Securities Litigation LITIGATION/CONTROVERSY

We defend federal and state securities claims against entities and individuals, and derivative and other claims against corporations and their officers and directors. These claims address areas such as prospectus and other disclosure obligations, restatements, mutual fund trading and marketing, broker-dealer duties to clients and counter-parties, fiduciary duties and insider trading. Many of the over 300 securities class actions that we have defended have been for technology companies (including high-tech, biotech and pharmaceutical companies). We also have substantial experience in representing investment banks, broker-dealers and other securities industry participants, investment advisory and mutual fund companies, life insurance and other financial services firms, REITs, and retailers. In recent matters, our lawyers have:

  • Defended mutual fund advisers in the consolidated Market Timing multidistrict litigation (MDL) proceedings, class and institutional investor claims regarding investment advisor fees, and class actions concerning mutual fund marketing practices
  • Taken a leadership role in the defense of over 300 consolidated securities class actions—the IPO Laddering Litigation—and separately obtained the dismissal of class actions against an underwriter challenging IPO allocations and alleged IPO flipping
  • Represented an investment bank in its successful appeal to the Second Circuit of a $164.5 million jury verdict for losses sustained in a nondiscretionary currency trading account

For more on our securities practice, please see our Securities Department pages.

Contacts

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Weiss, Harry J.

Harry J. Weiss

Chair, Securities Litigation and Enforcement Practice Group

+1 202 663 6993 (t)

harry.weiss@wilmerhale.com

Publications & News

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April 28, 2015

SEC Applies Whistleblower Interference Rule to Corporate Confidentiality Requirement

On April 1, the US Securities and Exchange Commission issued—in a settled administrative proceeding—a cease-and-desist order in In the Matter of KBR, Inc., directing that the respondent cease violating Commission Rule 21F-17(a).

April 13, 2015

Report Highlights Bank Vendor Cybersecurity Vulnerabilities

On April 9, the New York State Department of Financial Services released a report on bank vendor cybersecurity that highlights the risk that hackers will use third-party service providers to gain access to bank data.

April 6, 2015

Contribution Caution: Mitigating Risks From Pay-To-Play

An article by Matthew Chambers, Ben Neaderland and April Elliott, published by Law360 on April 6, 2015.

March 18, 2015

SEC Enforcement Developments in 2014, and a Look Forward

An article by Bill McLucas, republished in the Harvard Law School Forum on Corporate Governance and Financial Regulation on March 18, 2015.

March 16, 2015

SDNY Securities and Commodities Fraud Chief to Join WilmerHale

The Chief of the Securities and Commodities Fraud Task Force in the United States Attorney's Office for the Southern District of New York (SDNY), Anjan Sahni, will join WilmerHale in its New York office as a partner in its white collar and securities enforcement practices. Mr. Sahni has overseen some of the most significant white collar and securities fraud prosecutions in recent years.

March 3, 2015

Campaign finance fraud laws still thrive

An article by Timothy Perry, published in the February 19, 2015 edition of the Daily Journal.

February 27, 2015

SEC Probes Corporate Interactions with Whistleblowers

According to a February 25, 2015 Wall Street Journal report, in recent weeks the SEC has sent requests to a number of companies seeking years of nondisclosure agreements, employment contracts and other documents as part of an agency probe into the potential silencing of corporate whistleblowers.

February 24, 2015

Top SEC Enforcement Events of 2014

An article by William R. McLucas, Douglas J. Davison and Leila J. Ameli-Grillon, along with Jason S. Flemmons and Martin S. Wilczynski of FTI Consulting, published by Securities Docket on February 19, 2015.

February 19, 2015

Ten Major Financial Institutions Sign Up to Share Information on Suspicious Activity with UK Authorities

Keith Bristow, Director General of the UK’s National Crime Agency (NCA), has announced a far-reaching information sharing agreement between 10 major financial institutions and the NCA aimed at tackling money laundering within the UK financial services industry.

February 10, 2015

2014 CFTC Enforcement Year-in-Review, and a Look Forward

In 2014, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) filed 67 new enforcement cases—fewer than any year since 2010—but obtained a record $3.27 billion in monetary sanctions, nearly double the previous record of $1.7 billion set in 2013.