Mr. Fenrich is a member of Davis Polk & Wardwell’s Litigation Department. He represents corporations and individuals in a range of civil, regulatory and criminal matters.

Securities

Subprime Matters:  Mr. Fenrich is representing a major financial institution in a range of matters relating to its exposure to subprime-related assets.

Short Selling and Prime Brokerage Matters:  He has represented Morgan Stanley in various matters relating to short selling and prime brokerage activities, including:

• In re Short Sale Antitrust Litigation, dismissed in the U.S. District Court for the Southern District of New York on December 20, 2007, on defendants’ motion under Fed. R. Civ. P. 12(b)(6), a ruling that is now on appeal in Second Circuit.
• Overstock.com et al. v. Morgan Stanley, et al. and Avenius et al. v. Bank of America Securities, et al., actions currently pending in the Superior Court of California, San Francisco County.

Research Analyst Matters:  Mr. Fenrich has represented broker-dealers and their employees in a number of matters relating to equity research practices.

• Selective Dissemination.  He is representing a broker-dealer in a FINRA investigation relating to possible selective dissemination of non-public information.
• Analyst Independence.  He represented Credit Suisse First Boston in nationwide SEC, NASD and NYSE investigations of research analyst independence and certain IPO allocation practices, including the $1.4 billion industry-wide settlement of those investigations and the related obstruction of justice trials of former investment banker Frank Quattrone. He has also provided multiple clients with training and compliance advice on equity research issues.

Over his career Mr. Fenrich has also represented numerous clients in securities-related investigations and litigation, including a software company and certain of its employees in connection with federal criminal and regulatory investigations into revenue recognition abuses; major auditing firms and a number of their partners in federal regulatory investigations relating to audits of public issuer clients; and an individual facing federal criminal insider trading charges.

Antitrust

Clayworth, et al. v. Pfizer, et al.:  Mr. Fenrich has represented AstraZeneca LP in this industry-wide indirect purchaser antitrust litigation brought in California state court, which raises important issues under California antitrust law. He successfully argued defendants’ summary judgment motion, resulting in a holding (now on appeal) that California law permits antitrust defendants to offer evidence that indirect purchaser-plaintiffs “passed on,” and did not absorb, alleged overcharges.

In re Canadian Import Antitrust Litigation:  Mr. Fenrich represented AstraZeneca PLC in this putative class action brought in federal court in Minnesota by indirect purchasers alleging that pharmaceutical manufacturers conspired to prevent importation of drugs from Canada in violation of the Sherman Act; defendants defeated the complaint on a motion to dismiss, and that judgment was later affirmed by the Court of Appeals for the Eighth Circuit.

Empagran et al. v. F. Hoffmann-La Roche Ltd et al.:  Mr. Fenrich has successfully represented F. Hoffmann-La Roche Ltd in federal appellate antitrust litigation, including briefing in the U.S. Supreme Court and the U.S. Court of Appeals for the District of Columbia Circuit.

He joined Davis Polk in 1999 and became a partner in 2005.

Mr. Fenrich graduated from the University of Pennsylvania in 1991 and in 1997 received his J.D., magna cum laude, Order of the Coif, from Fordham University School of Law, where he was writing and research editor of the law review. He clerked for the Honorable Thomas J. Meskill, U.S. Court of Appeals, Second Circuit, from 1998 to 1999, and for the Honorable Loretta A. Preska, U.S. District Court, Southern District of New York, from 1997 to 1998. He is admitted to the bar of New York and the U.S. District Court for the Southern District of New York.