Lary Stromfeld has a diverse practice based upon more than 30 years of experience in the capital markets. He represents global financial institutions and other leading market participants in transactions and advisory matters involving a wide variety of financial products and complex financings, including disputes, close-outs and bankruptcies.

Chambers Global ranks Lary among the top derivatives attorneys in the world and calls him an "expert of the highest caliber" with a "derivatives practice that is truly versatile, spanning advisory and transactional matters." He is the founder and head of Cadwalader's "historically famed ... leading municipal derivatives practice" (Chambers USA) and co-head of Cadwalader's Distressed Municipal Finance practice.

Selected advisory matters in which Lary has been involved include:

• Representing the International Swaps and Derivatives Association in the development of an industry-wide protocol and amendments to its master agreement and credit support annex to comply with regulations under the Dodd-Frank Act.
• Advising several global financial institutions on the development of internal compliance policies and procedures relating to their derivatives businesses to comply with regulations under the Dodd-Frank Act.
• Serving as primary outside counsel to a leading financial institution in connection with the failure of Lehman Brothers and of numerous hedge funds resulting from the sub-prime mortgage crisis.
• Participating in the special counsel investigation of the derivatives marketing and trading activities of Bankers Trust Company.
• Representing a dealer/creditor in the historic equity infusion for the Long-Term Capital Management hedge fund family.
• Representing a dealer/creditor group in connection with a hedge fund failure following the Russian debt crisis.
• Advising various financial institutions in the bankruptcy of Orange County, California.
• Heading the ISDA committee that developed the documentation for Credit Default Swaps on U.S. state and local governments.
• Representing the sponsor and dealer group that developed MCDX, the index for Credit Default Swaps on U.S. state and local governments.
• Serving as counsel to the Municipal Financial Products Committee of SIFMA, in which capacity he advised it on guiding principles for dealers in the municipal swaps market and other projects.
• Advising Detroit Public Schools in connection with the initial preparation for a Chapter 9 filing and pre-petition financing.
• Restructuring several municipal interest rate swaps in connection with the settlement of a claim that the transactions were invalid.
• Representing a state financing agency in the mediation and settlement of its claims against and by the Lehman Brothers estate.

Notable transactions in which Lary has been involved include:

• Representing the swap dealers in structuring, negotiating and documenting a series of derivative transactions aggregating over $107 billion to hedge the interest rate, prepayment and credit risks of financing the privatization of Chrysler LLC.
• Developing the program documentation for the first all-electronic credit derivatives trading platform.
• Representing the advisor to the Commonwealth of Pennsylvania in connection with the interest rate risks of selling a long-term concession on the Pennsylvania Turnpike.
• Representing a lender in the $375 million syndicated bridge loan to Louisiana Citizens Property Insurance Corporation as it struggled to pay post-Hurricane Katrina claims.
• Representing several financial institutions in a $1 billion bridge loan and subsequent permanent financing to the State of California during its energy crisis.

Lary served as counsel to the International Swaps and Derivatives Association (ISDA) on an amicus brief filed in the Second Circuit Court of Appeals, which cited the brief in reversing the lower court's interpretation of ISDA's credit derivatives documentation. He has also represented the Association of Financial Guaranty Insurors (the monoline trade association), SIFMA, and ISDA in other amicus briefs for various cases raising issues of concern to their respective markets.

Lary's recognitions include:

• Chambers Global - The World's Leading Lawyers: Band 1 in global rankings of derivatives specialists. (Among the top 15 derivatives attorneys in the world.)
• Chambers USA -America's Leading Lawyers: Band 1 in U.S. national rankings of derivatives specialists. (Among the top 10 derivatives attorneys in the U.S.)
• US Legal 500: "first class, a true expert, in the municipal derivatives field" and named him among their Elite Leading Lawyers.
• The Best Lawyers in America: a leading lawyer in Derivatives and Futures, Securitization and Structured Finance, where clients praised his "strong technical skills" and noted that he is "extremely practical in his advice."
• Euromoney Guide to the World's Leading Securitization Lawyers: "Capital Markets/Derivatives specialist".
• Super Lawyers (New York): listed in the inaugural and each subsequent edition.
• IFLR 1000: "a leading lawyer."

Lary is the co-author of "Chapter 9 Bankruptcy Strategies: A Big Stick, Rarely Used," published in "Inside the Minds" by Aspatore Books, October 2011 and "Lehman Brothers Bankruptcy Filings: Issues for Replacement Swap Counterparties and their Municipal Clients" published in Pratt's Journal of Bankruptcy Law, March 2009. Lary is a frequent lecturer at industry conferences.

Lary received his J.D. from the University of Pennsylvania Law School and his B.A. from Brandeis University. He is admitted to practice in the State of New York.