Tracy V. Schaffer

Partner

New York + 1.212.326.3427

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Tracy Schaffer is an unflappable and experienced litigator who represents financial institutions and other companies in multimillion dollar complex commercial disputes across many industries. For the past almost 25 years, she has advocated for clients in U.S. federal courts, New York State courts, and various arbitration forums. Tracy has litigated and counseled clients in a variety of disputes including matters arising out of alleged breaches of contract, including purchase and sale agreements, license agreements, employment contracts, and construction contracts; antitrust violations; securities law violations; products liability; and misappropriation of trade secrets and other business torts.

In the last several years, a primary focus of Tracy's practice has been defending large financial institutions in commercial and antitrust litigation, including class actions, relating to financial products such as residential mortgage-backed securities (RMBS), credit default swaps (CDS), and interest rate swaps (IRS). A significant portion of Tracy's practice over the last several years also has been in arbitration before the International Court of Arbitration (ICC), American Arbitration Association (AAA), and JAMS in matters for clients involving contract law, employment law, and intellectual property law. In addition, Tracy has taken on many pro bono representations throughout her career, primarily matters involving immigration and family law, as well as child abduction cases under the Hague Convention.

Tracy currently serves as the litigation assignment partner in New York and as a practice and individual mentor for associates.

Experience

  • National Fuel and The Business Council obtain preliminary injunction prohibiting burdensome state law from going into effectJones Day represents both National Fuel Gas Distribution Corporation and The Business Council of New York State, Inc. in a U.S. constitutional challenge to a New York State law that would have prohibited utilities from contracting with or operating out-of-state call centers without going through a burdensome regulatory approval process.
  • Deutsche Bank defeats class certification in interest rate swaps antitrust litigationJones Day client Deutsche Bank prevailed in its efforts to defeat class certification in the In re Interest Rate Swaps Antitrust Litigation matter in the Southern District of New York.
  • GE wins arbitration vacating $228 million in withdrawal liability based on ERISA's building and construction exemptionIn an important case involving the application of the building and construction industry exemption to pension withdrawal liability, Jones Day secured a victory for General Electric Company in two related arbitrations involving $228 million in liability sought by the Boilermakers Blacksmith National Pension Fund.
  • Wells Fargo obtains denial of class certification in RMBS trustee litigation alleging hundreds of millions of dollars in lossesJones Day represents Wells Fargo Bank, N.A., in a putative class action alleging hundreds of millions of dollars in classwide losses to investors on notes issued by two residential mortgage backed securities (RMBS) trusts for which Wells Fargo serves as trustee.
  • Deutsche Bank defends lawsuit alleging boycott against CDS exchangeJones Day is defending Deutsche Bank AG, New York Branch in litigation brought by Tera Group, Inc., a swap execution facility (SEF) operator, which alleges that the defendants boycotted it to prevent it from gaining traction as an exchange for credit default swap (CDS) exchanges.
  • Deutsche Bank resolves class action lawsuit over allegations of conspiracy to stifle competition in CDS marketJones Day client Deutsche Bank AG, New York achieved a settlement agreement in an antitrust class action brought by an Ohio union pension plan claiming that Deutsche Bank and other bank defendants conspired to prevent the development of credit default swap ("CDS") exchange trading and CDS futures products in an effort to stifle competition in the CDS market, in turn allegedly raising fund managers' costs.
  • Jones Day attorneys successfully represent U.S. Air Force servicemember wrongfully named in child support suitD.W., a Senior Airman in the U.S. Air Force, received a summons from the New York Department of Social Services ("DSS") to appear at a child support hearing in New York County (Manhattan) Family Court.
  • Jones Day attorneys secure return of child to mother in Dominican Republic pursuant to the Hague Convention on the Civil Aspects of International Child AbductionFive-year-old E.M.H.B (the "Child") was returned to his mother in the Dominican Republic on January 17, 2014 after being wrongfully retained by his father in Perth Amboy, New Jersey since January 3, 2013.
  • Trial victory reunites father and abducted daughterJones Day New York successfully obtained the return of a father's 12-year old daughter to the Dominican Republic under the Hague Convention in a child abduction case brought in the Middle District of Pennsylvania.
  • Leading Central American glass production group seeks counsel in ICC arbitrationJones Day advised a leading Central American glass production group in an ICC arbitration over a contractual dispute concerning glass supply.
  • Client wins summary judgment in action involving disputed distribution proceedsJones Day won summary judgment on behalf of its client in an interpleader action filed in New York State Supreme Court.
  • NACCO resolves claims against Harbinger hedge fundsIn 2006, Applica Incorporated terminated its merger agreement with Jones Day client NACCO Industries, Inc. in favor of a competing offer from the Harbinger hedge funds.
  • Lehman Brothers Holdings seeks recovery of undisclosed asset value transferred in bankruptcy sale of broker dealerJones Day represents Lehman Brothers Holdings Inc. in an action to recover assets transferred to Barclays Capital Inc. when Barclays purchased the Lehman broker dealer business shortly after Lehman's bankruptcy filing in September 2008.
  • Royal Bank of Scotland successfully defeated motion by Fifth Third Bank to enjoin drawing down on $103 million letter of creditJones Day represented The Royal Bank of Scotland plc ("RBS") in successfully defeating motion by Fifth Third Bank to preliminarily enjoin RBS from drawing down on a $103 million letter of credit.
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    January 2022 Alert

    Newly Enacted Law Ups the Ante on Mandatory Insurance Disclosure Requirements in New York State Court Litigation

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