Twitter Logo Youtube Circle Icon LinkedIn Icon

United States > Dispute resolution > Securities litigation - defense > Law firm and leading lawyer rankings

Editorial

Index of tables

  1. Securities litigation - defense
  2. Leading lawyers

Clients of New York firm Cravath, Swaine & Moore LLP say that it is ‘always outstanding’. It is ‘very impressive, a top firm with great team players who are smart and practical’. Some remark that ‘no firm demonstrates better teamwork in complex litigation or can muster the same cohesive intellectual firepower’. The firm is acting for 3G Capital and Heinz in securities and derivative litigation in Virginia and Illinois, with the greatly respected Sandra Goldstein at the helm. Antony Ryan won a motion to dismiss for Deloitte and argued the appeal in a case arising from SRM Global Master Fund’s purchase of total return swaps. The firm has a strong track record in RMBS litigation, with Richard Clary (‘strong intellect and credibility and shows creative leadership’) winning significant victories for Credit Suisse in cases brought by Commerzbank, the Federal Deposit Insurance Corporation (FDIC) and others. Evan Chesler and Karin DeMasi represented DreamWorks Animation in a class action brought by shareholders alleging misrepresentation of financial performance, and along with Robert Baron (‘scary smart with a rapier wit and a tremendous work ethic’) they are defending Merck in a federal case concerning pain drug Vioxx. Daniel Slifkin and David Stuart are defending Akorn against allegations of mispresenting its business and internal controls. J Wesley Earnhardt and regulatory enforcement specialists Rachel Skaistis, John Buretta and Benjamin Gruenstein are also recommended.

Elite New York firm Davis Polk & Wardwell LLPhas a long history in the securities litigation field’ and is ‘willing to push cases all the way’. James Rouhandeh and Lawrence Portnoy are co-chairs of the practice, which has a strong track record in high-stakes litigation for large financial institutions, accounting firms, hedge funds and corporates. Rouhandeh and Charles Duggan played a lead role in defending underwriters of the Facebook IPO, including Citigroup Global Markets and Credit Suisse Securities, in multidistrict litigation (MDL) brought by the company’s shareholders. The firm also won numerous victories for Morgan Stanley in litigation arising from the financial crisis, with Rouhandeh, Brian Weinstein, Edmund Polubinski, Neal Potischman and Daniel Schwartz among the many partners involved. The caseload included 35 RMBS class and individual actions, ten repurchase matters, five CDO-related cases and two structured investment vehicle matters. Another highlight was the motion to dismiss secured by Portnoy and Polubinski for Prosensa Holding in cases arising from its IPO.

Gibson, Dunn & Crutcher LLP is ‘getting stronger and making its presence felt’, according to clients. The team, which spans the country, is headed jointly by Thad Davis in San Francisco, Meryl Young in Orange County, Jonathan Dickey in Palo Alto and Robert Serio in New York, and the firm earns praise for ‘a strong trial practice with a national scope and great breadth that is backed by one of the country’s leading appellate groups’. Dickey and San Francisco-based Brian Lutz secured the dismissal of a shareholder derivative action brought against JPMorgan directors arising from the bank’s $6bn ‘London Whale’ trading losses. The firm has recently notched up significant victories in securities litigation for Herbalife, Hewlett-Packard and UBS. Paul Collins in Palo Alto showed the firm’s prowess in the technology sector with the dismissal of a class action against Microsoft concerning a $900m charge the company took in relation to its Surface tablets. Mark Kirsch in New York argued for UBS and four senior executives to secure the dismissal of a putative class action relating to false or misleading claims in the aftermath of $2bn in unauthorized trades. Securities enforcement specialist Joseph Warin in Washington DC is also recommended.

Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York ‘has a fantastic litigation group and is first rate for directors and officers matters’. Clients describe ‘a great firm with great lawyers and true courtroom litigators’, including firm chair Brad Karp and Richard Rosen. The highly respected Daniel Kramer achieved the dismissal of a shareholder derivative suit for home security company ADT. Karp, Kramer and deputy chair of the securities litigation and enforcement group Audra Soloway represented Bank of America in numerous SEC and shareholder actions concerning allegations that it failed to disclose billions of dollars of losses by Merrill Lynch in the months before the two banks merged. Many members of the New York team have been involved in securities matters and regulatory enforcement actions for key client Citigroup, including Susanna Buergel, who is another deputy chair of the securities litigation and enforcement group, Charles Davidow, Bruce Birenboim and Claudia Hammerman. One significant case saw the firm secure a very favorable settlement in a matter arising from the sale of CDOs. The firm also advised Deutsche Bank on highly publicized multi-jurisdictional matters concerning alleged manipulation of LIBOR. Martin Flumenbaum and Andrew Ehrlich, a rising star who won a victory for Pfizer in federal court, are also recommended.

High-quality firmShearman & Sterling LLP has a strong financial institution client base and New York-based head of litigation Adam Hakki is ‘a rising star in all kinds of securities litigation’. With Stephen Hibbard in San Francisco, he represented the underwriters of the $25bn Alibaba IPO, including Credit Suisse and Morgan Stanley, in a securities class action, and he played a key role in the defense of class actions for Bank of America, which faced allegations of manipulating forex benchmark rates. Joseph Frank and Brian Polovoy were involved in similar matters for Nomura Securities, which plaintiffs accused of manipulating the ISDAFIX benchmark used for interest rate swaps. Stuart Baskin is described as ‘one of the strongest lawyers in the field, very client-friendly and exceptionally strong in court’. His highlights included the defense of Mizuho Securities against allegations of manipulating the price of Treasury securities, which he worked on with Jerome Fortinsky. In RMBS matters, the firm is still acting for Countrywide Financial, Barclays and Nomura. Daniel Lewis and Jaculin Aaron are among the key lawyers for such matters.

First-rate firmSimpson Thacher & Bartlett LLPdoes excellent work’ out of New York thanks to its ‘smart, user-friendly, practical and business-minded lawyers’. The ‘highly recommended’ Jonathan Youngwood now co-heads the firm’s global litigation practice with Paul Curnin. Youngwood and Palo Alto-based Jonathan Kreissman (‘one of the most prominent securities litigators on the West Coast’) are defending Alibaba in shareholder litigation and an SEC investigation arising from its $25bn IPO - the largest in history - after share prices fell sharply. Youngwood is also acting for SeaWorld Entertainment in a class action claiming it under-reported the negative impact on its business of documentary film Blackfish. Curnin is currently advising AIG on shareholder matters. Paul Gluckow has taken a lead in auction rate securities litigation and has won significant victories for the likes of JPMorgan Securities. Peter Kazanoff plays a lead role in Ponzi scheme litigation, including the defense of Fairfield Greenwich in cases brought by investors after the collapse of Bernie Madoff’s scheme. David Woll and Thomas Rice secured a landmark victory for DB Structured Products in mortgage repurchase actions brought by ACE Securities Corp concerning RMBS products. The firm continues to handle multiple RMBS cases for Deutsche Bank, Bank of America and UBS.

Skadden, Arps, Slate, Meagher & Flom LLP is ‘outstanding, clearly a tier one firm’. It has been lead counsel in many of the largest securities class actions in US history and ‘has a lot of market share’ among financial institutions and public companies. New York-based Jay Kasner and Scott Musoff go from strength to strength and are currently representing the underwriters of Petrobras securities in matters arising from the alleged concealment of a multibillion-dollar kickback and bribery scheme, including many class actions in which the firm has secured the dismissal of all claims. The team is also defending the underwriters of four Barclays securities offerings against claims they failed to disclose exposure to subprime mortgages, and is acting for the underwriters of Santander Consumer’s IPO in a putative class action. Kasner and Musoff also secured the dismissal of a putative securities fraud class action for News Corp arising out of news-gathering practices at The News of the World and The Sun newspapers. Susan Saltzstein in New York and Charles Schwartz in Houston are also recommended. The firm is a leading name in the representation of Chinese and other non-US issuers in securities class actions.

Sullivan & Cromwell LLPhas decades of experience in the securities business and a blue-chip client base to its litigation practice’. The practice is overseen by New York-based David Braff, who focuses on banking and securities matters. The team has taken a lead role in the new wave of high-frequency trading litigation, and Jeffrey Scott secured the dismissal of a dark pool-related MDL against Barclays. Braff also advised Barclays on multiple investigations into alleged manipulation of the forex and ISDAFIX financial benchmarks. Robert Giuffra’s highlights included securing the dismissal of a shareholder derivative suit for Cablevision. Richard Klapper reached a favorable settlement for Goldman Sachs in RMBS litigation brought by the Federal Housing Finance Agency (FHFA). Sharon Nelles represented JPMorgan in the FHFA’s RMBS litigation and was appointed by 12 financial institutions to lead their joint defense of RMBS and LIBOR claims. Richard Pepperman II and Washington DC-based Daryl Libow defended BP against claims of negligent misrepresentation arising out of the Deepwater Horizon oil spill. Robert Sacks in Los Angeles is one of California’s leading securities litigators.

Cahill Gordon & Reindel LLP is ‘exceptional, it has an incredible understanding of many businesses and provides highly responsive, principled and perceptive advice in intense situations’. The firm is a leader in cases involving complex financial products and has ‘a strong, efficient team of great people who are experts in substantive and procedural law’. In New York, Herbert Washer, who is defending Credit Suisse in all matters concerning alleged manipulation of LIBOR, and David Januszewski, who won an important victory for MarineMax in the Eastern District of New York, are highly recommended. Floyd Abrams has represented McGraw Hill Financial in over 50 cases concerning S&P ratings of subprime mortgage-backed securities. Charles Gilman secured a string of victories for Deutsche Bank, including a motion for summary judgment and the dismissal of a multibillion-dollar claim brought by Sebastian Holdings. Newly promoted David Wishengrad focuses exclusively on securities litigation and regulatory enforcement. The firm also hired Washington DC-based regulatory enforcement specialist Bradley Bondi from Cadwalader, Wickersham & Taft LLP and New York-based Pierre Gentin, former head of litigation and risk for Credit Suisse.

Cleary Gottlieb Steen & Hamilton LLP in New York ‘has deep expertise and knowledge of the law, provides superior advice and has specialist knowledge of complex financial products’. Lewis Liman and Meredith Kotler are the key partners in the practice, which counts Bank of America, Google, HSBC, Citigroup and Dow among its clients. Five partners including Roger Cooper and ‘really excellent lawyer’ Mitchell Lowenthal are representing Petrobras in a securities fraud class action filed in New York alleging communications to investors contained materially false and misleading statements. The case is the largest securities litigation matter ever brought in the US. Cooper and Lawrence Friedman are involved in heavyweight litigation for Atlantic Power Corporation. Kotler’s highlights included winning a motion to dismiss for Barclays Bank in claims arising out of its investment in CDOs, and representing a leading bank in investigations into the manipulation of ISDAFIX.

Debevoise & Plimpton LLP does ‘market-leading securities work for insurance companies and has a strong regulatory investigations practice’. John Kiernan - co-chair of the firm’s litigation practice - has star players in the New York team in Maeve O’Connor and Edwin Schallert, who have represented significant clients in high-profile matters such as MetLife, Prudential Financial, the board of directors of Dell and the former CFO of Hertz. O’Connor’s most recent work for MetLife involved the defense of multiple shareholder class actions in federal and state courts challenging the insurer’s payments of death benefits; she won dismissal of nearly all the claims. In the Hertz matter, O’Connor and Schallert won a motion to dismiss claims that the company misstated its financial position. Bruce Yannett and Gary Kubek are key advisers to JPMorgan Chase on RMBS investigation and derivative litigation. Also recommended are Colby Smith and Jonathan Tuttle in Washington DC, whose clients include Barrick Gold Corporation. The firm has a substantial hedge fund and private equity client base.

Dechert LLP has ‘a vigorous and spirited defense team’ that is ‘very strong, especially in representing directors and officers’. The firm’s outstanding partners include global litigation head Matthew Larrabee (‘tough and aggressive’, ‘very impressive in oral advocacy and in all presentations’) and Andrew Levander (‘a superstar, very bright, measured and strategic’) in New York, and David Kistenbroker in Chicago. Larrabee and David Kotler are acting for Calamos in a $100m lawsuit brought by two shareholders in one of the company’s mutual funds. Levander is involved in a $200m matter for Universal American. Kistenbroker is representing Delcath Systems in a shareholder class action alleging the company made false and misleading statements about its application for new liver cancer drug Melblez. Clients also praise Michael Doluisio in Philadelphia as ‘very straightforward and good on the details’ and New York-based Hector Gonzalez. The firm is one of the leaders in the mutual fund area and in ’40 Act matters.

Kirkland & Ellis LLP’s team ‘provides an excellent level of service’. Central to the practice is a strong Chicago office, which houses key players Mike Brock and Richard Godfrey, and the pair were part of a team defending BP in securities litigation alleging material misrepresentation of the value of stock prior to and following the Deepwater Horizon oil spill. Another highlight is an appeal for General Motors arising from its IPO, in which Robert Kopecky obtained dismissal with prejudice. Mark Filip’s docket included a securities fraud class action and three derivative actions for Hospira in which plaintiffs alleged failure to disclose quality control problems at a manufacturing facility. Robert Khuzami in New York stands out in an enforcement practice with ‘an impeccable record’ and advised Pershing Square Capital Management in 10b-5 litigation arising from its joint bid to acquire pharmaceutical company Allergan. In another IPO-related matter, Andrew Clubok in New York defended Facebook in shareholder class actions and derivative lawsuits. On the West Coast, a team from the Los Angeles office is advising RBS Securities and affiliates in three lawsuits relating to mortgage-backed securities and CDOs. Joshua Rabinovitz in Chicago and Yosef Riemer in New York are also recommended.

Latham & Watkins LLPhas a record that compares well with any firm’. Jeff Hammel and Christopher Clark in New York and Brian Glennon in Los Angeles chair the securities litigation practice. Glennon and Patrick Gibbs in Silicon Valley are defending Apple in a securities class action that alleges liability for false and misleading statements made by a third-party supplier; the case could have huge impact on the scope of liability under federal law. Hammel’s highlights included representing directors and officers of Bank of Austria in litigation arising from the Madoff Ponzi scheme. In New York, James Brandt is acting for BNP Paribas board members in a breach of fiduciary duty claim, and Richard Owens is representing the British Bankers’ Association against allegations of manipulating LIBOR. Peter Wald in San Francisco is ‘an impressive attorney with presence and integrity, who can cut through legal issues with precision’, and with Miles Ruthberg in New York he is advising one of the firm’s many accounting industry clients Deloitte on a $1.3bn negligent representation matter. The Chicago office also has a strong team that includes Sean Berkowitz and SEC veteran John Sikora.

Morgan, Lewis & Bockius LLP, which continues to build on its merger with Bingham McCutchen, has a securities litigation team of ‘exceptional attorneys and great negotiators’. These include Charlene Shimada in San Francisco, Marc Sonnenfeld in Philadelphia, Jordan Hershman in Boston and Jeffrey Smith in New York. Sonnenfeld is a key part of the team that handles all shareholder litigation for Hewlett-Packard and won a motion to dismiss in a class action filed in California. Shimada is defending underwriters including Jefferies in a ’33 Act class action in which the plaintiffs are re-pleading after a motion to dismiss was secured. Hershman and Boston colleague Jason Frank won the dismissal of a putative class action filed against Freddie Mac in Ohio, as it has done in all of the multibillion-dollar cases for that client arising from the 2008 financial crisis. The firm has a deep bench and other recommended partners include Michael Kraut, Susan DiCicco, Steven Brody and Amy Greer in New York; Merri Jo Gillette and SEC veteran Peter Chan in Chicago; and Dale Barnes in San Francisco.

Orrick, Herrington & Sutcliffe LLPhas an excellent shareholder litigation defense team, particularly in California’, and across the country it is known for ‘a deep bench with very talented lawyers in SEC and regulatory areas’. James Kramer in San Francisco is one of the firm’s leading lights and he defeated a shareholder class action for NVIDIA - after its stock price fell by 30% - by obtaining a precedent-setting ruling from the Ninth Circuit regarding disclosure under Rule 10b-5. With Robert Varian he won dismissal of a case against Electronic Arts arising from the release of its Battlefield 4 game. Varian and Kenneth Herzinger won in the last of 20 shareholder suits filed against Chesapeake Energy claiming breaches of fiduciary duty. Los Angeles-based Michael Tu ‘cares about clients and has innovative ways of solving their problems’. The firm is still active in mortgage-backed securities matters, with Jason Halper in New York representing Bank of America in securitization litigation; and in Seattle, Daniel Dunne and Paul Rugani - who are ‘among the most creative and strategic lawyers, and always have an eye on the endgame’ - are representing Credit Suisse Securities in cases brought by monoline insurers of RMBS trusts. William Alderman in San Francisco, George Greer in Seattle and Washington DC-based Elaine Greenberg are also recommended. A new addition to the practice is Robert Stern, who joined the firm's Washington DC office from O’Melveny & Myers LLP.

Among the leaders of the pack in securities litigation’, Sidley Austin LLP provides ‘top-notch service with excellent responsiveness and subject matter expertise’. Its team spans the US, with outstanding partners spread throughout its office network. The three leaders of the practice are the ‘absolutely terrificYvette Ostolaza in Dallas, Hille Sheppard in Chicago and the ‘experienced and practicalSara Brody in San Francisco. In Chicago, ‘all-round great litigatorJames Ducayetensures all pieces of a defense strategy fit together’ and ‘great thinker and strategistDavid Graham is recommended. Ducayet defended ADM and its board in a derivative action brought by shareholders in Illinois state court, and he and Graham are defending Tellabs and two of its former officers in consolidated securities class actions. In New York, Andrew Stern counts JPMorgan Chase and Bank of America among his clients. He is also involved in the new wave of energy sector matters, including shareholder derivative actions for Duke Energy. Robert Pietrzak defended two putative class actions for PetroChina. Among the firm’s many standout lawyers is Norman Blears in Palo Alto, who is a renowned expert in litigation and SEC enforcement matters.

Wachtell, Lipton, Rosen & Katzmakes a real impact and is a doctrinal leader in securities litigation’. Clients says it is ‘innovative and influential’ and ‘staffs matters leanly with true subject matter experts’. Jonathan Moses and William Savitt lead the 28-partner team, which focuses on M&A disputes and securities litigation. The firm continues to advise Bank of America on its remaining mortgage-backed securities cases, and for JPMorgan won dismissal of the majority of claims relating to the bankruptcy of Lehman Brothers. John Savarese also handled litigation for JPMorgan arising from the Madoff Ponzi scheme. George Conway and Marc Wolinsky represented Hewlett-Packard in long-running securities litigation and derivative matters arising from its $11.7bn Autonomy acquisition. Elaine Golin, Ted Mirvis and Meyer Koplow - all of whom represented Bank of America in multibillion-dollar litigation - are recommended.

Weil, Gotshal & Manges LLP has ‘exceptional litigators and incredible bench strength and expertise’, and its team is described as ‘responsive, practical and deftly strategic’. Co-leading the team from New York are John Neuwirth - who led a team that won dismissal of a securities fraud class action against pharmaceutical giant Sanofi alleging it artificially inflated its stock price - and Joseph Allerhand - who won appellate victories for lululemon athletica in a stockholder derivative action and a shareholder class action. Neuwirth persuaded the Connecticut Superior Court to grant a motion to strike in a $1.15bn shareholder class action against ATMI. Highlights for former federal prosecutor and ‘one of the best litigators on the planetJonathan Polkes included defending a class action for retail operator Francesca’s Holdings concerning disclosure of revenue projections. Also recommended are Miranda Schiller, who defeated a $57m claim against Vivendi, and Stephen Radin, who helped Allerhand achieve a motion to dismiss in a case against Fairway Group Holdings.

WilmerHale is ‘best in class, it offers extraordinary service’ and is praised for being ‘cost-sensitive and client-oriented’. The practice focuses heavily on regulatory enforcement matters and is chaired from Washington DC by William McLucas. Fraser Hunter in New York is co-vice chair and is defending Royal Bank of Scotland in a LIBOR-related MDL. A highlight for Peter MacDonald is the defense of UBS Financial Services in matters relating to the Puerto Rico bond market, including investor arbitrations. The DC office has a strong team that includes Christopher Davies, Harry Weiss, John Valentine and former head of the SEC’s trial unit Matthew Martens. Michael Bongiorno in New York is ‘simply the best - a go-to lawyer and an exceptional courtroom advocate’. Andrea Robinson leads the Boston securities group, which also includes Timothy Perla.

At Cadwalader, Wickersham & Taft LLP, ‘the level of service is superb’, and clients appreciate its ‘great track record in securities litigation and regulatory expertise few firms can match’. Seasoned trial lawyer Louis Solomon is co-chair of the litigation department and is leading two teams featuring Hal Shaftel and Colin Underwood in the defense of AriZona Iced Tea in a matters exceeding $1bn in value concerning the company’s valuation. Martin Seidel is currently defending Salix Pharmaceutical in a securities class action alleging breaches of sections 10b and 20a of the ’34 Act. The ‘outstanding’ Gregory Markel is defending Morgan Stanley in a class action brought by commodities traders alleging the manipulation of the price of Brent crude oil futures and the Platts price benchmark. Jonathan Hoff is also recommended. Israel Dahan and Peter Isajiw joined King & Spalding LLP, and Bradley Bondi left for Cahill Gordon & Reindel LLP.

James Wareham joined Fried, Frank, Harris, Shriver & Jacobson LLP as the new global chair of the firm’s litigation team, a move which expands its capability in the securities space. Wareham joined in Washington DC from DLA Piper LLP (US), as did James Anklam, who is advising Under Amour on shareholder lawsuits challenging the issuance of a new class of shares to incentivize the company’s founder. Key names in the New York office include longstanding partners, such as William McGuinness and Israel David, and more recent hires in the form of Stephen Juris and Lawrence Gerschwer. McGuinness and David are representing the founder of Suntech Power on a class action filed in California. Securities enforcement expert Evan Barr is also recommended. David Hennes and former practice vice-chair Gregg Weiner joined Ropes & Gray LLP.

Greenberg Traurig, LLP has ‘a practice made increasingly strong by key hires’. The team is co-chaired by Bradford Kaufman in West Palm Beach and William Briendel (who leads on broker-dealer matters) and Robert Horowitz in New York. Peter Rush (who joined in Chicago from K&L Gates) and Donald Davidson (who joined in San Francisco from Winston & Strawn LLP) both add significant SEC enforcement capabilities. Further hires include Terri Mazur from Kaye Scholer LLP in New York (who advises financial institutions on securities litigation), an experienced team from Boston-based boutique Michaels, Ward & Rabinovitz, and two specialists from Morgan Stanley in Chicago. Richard Edlin, who chairs the broader New York litigation practice, advised JPMorgan Securities on numerous high-value mortgage-backed securities cases. Also recommended are Joseph Coates in West Palm Beach, Steven Malina in Chicago, Terry Weiss in Atlanta, George Sullivan in White Plains, Hilarie Bass and David Coulson in Miami, and Paul Schumacher in Los Angeles.

The New York office of Mayer Brown is home to two co-heads of the firm’s securities litigation and corporate governance action group in the form of Joseph De Simone and Richard Rosenfeld, with Washington DC-based Matthew Rossi the third. De Simone and Richard Spehr are currently engaged in massive securities and derivative actions for a major financial institution concerning complex financial instruments and mortgage-backed securities. A strong team in New York that includes Matthew Ingber and Christopher Houpt is engaged in multibillion-dollar matters for Bank of New York Mellon that relate to its role as trustee in RMBS transactions. Steven Wolowitz is also central to the practice and he is acting for Canadian Imperial Bank of Commerce in a $200m dispute. Michele Odorizzi in Chicago is also recommended.

At Milbank, Tweed, Hadley & McCloy LLP in New York, George Canellos and Daniel Perry lead the litigation and arbitration group, in which firm chairman Scott Edelman (‘a top-level trial lawyer for complex securities matters’) and Sean Murphy also stand out. Antonia Apps, who has in-house experience at the US attorney’s office, is a key figure in the firm’s regulatory practice, and with Edelman and Canellos she is representing American Realty Capital Properties in investigations arising from its restatement of its financial position. David Gelfand is another prominent name, and with Murphy he is representing Rabobank in a class action concerning allegations of the manipulation of LIBOR. The firm is handling a multibillion-dollar class action for Commerz Markets, and a $100m CDO case for Putnam Advisory Company. Robert Hora, Thomas Arena and James Benedict are also recommended.

Morrison & Foerster LLP is known for ‘a client-oriented approach to costs and logical strategic planning’. Securities litigation, enforcement and white-collar criminal defense team co-chairs Jordan Eth in San Francisco and Joel Haims in New York, working with Dan Marmalefsky in Los Angeles, represented BlackBerry in multiple securities fraud class actions, and secured dismissal of a case alleging misstatements to investors. Another highlight for Eth and San Francisco-based Anna Erickson White was the defense of Yahoo! in a case arising from its ownership of a stake in Alibaba Group. Judson Lobdell served as co-lead lawyer in the representation of Countrywide directors, executives at SunPower Corporation and many others. In Palo Alto, Darryl Rains and Erik Olson are recommended.

At O’Melveny & Myers LLP, Jonathan Rosenberg in New York took over from Jeffrey Kilduff in Washington DC as head of the securities litigation team, which has a strong track record in representing underwriters in major securities class actions. It is ‘a go-to firm for underwriting syndicates’ and counts Credit Suisse, Morgan Stanley and Goldman Sachs among its clients. It won a major victory for these three banks by convincing plaintiffs to voluntarily dismiss them from a class action in re Groupon, Inc. Securities Litigation. The firm also acts for many issuer clients and is representing Starz Entertainment in a 10b-5 class action filed in California. It is a leading player in litigation against US-listed Chinese companies. Among the recommended partners are Bradley Butwin, Andrew Bednark and Bill Sushon in New York, Michael Walsh in Washington DC, and Seth Aronson and Matthew Close in Los Angeles. Robert Stern recently moved to Orrick, Herrington & Sutcliffe LLP.

Paul Hastings LLP has ‘a good team that is very responsive’. The securities litigation practice has a strong and growing presence in New York, where Douglas Flaum is a co-chair, and a prominent position on the West Coast, where Peter Stone leads a Palo Alto team. Flaum’s highlights included the defense of Goldman Sachs in litigation in the New York Supreme Court. Los Angeles-based William Sullivanunderstands the issues and the client’s constraints on cost and timing’, and with Stone he secured a settlement with no monetary damages for officers of technology company Masimo Corporation. New York-based global litigation chair Barry Sher is ‘an incredible legal mind and excellent advocate’ and is representing underwriters such as Barclays Capital and Citigroup Global Markets in a purported class action against SeaWorld Entertainment alleging misleading statements in the IPO prospectus. Also recommended are New York-based Kevin Logue, Edward Han in Palo Alto and Samuel Cooper in Houston, who is one of the most active securities litigators in Texas.

At Proskauer Rose LLP, ‘the level of service is excellent’, and the firm has ‘outstanding lawyers who understand clients’ business’. Jonathan Richman and Gregg Mashberg lead the practice from New York. Mashberg and Stephen Ratner defended the high-profile $7.2bn claim against Depository Trust Company following a multibillion-dollar leveraged buyout. Richman and Washington DC-based Ralph Ferrara, who was once general counsel at the SEC and ‘knows the regulatory side inside out’, acted for Vestas Wind Systems in a putative class action concerning the interpretation of revenue recognition rules. Ferrara and Ann Ashton, who leads the Washington DC litigation group, represented a special committee of Hewlett-Packard’s board of directors in an independent review of shareholder derivative cases alleging breach of duties in the $11.7bn acquisition of Autonomy.

Litigation boutique Williams & Connolly LLP in Washington DC ‘has a reputation as a great trial firm’. It works extensively for large corporates and has a strong SEC enforcement practice. Robert Van Kirk, who is a regular adviser to The Carlyle Group, and Steven Farina lead the practice. Farina represented the New York Stock Exchange in two class actions relating to high-frequency trading. Kannon Shanmugam is leading the defense of Omnicare in a case that is defining whether a statement can be classed as misleading because it turns out to be wrong, and defended NASDAQ in a case alleging negligence following the IPO of Facebook. Veteran litigator Brendan Sullivan achieved a favorable settlement in Oklahoma Firefighters Pension and Retirement System v Neustar, Inc., et al in a case concerning misleading statements. John Villa, Kevin Downey and Hackney Wiegmann are other names to note.

Winston & Strawn LLP is ‘fabulous, a first-rate litigation firm’ and group chair James Smith is ‘a great lawyer with excellent judgment’. Working with Smith in New York, Matthew DiRisio (‘a rising star, smart, sensible and knowledgeable’) and Richard Reinthaler are greatly respected. Los Angeles-based John Schreiber is ‘one of the up-and-coming lawyers in this space’, and with Smith and Reinthaler played a key role in one of the highest-profile securities cases in recent years against Omnicare, obtaining a favorable judgment in the Supreme Court. Smith and Reinthaler are also leading the defense of RCS Capital in a 10b-5 case following a fall in stock prices related to the disclosure by American Realty Capital Properties - which shares a chairman with RCS - that it intentionally concealed accounting errors. The firm has a strong team across the country, with highly capable partners such as Caryn Jacobs and Robert Sperling in Chicago, and Casey Berger in Houston. Neal Marder, moved to Akin Gump Strauss Hauer & Feld LLP.

Veronica Rendón Callahan in New York and regulatory enforcement expertMichael Trager in Washington DC are key figures at Arnold & Porter Kaye Scholer LLP. Experienced Washington DC-based trial lawyer Scott Schreiber and San Francisco-based Gilbert Serota (who has extensive trial and appellate experience) are recommended, as is Daniel Hawke , who joined in Washington DC from his post as chief of the SEC’s Market Abuse Unit. The above named lawyers are all from the legacy Arnold & Porter firm. The legacy Kaye Scholer group, which ‘provides the highest-quality service any client can expect’, includes Vincent Sama , described as ‘one of the top “bet-the-company” litigators in the country, who constantly comes up with innovative and thoughtful ideas that result in winning strategies’, as well as ‘great lawyers and problem-solvers’ Catherine Schumacher and Daphne Morduchowitz.

David Sterling chairs Baker Botts L.L.P.’s litigation department out of Houston, from where the firm serves the needs of an enviable stable of energy sector clients. With appellate partner Aaron Streett and Jessica Pulliam in Dallas, Sterling acted for Halliburton and its CEO in a $1bn securities class action alleging misrepresentation of liabilities in one of the most widely followed cases in the US. In New York, Douglas Henkin’s longstanding relationship with the New York Stock Exchange led to the firm representing it in high-frequency trading and market data pricing litigation. Seth Taube is highly recommended and is also based in New York. Dallas-based Tom O’Brien is defending Grant Thornton against a Section 11 claim alleging omission of material facts in the financial statements of Bankrate before a secondary share offering. The firm also has a strong group in Washington DC.

Cohen & Gresser LLP has ‘seasoned securities professionals who are smart, aggressive and yet user-friendly’. Mark Cohen’s team features experienced securities litigators trained in top tier New York firms and its recent highlights include the defense of billion-dollar class actions relating to mortgage-backed securities, and the representation of a major broker-dealer in auction rate securities cases. C Evan Stewart is a first port of call for Goldman Sachs Private Wealth Management. Stewart, co-founder Lawrence Gresser, Gale Dick and Scott Thomson are ‘impressive’. Gresser successfully defended a major investment bank in a securities class action alleging violations of anti-fraud provisions. Daniel Tabak frequently advises Goldman Sachs on securities litigation and arbitration matters.

Cooley LLP is the foremost firm on the West Coast for life sciences, pharmaceutical and biotechnology companies and nationwide is a popular among corporates for the defense of class actions. John Dwyer in Palo Alto acted for organic and natural foods company Annie’s in a securities class action and shareholder derivative litigation concerning its financial controls and revisions to its financial statements. Lyle Roberts in Washington DC won a victory for CenturyLink by securing the dismissal with prejudice of two class actions alleging securities fraud, and also succeeded in having two consolidated class actions against mobile advertising company Millennial Media dismissed. Koji Fukumura in San Diego is also recommended.

Covington & Burling LLP’s compact practice punches above its weight in complex securities litigation. William Phillips and Mark Gimbel co-chair the national securities and commercial litigation practice from New York. Together they defended the SandRidge Energy CEO and other officers in a class action alleging misrepresentation of the value of oil and gas assets. Gimbel and Robert Wick are advising JPMorgan Securities on an MDL concerning alleged manipulation of Treasury securities. David Kornblau, co-chair of securities enforcement, leads a team of renowned enforcement specialists, including Washington DC-based Bruce Baird and, in San Francisco, David Bayless and rising star Tammy Albarrán.

DLA Piper LLP (US) is ‘right in the mix’ for securities litigation. James Mathias in Baltimore and John Clarke in New York lead the team, which is spread across the US. Clarke won a motion to dismiss for clients including Morgan Stanley and Citigroup Global markets in a class action relating to trusts associated with SandRidge Energy. Also in New York, Tim Hoeffner represented a pharmaceutical company in a 10b-5 matter. Robert Brownlie in San Diego is handling a stock drop case for SolarWinds. John Pendleton and Andrew Bunn in the New Jersey office advised Bank of New York Mellon on matters arising from the collapse of Refco, in which joint official liquidators of the SPhinX Funds sought $459m in damages. Perrie Weiner in Los Angeles and Shirli Weiss in San Diego are among the other prominent practitioners.

Dentons is ‘an increasingly credible alternative to Wall Street firms’. Sandra Hauser leads the practice from New York and, with Patrick Gennardo, she successfully defended MetLife in five federal class actions alleging misrepresentation of the company’s financial status. Reid Ashinoff, who represents Genworth Financial, is also recommended. In Chicago, Stephen Senderowitz from Winston & Strawn LLP is a key hire, and he is acting for Citadel Securities against claims, brought by shareholders of Escala Group, of naked short selling of Escala Group shares. The firm’s merger with McKenna Long & Aldridge brought in an enforcement team in Washington DC with experience at the SEC, including Nancy Grunberg and Treazure Johnson.

Hughes Hubbard & Reed LLP ‘consistently performs at the highest level of the profession’. The New York office fielded a team including William Maguire, James Kobak and Christopher Kiplok (‘excellent hands-on interaction to adroitly drive proceedings forward’) to defend a trustee for the SIPA liquidation of Lehman Brothers. Edward Little and Marc Weinstein, who advised Bear Stearns executives, and Sarah Cave, who can ‘face off against the top lawyers in the country and achieve remarkable results’, are also recommended. Kevin Abikoff in Washington DC also garners high praise. The FDIC is a key client for securities litigation.

Jones Dayprovides outstanding service’. The ‘down-to-earth, aggressive and thorough’ team is led by Robert Gaffey in New York and Peter Romatowski in Washington DC, and is ‘responsive, a pleasure to work with and the product is exceptional’. The New York team’s high-profile matters included the defense of a $1.9bn suit against Garmin. Robert Micheletto ‘brings a lot of experience to the table’. From Dallas, a team including Patricia Villalreal defended a class action for NII Holdings. ‘Strong all-round litigator’ Geoffrey Ritts in Cleveland and DC-based Joan McKown are also recommended.

Katten Muchin Rosenman LLPhas a growing practice on the public company side and in regulatory enforcement’. Practice co-head Bruce Vanyo, based in Los Angeles and New York, ‘has been well known forever in this space’. He represented Amarin Corporation in a 10b-5 case following a fall in its stock price related to its cholesterol drug Vascepa. Richard Zelichov in Los Angeles had a successful year, with highlights such as a defending a section 10(b) securities class action for Enzymotec alleging failure to disclose important information in its IPO offering documents. Rising star Michael Diver in Chicago, who is co-head of the team with Vanyo, handled a high-value class action and regulatory enforcement matters for a major pharmaceutical company. William Regan moved to Hogan Lovells US LLP.

King & Spalding LLP has a broad litigation practice spread over eight US offices that ‘combines expertise in litigation, trial skills and securities’. New York-based Paul Bessette secured the dismissal with prejudice of a putative class action by investors in ATP Oil & Gas alleging the company falsely projected increases in production. Michael Smith in Atlanta won a motion to dismiss in re Altisource Portfolio Solutions S.A. Securities Litigation, and Warren Pope secured the dismissal of all claims in Mary Ann Digan, et al., v Linger Longer Development Company, et al. Israel Dahan and Peter Isajiw joined in New York from Cadwalader, Wickersham & Taft LLP to add experience in high-stakes securities litigation, complementing previous hires in the regulatory enforcement area from Fried, Frank, Harris, Shriver & Jacobson LLP, including Carmen Lawrence and William Johnson in New York, and Dixie Johnson in Washington DC.

New York-based Kramer Levin Naftalis & Frankel LLP provides ‘a level of service pretty much without equal’, according to one client. Barry Berke and the ‘always available’ Gary Naftalis (‘one of a kind, a smart and brilliant attorney’) lead the practice, in which Alan Friedman and former plaintiff lawyer John Coffey are also highly recommended. Naftalis and the ‘smart and helpful’ David Frankel are defending former McKinsey director Rajat Gupta in a high-profile insider trading case. Arthur Aufses secured the dismissal with prejudice of all claims in a shareholder class action filed against CRM Holdings. Trial lawyer Michael Dell does ‘consistently high-quality work and does a really good job developing consensus in a case’.

McDermott Will & Emery LLP has a large securities team that spans the US. Frederic Firestone in Washington DC has extensive in-house experience at the SEC’s enforcement division and is currently handling high-value regulatory matters for the director of a global pharmaceutical company. In Chicago, Jeffrey Stone is a popular choice for regulatory investigations. Highlights for Steve Scholes included the defense of officers of Pacific Gas and Electric Company in a high-profile case arising from the 2010 San Bruno pipeline explosion. Joel Chefitz is also recommended. On behalf of Smith & Wesson, John Sten in Boston secured the dismissal of a shareholder derivative action alleging breach of fiduciary duty.

New York-based litigation boutique Morvillo Abramowitz Grand Iason & Anello P.C. has a ‘very talented, experienced and tough’ team. Lawrence Iason, Robert Anello, Elkan Abramowitz and Edward Spiro are ‘at the top of their game’. Spiro defended directors and officers of Merck & Co in derivative litigation concerning alleged delays to publishing disappointing clinical trial results, and represented Merrill Lynch in New Mexico state court regarding the state’s purchase of CDOs. Anello secured an initial win for the former chairman of a European investment management firm in a case brought by Cayman Island hedge funds. The 16-partner team now includes ‘a superstar’ in Brian Jacobs, who joined from the US Attorney’s Office.

Richards Kibbe & Orbe LLP is praised as an ‘excellent firm’ and ‘a top firm for representing individual employees in regulatory matters’. The New York-based team has recently represented individuals in FHFA litigation, and has defended a class action involving the Tokyo Interbank Offered Rate for Euroyen. Daniel Zinman ‘does a perfect job in securities enforcement matters’, and he and Rowan Gaither defended executives of Bank of America Merrill Lynch in RMBS litigation brought by MassMutual. Shari Brandt and Brian Fraser were successful in having inter-dealer broker ICAP dismissed from a case concerning the alleged manipulation of LIBOR. Craig Newman joined Patterson Belknap Webb & Tyler LLP to focus on plaintiff-side work.

Climbing the ranking is Ropes & Gray LLP, which has expanded its securities litigation and regulatory enforcement capability with key hires such as ‘first-rate litigator’ David Hennes, who joined in New York from Fried, Frank, Harris, Shriver & Jacobson LLP. The practice is led from Boston by Jane Willis and Robert Jones, and from New York by Zachary Brez. Boston-based John Donovan won a big victory for Goldman Sachs at trial in a case alleging that it misled shareholders of Dragon Systems, and Randy Bodner acted in a class action for Apricus Biosciences. Richard Gallagher in San Francisco led settlement negotiations in re Biolase, Inc. Securities Litigation, in which plaintiffs made allegations of false and misleading financial statements. The firm has a strong buy-side focus and is a key player in matters involving big pharmaceutical companies and private equity funds.

Securities is the biggest focus for Schulte Roth & Zabel LLP’s litigation group, which is led by New York-based Martin Perschetz and Howard Schiffman in Washington DC. Schiffman and Michael Swartz secured the dismissal of a securities fraud claim against NatWest Bank. Perschetz and Gary Stein successfully opposed a motion for class certification in a claim by shareholders in Monster Beverage Corporation who claimed it overstated the benefits of a distribution deal to boost stock prices. Robert Abrahams and Harry Davis count various Tullett Prebon entities among their clients. Charles Clark in New York joined from Kirkland & Ellis LLP and is advising some of the firm’s leading hedge fund clients. Clients also praise Washington DC-based Eric Bensky.

Vinson & Elkins LLP provides ‘solid value and excellent service’. Highly recommended are Clifford Thau in New York and securities group co-heads Steven Paradise, also in New York, and Michael Holmes in Dallas. The ‘practical and knowledgeableMichael Charlson in San Francisco is ‘a cut above - a seasoned and smart securities litigator’ and Jennifer Poppe in Austin is ‘very knowledgeable about SEC processes’. In Houston, John Wander, who leads the firm’s complex litigation department, acted for KBR in a complex SEC investigation into confidentiality agreements. The firm has a strong presence in the energy sector but also advises clients such as Medical Action Industries, Cohmad Securities and Lone Pine Resources.

Accounting expert Michael Young in New York and former clerk to the late Supreme Court Justice, Antonin Scalia, Richard Bernstein in Washington DC lead the securities litigation and enforcement practice group at Willkie Farr & Gallagher LLP, which is known for providing ‘valuable expertise and guidance’. It has been involved in some of most high-profile securities class actions, such as the defense of Lehman Brothers Holdings in RMBS claims in which Todd Cosenza deflected rulings that would have increased its liability by $7bn. The firm is also advising Facebook on class actions and derivative lawsuits.

Highlights for Andrews Kurth LLP included the defense of an insurance company in a multibillion-dollar class action, a federal MDL and multiple appellate proceedings. Bradley Foster and rising star Matthew Nielsen in Dallas and David Whittlesey in Austin are taking the lead on those matters. Nielsen also acted for a former owner of McGinn Smith in an SEC matter alleging violations of sections 10b and 17 of the ’34 Act. James Maloney recently left and set up his own law office.

Baker & Hostetler LLP expanded its New York team, bringing in Geoffrey Coll from Schiff Hardin LLP who brings 20 years of experience in class actions. He is acting for trustees of Virtus Mutual Funds in an SEC investigation. Marc Powers continues to be a significant player in the securities field, and he, Jessie Gabriel and Dean Hunt advised the CEO of Geophysical Technology on a class action relating to annual and quarterly financial statements. Also recommended is Mark Kornfeld, who is representing BlackRock Advisors.

At Fenwick & West LLP in San Francisco, chair of the securities enforcement group Susan Muck and chair of the securities litigation practice Kevin Muck are ‘very good and the firm has an increasingly strong practice’. Michael Dicke, a former associate regional director for enforcement at the SEC in San Francisco, has great depth of experience in regulatory matters. In Plymouth County Retirement System v Model N Inc. et al, Susan Muck is defending a class action that alleges material misstatements or omissions in Model N’s IPO in 2013. Kevin Muck is representing King Digital Entertainment - the company behind Candy Crush Saga - in a shareholder class action concerning allegations that the registration statement for its $300m IPO was misleading.

Freshfields Bruckhaus Deringer LLP in New York is ‘great, a very strong practice, and an industry leader for international matters with outstanding experience in complex financial litigation’. ‘Skilled litigatorMarshall Fishman is ‘extremely prepared and very focused’. He secured the dismissal of a shareholder derivative action against Meridian Capital Partners in a case related to the Madoff Ponzi scheme, and he secured the dismissal of securities fraud claims against Citigroup. Tim Harkness and Gabrielle Gould are also recommended.

Goodwin Procter LLPdoes a terrific job’ and clients praise the ‘tremendousMark Holland in New York who ‘helps guide clients through uncharted waters with an easy but effective manner’. Brian Pastuszenski won the dismissal of a securities fraud case for Bank of America in the long-running Countrywide mortgage-backed securities case. Stephen Poss is Massachusetts counsel for Dell in shareholder litigation. In Boston, Todd Cronan successfully represented Education Management Corporation in shareholder disputes exceeding $100m. Also recommended are Michael Isenman in Washington DC and Mike Jones in Silicon Valley.

At Herrick, Feinstein LLP in New York, Therese Doherty and Howard Elisofon are co-chairs of the securities, futures and derivatives practice. Doherty is known for her trial and arbitration skills. Elisofon, who is handling a high-profile DOJ and SEC action relating to insider trading, is known for his skills in the regulatory enforcement space. Seasoned litigator Arthur Jakoby has a strong track record of representing companies, hedge funds, private equity firms and executives in complex matters.

Jenner & Block LLP’s Howard Suskin in Chicago represented Merge Healthcare in a 10b-5 class action alleging overstatement of its subscription backlog figures. Stephen Ascher and Richard Ziegler in New York represented Brookfield Asset Management in a declaratory judgment action against AIG in a $1.5bn dispute in federal court. Thomas Newkirk in Washington DC is also recommended.

Kasowitz, Benson, Torres & Friedman LLP in New York is a financial markets litigation boutique that plays a role in high-profile litigation, such as the multibillion-dollar Loreley Financing case in which Sheron Korpus secured a Second Circuit victory for the CDO investor. Mark Ressler counts UniCredit among his clients and is helping the financial services company overhaul its litigation strategy in securities matters. Also recommended are Marc Kasowitz, who is representing U.S. Bank and HSBC in RMBS-related matters, and Hector Torres.

Norton Rose Fulbright US LLP has an outstanding reputation among energy companies and is an increasingly popular choice as counsel to financial institutions. Gerard Pecht in Houston leads the litigation practice and, along with Austin-based Peter Stokes, he won the dismissal of a 10b-5 class action and four derivative lawsuits for Magnum Hunter Resources that followed a $200m fall in the company’s capitalization after a drop in its stock price. The firm also resolved a first-of-its-kind SEC enforcement action against Houston American Energy. Rodney Acker in Dallas is also recommended.

San Francisco-based Sarah Good and Bruce Ericson are co-chairs of the securities litigation and enforcement team at Pillsbury Winthrop Shaw Pittman, LLP, which is known for ‘credibility and integrity and provides time-sensitive and practical advice in the context of the business reality’. Clients praise the ‘down-to-earth and on-target advice’ of 30-year litigation and enforcement veteran David Furbush in Silicon Valley. The firm handled 12 derivative lawsuits and three securities class actions against the former CEO of Hewlett-Packard that alleged fraud and breaches of fiduciary duty.

At Seward & Kissel LLP in New York, Mark Hyland obtained the denial of class certification and the dismissal of a putative class action against Sonar Capital Management that resulted from a widespread government investigation into insider trading. Hyland and Michael McNamara acted for an investment manager that suffered a multimillion-dollar currency loss when Swiss National Bank removed the exchange rate cap on the Swiss franc in early 2015. Bruce Paulsen and rising star Jeffrey Dine are also recommended.

Vedder Price in Chicago has ‘a deep bench that is very knowledgeable in SEC investigations’. Clients describe ‘a level-headed team that gives reasoned and thoughtful advice’ and praise the lawyers as ‘extremely responsive’. Thomas Cimino ‘brings real-world experience to the issues’ and Junaid Zubairi ‘has deep experience with the SEC process and securities litigation’, and the pair are handling an SEC matter for telecoms company PCTEL. Randall Lending is another key practitioner in Chicago, while the firm also has a capable New York team.

At White & Case LLP in New York, Glenn Kurtz leads a litigation practice that has a growing presence in the securities field. Greg Starner and Owen Pell are defending Kazakhstan’s BTA Bank in a 10b-5 case concerning securities purchased by the plaintiffs. The case raises important issues about extraterritorial US jurisdiction. Kurtz is involved in high-value litigation arising from the Madoff Ponzi scheme. Douglas Baumstein is also recommended.

International comparative guides

Giving the in-house community greater insight to the law and regulations in different jurisdictions.

Select Practice Area

Client Intelligence Report

The Legal 500 United States - Events

GC Magazine

GC Powerlist -
United States

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Bulgaria: Opening the gas market for foreign traders!

    Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas ( Правила за търговия с природен газ , " Trading Rules ") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities ( Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ , " Access Rules "). Moreover, it adopted new Rules for Balancing of the Natural Gas Market ( Правила за балансиране на пазара за природен газ , " Balancing Rules "). read more...
  • When Arbitration Meets Insolvency in Montenegro - Can They Coexist?

    Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
  • Hungary: Registration Fees for Company Establishment Abolished

    In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies (" LLC ") ( korlátolt felelősségű társaság ), limited partnerships ( betéti társaság ), general partnerships ( közkereseti társaság ), and sole entrepreneurships ( egyéni cég ). The new law becomes effective on 16 March 2017. read more...
  • SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules

    The Bangko Sentral ng Pilipinas (BSP) (the Philippine Central Bank) has issued two new circulars that will be of interest to companies engaged in remittance services, e-money, digital currency, and other fintech businesses. Both circulars amend portions of the BSP Manual of Regulations for Non-Bank Financial Institutions.
  • IFLR: “Philippines: Foreign equity ownership decision”

    The March issue of the International Financial Law Review ( IFLR ) includes an international briefing article by SyCipLaw partner  Jose Florante M. Pamfilo  entitled “Philippines: Foreign equity ownership decision”. The article discusses the Philippine Supreme Court decision on the case of Roy v. Herbosa (GR no. 207246) to invalidate the Securities and Exchange Commission (SEC) Memorandum Circular no. 8-2013 (MC 8-2013) on the guidelines on compliance with the Filipino-foreign ownership requirements prescribed in the Philippine Constitution and/or existing laws by corporations engaged in nationalized and partly nationalized activities.
  • New regulation on unit-linked life insurance in Hungary

    Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – calculated in line with the rules of Hungarian insurance regulations – showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017. read more...
  • Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?

    On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to be enforced stems from a consumer contract; (ii) the real property is the debtor's only real property; and (iii) the debtor resided in that real property for at least six months prior to the initiation of the enforcement procedure.   read more...
  • European Court of Justice rules for the first time on discrimination based on belief

    The Court of Justice confirms a policy of neutrality can justify discrimination based on belief.
  • RECENT COURT ORDER ON GOOGLE RELATED TO PROTECTING INFORMATION RIGHTS

    Korean appeals court orders Google to disclose to Korean users what personal information Google passed to U.S. government.
  • ECJ CASE C-28/26 - RECOVERABILITY OF INPUT VAT OF A HOLDING COMPANY

    Case C-28/26 - Examines the right of a holding company to deduct input VAT on services acquired in the interest of its subsidiaries where those services are offered to its subsidiaries with no consideration.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to