Profil
Michael Krauss, a former Assistant United States Attorney for the Southern District of New York, advises banks, corporations, trustees, and investors on complex financial and business disputes, as well as corporate trust and structured product matters. Michael routinely litigates disputes arising from insolvencies, particularly where a business’s collapse was brought about by criminal fraud. He works with clients to defend liability claims, recover assets, and respond to government investigations. Michael represents banks and other creditors to enforce commercial loan remedies, defend counterparty claims, and resolve inter-creditor disputes.
Michael is the Pro Bono Coordinator for the Minneapolis office and his practice includes matters related to asylum, guardianship, the death penalty, and criminal appeals. He also is working with former Justice Alan Page and others on the proposed Page Amendment to the Minnesota constitution, which would guarantee every child’s right to a quality public education.
Michael is the editor of Minnesota CLE’s Minnesota Business Disputes: Claims and Remedies (3d ed. 2021), and author of the chapter on common law fraudulent and negligent misrepresentation.
Kompetencje
Doświadczenie
- Won, at trial, a complete defense verdict for a national bank as corporate trustee on claims of breach of fiduciary duty, civil conspiracy, misrepresentation, and breach of contract arising out of an alleged customer fraud; plaintiff’s damages claim peaked at $58 million.
- Lead defense counsel to a national bank and its affiliate as corporate trustee and custodian in multiple actions in federal court and the Delaware Court of Chancery arising out of an alleged $350 million customer fraud.
- Represented a national bank in suits across jurisdictions regarding administration of Paycheck Protection Program.
- Won multiple judgments for lenders and lessors on a wide range of commercial real estate financing, equipment leasing, and asset-based lending, including the dismissal of lender liability counterclaims.
- Lead defense counsel to a national bank on fraudulent transfer claims brought by an assignee for the benefit of creditors for transfers made by a grain cooperative’s criminally-convicted manager.
- Won, at two trials, separate multimillion-dollar arbitration awards for a lender for the borrower’s breaches of a casino loan and an equipment lease, including the dismissal of a $39 million claim under the anti-tying provisions of the Bank Holding Company Act.°
- Defended breach of fiduciary duty claims in the Delaware Court of Chancery arising out of Refco’s collapse due to criminal fraud and resulting bankruptcy case.°
- Defended a loan originator in a federal multi-district litigation against numerous claims arising out of Le-Nature’s collapse due to criminal fraud and resulting bankruptcy case.°
- Obtained a settlement for full recovery on behalf of an international commodities trader in a federal suit for breach of coal purchase and sale contracts.°
- Defended multiple actions against lead lenders on participants’ claims of breach of representations and warranties, fraud, and breach of fiduciary duty.°
- Defended multiple securities fraud actions against public companies, officers and directors, and underwriters.°
- Regularly represent national banks in corporate trust, RMBS, and CMBS litigation in their capacities as trustee, custodian, master servicer, and/or securities administrator.
- Won, at trial, judgment in favor of a securities administrator approving its distribution of payments to an RMBS trust and denying recovery to objecting hedge fund. Trial win affirmed on appeal.°
- Obtained, after trial in the Delaware Court of Chancery, a $155 million settlement of a fraudulent transfer and breach of indenture claims against the issuer for the benefit of bondholders. The settlement represented a 67.5% cash recovery to holders, which was a 60% premium to the bonds’ trading price before litigation began. °
- Obtained judgment in New York state court for a national bank as indenture trustee for holders of $80 million of corporate bonds as a result of the issuer's misuse of asset sale proceeds.°
- Lead defense counsel to a national bank as indenture trustee on a municipal bond issuance in an action alleging breach of indenture and breach of fiduciary duty.°
- Obtained a $6 million settlement—full recovery to creditors—on behalf of the chapter 7 trustee for the bankruptcy estate of a fintech services company on claims including fraud, breach of fiduciary, and aiding and abetting.
- Obtained a $14.25 million settlement on behalf of the chapter 7 trustee for the bankruptcy estate of a large electronics distributor in an adversary proceeding against Fitbit, Inc.
- Won, at trial, an order ousting the management of a money services company for fraud and appointing a chapter 11 trustee in Delaware bankruptcy court within weeks of the petition date.°
- Obtained a $42 million settlement on behalf of the receiver of an insolvent subprime construction finance company on claims of fraudulent transfer and breach of fiduciary duty.°
°The above representations were handled by Mr. Krauss prior to his joining Greenberg Traurig, LLP.
- Assistant United States Attorney, United States Attorney’s Office for the Southern District of New York, 1999-2003
- Represent financial institutions in DOJ, SEC, and related government investigations and enforcement actions.
Sukcesy i wyróżnienia
- Listed, The Best Lawyers in America, Litigation - Banking and Finance, 2023-2024
- Listed, Minnesota Monthly, “Top Lawyers in Minnesota,” 2023
- Listed, Super Lawyers Magazine, Minnesota Rising Stars, 2008-2009, 2012
- Member, Page Grant Reviewing Committee, Page Education Foundation
- First-Year Moot Court Judge, University of Minnesota Law School, 2017-2022
- Guest lecturer, University of St. Thomas, Legal Research and Writing, 2022
- Editor, Minnesota Business Disputes: Claims and Remedies (3d ed. 2021)
- Member, Ronald McDonald House Charities Twin Cities, Board of Directors, 2011-2016
- Adjunct Professor, Benjamin N. Cardozo School of Law, 2001-2004
Kwalifikacje
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J.D., with distinction, Stanford Law School
- Note Editor, Stanford Law Review
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B.A., with highest distinction and high honors, University of Michigan
- Phi Beta Kappa
- U.S. Court of Appeals for the Sixth Circuit, 1998-1999
- Minnesota
- New York