Litigation and Enforcement SECURITIES

For decades, sophisticated market participants, corporate clients and individuals have placed their trust in WilmerHale’s experienced lawyers to navigate the complex universe of securities laws and rules of corporate governance actively enforced and litigated by government agencies, regulatory bodies and private litigants.

  • Enforcement
  • Financial Services Litigation
  • Class Actions and Corporate Litigation
  • Industry Experience

Enforcement

The Legal 500 United States 2011 recognized WilmerHale for a “superb reputation for securities litigation” and for being “particularly well regarded for the regulatory and enforcement side” of our Securities practice. Chambers Global: The World's Leading Lawyers for Business recognized the firm as a leader in Corporate Crime & Investigations in the United States in their 2015 edition. We have also been “described as one of the leading enforcement practices in the USA” (Chambers USA 2010)," and selected as “Law Firm of the Year” in securities litigation (2011-2012) and in 2015 ranked in the first tier nationally and in Boston and New York by U.S. News/Best Lawyers Best Law Firms rankings. WilmerHale represents a broad array of clients, including issuers, private companies, accounting firms, financial services companies, hedge funds, broker-dealers, and other market participants, together with their managers, officers and directors. WilmerHale has counseled and advocated for these clients in the full range of proceedings initiated by the Securities and Exchange Commission (SEC), the Department of Justice, the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority of the UK, Congress, state securities regulators and attorneys general, state insurance regulators and other governmental agencies. These proceedings can vary from informal inquiries and formal investigations to administrative and judicial enforcement proceedings. With perhaps the most robust enforcement practice in the nation, WilmerHale is also known as "always available, thoughtful, balanced and does a fantastic job at creating the client's strategy, by integrating good output and insights” (Legal 500 United States 2010) on behalf of clients and their boards, audit committees and special committees, as well as for advising those boards and committees when investigations reveal issues requiring the guidance of experienced counsel.

WilmerHale’s enforcement practice has earned its reputation in numerous leading edge, and often enterprise-critical, enforcement proceedings. In these matters, our clients have drawn on the valuable insight of our highly experienced attorneys, many of whom have held senior positions at the SEC—such as a Director and a Chief Litigation Counsel of the Division of Enforcement, a Director of the Division of Corporation Finance, a General Counsel, a Deputy General Counsel and a Regional Director of the Pacific Regional Office of the SEC—or senior positions in law enforcement, including as Deputy Attorney General, Solicitor General, General Counsel of the Federal Bureau of Investigation and within state attorney generals’ offices. 

In recent matters, we have

  • Favorably resolved enforcement actions alleging accounting fraud, market manipulation, insider trading and violations of Regulation FD
  • Conducted some of the most complicated internal investigations, including those on behalf of directors of Enron, Qwest and WorldCom, and an investigation of a European-based multinational company spanning 11 countries on three continents
  • Defended groundbreaking regulatory actions involving auction rate securities, initial public offering (IPO) allocation practices, research analyst independence, mutual fund market timing, revenue sharing and broker-dealer markups
  • Represented controlling stockholders of an investment advisor to a money market fund that "broke the buck"
  • Represented an international bank’s senior executives in governmental investigations of possible OFAC control violations
  • Represented an investment adviser and broker-dealer in connection with state and federal regulatory investigations relating to the collapse of certain structured credit hedge funds
  • Represented a major accounting firm in a range of regulatory and law enforcement matters involving audit clients

Financial Services Litigation

We frequently litigate class actions and other disputes involving mutual fund trading and marketing practices; conduct of investment bankers, investment advisers, prime brokers and research analysts; and sales practices of insurers, broker-dealers, and other financial services providers and market participants. Recently, we have

  • Represented major mutual fund advisers in the consolidated multidistrict litigation of more than 100 market timing class actions, in which we served on the Defendants’ Steering Committee
  • Successfully defended numerous financial services companies for more than a decade in actions challenging the marketing and performance of traditional and variable life annuity products
  • Served in a leadership role in the defense of 300-plus coordinated securities class actions challenging IPO allocation practices, and separately obtained dismissal of similar class actions under the antitrust laws
  • Represented two major financial institutions in connection with state and federal litigation alleging misconduct by prime brokers in connection with short selling practices
  • Obtained reversal by the US Court of Appeals for the Second Circuit of a $164.5 million verdict against an investment bank for losses sustained in a nondiscretionary trading account
  • Represented senior bank lenders to Refco in winning dismissal of class action claims by bond holders as well as related representation of the underwriting syndicate in securities class action litigation arising from the collapse of Refco

Class Actions and Corporate Litigation

Our securities litigators are among the most respected in the country. Over the past decade, we have defended clients in hundreds of class, derivative and individual actions alleging securities fraud, breach of fiduciary duty and other corporate misconduct, often concurrently with parallel enforcement matters to achieve global resolutions. In the 2011-2012 Best Law Firms rankings, published annually by U.S. News Media Group and Best Lawyers, WilmerHale was selected as "Law Firm of the Year” in securities litigation and ranked in the first tier nationally, as well as in Boston and New York.

We are recognized nationally for our defense of major class actions under the Securities Act, Securities Exchange Act, Investment Company Act and Private Securities Litigation Reform Act. We have won cases for clients in a wide array of industries, including technology, telecommunications, financial services, life sciences, pharmaceuticals, utilities, investment management and life insurance. We regularly defend against challenges to our clients’ business judgment in derivative actions, corporate control contests, proxy fights and other corporate governance disputes. Our deep litigation experience includes takeover, going private, M&A, LBO, minority shareholder and corporate reorganization disputes, as well as matters involving partnerships, LLCs and REITs.

With a successful track record in virtually every state, every federal circuit and the US Supreme Court, our litigators have

  • Litigated to dismissal numerous class actions alleging accounting fraud, channel stuffing, insider trading and other claims involving prospectus and market disclosure, and settled many others on terms favorable to our clients
  • Successfully rebutted in evidentiary hearings in the trial court and in the US Court of Appeals for the First Circuit the presumption of an efficient market for the common stock of major medical device seller
  • Defeated class certification in several matters based on the inadequacy of the proposed class representatives or class counsel
  • Successfully defended an investment company in fiduciary duty action involving minority shareholder rights in close corporation through trial, appeal to US First Circuit Court of Appeals and certiorari to the US Supreme Court
  • Represented a large national REIT before the Delaware Chancery Court in challenge to going-private transaction alleging breach of Revlon and entire fairness duties
  • Obtained a decision of first impression that Massachusetts' statutory business judgment standard, rather than Delaware's Unocal standard, governs the response of a Massachusetts company's board of directors to a perceived threat to the company's independence
  • Successfully defended a major pharmaceutical company against effort to enjoin $8 billion merger transaction, persuading the court to reject challenges to alleged inadequacy and unfairness of disclosures and consideration
  • Successfully represented a company through the appeal in the Delaware Supreme Court in refusing to advance legal fees for an action brought by a former officer against the company
  • Obtained dismissal of a constitutional challenge to a life insurer reorganization that was affirmed by the US Court of Appeals for the Second Circuit

Industry Experience

  • Consumer Products
  • Energy/Clean Technology
  • Financial Services
  • High Technology
  • Information Systems
  • Insurance
  • Life Sciences
  • Manufacturing
  • Media and Entertainment
  • Pharmaceutical and Health Care
  • Professional Services
  • Real Estate
  • Retail
  • Securities
  • Subprime Market
  • Telecommunications
  • Underwriting
  • Venture Capital

For more on our litigation services, please see our Litigation Department pages.

For decades, sophisticated market participants, corporate clients and individuals have placed their trust in WilmerHale’s experienced lawyers to navigate the complex universe of securities laws and rules of corporate governance actively enforced and litigated by government agencies, regulatory bodies and private litigants.

  • Enforcement
  • Financial Services Litigation
  • Class Actions and Corporate Litigation
  • Industry Experience

Enforcement

Read More
Weiss, Harry J.

Harry J. Weiss

Chair, Securities Litigation and Enforcement Practice Group

+1 202 663 6993 (t)

harry.weiss@wilmerhale.com

Batter III, John F.

John F. Batter, III

Partner

+1 617 526 6754 (t)

john.batter@wilmerhale.com

Berman, Bruce M.

Bruce M. Berman

Partner

+1 202 663 6173 (t)

bruce.berman@wilmerhale.com

Butts, John J.

John J. Butts

Partner

+1 617 526 6515 (t)

john.butts@wilmerhale.com

Cahn_Mark

Mark D. Cahn

Partner

+1 202 663 6349 (t)

mark.cahn@wilmerhale.com

Curtis, Douglas

Douglas Curtis

Partner

+1 212 230 8802 (t)

douglas.curtis@wilmerhale.com

eckert_paul.jpg

Paul R. Eckert

Partner

+1 202 663 6537 (t)

paul.eckert@wilmerhale.com

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Gail Ennis

Partner

+1 202 663 6014 (t)

gail.ennis@wilmerhale.com

Publications & News

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April 27, 2016

WilmerHale Announces 2016 Pickering Fellow

Senior Associate Fred Kemper has been selected as WilmerHale's 2016 Pickering Fellow. Kemper, based in Boston, is a member of the Securities Litigation and Enforcement and Business Trial Groups.

April 19, 2016

The Price Of Mortality: Cost-Of-Life-Insurance Cases

In this article published by Law360, Charles Platt outlines the most recent cases where plaintiff lawyers have challenged cost-of-insurance charges, with mixed results.

April 14, 2016

Registration of Associated Persons with Algorithmic Trading Responsibilities

On April 7, 2016, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority's proposal to amend NASD Rule 1032 to require registration as Securities Traders of associated persons primarily responsible for the design, development or significant modification of algorithmic trading strategies, or who are responsible for the day-to-day supervision or direction of such activities.

April 8, 2016

DOJ Launches FCPA Pilot Program to Encourage Corporate Voluntary Disclosure and Cooperation

On April 5, 2016, the Fraud Section of the Department of Justice's Criminal Division issued an enforcement plan and guidance laying out three steps it is taking to intensify Foreign Corrupt Practices Act enforcement.

April 5, 2016

Life and Annuity Series: Cost-of-Insurance Charge Litigation

Plaintiffs' lawyers have been challenging cost-of-insurance (COI) charges for years, with mixed results. The following outline reviews the most recent flurry of cases.

April 1, 2016

Busy 1st Quarter For FCPA Enforcement

An article by Jay Holtmeier, Kimberly Parker, Erin Sloane, Lillian Potter, Jeanne Gellman and Erin Kuhls, published in the March 31, 2016 issue of Law360, explores cases indicating that even as the DOJ has renewed its focus on individuals, it continues to pursue large cases with corporations—and that the SEC continues to broadly define a "thing of value" under the FCPA.

March 29, 2016

Life and Annuity Series: Significant Litigation Risks 

Insurance companies have confronted significant class action litigation risks on several fronts over the past year.

March 23, 2016

Busy Q1 Yields Several Significant FCPA Resolutions

Recent actions announced by the DOJ and SEC during the first quarter of 2016 suggest that this year may be a significant one for FCPA enforcement.

March 18, 2016

Karen F. Green Named President of Litigation Counsel of America

LCA is an invitation-only trial lawyer honorary society established to reflect the new face of the American Bar.

March 4, 2016

Life and Annuity Series: Captive Reinsurance/Cost-of-Insurance Complaint

The complaint against Banner Life combines the "captive reinsurance" class action claims brought last year with the cost-of-insurance (COI) class action claims that are now popping up.