James Goldfarb defends corporations, financial institutions, accounting firms, and their executives in securities fraud and related litigation in state and federal court. His practice concentrates on claims brought under the 1933 and 1934 Acts, state blue sky laws, and the common law. In recent years, he has represented financial institutions in cases involving complex financial products, including CDOs, RMBS, and other asset-backed securities, as well as derivatives. Mr. Goldfarb also litigates complex business and bankruptcy matters, including lender liability, fiduciary duty and commercial contract disputes.

Before practicing law, Mr. Goldfarb worked for the federal government and Arthur Andersen.

Representative Matters

1933 and 1934 Act Actions

• Defended the former CFO of a government-sponsored entity (GSE) in three putative class actions alleging violations of the 1934 Act in connection with the GSE’s financial disclosures.  Obtained complete dismissals in two of the actions.  Obtained a partial dismissal of the third action, then successfully opposed the plaintiff's motion for class certification.  The action was settled for a fraction of the alleged damages.
• Defended an investment bank in multiple actions alleging violations of the 1934 Act, the blue sky law of a dozen states, and the common law in connection with the issuance of asset-backed securities. Obtained a partial dismissal of the blue sky law claims.
• Defended four investment banks in a putative class action alleging violations of the 1933 Act and 1934 Act in connection with underwriting of a pharmaceutical company's securities. Obtained the complete dismissal of the Rule 10b-5 claims and the voluntarily withdrawal of the 1933 Act claims.
• Defended a “final four” accounting firm in an action alleging violations of the 1934 Act in connection with a tax strategy that the firm had recommended to the plaintiff. Obtained the complete dismissal of the case.
• Defended a Fortune 10 energy company and its chief executive in a putative class action alleging violations of the 1934 Act in connection with disclosures about an impending merger.
• Defended an issuer of asset-backed securities in multiple actions alleging violations of the 1934 Act and common law. Obtained partial dismissal of the Rule 10b-5 and common law claims.
• Defended a pharmaceutical company in a putative class action alleging violations of the 1934 Act.  After the company’s carrier entered receivership, presented the action to an arbitrator.  The action was resolved at a fraction of the alleged damages.

Asset-Backed Securities Litigation

• Defending a mortgage originator in several “put-back” actions brought by monoline insurers and an RMBS trustee.
• Defended a collateral manager in a case brought by a CDO investor alleging common law and statutory (consumer protection) claims in connection with its CDO investment. Obtained dismissal of several common law claims and the consumer protection claims.
• Represented an investment bank in an interpleader action concerning the proper distribution of CDO proceeds
• Represented debtor-financial institution in adversary actions, mediations, and negotiations in connection with commodities, credit default, interest rate, and total return swaps.

Complex Commercial Litigation

• Defended a monoline insurer against fiduciary duty and lender-liability claims in connection with the bankruptcy of an entity that issued bonds that the monoline insurer had wrapped.
• Defended a “final four” accounting firm in cases alleging common law fraud, negligent misrepresentation, and professional malpractice in connection with tax strategies that the firm had recommended to the plaintiffs. Obtained partial dismissal of the common law claims.
• Defended a Fortune 100 telecommunications company in a breach of contract action in connection with an alleged guarantee, by the company, of its subsidiary’s obligations under a leasing arrangement. Obtained a complete dismissal.

Professional Affiliations

• Editorial Board Member, 2016, Law360 Securities Editorial Advisory Board

Awards and Recognition

• Law360 Securities Editorial Advisory Board
  Law 360 | (02/25/2016)
  

Publications

• How to Avoid Liability for Halo Statements
  (Co-authored with Gaurav K. Talwar, Elizabeth M. Del Cid)
  Securities Law360 | (07/20/2018)
  
• Can The SEC Enforce Securities Laws Abroad?
  (Co-authored with Stephen J. Crimmins, Daniel T. Brown)
  Law 360 | (03/19/2018)
  
• Revisiting Affiliated Ute: Will It Supersize Leidos?
  (Co-authored with Stephen J. Crimmins, Elizabeth M. Del Cid, Michael V. Rella)
  Law 360 | (05/18/2017)
  
• Will the Supreme Court Expand Silence as a Basis for Securities Fraud?
  (Co-authored with Stephen J. Crimmins)
  The CLS Blue Sky Blog | (04/04/2017)
  
• SEC Settlements Spotlight Auditors Gone Wild
  (Co-authored with Paul A. Merolla, Stephen J. Crimmins, Steven D. Feldman)
  Law 360 | (10/07/2016)
  
• Legal Antiperspirant for Audit Committee Members
  (Co-authored with Stephen J. Crimmins, Sharon A. O'Shaughnessy)
  New York Law Journal (Subscription Required) | (04/18/2016)
  
• Campbell-Ewald And 'Prepaid Offers' In Securities Suits
  (Co-authored with Jonathan Bashi, Michael V. Rella)
  Law 360 | (03/25/2016)
  
• Some Insight Into SEC’s Focus On Accounting Misconduct
  (Co-authored with Stephen J. Crimmins)
  Law 360 | (03/15/2016)
  
• The Reliance Element in U.S. and Canadian Securities Class Actions
  American Bar Association | (09/09/2015)
  
• Settling After Class Denial - If Only It Were That Easy
  (Co-authored with Michael V. Rella)
  Law 360 | (09/17/2014)
  
• The 'Affiliated Ute' Presumption of Reliance Is No Panacea
  (Co-authored with Michael V. Rella)
  New York Law Journal (Subscription Required) | (05/30/2014)
  
• Report on the Possible Impact of Halliburton II on Securities Class Action Litigation
  (Co-authored with Michael V. Rella)
  New York City Bar | (05/28/2014)
  
• FIRREA Threatens to Add to Government's Financial Crisis Arsenal
  (Co-authored with James Dombach)
  American Bar Association | (01/03/2014)
  
• Clear Path to Pursuing Common Law Securities Claims Not 'Assured'
  (Co-authored with Hannah Berkowitz)
  New York Law Journal (Subscription Required) | (01/13/2012)
  
• Morrison’s Far-Reaching Consequences
  Securities Litigation Journal | (December, 2011)
  
• Commercial real estate CDO litigation: the credit crisis' next wave?
  Jones Day | (April, 2009)
  
• An Emerging Standard for 'Secondary Actor' Liability Under Federal Securities Laws
  West, a Thomson business | (10/04/2006)
  
• Ruling on a Trio of Securities Fraud Cases
  The National Law Journal | (05/16/2005)
  
• Circuit Court Forecloses Retroactive Application of SOXA’s New Statute of Limitations for Federal Securities Fraud Claims
  Bloomberg BNA (Subscription Required) | (02/07/2005)
  

Seminars and Presentations

• FinTech Junction 2018
  06/24/2018
• Hot Topics in Securities Litigation & Enforcement – Omnicare, Halliburton III, Home Courts, and the Financial Reporting and Audit Task Force
  04/06/2016
• "Mortgage-Related Products," Understanding Financial Products 2016
  01/28/2016
• James Goldfarb spoke at 2nd Annual Western Regional CLE Program on Class Actions and Mass Torts
  06/19/2015
• Expert Testimony at Class Certification a Year After Halliburton
  06/09/2015
• What Hath It Wrought: Did the Financial Crisis Alter the Litigation & Enforcement Landscape
  10/28/2014
• Halliburton: Argument, Policy, and What Might Happen Next?
  04/30/2014
• Mortgage-Backed Securities Litigation: New Theories, New Defendants
  01/07/2014
• "RMBS Litigation," PLI's New Developments in Securitizations 2012
  11/29/2012 - 11/30/2012
• Mortgage-Backed Securities Litigation: Latest Developments: Pursuing and Defending Investors, Issuers, Underwriters and Other Stakeholders in MBS Claims
  11/15/2012
• Mortgage-Backed Securities Litigation: Latest Developments: Pursuing and Defending Investors, Issuers, Underwriters and Other Stakeholders in MBS Claims, January 5, 2012
  01/05/2012
• RMBS Litigation and Regulatory Enforcement: Defending against Emerging Investor and Shareholder Claims and Ensuring Compliance with a Changing Regulatory Scheme
  04/08/2011
• Mortgage-Backed Securities Litigation: Leveraging Latest Developments
  
• CDO Litigation Reaching a Crucial Stage
  06/10/2009
• Scheme Liability under Federal Securities Law
  11/16/2006

In the News

• Justices’ Securities Docket Could Reflect Class-Action Focus
  Securities Law Daily, Bloomberg BNA | (07/19/2017)
  
• Securities Litigator James K. Goldfarb Joins Murphy & McGonigle in New York
  (01/31/2011)