Securities & Complex Commercial Litigation

  • Represented one of the world’s largest independent market makers in a putative class action alleging defendant market makers violated the Securities Act and state laws by selling unregistered securities. Our client successfully moved to dismiss 29 of plaintiffs’ 30 claims, and then we led the remaining defendants in successfully moving for summary judgment dismissing the remaining claim in Ohio federal court.
  • Representing leading national securities exchanges in consolidated putative class actions filed in New York federal District Court following the release of Michael Lewis’ Flash Boys. The plaintiff alleged contractual breaches arising out of the exchanges’ method of data dissemination. Our clients obtained a full dismissal of all claims by the District Court.
  • Representing leading national securities exchanges in putative class action filed in New York federal court alleging claims of securities fraud relating to high-frequency trading. The District Court dismissed all claims.
  • Representing the Special Litigation Committee of the Board of Directors of a NYSE-listed company in investigating shareholder derivative claims concerning the fairness of a proposed multi-billion dollar merger transaction.
  • Representing several mortgage originators in multiple civil actions in state court, federal court and bankruptcy court alleging billions of dollars in damages arising out of alleged breaches of representations and warranties with respect to mortgage loans.

Looking Forward

We anticipate that the plaintiff’ bar will continue to test the boundaries of Lorenzo, the 2019 Supreme Court opinion holding that a person who disseminates false statements with deceptive intent (as opposed to just the “maker” of the statement) may be liable under Rule 10b5-(a) and (c). Based on the pace of new filings in the first half of 201, we expect that new securities class actions will continue to be filed at a robust pace in2020 with the potential for significant increases in filings , as some predict, there is a downturn or increased volatility in the financial markets. We also expect that there are likely to be continued increases in filing relating to data breaches, as well as cryptocurrency and other blockchain-related issues.