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

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

Finizio, Steven P.

Steven P. Finizio

Partner

+44 (0)20 7872 1073 (t)

steven.finizio@wilmerhale.com

Publications & News

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July 19, 2016

The Scope of SEC Defendants' Jury Trial Right: Part 3

In the third of a series of four articles published by Law360 examining the scope of the Seventh Amendment jury trial right for civil defendants in US SEC enforcement actions, Matthew Martens, Jaclyn Moyer and Derek Woodman address the issues of reliance and loss (or gain) causation in SEC enforcement actions and the jury's role in assessing such.

July 15, 2016

Life and Annuity Series: Class Certified in an ERISA “Unreasonable Compensation” Case

The Colorado federal court concluded last summer, in Teets v. Great-West Life & Ann. Ins. Co., that an insurer could be subject to ERISA liability for receiving unreasonable compensation in connection with a stable value fund, and that the fund was not exempt from ERISA as a “guaranteed benefit policy.”

July 12, 2016

WilmerHale Attorneys Fend Off SEC Claims in Fraud Trial

The Recorder discusses the first SEC defeat in 2016, detailing the case led by Heather Tewksbury and Randall Lee.

July 11, 2016

The Scope of SEC Defendants' Jury Trial Right: Part 2

In the second of a series of four articles published by Law360 examining the scope of the Seventh Amendment jury trial right for civil defendants in US SEC enforcement actions, Matthew Martens, Jaclyn Moyer and Derek Woodman consider how this Seventh Amendment right applies to the determination of the number of violations a defendant committed and thus the number of violations for which the defendant may be liable. 

July 6, 2016

WilmerHale Hands SEC First 2016 Fraud Trial Defeat

A team of WilmerHale litigators persuaded an Albuquerque, New Mexico, jury to clear two former mortgage-lending officials on half of the 10 charges brought against them by the US Securities and Exchange Commission, while deadlocking on the remaining charges.

July 1, 2016

The Scope of SEC Defendants' Jury Trial Right: Part 1

In the first of a series of four articles published by Law360 examining the scope of the Seventh Amendment jury trial right for civil defendants in US SEC enforcement actions, Matthew Martens, Jaclyn Moyer and Derek Woodman explain why the Seventh Amendment entitles defendants in SEC enforcement actions brought in federal district court to jury findings with respect to all facts that set the maximum monetary penalty the judge may impose.

June 30, 2016

WilmerHale Partner Anjan Sahni Elected to The American Law Institute

WilmerHale Partner Anjan Sahni, a member of the firm's Investigations and Criminal Litigation and Securities Litigation and Enforcement Groups, is one of 41 newly elected members of The American Law Institute.

June 24, 2016

Brexit – Major Upheaval and Change

As the UK leaves the EU, in light of the seismic result of the recent United Kingdom referendum, there will be an immense amount to do, for the UK and the remaining EU, and for companies that are either based in, or have interests in the UK.

June 22, 2016

The Legal 500 United States 2016 Recognizes 111 WilmerHale Lawyers Across 30 Practice Areas

The guide's rankings are based on a series of criteria, including client feedback, interviews with private practice lawyers, and its own research.

June 13, 2016

The Global Implications of the EU's New Civil Market Abuse Regime

On 3 July 2016 the EU Market Abuse Regulations will come into force, replacing the previous civil market abuse regime as set out in the Market Abuse Directive. Given its extra-territorial effect, the changes brought in by MAR are likely to have implications for market participants located outside the EU. [Also published on the WilmerHale W.I.R.E. UK blog.]