Photograph of Richard J. Lee

Richard J. Lee


Richard J. Lee is a partner in the New York office of Crowell & Moring. He focuses on derivatives, finance, and distressed debt and claims trading. Richard is a CFA® charter holder. He has extensive experience advising investors and lenders in a wide range of alternative credit investments and structured financing transactions.

He represents sell-side and buy-side clients in derivatives transactions and specializes in credit derivatives, including the analysis of credit default swaps and the negotiation of total return swaps. He advises on and negotiates ISDA Master Agreements and related credit support documents, prime brokerage agreements, margin financing arrangements, master repurchase agreements, futures and options agreements, and other trading agreements. Richard also negotiates documentation for equity derivatives transactions, including global equity and equity options master confirmations.

Richard counsels clients on a range of secured financings collateralized by financial assets, including bank loans, claims, and other illiquid assets, as well as traditional margin financing facilities. He also represents investors in commercial litigation funding transactions and other structured financing transactions involving litigation claims.

He represents broker-dealers, hedge funds, and other financial institutions in connection with trading and investing in distressed assets, including corporate bank loans, bankruptcy claims, restructured securities, and litigation claims. He regularly counsels clients in the review and analysis of credit agreements and bond indentures, and advises on bankruptcy and restructuring matters arising in connection with special situations investments.

Prior to joining the firm, he was an attorney with Kibbe & Orbe LLP.


  • University of California, Berkeley, B.A. (2002)
  • Columbia Law School, J.D. (2006)


Professional Activities and Memberships

  • Chartered Financial Analyst® (CFA)

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Corporate and Transactional


Financial Services

Distressed Debt and Claims Trading

Litigation Finance

Commercial Finance and Lending

Structured Transactions

Blockchain and Financial Services Technology

Emerging Companies and Venture Capital

Show more practices…

  • Represented investors in purchasing economic interests in “Risk Corridors” claims under the Affordable Care Act from solvent and insolvent health insurance companies.
  • Represented hedge funds analyzing and advocating complex CDS credit events, including Sears, Caesars, Novo Banco, Argentina, and Greece.
  • Represented global investment bank providing financing to investment funds purchasing funded and unfunded leveraged loans and making structured loans collateralized by distressed loans, bonds, and related swaps.
  • Registered investment funds and hedge funds negotiating margin financing facilities and other prime brokerage financing transactions.
  • Represented hedge funds providing liquidity solutions to holders of the Deepwater Horizon economic damages claims using bespoke financing and risk participation structures.
  • Represented private equity funds and hedge funds purchasing and restructuring loans and interest rate swap claims against several distressed infrastructure projects, including Indiana Toll Roads and Texas State Highway 130.
  • Represented investment banks and investment funds trading billions of dollars of insolvency claims against Lehman Brothers in the U.S., Europe, and Asia.
"Cryptocurrency Account Security," Crowell & Moring’s Crypto Digest (February 22, 2023). Authors: Richard J. Lee and Alexander Urbelis.
"ISDA Digital Asset Definitions," Crowell & Moring’s Crypto Digest (February 1, 2023). Authors: Jennifer J. Kafcas, Richard J. Lee, Charles Wakiwaka, Lauren J. Blaber and Alvino S. Van Schalkwyk.
"Genesis’ Race to the Finish Line," Crowell & Moring’s Crypto Digest (January 23, 2023). Authors: Frederick "Rick" Hyman and Richard J. Lee.
"Earn Accounts are Property of the Estate: Celsius Update," Crowell & Moring’s Crypto Digest (January 17, 2023). Authors: Richard J. Lee and Matthew Repetto.
"Staying Warm in a Crypto Winter," Financial Services Alert (December 5, 2022). Contacts: Frederick "Rick" Hyman, Richard J. Lee
Client Alert / Newsletter
"FTX Contagion – BlockFi Follows FTX and Others Into Bankruptcy," Crowell & Moring’s Crypto Digest (November 29, 2022). Authors: Frederick "Rick" Hyman, Richard J. Lee and Gregory Gennady Plotko.
Genesis Meltdown: Why Investors Are Worried About Bigger Problems For Crypto MarketWatch (November 23, 2022)
Press Coverage
"Crypto Commingling: Celsius Examiner files Initial Report," Crowell & Moring’s Crypto Digest (November 22, 2022). Authors: Frederick "Rick" Hyman, Richard J. Lee and Gregory Gennady Plotko.
"Blockchain Analysis by Chainalysis," Crowell & Moring’s Crypto Digest (November 21, 2022). Author: Richard J. Lee.
"Legal Issues for Institutional Investors of FTX," Crowell & Moring’s Crypto Digest (November 10, 2022). Authors: Frederick "Rick" Hyman, Richard J. Lee and Gregory Gennady Plotko.

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Crowell & Moring LLP is an international law firm with offices in the United States, Europe, MENA, and Asia that represents clients in litigation and arbitration, regulatory and policy, and transactional and corporate matters. The firm is internationally recognized for its representation of Fortune 500 companies in high-stakes litigation and government-facing matters, as well as its ongoing commitment to pro bono service and diversity, equity, and inclusion.

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