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

Paine, William H.

William H. Paine

Partner

+1 617 526 6134 (t)

william.paine@wilmerhale.com

Publications & News

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September 29, 2017

SEC Enforcement Actions Under Exchange Act Rule 21F-17

In this article published by the Journal of Investment Compliance, Thomas White analyzes enforcement actions by the Securities and Exchange Commission (SEC) under Rule 21F-17(a), which prohibits actions to impede whistleblower communications with the SEC.

September 27, 2017

When the Inevitable Happens: When to Self-Report Securities Law Violations and What to Expect When You Do

In this article, published by The Investment Lawyer, Lorraine Echavarria discusses the benefits of self-reporting violations to the Securities and Exchange Commission (SEC); the SEC's treatment of different types of violations after they are self-reported; the practical considerations companies should weigh before self-reporting; and the ways the SEC can encourage more self-reporting in the future.

September 26, 2017

Randall Lee Named to the Daily Journal's Top 100

The Daily Journal has honored Randall Lee as one of the top 100 Lawyers in California in 2017. Lee was named to the annual list for his accomplishments during the last 12 months, including a trial win against the Securities and Exchange Commission and a declination in a Foreign Corrupt Practices Act investigation.

September 22, 2017

Why Kokesh Really Matters

In this article published by Law360, Matthew Martens, Jaclyn Moyer and James Lux discuss the inevitable implication of the Supreme Court's reasoning in Kokesh v. SEC.

September 7, 2017

David S. Cohen, Former CIA Deputy Director and Treasury Under Secretary, Rejoins WilmerHale

WilmerHale is pleased to announce that David S. Cohen, former Deputy Director of the Central Intelligence Agency and Under Secretary of the Treasury for Terrorism and Financial Intelligence, has returned to the firm as a partner.

August 9, 2017

Cybersecurity Failures May Bring SEC Enforcement Actions, Dan Schubert Tells Wolters Kluwer

WilmerHale Partner Dan Schubert in a Wolters Kluwer interview discusses how cybersecurity issues can lead to SEC enforcement actions.

August 4, 2017

SEC Confirms Certain ICOs Are Securities Offerings; Regulators Renew Focus on Cryptocurrencies

Participants and observers in cryptocurrency markets have long expected input from the SEC on the question of whether offerings of cryptocurrencies would be subject to the federal securities laws. On July 25, the SEC issued a Report of Investigation pursuant to Section 21(a) of the Securities Exchange Act of 1934 of its investigation of an offering of digital tokens by “The DAO,” an unincorporated virtual organization. This WilmerHale Client Alert was republished in Bloomberg BNA's Securities Regulation & Law Report.

June 19, 2017

Implications of the Supreme Court's Kokesh Decision

Earlier this month, the Supreme Court ruled unanimously in Kokesh v. SEC that a claim for disgorgement arising from the violation of federal securities law constitutes a “penalty” for purposes of the general statute of limitations provision in 28 U.S.C. § 2462. This WilmerHale Client Alert was republished in the Wall Street Lawyer.

June 13, 2017

One Year After Ambac: Sharing Information Among Deal Parties

In this Law360 article, Daniel Halston, Alexandra Boudreau and Jeffrey Schomig explain that the common interest doctrine remains a thorny issue one year after the major Ambac Assurance Corp. v. Countrywide Home Loans Inc. decision.

June 9, 2017

The Legal 500 United States 2017 Recognizes 125 WilmerHale Lawyers Across 28 Practice Areas

The Legal 500 United States has released its 2017 rankings, recommending 125 WilmerHale lawyers—including 12 who are named to its elite “Leading Lawyers” list and two on its “Next Generation Lawyers” list—and 28 practice areas in its 11th edition.