro Bono Publico Awards for his work, together with Legal Aid and the Urban Justice Center, leading a class action against New York State and City agencies seeking pre‑release planning and transitional services for parolees with serious mental illness. He also obtained a writ of mandamus from the Second Circuit in a Section 1983 case on behalf of a prison inmate, in a decision establishing the legal standard for implied waiver of the psychotherapist‑patient privilege.

Mr. Ryan co‑edited the book and co‑authored the U.S. chapter in several editions of Getting the Deal Through: Securities Litigation (Law Business Research). He also has authored law review articles on civil procedure and patent law.

Mr. Ryan was raised in Amherst, Massachusetts. He received a B.A. summa cum laude from Yale College in 1992, where he was elected to Phi Beta Kappa. He received a J.D. magna cum laude from Harvard Law School in 1995, where he was Supervising Editor of the Law Review, and oralist on the winning team in the Ames Moot Court Competition. Following graduation, Mr. Ryan served as a law clerk to Hon. Judith W. Rogers of the U.S. Court of Appeals for the District of Columbia Circuit.

Mr. Ryan joined Cravath in 1996 and was elected a partner in 2002.