Securities & Shareholder Suits

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Overview

Securities litigations and derivative suits require strategic thinking, a sophisticated understanding of the law and the surrounding regulatory environment, and broad knowledge of the clients’ businesses. Our veteran litigators rely on those skills to represent our clients in an array of complex securities and shareholder actions, including those alleging breach of fiduciary duty, fraud, misrepresentation and nondisclosure. more +

Currently, we are defending inter-dealer broker clients in actions alleging efforts to manipulate Yen LIBOR, Euroyen TIBOR, Swiss Franc Libor, Euribor and the Bank Bill Swap Rate to benefit certain banks’ derivatives positions. We also represent the special committee of a public company that approved two corporate transactions and whose members were later sued for alleged breaches of fiduciary duties. And we represent an investment fund in an action against Argentina for failure to pay monies owed on GDP-linked notes.

Our experience and expertise is fortified by our collaborative relationship with our regulatory and corporate colleagues, bringing to bear an unusually broad range of expertise to solve our clients’ securities-related problems.

Experience

  • A Canadian company focused on the cannabis-growing market in the defense of Exchange Act and Rule 10b-5 claims alleging that it made materially false and misleading statements about certain of its policies.
  • Prior members of the Board of Directors of Tops Holding Corporation in an adversary proceeding brought by the litigation trustee for the Tops Holding Litigation Trust in the Bankruptcy Court for the Southern District of New York. The trustee alleges that the company was forced to file for bankruptcy due to the actions of Defendants, which included the issuance of “illegal” dividends.
  • Investment funds owning shares in Fannie Mae and Freddie Mac in an action pending in the United States Court of Federal Claims alleging takings claims and other causes of action against the United States of America related to an agreement between the Federal Housing Finance Agency and the United States Department of Treasury to transfer all profits from Fannie Mae and Freddie Mac to the Treasury.
  • The individual defendants in the residential mortgage-backed securities litigations brought against Bank of America and Merrill Lynch by the Federal Housing Finance Agency in the Southern District of New York and by MassMutual in the District of Massachusetts.
  • A hedge fund and investment adviser in consolidated multidistrict litigation involving class action and derivative claims arising out of mutual fund market timing.
  • The chief financial officer of MF Global in a securities and commodities class action filed after the brokerage filed bankruptcy proceedings.
  • Directors of a foreign corporation against claims by a minority shareholder in a cash-out merger transaction.
  • A venture capital limited partnership in obtaining dismissal of federal court action asserting § 16(b) “short swing” profits claim.
  • Numerous shareholder derivative actions against private equity and hedge funds relating to their control of portfolio companies.

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