People

Rachel S. Fleishman

Rachel S. Fleishman has broad experience litigating complex commercial disputes in federal and state courts. Ms. Fleishman began her career at prominent New York defense firms, where she represented investment banks, manufacturers, and financial services companies in a wide array of matters, including securities class actions, contract disputes, and internal investigations. While a young associate at Fried Frank Harris Shriver & Jacobson LLP, Ms. Fleishman was invited by the Hon. Jed S. Rakoff to serve as his first law clerk. In 2002, Ms. Fleishman chose to focus her practice on plaintiff-oriented litigation, and joined the law firm formerly known as Milberg Weiss Bershad & Schulman LLP.  As a partner at Milberg Weiss, Ms. Fleishman litigated securities fraud class actions, including numerous cases involving accounting fraud in the telecommunications industry, such as In re McLeod USA Incorporated Securities Litigation, a case that Ms. Fleishman managed on a day-to-day basis that resulted in a settlement of $30 million. Ms. Fleishman also represented a class of plaintiffs in litigation against KPMG and others related to the sale and marketing of abusive tax shelters, which resulted in a settlement valued at over $200 million.

Ms. Fleishman joined Reid Collins & Tsai LLP in April 2010, and is resident in the Firm’s New York Office, where much of her practice is devoted to representing litigation trusts, bankruptcy trustees, and other fiduciaries in pursuing negligence, fraud, and clawback claims against law firms, accounting firms, and former officers and directors, among others. Drawing on her experience as a defense lawyer and a plaintiffs’ class action lawyer, Ms. Fleishman brings an informed and creative approach to each case.  Ms. Fleishman was selected by “Super Lawyers” for Business Litigation in 2016 and 2017.

Ms. Fleishman graduated from St. John’s Law School in 1992, cum laude. At St. John’s, Ms. Fleishman had the distinction of being an Articles Editor of the St. John’s Law Review, and of graduating 9th in her class (tied with her current law partner, and former law school classmate, Bill Reid). Ms. Fleishman graduated from New York University in 1989 with a B.A. in Politics.

Rachel is a member of the board of directors of The Little Baby Face Foundation, a charitable organization that transforms the lives of children born with facial deformities through corrective surgery.

Notable Representations:

  • Representing the Chapter 7 Trustee of the Agape estate in fraudulent transfer litigation against six futures commission merchants. The former principal of Agape operated a Ponzi scheme in Long Island, where he raised money from investors for the ostensible purpose of making short-term real estate loans, but in reality, he used approximately $80 million of investor money to open futures trading accounts with various Chicago firms. Settlements to date total more than $17M.
  • Representing the SEC Receiver appointed to recover assets in connection with the second-largest Ponzi scheme in Minnesota history in a $47.5 million fraudulent transfer claim against a futures commission merchant.
  • Representing the new management of a so-called “Chinese reverse merger company” that ceased operations in 2012 after fraud and theft by prior management were discovered. This public company asserted multi-million dollar legal malpractice claims against its former outside counsel, which represented the company from the time it began trading in the U.S. until a new board of directors took control of the company. The case resulted in a confidential settlement.
  • Representing the Special Committee of a Board of Directors investigating the merits of derivative claims alleging the company had paid an inflated sum to purchase resort hotels in an interested director transaction.
  • Representing the SemGroup Litigation Trust in a $147 million fraudulent constructive transfer lawsuit against a major investment bank.
  • Defending a family of hedge funds in litigation brought by the funds’ former head trader. Ms. Fleishman obtained summary dismissal of most of the claims in the action and settled the remaining claims on favorable terms for her client.

Ms. Fleishman is a member of the ABA’s Section on Litigation, and a past Co-Chair of the Class Actions and Derivative Suits Subcommittee of the ABA.  She is also a member of the New York State Bar Association and the New York City Bar Association.