Recent Highlights

• Defense of an executive of a leading global financial services firm in a three week trial prosecuted by the Enforcement Division of the United States Securities and Exchange Commission. In a 95-page ruling, the SEC's Chief Administrative Law Judge rejected the SEC's entire case and found that neither the executive nor his employer (which had previously settled) had engaged in any wrongful conduct.  Initial Decision Rel. No. 513 (Oct. 29, 2013), Admin. Proc. File No. 3-14862. The SEC chose not to file a petition for review of the ALJ's ruling.
• Represented a leading financial institution in class actions alleging violations of ERISA's fiduciary duty and prohibited transaction provisions. Plaintiffs alleged that the financial institution took unreasonable and excessive compensation for providing securities lending services to its commingled investment trusts and failed to satisfy applicable exemptions promulgated by the Department of Labor.
• Successfully defended a global financial services firm in a FINRA arbitration proceeding brought by a former employee alleging wrongful termination. The arbitration panel denied the claims, awarded the full amount of the counter-claim (plus interest) and ordered the claimant to pay the hearing session fees. 
• Representation of an accounting firm in connection with litigation arising out of the Madoff ponzi scheme.
• Representation of a global financial services firm in numerous FINRA arbitration proceedings brought by investors related to closed end mutual funds, as well as parallel regulatory inquiries and investigations. 
• Represented an investment adviser in an ERISA class action in connection with the management of the cash collateral pool for the securities lending program provided to a Trust Fund in which plaintiff invested. Plaintiff, a defined contribution plan, alleged that the investment adviser breached its duties of prudence and loyalty by investing the cash collateral pool in asset backed securities. The United States District Court for the District of Massachusetts dismissed the action on the ground that the named plaintiff lacked Article III standing because it had not suffered any actual injury. Fishman Haygood Phelps Walmsley Willis & Swanson LLP v. State Street Corp., No. 1:09-10533-PBS, 2010 WL 1223777 (D. Mass. March 25, 2010).
• Represented two defendant prime brokers in industry-wide litigation filed in state and federal court regarding various short sale practices.
• Successfully defended a leading financial firm in an arbitration proceeding involving claims by Connecticut investors in two collapsed hedge funds.
• Represented an executive of a leading global financial services firm in an SEC investigation of alleged price manipulation and misrepresentations with respect to closed-end mutual funds.