Nicholas Connolly

Qualified in New York (US)

Practice Areas

Finance

Financial Restructuring

Banking & Finance

Restructuring & Insolvency

Professional Bio

Nicholas Connolly is an associate at Milbank LLP, based in the New York office. He is a member of the firm’s Financial Restructuring Group, where he focuses on finance and restructuring matters. Nicholas earned his J.D. from Brooklyn Law School and holds a B.A. from Hamilton College. His professional journey includes roles as a law clerk and summer associate at Milbank, as well as a paralegal at the Manhattan District Attorney's Office. Nicholas has also gained experience as a judicial intern at the U.S. District Court Southern District of New York.

Milbank LLP

New York

+12125305000

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Related News

Ex-SEC Attys Back Disgorgement Limits Before High Court

Nearly two dozen former U.S. Securities and Exchange Commission attorneys are among those urging the U.S. Supreme Court to put an end to the agency collecting disgorgement from those accused of wrongdoing without first identifying victims of the alleged fraud at hand. The attorneys, who include Gibson Dunn & Crutcher LLP partner Michael Piazza and Dickinson Wright PLLC's Jacob Frenkel, said the SEC's current view of disgorgement "risks eroding the very rule of law they once worked to uphold." Nick Morgan of Investor Choice Advocates Network, himself a former SEC attorney, filed the brief on behalf of his fellow attorneys on Monday. He said in a post on ICAN's website Tuesday that the Supreme Court "has the opportunity to force the agency back inside the boundaries Congress drew." "Congress gave the SEC the tools it needs to hold bad actors accountable," Morgan said in the post. "The problem is that the SEC has been reaching past those tools to avoid the work they require." The attorneys argued in the brief that the remedy the SEC is seeking against Ongkaruck Sripetch and other alleged fraudsters is a civil penalty, which requires the agency to give defendants an opportunity to defend themselves before a jury. "Disgorgement untethered from investor harm serves no restorative function; it punishes and deters, making it functionally identical to a civil penalty," the attorneys said. The SEC declined to comment Tuesday. Sripetch and the SEC both urged the Supreme Court to hear the case after the Ninth Circuit split with the Second Circuit in upholding a $2.2 million disgorgement against Sripetch, who the SEC says profited from a pump-and-dump scheme involving at least 20 penny stock companies. The Ninth Circuit acknowledged the split in its ruling, saying it disagreed with the Second Circuit's view that disgorgement requires a showing that investors suffered pecuniary harm. The SEC told the justices last year that disgorgement does not solely exist to return money to victims but is also a remedy that ensures wrongdoers like Sripetch aren't allowed to keep the profits from their wrongdoing. Frenkel of Dickinson Wright told Law360 on Tuesday it is not always true that the people from whom the SEC seeks disgorgement have been accused of any wrongdoing. He said he has a client who is facing a $44,000 disgorgement order due to alleged misconduct by her ex-husband despite never having identified any victims. "Any case before the Supreme Court that can curtail further the SEC's rampant abuse of disgorgement and pre-judgment interest cries out for weighing in to advocate for reinforcing and expanding the equitable requirements the Court established in Liu," Frenkel said in an email, referencing the last time the high court limited the SEC's disgorgement powers in 2020 in Liu v. SEC. Piazza of Gibson Dunn didn't immediately respond to a request for comment. In addition to the brief filed by the former attorneys, Sripetch also received the backing Monday of the U.S. Chamber of Commerce and the Cato Institute. Both organizations said the court determined in Liu that not only must a disgorgement award be limited to a wrongdoer's net profits, but that it also must also be "awarded for victims." "Clarifying that the SEC must show victims suffered losses to seek disgorgement, as the court should, would reaffirm the broader principle that narrowly interpreting grants of executive power is necessary to ensure fidelity to the rule of law and prevent executive overreach," the Cato Institute said in its brief. The SEC and any supporters of the agency's position have yet to file their briefs before the high court. The high court is scheduled to hear oral arguments in the case on April 20. The former SEC attorneys are represented by Nicolas Morgan of ICAN. The Cato Institute is represented by H. Hunter Bruton, John Gibbons and Noel Hudson of Smith Anderson Blount & Jernigan LLP. The Chamber of Commerce is represented by Janet Galeria and Matthew P. Sappington of the U.S. Chamber Litigation Center, and Adam G. Unikowsky and Daniel S.G. Schwei of Jenner & Block LLP. The SEC is represented by D. John Sauer of the U.S. Office of the Solicitor General, and by its own Jeffrey Finnell, Tracey Hardin, Daniel Staroselsky and Kerry Dingle. Sripetch is represented by Daniel L. Geyser and Michael Qian of Haynes Boone, and Kenneth P. White and Tyler Creekmore of Brown White & Osborn LLP. The case is Sripetch v. Securities and Exchange Commission, case number 25-466, in the Supreme Court of the United States.

Experience

M

Milbank

Associate
2025 – Unknown
Law Clerk
2024 – 2025
Summer Associate
2023 – 2023

B

Brooklyn Law School

Research Assistant for Professor Godsoe
2022 – 2022

U

U.S. District Court Southern District of New York

Mar 3

3 min

Multi-Color Lenders Call Lien Challenge Waste Of Time

Barclays Bank is asking a New Jersey bankruptcy judge to dismiss a suit challenging liens against Multi-Color Corp., saying the suit is unnecessary since the bankrupt global label-maker's reorganization plan will be before the court by the end of the month. Barclays on Monday asked U.S. Bankruptcy Judge Michael B. Kaplan to stay or dismiss the challenge, saying the lien and valuation issues it raises will be resolved in the Chapter 11 plan confirmation process and that the challenging parties are only trying to delay the case. "This tactic is not new, but it needlessly depletes estate funds and jeopardizes the debtors' reorganization," the bank said. Atlanta-based Multi-Color and affiliates hit Chapter 11 in January with an agreement to trim $3.9 billion of the company's $5.9 billion in debt. Last month, a group of cross-holders of unsecured Multi-Color notes filed an adversary action against Barclays, the agent for the secured debt holders, seeking a declaration that the bank holds liens only on some assets, as stated previously in the Chapter 11 case. In its motion, Barclays argued that a hearing on Multi-Color's Chapter 11 plan is scheduled for no later than March 31, and will necessarily involve discovery and a ruling on the validity of the liens and the value of the collateral. The bank argued that the cross-holder group was pursuing the suit to delay the confirmation process "for the sole purpose of extracting value for the [cross-holder ad hoc group's] substantially underwater debt positions." At a hearing before Judge Kaplan on Tuesday, counsel for an ad hoc group of secured lenders, who were seeking to intervene in the adversary action, made similar arguments. "It will be resolved before we even get to the first or second step of the lawsuit," secured noteholder counsel Alexander Lees said. The motions to intervene by the secured noteholder group and an affiliate of private equity firm Clayton Dubilier & Rice were opposed by the cross-holder group, which argued that the affiliate and noteholder group had not filed a pleading explaining their arguments and which side they were taking in the case as required by federal rules of procedure. "The rule says 'must.' This language is not discretionary," cross-holder counsel Andrew Butler said. Lees said this argument elevates "form over substance." "It's no secret we're going to defend the liens," he said. Judge Kaplan granted the lenders permission to intervene, on the condition they file their own pleading or a joinder to the dismissal motion within 14 days. Barclays is represented by Alan J. Brody of Greenberg Traurig LLP, and Joel Moss, David G. Januszewski, Jordan Wishnew and Jason M. Hall of Cahill Gordon & Reindel LLP. The cross-holder ad hoc group is represented by Paul R. DeFilippo, James N. Lawlor and Joseph F. Pacelli of Wollmuth Maher & Deutsch LLP, and Bruce Bennett, Benjamin Rosenblum, Genna L. Ghaul, Andrew Butler and Benjamin C. Sandberg of Jones Day. The secured ad hoc group is represented by Thomas M. Walsh, Matthew E. Beck and Sam Della Fera Jr. of Chiesa Shahinian & Giantomasi PC, and Evan R. Fleck, Matthew Brod, Alexander Lees, Justin Cunningham, Melanie Westover Yanez and Hannah A. Blazek of Milbank LLP. The Clayton Dubilier affiliate is represented by Jeffrey Cohen, Eric S. Chafetz, Colleen M. Restel and Philip Gross of Lowenstein Sandler LLP, Erica Weisgerber, Zach Saltzman, Nick S. Kaluk III and Mitchell Carlson of Debevoise & Plimpton LLP, and Ray C. Schrock, Candace M. Arthur, Ryan Preston Dahl and Deniz Irgi of Latham & Watkins LLP. The adversary action is BTG Pactual Asset Management US LLC et al. v. Barclays Bank PLC, case number 3:26-ap-1041, and the bankruptcy is In re: Multi-Color Corp., case number 3:26-bk-10910, both in the U.S. Bankruptcy Court for the District of New Jersey.

Mar 3

3 min

SCANA Investors' $34M Deal, Atty Fees Get Final OK

Consulting giant Deloitte and investors in utility company SCANA Corp. have gotten a final nod for their $34 million settlement of proposed class action claims that Deloitte gave cover to SCANA as it hid delays and cost overruns for a $9 billion nuclear energy expansion project it eventually abandoned. In a Monday order, U.S. District Judge Jacquelyn D. Austin granted approval to the deal, finding that it is "in all respects, fair, reasonable, and adequate to the settlement class." Judge Austin entered a final judgment terminating the action and made separate filings approving the parties' plan of allocation. The judge also approved the request for fees and costs for the investors' legal team, which includes attorneys from Cohen Milstein Sellers & Toll PLLC and the Tinkler Law Firm LLC. The class counsel had requested 33.33% of the settlement fund, which is over $11 million, plus reimbursement of over $6 million in litigation costs. Judge Austin said Tuesday that those requests were "fair and reasonable." Judge Austin granted preliminary approval to the deal in November 2025, finding at the time that she would likely be able to grant final approval to the deal. In its October 2025 motion for preliminary approval of the deal, the institutional investor leading the consolidated securities class action had called the settlement "an excellent result for the class" when considered alongside separate settlements related to the same alleged misconduct. Final approval of the deal ends claims that Deloitte gave cover to SCANA with "unqualified, 'clean' audit reports" on the utility company's financial reports and internal controls, even as SCANA misrepresented to investors that its expansion of the South Carolina nuclear station was on track for completion before its deadline to earn $1.4 billion in nuclear tax credits. In reality, according to the complaint, SCANA and Deloitte knew it was "unrealistic" to say they would actually meet their deadline to earn those tax credits, and SCANA eventually announced it would abandon the project. The disclosure that the nuclear project was off precipitated probes by state and federal authorities, including the U.S. Securities and Exchange Commission. The class is represented by William Tinkler of Tinkler Law Firm LLC, and Laura H. Posner, Steven J. Toll and Jan E. Messerschmidt of Cohen Milstein Sellers & Toll PLLC. Deloitte is represented by Christopher A. Ogiba, Lesley A. Firestone, Tiffany Payne, Mark A. Nebrig, John A. Fagg Jr. and Nader S. Raja of Moore & Van Allen PLLC, and Scott A. Edelman, Jed M. Schwartz and Andrew B. Lichtenberg of Milbank LLP. The case is International Brotherhood of Electrical Workers Local 98 Pension Fund v. Deloitte LLP et al., case number 3:19-cv-03304, in the U.S. District Court for the District of South Carolina.

Mar 3

2 min

Announcing the 2026 Florida Legal Awards Shortlist

The Daily Business Review and Law.com editorial staff, with the help of distinguished members of the Florida legal community, are pleased to announce the shortlist for the 2026 Florida Legal Awards. All honorees will be recognized, and winners of finalist categories announced, at the awards ceremony to be held on April 29 at the JW Marriott Marquis in Miami. We hope to see you there. For tickets and sponsorships, please contact Andre Sutton at andre.sutton@alm.com for more information. While many awards recognize the contributions legal professionals or organizations have made over the past year, our Lifetime Achievement award celebrates the long-term impact that Florida lawyers have made. Congratulations to everyone on the shortlist, and we look forward to celebrating you in April. Lifetime Achievement Winners David Bianchi, Stewart Tilghman Fox Bianchi & Cain Michael A. Haggard, The Haggard Law Firm Joseph Serota, Weiss Serota Helfman Cole + Bierman William R. Scherer, Conrad & Scherer Trial Lawyers Attorney of the Year Finalists Jeffrey Bass, Bass Law Kimberly L. Wald, The Haggard Law Firm John Yanchunis, Morgan & Morgan Best Mentors Finalists Lori Adelson, Approved Dispute Resolution Arturo Arca and Christian Rodriguez, Trembly Law Firm Jeffrey Hearne, Legal Services of Greater Miami Pedro E. Hernandez, Hinshaw & Culbertson Marck K. Joseph, The Joseph Firm Kate Lashley, Sidley Austin Allen P. Pegg, Hogan Lovells Martha Rabbitt, Shutts & Bowen Miranda L. Soto, Buchanan Ingersoll and Rooney Construction Trailblazer Finalists Bilzin Sumberg Baena Price & Axelrod Trent Cotney, Adams & Reese Timothy D. Woodward, Shutts & Bowen Cross-Border Disputes Finalists King & Spalding Squire Patton Boggs White & Case Dealmakers of the Year Finalists Matthew Arenson and Eduardo M. Leal, Kirkland & Ellis Francisco Cerezo, DLA Piper David J. Cohen, Weil, Gotshal & Manges Esteban J. Elias, Leech Tishman Joshua B. Forman, Greenberg Traurig Jackson Hwu, Dentons Ira N. Rosner, Holland & Knight Distinguished Leaders Winners Andres Fernandez, Holland & Knight Brian L. Hayden, Jackson Lewis Harry Burnett, King & Spalding Joseph J. Lazzarotti, Jackson Lewis Alison Tanchyk, Morgan Lewis Rick Martin, Winston & Strawn Robin Bresky, Schwartz Sladkus Reich Greenberg Atlas Todd J. Michaels, The Haggard Law Firm In-House Counsel of the Year Finalists Lynn Carrillo, FIFA Gerald Del Amo, Broward Health Nefertari Rigsby, Kaplan North America Evian White De Leon, MIAMI Association of REALTORS Innovators Finalists Kaley Dreyer, Farah and Farah Carl Fornaris, Winston & Strawn Kevin Henderson and Eric Pacifici, SMB Law Group Marlon Hill, Weiss Serota Helfman Cole + Bierman Michael Platner, Lewis Brisbois Stuart Ratzan, Ratzan Weissman & Boldt Charles B. Jimerson, Jimerson Birr Law Firm of the Year Finalists Gastesi Lopez Mestre & Cobiella King & Spalding Morgan & Morgan Litigation Departments of the Year, Construction Finalists Cole, Scott & Kissane Duane Morris Litigation Departments of the Year, General Litigation Finalists Boies Schiller Flexner Greenberg Traurig Holland & Knight King & Spalding Levine Kellogg Lehman Schneider + Grossman Weil, Gotshal & Manges Morgan & Morgan (Personal Injury Department) Quinn Emanuel Urquhart & Sullivan Ratzan, Weismann & Boldt Litigation Departments of the Year, Insurance Finalists Carlton Fields Hunton Andrews Kurth Litigation Departments of the Year, Products liability/Mass Torts Finalists King & Spalding Robbins Geller Rudman & Dowd Managing Partner of the Year (Large and Midsize Firm) Finalists Abbye Alexander, Kaufman Dolowich Beatriz Azcuy, Sidley Austin Dean Cannon, GrayRobinson Albert Dotson, Jr., Bilzin Sumberg Manuel Garcia-Linares, Day Pitney William Lewis, Morgan & Morgan Rick Martin, Winston & Strawn Olga Vieira and Sam Williamson, Quinn Emanuel Urquhart & Sullivan Managing Partner of the Year (Small Firm) Finalists Raul Gastesi, Gastesi Lopez Mestre & Cobiella Patricia M. Hernandez, Avila Law John N. Lambros, Brinkley Morgan Eric Pacifici, SMB Law Group Spencer Payne, Moore Payne Law Maritime Attorney of the Year Winner Elisha Sullivan, Chartwell Law Most Promising Newcomer Finalists Caitlin Calvo, Winston & Strawn Mischaël Cetoute, Holland & Knight Evan Gilbert, Winston & Strawn Briana Harris, Kluger, Kaplan, Silverman, Katzen & Levine Emma G. Refuveille, Shutts & Bowen On the Rise Winners (Large & Midsize Firms) Valeria Angelucci, Becker Sara A. Brubaker, Akerman Laura Ferguson, Quinn Emanuel Urquhart & Sullivan Alina M. Fernandez Portela, Hogan Lovells Giovanni Giarratana, Bradley Audrey Goldman, Robinson+Cole Elle Hayes, McDermott Will & Schulte Daniel McQuade, Kirkland & Ellis Axel Miranda, Sidley Austin Isel Perez, Jones Day Mark Pinkert, Holtzman Vogel Tom Schulte, Hunton Andrews Kurth Andrew Ingalls, Day Pitney Matthew R. Maranges, Jones Walker Brian Vaca, Hughes Hubbard & Reed Chanae L. Wood, Weiss Serota Helfman Cole + Bierman James R. Williams Jr., Gunster On the Rise Winners (Small Firms) Melissa Bryan, HAWM Law Marcelo Diaz-Cortes, Levine Kellogg Lehman Schneider + Grossman Zachary Gorwitz, Podhurst Orseck Nicole Kruegel, Rafferty Domnick Cunningham & Yaffa Russell Monilla, Cruz Law Firm Daryl L. Saylor, LashGoldberg Jordan Shaw, Shaw Lewenz David Tarras, Tarras Defense Pro Bono Attorney of the Year Finalists Melanie Kalmanson, Quarles & Brady Ross Linzer, King & Spalding Real Estate Attorney of the Year Finalists Katherine Amador, Berger Singerman Daniel Kaskel, Sachs Sax Caplan Real Estate Firm of the Year Finalists Berger Singerman Bilzin Sumberg Foley Lardner Greenberg Traurig Government Law Group Perez Mayoral Talent Management Winner, Firm The Joseph Firm Talent Management Finalists, Individual Ravin Sahadeo, Morgan & Morgan Andrea DeField, Hunton Andrews Kurth Unsung Heroes Winners Juan Bauta, Simmons Hanly Conroy Carmen Manrara Cartaya, Continental Sharon Caserta, Morgan & Morgan Adam Finkel, The Haggard Law Firm Garrett S. Kamen, Fisher Phillips James Moon, Meland Budwick Elizabeth Somerstein, Greenspoon Marder We hope to see you at the awards ceremony on April 29 at the JW Marriott Marquis in Miami. For tickets and sponsorships, please contact Andre Sutton at andre.sutton@alm.com for more information.

Mar 3

4 min

Kalshi Scrambles To Keep Betting Brawl In Federal Court

Kalshi made its latest push to keep the fracas over the legality of its sports offerings in federal court Tuesday, mere hours after the prediction market was ordered to litigate the dispute in state court. U.S. District Judge Miranda Du punted the case to state court Monday, spurning Kalshi's argument that its "sports events contracts" should be treated as swaps or derivatives that are regulated under the federal Commodity Exchange Act rather than state-level gaming laws. The judge did not believe that the Commodity Exchange Act could fully preempt the Nevada Gaming Control Board's interests, writing that "Congress did not intend for the CEA to completely displace the board's state law claims" and shipping the case back to state court, where the board initially filed it last month. In a brief Tuesday motion, Kalshi told the court that pausing the case would "prevent any jurisdictional confusion" regarding its own case against Nevada, which is the wellspring for the company's showdown with state watchdogs. Representatives for Kalshi and Nevada did not immediately respond to requests for comment Tuesday. The brawl began last year when Nevada's regulators sent a cease-and-desist letter to Kalshi, explaining that its sports offerings, which allow customers to trade on the outcomes of games or individual athletes' performances, flouted state gaming rules. Kalshi then sued Nevada, briefly winning an injunction to keep its sports offerings live before a federal judge dissolved it. The company then appealed that decision to the Ninth Circuit, where it briefly held an agreement with the state to hold off any civil enforcement proceedings. That agreement soon fizzled, prompting Nevada to sue Kalshi in state court. Kalshi immediately removed the case to federal court, reiterating its position that the sports trades it offers are the purview of the federal government, a position later backed by U.S. Commodity Futures Trading Commission Chairman Michael Selig in a related case involving Crypto.com. But Judge Du did not see the dispute as a federal matter, noting that a full preemption of state law is rare, and marshaling the dispute back to state court. The Nevada Gaming Control Board is represented by Jessica Whelan, John S. Michela and Sabrena Clinton of the state attorney general's office. Kalshi is represented by Andrew L. Porter, Grant R. Mainland, Joshua B. Sterling, Matthew Laroche, Neal K. Katyal, Nicole Valente and William Havemann of Milbank LLP and Dennis L. Kennedy and Paul C. Williams of Bailey Kennedy LLP. The case is State of Nevada v. KalshiEX LLC, case number 2:26-cv-00406, in the U.S. District Court for the District of Nevada.

Mar 3

2 min

Milbank Attorneys Discuss Restructuring and Transactional Practices with Students at Penn Carey Law

Milbank LLP Alternative Investments partner Lawrence Wee, Financial Restructuring partner Tyson Lomazow, and associates Robertson McAnulty and Nicholas Connolly hosted a lunch-and-learn presentation with the Penn Business Law Association at the University of Pennsylvania Carey Law School on September 24, 2025.~~The presentation focused on the work of our attorneys and provided an educational opportunity for law students who want to learn more about restructuring and transactional practices. The attorneys also covered an introduction to capital structure elements and leveraged finance covenants.

Sep 24

1 min

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Judicial Intern
2022 – 2022

M

Manhattan District Attorney's Office

Paralegal
2018 – 2021

W

Williams & Jensen

Intern
2017 – 2017