Securities Litigation

Experience

    • The Federal Reserve Bank of New York in obtaining dismissal of claims for over $40 billion against the Bank by the largest shareholder of AIG, Inc. challenging the terms of a rescue loan the Bank provided to AIG during the 2008 financial crisis.
    • Prudential Financial and certain of Prudential’s present and former officers and directors, in securities class action and derivative lawsuits concerning the companies’ respective practices with regard to unclaimed life insurance benefits.
    • Léo Apotheker, former CEO of Hewlett-Packard Company, in securities class actions, derivative litigation and regulatory inquiries arising from HP’s acquisition of Autonomy.
    • Barrick Gold and seven of its current and former officers and directors in a securities class action arising from the development of a mining project in South America.
    • Providence Equity Partners in winning summary judgment in a shareholder class action lawsuit arising from Providence’s $1.9 billion acquisition of SRA International.
    • Markel Corporation in its $3.13 billion acquisition of Alterra Capital Holdings, a listed Bermuda reinsurer.
    • The Special Committee of the Board of Directors of Dell in the $24.9 billion sale of Dell to an investor group including Michael Dell and Silver Lake.
    • The former Chief Financial Officer of Hertz in securities class action litigation arising from restatement of Hertz’s financial results.
    • Directors and officers of Cablevision in a derivative lawsuit related to executive and board compensation.
    • J.C. Flowers in the dismissal of all claims arising from collapse of MF Global.
    • JPMorgan Chase & Co. in federal and state investigations of mortgage servicing, foreclosure and origination related issues, including relating to the $25 billion settlement with DOJ, State Attorneys General and other federal authorities, and in SEC and other regulatory investigations relating to the issuance of RMBS securities.
    • Dr. Krishna Palepu, Vice Dean of the Harvard Business School and a former Audit Committee director of Satyam Computer Services Ltd., in dismissal of all claims in a multi-district securities class action litigation and related proceedings arising from the confession by Satyam’s former CEO that he engineered a massive financial fraud.
    • In re Take Two Interactive Securities Litigation, 551 F. Supp. 2d 247 (S.D.N.Y. 2008). Shareholder litigation related to stock options backdating and in consumer class actions related to the unauthorized modification and subsequent re-rating of the Grand Theft Auto: San Andreas video game.
    • Royal Dutch/Shell in SEC inquiries into reserves recategorisation and in the resulting securities class action.
    • Security Capital Assurance in the successful dismissal -- on a motion to dismiss -- of securities class action claims alleging that SCA misstated, or failed to disclose, information on a registration statement and a prospectus concerning its alleged exposure to subprime- and CDO-related risks.
    • Russian mining and metals company Mechel OAO in the successful dismissal of all claims and affirmance on appeal in a case alleging failure to disclose risks associated with its pricing and tax strategies. This followed our earlier victory on behalf of Yukos Oil Company, formerly Russia’s largest oil company, in a similar case alleging failure to disclose Russian regulatory risks. In re Yukos Oil Company Securities Litig., 2006 WL 3066024 (S.D.N.Y. 2006).
    • A former director and chairman of the audit committee of China North East Petroleum Holdings Limited, in obtaining a dismissal of a securities class action lawsuit and derivative lawsuit in the former director and audit committee chair was named as a defendant.
    • Former directors and officers of RSL Communications and related companies in defense of actions brought by the debtor in possession and creditor’s committee in the U.S. District Court for the Southern District of New York Bankruptcy Court, obtaining dismissal of claims seeking $1.8 billion for breaches of fiduciary duty and constructive fraud.
    • Clayton, Dubilier & Rice in obtaining dismissal of a $600 million challenge to its leveraged buyout of Culligan.