The Legal 500

Fuelled by the recent subprime mortgage crisis and greater volatility in the stock markets, securities class actions in 2008 were at their highest level since 2004. According to the annual report by the Stanford Law School and Cornerstone Research, a total of 210 federal securities class actions were filed in 2008, almost half of which involved firms in the financial services sector.

Therefore, firms who rank highly in our tables will undoubtedly have strong ties with major financial institutions, although given the recent consolidation in the industry, some of these institutions no longer exist. Unsurprisingly, firms with a strong presence in New York tend to dominate our rankings. Just as subprime-related litigation has been soaring, conversely, stock options backdating issues, a former hot button topic, are on the wane. Although this kind of work is no longer the driving force behind much of the work handled by West Coast practices, California is still undoubtedly a hotbed of securities litigation (as evidenced by the Stanford Law School finding that the Ninth Circuit received the second most securities class action complaints).

Consideration will be given to a firm’s capacity to handle the full array of instructions, whether it is from issuers, underwriters, accountants or officers and directors.

Many of the firms ranked in our tables will also have significant white-collar and SEC enforcement practices. While, we have separate rankings to address core competence in this area, given the symbiotic nature of private litigation and SEC investigations, clients often wish to instruct a firm who has the capacity to handle all interconnected elements of a matter.

Cravath, Swaine & Moore LLP

PRACTICE: New York-based powerhouse Cravath, Swaine & Moore LLP ‘consistently provides extremely high-quality work’ to an eclectic array of defendants in securities litigation cases, including corporates, individuals, accounting firms and financial institutions. Incredibly facile and with an ‘intellectual firepower’ that is unsurpassed in the market, while the firm does not have a specific standalone securities litigation group, many of its 35 litigation partners regularly partake in matters in this arena.

Leveraging off a superlative collection of blue-chip clients, it is the go-to-firm for clients engaged in high-stakes litigation. As well as recently settling a class action case for IBM regarding alleged false and misleading statements, the group currently represents Beazer Homes USA, as well as certain current and former officers and directors, in securities, derivative and ERISA litigation.

Praised for the ‘stellar work’ it handled on behalf of Credit Suisse in relation to the class action brought by Enron shareholders, the team is also defending the bank and several of its senior officers in a class action alleging false and misleading statements, in addition to an alleged concealment of the its failure to write down toxic assets.

The team also continues to garner instructions from the major accounting firms, including PricewaterhouseCoopers (PwC) who it is defending in its capacity as AIG’s outside auditor, against allegations, inter alia, that it recklessly or intentionally failed to detect material misstatements in AIG’s published financial statements.

‘Given its stature as one of the leading law firms, I am often surprised by the efficiencies they are able to achieve on our behalf’, states one client.

CLIENTS: Instructed by an eclectic raft of corporates, accounting firms, underwriter clients and individuals, the firm’s clients include Beazer Homes USA, Credit Suisse, CSX, Deloitte, IBM, Merck & Co, PwC, Vivendi and Xerox.

INDIVIDUALS: Head of the firm’s litigation department, Richard Clary’s broad-based practice regularly encompasses big-ticket securities cases for issuers, underwriters and individuals. ‘A very fine lawyer’, he is
currently advising Merrill Lynch’s outside directors in derivative and shareholder actions challenging the bank’s merger with Bank of America.

Robert Baron is another integral member of this outstanding group. With the versatility one comes to expect from the firm, Baron is equally at home advising issuers as he is underwriters in complex securities litigation matters.

‘One of the most able complex case trial lawyers in the country’, acknowledge clients, Thomas Rafferty is often involved in significant securities litigation representations.

‘One of the greatest US trial lawyers’, Evan Chesler is a useful resource to clients engaged in complex commercial litigation, as is Anthony Ryan who is recognized as ‘one of the brightest attorneys in a group known for its intellectual firepower’.

Davis Polk & Wardwell

PRACTICE: ‘One of the top two or three groups practising in this area’, Davis Polk & Wardwell is seen as a ‘safe pair of hands’ by clients engaged in bet-the-company securities litigation. With eight partners working full-time on securities litigation and enforcement matters, and augmented by its wider litigation capabilities, the firm ‘provides a real team effort’ to a diverse selection of clients, including corporates, auditors and banks.

For a long time at the vanguard of the white-collar arena, the firm is able to provide a one-stop-shop service to clients who are engaged in the oft-parallel civil litigation and regulatory/white collar investigations. Driven out of New York but with a significant presence on the West Coast, the department is well positioned to advise clients on cases arising out of these twin hotbeds of securities litigation.

Deeply entrenched in the financial services sector, in addition to receiving a regular flow of instructions from major players on Wall Street, it is also regularly instructed by the major accounting firms in securities and failed company litigation. As well as advising PwC in several matters, including options backdating litigation, the team has handled a raft of work for Deloitte. Most notably, it is representing the accounting giant in connection with shareholder litigation, as well as criminal and regulatory proceedings, arising from Royal Ahold’s massive restatement. The team successfully secured dismissal with prejudice of the civil suit.

Other notable highlights include advising various underwriters, including Morgan Stanley and Merrill Lynch, in a putative class action arising out of allegedly material misstatements made by the Mills Corporation, a real estate investment trust.

CLIENTS: Clients include AstraZeneca, Toll Brothers, Hitachi, Morgan Stanley, Merrill Lynch, Deloitte, PwC and Credit Suisse.

INDIVIDUALS: Co-practice group coordinator of the firm’s litigation department, James Windels provides ‘fantastic’ advice to corporates, banks and accounting firms faced with securities litigation or regulatory investigations.

‘One of the leaders in this practice area’, recognize clients, New York-based partner Michael Carroll regularly defends corporations and boards of directors in class action litigation. ‘He is a very strong strategic thinker who is equally adept appearing before judges in court and before regulators’, say clients.

‘Absolutely committed to providing great service’, New York-based partner Michael Flynn has forged an enviable reputation, particularly as a result of his superb work for major accounting firms including PwC in securities and professional liability actions.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

PRACTICE: New York-based ‘litigation powerhouse’ Paul, Weiss, Rifkind, Wharton & Garrison LLP advises an enviable roster of clients across the full spectrum of cases arising from public offerings, auditor’s liability, proxy contests and mergers and acquisitions. ‘Great in the courtroom’, the team is able to call upon the services of a staggering array of trial lawyers who are at the very top of their game.

‘Among the very best’, clients are well served in civil and criminal proceedings, as well as administrative proceedings and regulatory investigations, as a consequence of the firm’s complementary market-leading white-collar crime capability. ‘I feel very comfortable when they are representing us’, states one client.

The department’s trial-ready approach was recently underscored by its high-profile success for Citigroup in a dispute with Italian dairy giant Parmalat. While other banks settled
similar claims, Paul, Weiss, Rifkind, Wharton & Garrison LLP successfully defended the bank in a jury trial against claims that it was complicit
in the fraud that pushed Parmalat into bankruptcy.

Extremely comfortable representing financial institutions, the department has represented a slew of clients facing bet-the-company exposures arising from the upheaval in the financial markets. For example, it is advising Citigroup in connection with all of its subprime, auction rate securities and failed investment
vehicle regulatory matters and litigations. ‘Responsive and highly professional’, the team also recently secured a major victory on behalf of insurance giant, AIG, in securities and derivative litigation arising out of transactions entered into when it was led by former CEO, Maurice Greenberg. The award of $115m was the largest payment in a derivative lawsuit in Delaware history.

CLIENTS: Instructed by a glittering array of major financial firms and large public companies, clients include AIG, Citigroup, Credit Suisse, Deloitte, Ericsson, JPMorgan, Merck, Swiss Re, Wachovia and Warner Chilcott.

INDIVIDUALS: ‘Brilliant. He grasps both facts and issues in nano-seconds’, New York-based partner Richard Rosen is one of the lynchpins of the practice. Regularly instructed by public companies and underwriting syndicates in securities fraud class actions, clients appreciate the fact that ‘he worked very efficiently and didn’t unnecessarily put armies of associates on the case’. ‘He is professorial in manner - I felt like I was at law school again (in a good way!)’.

‘On everyone’s list as one of the leading lawyers in this field’, New York-based partner Brad Karp is widely recognized in the market as one of the pre-eminent securities litigators around. ‘One of the most knowledgeable lawyers on the planet. If we are dealing with particularly complex points of law, we will call him in an instant’, remarks one client.

‘Very thorough and responsive’, New York-based partner Daniel Kramer is co-chair of the firm’s securities litigation and enforcement group. Regularly instructed on high-stakes securities litigation on behalf of major corporates, Kramer is currently involved in the aforementioned representation of AIG in its high-profile class action and derivative litigation.

Simpson Thacher & Bartlett LLP

PRACTICE: Driven out of New York and aided by a significant presence on the West Coast, Simpson Thacher & Bartlett LLP’s 21-partner group has a longstanding pedigree advising clients across all facets of securities litigation and related regulatory matters. Praised by clients for its ‘deep bench strength’, the team has many ‘excellent people, many of whom are superb litigators’.

Leveraging off a blue-blood portfolio of transactional clients, as well as generating a significant amount of work itself, the department has been at the forefront of efforts to defend financial services firms faced with a raft of subprime mortgage-related litigations and regulatory investigations.

‘Absolutely first-rate’, the group is currently defending Walter Noel’s Fairfield Greenwich Group, the hedge-fund that had $7.5bn invested in Bernard Madoff’s Ponzi scheme, against claims that it failed to adequately protect investor assets. It also represents Lehman Brothers Holdings and related entities in subprime mortgage issues.

Simpson Thacher & Bartlett LLP is also regularly retained by executives and outside directors who are themselves the targets of litigation. For example, the team represents E Stanley O’Neal, former CEO of Merrill Lynch, in connection with all civil actions and potential government investigations relating to the bank’s collateralized debt obligations (CDOs) and subprime mortgage exposure.

CLIENTS: Clients include Royal Bank of Scotland, Deutsche Bank, JPMorgan, Barclays Capital, KKR, Wyeth, Morgan Stanley, Virgin Mobile, Blackstone, Travelers, Hellman & Friedman and Focus Media.

INDIVIDUALS: ‘The consumate professional, very efficent, thoughtful and creative’, New York-based partner Bruce Angiolillo handles a broad spectrum of complex securities litigation for private equity firms, banks and corporates. ‘A very capable litigator’, Angiolillo is the name on many peoples list of lawyers best able to cope with complex, bet-the-company litigation. ‘I think the world of him, both as a person and as a lawyer’, enthused one client.

‘A very fine lawyer’, New York-based partner Michael Chepiga advises an impressively eclectic client base in relation to securities litigation, class actions, derivative actions and corporate control litigation. One of the up-and-coming stars of the team, New York-based partner Jonathan Youngwood ‘has a great future in front of him’, say clients. Recent highlights have included his representation of JPMorgan in connection with its Enron-related litigations.

Skadden, Arps, Slate, Meagher & Flom LLP

PRACTICE: Benefiting from an ‘all-encompassing expertise’, both in terms of its geographical diversity and the scope of work it undertakes in the securities litigation field, Skadden, Arps, Slate, Meagher & Flom LLP is one of the real big hitters in the market. The firm ‘produces not only high quality work, but also provides good counsel, judgement and perspective’, say clients.

Able to leverage off a ‘very significant industrial client base’, as a consequence of its reputation as one of the world’s foremost M&A practice’s, the team is regularly sought out by corporates embroiled in high-stakes merger litigation. For example, it recently secured a favorable settlement on behalf of Anheuser-Busch in relation to all shareholder litigation regarding its merger with InBev. The department also successfully defended Aeroflex against a shareholder class action seeking to enjoin its pending acquisition in an expedited proceeding.

‘Very accomplished at representing investment banks’, the practice is at the vanguard of market developments in the financial services arena and has picked up numerous mandates arising out of the subprime induced financial meltdown. Instructed by an impressive portfolio of major investment banks, it is currently representing Merrill Lynch in class, derivative and ERISA-related litigation relating to its CDOs and subprime mortgage exposure.

‘They have had a series of huge wins for us and our industry and they will walk through walls for us’, enthused one client.

CLIENTS: As well as a regular flow of work from officers and directors, Skadden, Arps, Slate, Meagher & Flom LLP is instructed by a cascade of significant blue-chip corporates and financial institutions, including Anheuser Busch, Citigroup, FARO Technologies, Merrill Lynch, DaimlerChrysler, Washington Mutual, Societe Generale, Abbott Laboratories, Yahoo!, Leonard Green & Partners and Sycamore Networks.

INDIVIDUALS: ‘Quite simply, one of the best around’, New York-based partner Jay Kasner has an enviable reputation as a trial lawyer of considerable repute. Instructed by Merrill Lynch across a slew of matters, he recently achieved a favorable settlement on its behalf, in lawsuits relating to the company’s research coverage of Internet companies.

Head of the firm’s New York litigation practice, Jonathan Lerner plays a leading role in many of its most significant securities class actions. A formidable trial lawyer, he argued the successful appeal for DaimlerChrysler with regard to claims made by billionaire investor, Kirk Kerkorian, that he was defrauded as a result of the Daimler’s merger in 1998 with Chrysler, having previously successfully represented it in the lower courts.

Co-head of the firm’s West Coast litigation department, as part of his broad ranging practice, James Lyons regularly handles significant securities litigation matters on behalf of both corporates and directors.

Sullivan & Cromwell LLP

PRACTICE: ‘The best securities litigation firm in the country at the moment’, Sullivan & Cromwell LLP has established itself as a go-to-firm for clients seeking a successful resolution when faced with bet-the-company litigation. Able to provide both significant litigation and regulatory prowess, it provides a holistic service to clients engaged in class actions and government investigations.

Drawing upon attorneys on both coasts and also able to call upon lawyers situated in its international offices, the team has all bases covered, not only on purely domestic matters, but also mandates involving a significant cross-border component.

Benefiting from deeply entrenched relationships with the major players in the financial industry, the department has been the natural choice for many of those entities that have recently become targets as a result of issues arising out of the subprime lending crisis. The ratings agency, Moody’s, has for example recently sought the services of the firm in class action litigation and in an investigation into the subprime securitization market by the New York Attorney General. The firm is also acting for UBS in subprime-related regulatory inquiries and private litigation.

The group has also ‘played a leading role on the IPO cases’, where it recently achieved a resounding and precedent setting success for Goldman Sachs and 55 underwriter banks when the Second Circuit, issued a ruling clarifying the requirements for obtaining class action status.

While the team’s engine room is undoubtedly New York, its West Coast offices are gaining an increasingly prominent reputation and generating its own substantial docket of cases for a largely issuer-side client base. For example, it represents Verifone in class action and derivative litigation arising out of the company’s recent restatement of its financial results.

CLIENTS: Clients include AIG, Bank of America, Bank of New York Mellon, Barclays, Goldman Sachs, JPMorgan, UBS, Morgan Stanley, Amgen, BP, Microsoft and Softbank.

INDIVIDUALS: One of the best known securities litigators in the country, New York-based partner Gandolfo DiBlasi is a ‘superb lawyer’ across the full spectrum of matters. At the forefront of issues affecting the financial services industry for over two decades, he is currently involved in litigation arising from mortgage-related securities, liquidity concerns and auction rate securities.

Coordinator of the firm’s securities litigation group, New York-based partner Robert Giuffra has a superb reputation in the market, advising a mix of corporates, financial institutions and individual directors and officers. ‘Wise beyond his years’, Giuffra is currently representing clients in investigations and litigation arising out of the bankruptcy of Enron and the accounting fraud at HealthSouth.

Cleary Gottlieb Steen
& Hamilton LLP

PRACTICE: ‘Very a much a firm on the upswing’, Cleary Gottlieb Steen & Hamilton LLP has been at the heart of much of the flurry of activity affecting the financial markets. Leveraging off a ‘great bank regulatory practice’ and a significant SEC enforcement capability, the nine-partner New York-based securities litigation team has been instructed with impressive regularity by financial institutions facing high stakes litigation and enquiries. And although the team lacks the national scope of some of its competitors, with almost half of the firm’s practice located outside the US, it is a natural choice for defendants embroiled in cross-border disputes. Clients also appreciate the firm’s ‘high professional skills’ and ‘excellent cost/efficiency ratio’.

In a matter right at the heart of the recent economic meltdown, the firm is currently defending dozens of banks, including Bank of America, Merrill Lynch and Morgan Stanley, in class actions and individual actions brought against them in their capacities as underwriters of securities issued by Lehman Brothers.

While the department’s work within the financial sector may grab the headlines, it is also gaining increased traction advising issuer clients on significant securities litigation, frequently involving a cross-border component. For example, it represents Imax and certain
of its officers in relation to a federal securities class action brought by US and Canadian shareholders challenging its revenue recognition accounting.

CLIENTS: Instructed by a fairly even spread of issuer and underwriter clients, Cleary Gottlieb Steen & Hamilton LLP acts for the likes of Barclays Capital, Pall, Union Carbide, Citibank, Goldman Sachs, Imax, Sanofi-Aventis, Bank of America and UBS.

INDIVIDUALS: Described as a ‘thoughtful and insightful lawyer’, New York-based partner Mitchell Lowenthal has an excellent pedigree for work in the securities litigation arena, particularly on behalf of major financial institutions.

Also based in New York, Max Gitter, Lewis Liman and Lawrence Friedman are also highly regarded partners for work in this area.

Latham & Watkins LLP

PRACTICE: One of the few firms in this section that is truly national in scope, Latham & Watkins LLP’s securities litigation group has ‘excellent strength and depth coast to coast’. Benefiting from an integrated, holistic approach that combines business sensibility with a ‘smart and thorough approach’, the team offers expertise in major class actions and derivative litigation, as well as related SEC enforcement and regulatory matters. ‘Their written work is excellent, they are great in court and they have a superb grasp of strategy’, enthuse clients.

Counterbalancing this praise, however, there is a perception that the quality of service is not uniformly of the same quality with one client querying whether they had a ‘consistent personality in all of the offices’.

Instructed by an eclectic array of clients, including public companies and financial institutions, one of the group’s core strengths is its representation of accounting firms in professional liability-related disputes. With strong ties to all of the big four firms in the industry, as well as the team’s ongoing representation of Ernst & Young in Refco litigation, it also advises Deloitte in the Washington Mutual shareholder class action.

‘Always very strong on financial fraud litigation’, other notable mandates include the department’s representation of Deutsche Bank in all of its subprime litigation and related investigations.

CLIENTS: Clients include Andersen, Carlyle Group, Choice Hotels, Deloitte, Ernst & Young, Fannie Mae, Goldman Sachs, Guitar Center, Harrah’s Entertainment, Impac Mortgage Holdings, Oracle and Sempra Energy.

INDIVIDUALS: Chair of the firm’s global litigation group, San Francisco-based partner Peter Wald ‘is an outstanding trial lawyer who has almost unparalleled experience trying securities cases and taking the cases through summary judgement’, say clients.

Chair of the Silicon Valley litigation department, Patrick Gibbs specializes in representing corporates, and individual directors and officers in securities class actions and derivative actions. ‘Smart, efficient, thorough and a very good writer’, Gibbs has been heavily involved in the firm’s ongoing representation of Oracle in the defense of a securities fraud class action.

‘A first-rate lawyer’, Virginia-based partner Laurie Smilan has handled over 50 securities class actions, as well as derivative suits and internal investigations, for a broad client base including the likes of Boeing, the Carlyle Group, Dell and Sallie Mae.

Former national chair of the firm’s litigation department, Silicon Valley-based partner Paul Dawes ‘is a celebrated lawyer’ for securities disputes.

Shearman & Sterling LLP

PRACTICE: Able to leverage off the vast knowledge of its corporate transactional practice as well as its litigation prowess, Shearman & Sterling LLP excels at advising clients in complex, cutting-edge securities litigation matters. Praised for the strength and depth of its talent, as well as partners who are ‘fantastic with clients, and also think well on their feet’, the team also includes associates who are ‘bright, competent and very responsive’. ‘Everything is timely, under budget and thoughtful’, say clients.

Instructed by an eclectic portfolio of clients including issuers, underwriters, accounting firms and hedge funds, however, it lacks the kind of deep-rooted litigation expertise that is the hallmark of the higher-ranked practices in the table. Similarly, it remains to be seen how the firm copes with the loss of one of its cornerstone banking clients, Merrill Lynch, following its merger with Bank of America.

However, the practice is still engaged in a significant amount of residual work for the bank and its senior executives, including class action litigation arising out of the merger.

The group also continues to handle work on behalf of a number of underwriters in lawsuits alleging misrepresentations in offerings by a slew of companies, including the likes of China Sunergy, Focus Media and Schering-Plough.

‘We have deep trust of them’, say clients, who also include a significant number of major public companies. In a major victory for Huntsman, the Delaware Court found that no material adverse effect had occurred and that
Hexion Speciality Chemicals must perform its obligations under the merger agreement with Huntsman.

CLIENTS: Clients include Merrill Lynch, Credit Suisse, Amaranth International and Honda Motor.

INDIVIDUALS: Instructed by a vast and loyal cadre of investment banks, hedge funds and mutual funds, New York-based attorney Adam Hakki ‘is a superb writer, savvy and great in meetings’. One of the rising stars in the team, he was described by one client as ‘among the best partners under 40 in America’.

One of the lynchpins of the practice, New York-based partner Herbert Washer is regularly engaged by clients for advice on complex securities litigation and derivative actions. ‘Bright competent and creative’, Washer is currently representing Merrill Lynch’s senior executives and board members in civil litigations and investigations arising out of losses incurred by the bank in the subprime crisis.

Formerly head of the litigation department, New York-based partner Stuart Baskin is one of the firm’s foremost securities litigators.

Weil, Gotshal & Manges LLP

PRACTICE: ‘Highly client driven and responsive’, Weil, Gotshal & Manges LLP’s New York-based securities litigation group provides a true one-stop-shop service to both issuers and underwriters across the gamut of civil, criminal and regulatory matters. ‘First-class’, the group has successfully raised its profile in the market and secured leading roles in many matters emanating out of the financial meltdown.

While it is to some extent overshadowed by its world-class bankruptcy practice, on occasions this can act as a useful entrée to work in the securities litigation arena. A prime example of this is its current representation of bankrupt investment bank, Lehman Brothers. Highlighting the firm’s ability to provide an all-encompassing service across many related substantive areas of law, as well as its headline representation as debtor’s counsel, the securities litigation group has been tasked with the overall management for the litigation related to corporate transactions, securities, substantive bankruptcy and regulatory issues. The department also advised AIG on subprime litigation and related matters arising from an $11bn write down in its credit default swap portfolio.

In addition to its representation of corporates, both as defendants and plaintiffs, the group also picks up regular mandates from current and former officers, and directors, as defendants in a range of complex securities-related litigation. For example, it successfully defended the buyout group of Kinder Morgan in attempts made by plaintiffs to enjoin the going private transaction of all outstanding shares of KMI stock.

CLIENTS: Clients include AIG, Archstone-Smith Trust, CIBC, General Electric, General Motors, Getty Images, Merrill Lynch, Refco, Staples, the Children’s Place, Tyco International and Wal-Mart.

INDIVIDUALS: Co-chair of the firm’s investigations and criminal defense practice group, New York-based partner Jonathan Polkes advises a raft of financial institutions and public companies in the defense of big-ticket private litigation, as well as regulatory and criminal matters. ‘He has a fantastic grasp of complex legal issues, his written and oral advocacy is outstanding, and he is an excellent trial lawyer’, say clients.

Co-head of the firm’s securities/corporate governance litigation group, New York-based partner Joseph Allerhand has an outstanding reputation in the market, acting for both defendants and plaintiffs across a mix of securities, M&A and busted deal litigation. A supremely assured advocate, Allerhand has argued and tried a plethora of high-profile cases in state and federal courts, and before arbitration panels.

Wilson Sonsini
Goodrich & Rosati

PRACTICE: ‘A very top practice’, Wilson Sonsini Goodrich & Rosati’s 24-partner securities litigation department advises a largely issuer client base across the waterfront of matters, including class action defense, derivative actions, M&A litigation and SEC enforcement.

Although the firm has expanded beyond its Silicon Valley roots, with 19 of the group’s partners based on the West Coast, it undoubtedly remains the heartbeat of the practice. Seen as ‘a great firm for the representation of high-tech companies’, its high water mark came at the turn of the decade with the dot com boom.

While it is less active in the major cases affecting the financial services industry, the firm still handles an ‘impressive volume’ of cases for corporates in relation to shareholder class actions and derivative actions. In one such matter, it secured the dismissal of a consolidated complaint against various former
members and current officers and members of Intuit, and members of the company’s board of directors.

This was based on two separate, but identical, shareholder derivative suits relating to alleged improperly priced stock options.

CLIENTS: Instructed by some of the largest corporates in the country, largely from the technology sector, clients include Hewlett-Packard, Dell Computer, 3Com, Silicon Graphics, Palm Computing and Rambus.

INDIVIDUALS: Formerly assistant US attorney in the Southern district of New York, Meredith Kotler does ‘an outstanding job’ for issuer and underwriter clients faced with securities litigation and government investigations. ‘She is very consistent’, say clients who include Avaya, Axciom and Synopsys.

‘A seriously major league player’, Palo Alto-based partner Boris Feldman is regularly involved in the most significant securities litigation handled by the firm, for an impressive stable of largely tech-based companies. ‘Very strong’, he has represented companies and their officers in over 140 shareholder class actions and derivative actions.

Splitting his time between Palo Alto and New York, senior litigator Steven Schatz’s rounded practice sees him defending clients in securities class actions, regulatory investigations and in complex general commercial disputes.

Cadwalader, Wickersham
& Taft LLP

PRACTICE: Although the firm as whole has suffered as a consequence of the economic downturn, most markedly in relation to its structured finance presence, Cadwalader, Wickersham & Taft LLP’s 35-attorney New York-based securities litigation department continues to occupy a prominent place in the legal landscape.

While the firm may not boast the same stable of large corporate issuer clients of some of its competitors, its work for both investment and commercial banks is of the highest standard.

In this arena, the team recently secured summary judgment on behalf of Bear Stearns against claims that it and its board directors breached their fiduciary duties to Bear Stearns’ stockholders by approving its recent federally-assisted merger transaction with JPMorgan. In another high-profile matter within the financial services industry, the department successfully defended the Bank of America’s board of directors in a shareholder derivative action alleging that, inter alia, they breached their fiduciary duties in permitting investment in risky subprime securities, despite purportedly knowing the risks associated with such securities.

CLIENTS: Particularly accomplished at defending significant banks in complex class actions, clients include the likes of Bank of America, Bear Stearns and Credit Suisse. Other notable clients include Pfizer and Falconbridge.

INDIVIDUALS: Chairman of the firm’s litigation department, New York-based partner Gregory Markel ‘has a very big visibility in the market’ off the back of some prominent mandates in securities litigation relating to Enron, WorldCom and Tyco.

Cahill Gordon & Reindel

PRACTICE: While it lacks visibility in high-profile market-defining cases, single office New York firm Cahill Gordon & Reindel impresses a broad-range of clients with its ‘creative, strategic and hardworking’ approach to matters.

With only 11 partners active in this area, the team is a good deal smaller than many of its rivals, however, as a result of this clients are impressed by its ability ‘to staff leanly’ and to provide ‘excellent senior level input’. Clients also note that ‘what really distinguishes the firm from others in the market is that its written product is uniformly excellent’.

Unable to leverage off the same kind of high-caliber corporate and financial institution client base of many of its more fashionable competitors, it is a mark of the team’s prowess in the area that a good deal of its work is of a standalone basis. Instructed by an eclectic mix of clients, including issuers, company boards, underwriters, law firms and committees, a preponderance of experienced litigators ensures the firm has a distinctly trial-ready approach to matters. This was recently demonstrated by the team’s recent defense of Household International in a class action alleging, inter alia, that the company’s financial results from subprime consumer lending were overstated.

As well as frequent instructions from company directors, another niche area for the practice lies in its representation of law firms as defendants in legal malpractice or securities fraud litigation. ‘They are a good quality team across the board, they always have our interests at heart’, enthuse clients.

CLIENTS: Clients include Household International, Pepper Hamilton LLP, Beazer Homes USA, Bank of America, Prudential Financial, HSBC, XL Capital, Starwood Hotels and Deutsche Bank.

INDIVIDUALS: Described by one client as ‘probably the best litigator that I have ever seen’, Thomas Kavaler is regularly at the heart of the firm’s highest-profile mandates on behalf of both issuers and underwriters. A superb trial lawyer, as well as ‘an amazing ability to think on his feet’, clients also appreciate his ‘superb oral and written skills’.

Formerly US Attorney for the Southern District of New York, David Kelley is ‘incredibly impressive in the regulatory arena’ on behalf of public companies, boards of directors and audit committees. In addition, Kelley is regularly involved in defending companies and their officers, and directors in federal securities litigation.

Praised by clients, Charles Gilman is regularly engaged in complex litigation often involving parallel state and federal class actions, as well as governmental investigations.

Clifford Chance

PRACTICE: Clifford Chance provides ‘high quality work’ to a dynamic mix of issuers and underwriters. In an area where there is such a symbiotic relationship between the civil litigation and regulatory and white-collar investigations, it is however, notable that the firm recently lost a three-partner white-collar team to Skadden, Arps, Slate, Meagher & Flom LLP. Indeed, one major banking client suggested that the firm ‘needs to beef up its regulatory enforcement practice’.

Despite this, the 11-partner group has been involved in a raft of significant matters relating to the current financial crisis. As well as advising clients on high-profile auction rate securities investigations, it also represents the Independent Trustees of the Reserve Fund in a number of matters that followed when the Primary Reserve Fund ‘broke the buck’.

A vast international footprint also ensures it is regularly instructed on global IPO issues, such as its involvement for JPMorgan and an underwriting syndicate, in the Xinhua IPO litigation. In another matter that incorporated a multi-office approach, the firm recently secured summary judgement for Citigroup in relation to the Parmalat US class action.

CLIENTS: Clients include AllianceBernstein, Bank of New York Mellon, BlackRock, Charles Schwab, Citigroup, JPMorgan, Merrill Lynch, Morgan Stanley, Royal Bank of Canada and UBS.

INDIVIDUALS: Co-head of the firm’s securities litigation, regulatory and white-collar team, New York-based partner George Schieren ‘is a pleasure to deal with’, say clients. Benefiting from ‘an excellent approach to client relationships’, he was recently an integral part of the team that secured summary judgement on behalf of Citigroup in the Parmalat US class action.

Co-head of the group, New York-based partner Mark Holland is particularly recommended for his representation of mutual companies.

‘A high quality litigator’, say clients, rising star Mark Kirsch successfully cultivated the group’s thriving relationship with the Bank of New York Mellon.

Debevoise & Plimpton

PRACTICE: Although Debevoise & Plimpton’s securities litigation prowess remains somewhat overshadowed by the Mary Jo White-led SEC enforcement and investigations group, it is gradually gaining prominence in the market as a result of some high-profile mandates.

‘Substantively very strong’, across the criminal, civil and regulatory aspects of a case, clients appreciate the one-stop-shop approach it is able to bring to the table. ‘Very thorough and responsive’, this holistic approach was recently brought to bear on the firm’s involvement for UBS in auction-rate securities investigation and related-private litigation.

In addition to a regular flow of work from corporate clients, including insurance companies and private equity sponsors, it also picks up a significant pipeline of work for officers and directors. For example, in addition to advising the company itself, the department advises five of Interstate Bakeries’ former officers in litigation relating to the issuance of subordinated debt prior to bankruptcy filing.

CLIENTS: Clients include Royal Dutch Shell, Yukos Oil Company, Interstate Bakeries, Cablevision Systems, Knight Securities, John Hancock and Waste Management.

INDIVIDUALS: Formerly an Associate Director of the SEC’s division of enforcement, Washington DC-based partner Paul Berger’s expansive caseload encompasses securities litigation, enforcement and white collar criminal defense matters. ‘He is a very, very talented attorney who deals quite well with senior management’, recognize clients.

New York-based co-chair of the firm’s white-collar practice group, Bruce Yannett also devotes a considerable amount of his time handling securities litigation. ‘He displays excellent judgement, is cool under pressure, open to suggestions and creative in finding solutions’, say clients.

Based in New York, Edwin Schallert is particularly accomplished at representing life insurance companies, such as Prudential Insurance, in complex securities litigation.

Fried, Frank, Harris,
Shriver & Jacobson LLP

PRACTICE: Instructed by defendants across an array of securities litigation, Fried, Frank, Harris, Shriver & Jacobson LLP ‘offers very good value for the level of sophistication they bring to the table’, say clients. Clients are also effusive about ‘their responsiveness and willingness to often work on very tight schedules’.

While it appears with less regularity in the headline grabbing cases that define the top firms, the practice receives a regular flow of instructions form a loyal cadre of existing and standalone corporate clients. Praised for its ability ‘to handle complicated litigation’, it is involved in a raft of cases arising out of the current economic meltdown. For example, it is defending Wachovia and its current officers, and directors against claims that the company and the individuals failed to make proper disclosures regarding its exposure to the subprime mortgage market. The department also defends monoline insurer, ACA Financial Guaranty, against allegations that, inter alia, it failed to properly disclose its exposure to the subprime mortgage market.

CLIENTS: Clients include Wachovia, Goldman Sachs, Allied Waste Industries, CIT, Chiquita Brands, Manifold Capital, Humana, Citadel Investment Group, ONEOK, NYSE, Dow Jones and Merrill Lynch.

INDIVIDUALS: Both based in New York, William McGuinness and David Morris, receive glowing praise for their expertise in the securities arena. ‘They can be tough as nails or as sweet as molasses, as the situation requires’, enthused one client.

Active across a myriad criminal, regulatory and civil securities litigation, New York-based partner Audrey Strauss ‘has tremendous experience in the area of securities law which gives her an intuitive understanding of how a matter is likely to develop’. Clients also appreciate ‘her ability to keep multiple options open and adjust her strategy on the fly as situations change’ as well as ‘her reputation as a straight-shooter within the profession’.

Milbank, Tweed, Hadley
& McCloy LLP

PRACTICE: Recommended by a diverse portfolio of clients, including issuers, underwriters, broker-dealers, accounting firms, investment advisers and individual officers, Milbank, Tweed, Hadley & McCloy LLP is a significant force in the market. While New York undoubtedly remains the heartbeat of the practice, the recent arrival of leading securities litigator and former managing partner of Heller Ehrman’s Los Angeles office, Jerry Marks, underscores the firm’s commitment to growing its West Coast firepower.

Although it appears with less regularity in the headline-grabbing cases that define our top-tier firms, it has picked a steady stream of work of litigation arising from the credit crunch, including issues involving auction rate securities, CDOs and other subprime investments. The practice is defending the former co-President of Merrill Lynch in a series of class actions and derivative suits alleging that the bank and several individuals aggressively grew its CDO underwriting business regardless of risks posed by the subprime mortgage market.

Very prominent in certain niche areas of the market, for example, it is one of the go-to-destinations for mutual funds engaged in class action and derivative litigation. Recently successfully securing a motion to dismiss on behalf of Citigroup Asset Management in an excessive management fee case, the firm is currently representing it in the appeal of that decision.

CLIENTS: Clients include Citigroup Asset Management, Citigroup, Legg Mason, NYSE Group, Neuberger Berman Real Estate Income Fund, Royal Bank of Canada and Capital Research and Management Company.

INDIVIDUALS: In a practice that encompasses private securities litigation, criminal and SEC enforcement, New York-based chairman of the litigation group, Scott Edelman is ‘sensational’ say clients. ‘He’s a quick study, a tenacious advocate, and as sharp as a tack in negotiations’.

Head of the firm’s securities litigation practice group, New York-based partner James Benedict has a wealth of expertise advising defendants in class and shareholder derivative actions alleging violations of state and federal securities laws. Benedict also has an excellent reputation advising clients in excessive-fee class actions for mutual funds.

Based in the firm’s Los Angeles office following his arrival in October 2007 from Heller Ehrman, Jerry Marks, has an excellent reputation in the West Coast securities litigation market.

Wachtell, Lipton, Rosen & Katz

PRACTICE: Although its size mitigates against it taking on the same volume of mandates as many of the firm’s in this section, in terms of quality, New York-based white-shoe firm Wachtell, Lipton, Rosen & Katz is ‘outstanding’. Blessed with ‘some seriously smart litigators’, while it may lack the breadth of some of its competitors, its representation of major blue-chip corporates in bet-the-company litigation is virtually unparalleled. With many of its instructions generated from its ‘world-class’ M&A department, it is hardly surprising that it excels in deal litigation.

At the forefront of the recent credit-crunch-induced consolidation within the banking sector on the deal side, not surprisingly the firm has also handled numerous subsequent disputes that have arisen. Recent highlights include the practice’s representation of Bank of America in litigation brought by shareholders challenging its merger with Merrill Lynch.

Precipitated by the subprime-related economic crisis, the team has been particularly active of late in relation to disputes over material adverse change clauses in merger agreements.

CLIENTS: Instructed by a portfolio of blue-chip corporates and financial institutions, clients include Bank of America, Sears, Bausch & Lomb, JPMorgan, Avon and Tommy Hilfiger.

INDIVIDUALS: Lawrence Pedowitz offers ‘brilliant judgement’ to an impressive cadre clients, including investment banks, public companies and individual directors. ‘Really smart’, Pedowitz is engaged by clients in SEC enforcement matters and securities litigation.

‘Extremely good’ across a plethora of complex commercial litigation, Eric Roth has been at the vanguard of developments in M&A litigation, including amongst others defending the legality of the ‘poison pill’.

A trial lawyer of legendary status, name partner Herbert Wachtell still handles a regular stream of securities cases, while Theodore Mirvis is a reassuring presence to clients faced with high stakes securities litigation.

WilmerHale

PRACTICE: Overshadowed to some extent by its ‘world-class’ SEC enforcement capability, WilmerHale’s securities litigation capability should not be underestimated. Driven out of its Washington DC office and frequently acting in concert with its regulatory lawyers, the firm ‘ticks all the boxes’ for a client base heavily concentrated in the financial services, high tech and bio-tech industries.

Benefiting from a ‘deep bench of lawyers who know how to litigate’, it handles a broad range of contentious matters addressing issues relating to disclosure obligations, restatements, fiduciary duties and insider trading, amongst others. Also praised for its ‘very good communication skills’, the team has been heavily involved for financial services companies as defendants in securities actions.

For example, in Woodbury v Nationwide Life Insurance Company, the firm won a class action alleging breach of fiduciary duty and negligence for allowing market timing transactions in variable accounts.

A flourishing West Coast capability continues to be involved in a number of major stock option backdating matters.

CLIENTS: Particularly active in the financial services, technology and biotech sectors, clients include Citigroup, JPMorgan, Medtronic and Analog Devices.

INDIVIDUALS: ‘A legal scholar and a ferocious advocate’, Boston-based partner Jeffrey Rudman co-chair’s the firm’s securities litigation and enforcement group. Rudman is instructed by a range of financial services, biotech and high tech entities, in the defense of high impact shareholder class and derivative actions.

Based in Washington DC and New York respectively, William McLucas and ‘the excellent’ Robert McCaw have formidable reputations for SEC enforcement work and are both integral to the firm’s overarching prowess in both the regulatory and litigation aspects of securities matters. McLucas is also chair of the firm’s securities department.

Gibson, Dunn & Crutcher LLP

PRACTICE: Gibson, Dunn & Crutcher LLP ‘does an excellent job’ for public companies, banks, accounting firms and individuals. Benefiting from a sizeable presence on both coasts, as well as a strong presence in Washington DC, the team is able to provide a one-stop-shop service to clients facing up to high-stakes private litigation, as well as SEC enforcement actions, and criminal and regulatory investigations.

While it is still unable to boast the kind of deeply entrenched Wall Street relationships that defines the top firms, it is undoubtedly gaining greater penetration in the financial services arena. ‘Very much on the upswing’, the group was recently bolstered by the arrival of former partner at Heller Ehrman, Lawrence Zweifach, who brought with him a number of significant subprime-related mandates.

Boasting a cross-departmental firm-wide subprime working group of some 50 partners, Gibson, Dunn & Crutcher LLP offers an avowedly focused approach to the current problems affecting financial services clients. Notably, the department leads the defense of a raft of underwriters, including Citigroup, Goldman Sachs and UBS, in a major securities class action arising out of subprime mortgage issues affecting Countrywide Financial, one of the country’s leading subprime lenders.

Given its roots on the West Coast, unsurprisingly the team regularly defends technology and internet companies in class and derivative actions. For example, it is advising TriZetto Group, in connection with class action litigation challenging its sale to private investors.

CLIENTS: Clients include Intel, Merrill Lynch, UBS, JPMorgan, Deloitte, Goldman Sachs, Openwave Systems, State Street Bank & Trust and Deutsche Bank.

INDIVIDUALS: Chair of Washington DC’s litigation department and co-chair of the firm’s white-collar defense and investigations group, ‘the excellent’ Joseph Warin’s practice runs the gamut from securities fraud class actions, to complex regulatory investigations.

New York-based partner Jonathan Dickey is co-chair of the firm’s national securities litigation practice. Offering a wealth of experience to clients that include public companies, banks, accounting firms and venture-capital outfits, Dickey has an excellent reputation defending clients in complex securities class action and M&A litigation. He initiated the formation of the firm’s subprime working group and is actively involved in a number of headline matters.

On the West Coast, Orange County-based partners Wayne Smith and Meryl Young both have excellent reputations for the representation of accounting firms and corporations respectively.

Kirkland & Ellis LLP

PRACTICE: Kirkland & Ellis LLP is perhaps less avowedly focused upon securities matters as some of its competitors, nevertheless, as ‘one of the top litigation firms in the world’, it handles more than its fair share of significant matters on behalf of corporates, financial institutions and accounting firms.

While the team has significant capacity in New York and, to a lesser extent, in Washington DC, and California, it is its Chicago headquarters that generates the majority of the key engagements. Active across the waterfront of complex commercial litigation, from securities fraud class actions, to shareholders rights cases, recent notable victories include the successful defense of Visteon in a securities fraud class action. In what was one of the first appellate decisions applying the new pleading standards set out in Tellabs, the Court of Appeal concluded that the plaintiffs failed to adequately plead scienter.

Also regularly instructed by accounting firms, as well as the department’s current representation of KPMG in a federal securities fraud action, notably, the team recently secured a motion to dismiss on behalf of PwC in a similar action. The firm’s ability to handle the white-collar and SEC enforcement aspects of a matter was recently bolstered by a number of lateral hires, including Charles Clark and Michael Garcia, who both boast significant governmental experience.

CLIENTS: Clients include Morgan Stanley, 3G Capital Management, Visteon, PwC, KPMG, Motorola, General Motors, Tenet Healthcare, UBS and Ernst & Young.

INDIVIDUALS: As part of his wide ranging litigation practice, Washington DC-based partner Andrew Clubok is regularly engaged in securities disputes where he is recognized for his ‘expertise on the IPO cases’.

As part of her diverse litigation practice, Chicago-based partner Emily Nicklin receives a steady stream of work defending accounting firms in professional liability actions, while New York-based partner Jay Lefkowitz earns plaudits for his representation of financial institution clients in commercial litigation.

O’Melveny & Myers LLP

PRACTICE: With in excess of 50 securities litigators spread across New York, California and Washington DC, O’Melveny & Myers LLP has the critical mass to defend corporates, individuals and financial institutions across the waterfront of securities-related litigation, including class actions, derivative actions, accounting restatements, M&A litigation and misdated stock options.

Known for its communicative approach, one client enthused that the firm ‘has done a very good job of keeping us apprised of what to expect in the case’. While another client stated the department ‘is collegial in their discussions with us about particular action plans or approaches’.

While it does not appear with the same regularity in the big-ticket cases affecting the major financial institutions, it still receives its fair share of mandates from the likes of Credit Suisse and Bank of America. Indeed, it is currently instructed by the latter as coordinating
counsel on all of its subprime-related cases, auction-rate-securities matters and regulatory investigations.

‘Timely and responsive’, say clients, after five years of litigation and appeal, the firm recently secured a notable success on behalf of Skechers USA who were exonerated in a securities fraud class action.

‘They have taken an appropriately aggressive yet balanced approach to cases’, say clients.

CLIENTS: Clients include Apollo Management, Apple, Credit Suisse, Deutsche Bank, Fannie Mae, SanDisk, Skechers, Tenet Healthcare, Vitesse Semiconductor and WellPoint.

INDIVIDUALS: Nationwide chair of the securities litigation practice and until recently the managing partner of the firm’s Los Angeles office, Seth Aronson is regularly instructed by corporates, and their officers and directors in big-ticket matters before the state and federal courts. ‘Very knowledgeable about securities class action matters’, Aronson successfully defended Skechers at trial and appellate level in its recent securities litigation class action.

Described as a ‘great client guy who is very easy to work with’, New York-based trial lawyer Bradley Butwin is regularly engaged by clients to defend them in big-ticket securities litigation.

‘Very good’, say clients, as well as her substantive securities litigation prowess, Los Angeles-based partner Amy Longo also ‘has strong expertise in e-discovery’.

Sidley Austin LLP

PRACTICE: With more than 35 partners who have a focus on securities litigation and SEC enforcement, Sidley Austin LLP has a ‘tremendous strength and depth’ across the waterfront of matters, including securities fraud class actions, accounting liability work and derivative litigation involving alleged breaches of fiduciary duty.

Recently bolstered by the acquisition of a number of partners from the now defunct Heller Ehrman law firm, including its chair of securities litigation, Sara Brody, the department is well and truly in the ascendancy. This increased prominence in the market has manifested itself in many ways including a greater visibility in the investment banking sector.

‘Top-notch and creative’, say clients, the team successfully concluded its long running representation of Bank of America in relation to the Parmalat-related litigation, when relying on arguments put forward by the firm in relation to the Stoneridge case, achieved summary judgement. The team also secured a notable victory for China Life Insurance Company and several of its former directors when the District in Manhattan dismissed purported securities fraud claims alleging that the defendants made, inter alia, misleading information in its prospectus fined in connection with its IPO.

Complemented by an ‘excellent’ Supreme Court and appellate practice, the firm is regularly engaged by clients in cutting-edge of legal developments in the securities arena, as highlighted by its recent high-profile victory on behalf Tellabs, which established new more stringent pleading standards for plaintiffs.

‘ Sidley Austin LLP have always provided outstanding legal advice and direction, their support is unmatched’, states one client.

CLIENTS: Clients include Aon, AT&T, Bank of America, Bombardier, Deloitte, Deutsche Bank, Tellabs, Tribune Company and Tyson Foods.

INDIVIDUALS: One of the group’s elder statesman, New York-based partner Robert Pietrzak offers a wealth of experience to financial institutional clients engaged in complex securities litigation disputes. ‘He’s outstanding, very efficient, proactive and really understands the customer’s issues’, say clients.

Based in the firm’s Chicago headquarters, David Graham’s broad ranging litigation practice frequently sees him defending clients in securities litigation at both the trial and appellate levels. ‘A brilliant litigator’, he recently successfully represented Tellabs in its high-profile victory before the Supreme Court.

With a particular expertise representing clients in state and federal courts in relation to securities fraud class actions, Chicago-based partner James Ducayet ‘is a solid, careful and responsive litigator’, say clients.

Washington DC-based partner Paul Gerlach ‘brings a tremendous amount of experience and sound judgment to bear on SEC matters’, say clients.

Morrison & Foerster

PRACTICE: ‘One of the best firms in the country’, say clients, although Morrison & Foerster lacks the kind of entrenched underwriter relationships that ensures repeat engagements in securities litigation, it is one of the few firms that offers clients a true bicoastal presence.

Complemented by an in-house forensic accounting group, the department offers ‘highly practical’ advice to an impressive collection of corporates in a wide variety of industry sectors, including life sciences and technology. Benefiting from a ‘deep bench’, the department has the critical mass to handle some resource intensive matters. For example, it is currently instructed as liaison counsel for more than 300 issuers and 1,000 individual defendants in IPO securities class actions.

Benefiting from a strong international footprint, particularly in Asia, the group has been engaged in an increasing amount of securities litigation on behalf of Chinese issuers. The team recently secured a favorable settlement on behalf of Qiao Xing Universal Telephone, a China-based telephone manufacturer, and certain of its officers and directors in a securities class action.

CLIENTS: Instructed by a plethora of technology, life sciences and financial services companies, clients include JDS Uniphase, Hartford Financial Services, Textainer Group, Argus Group, Metro Media Fiber Networks, Infineon Technologies and Qiao Xing Universal Telephone.

INDIVIDUALS: ‘Very distinguished’, New York-based partner Jack Auspitz offers a wealth of experience to defendants engaged in high-stakes securities litigation and other complex commercial cases. He is a favorite of clients who are appreciative of his ‘excellent communication skills’.

‘Experienced, knowledgeable, responsive and effective’, Palo Alto-based partner Darryl Rains regularly represents defendants in class actions, derivative litigation and SEC enforcement actions.

San Francisco-based partner Jordan Eth displays ‘excellent knowledge of the facts’, say clients, who include public companies and their officers and directors.

Dechert LLP

PRACTICE: ‘Extremely responsive’, say clients, Dechert LLP’s white-collar and securities litigation practice provides an ‘excellent service’ to corporates, directors and officers, banks and mutual funds. Recently bolstered by the arrival of Matthew Larrabee, formerly chairman of Heller Ehrman and himself an experienced securities litigator, the firm’s nationwide team of over 100 attorneys has the critical mass to handle a tremendous volume of matters.

Although the firm is rarely visible in the big-ticket litigation that defines many of the leading firms, in various niche areas it is hard to beat.

One such area is in relation to mutual fund litigation. Benefiting from strong relationships with a significant proportion of the leading players in the market, the team is regularly called upon to represent clients facing ‘40’ Act class actions.

The team is currently advising hedge fund, Third Point, as a defendant in a case alleging that it, along with nearly 30 other firms, published negative research regarding Fairfax in order to drive its share price down and then benefit from short sales.

CLIENTS: Clients include Bank of America, Bayou Hedge Funds, Dell, GlaxoSmithKline, JPMorgan, Maples Finance, Monster Worldwide, Morgan Stanley, Starwood Capital Group and Third Point.

INDIVIDUALS: Until recently the chair of the financial services and securities litigation practice group, Philadelphia-based partner Steven Feirson ‘is an exceptional litigator’, enthuse clients. ‘Amazing in all respects’, he is currently leading the defense of Starwood Capital in litigation relating to its multi-billion dollar acquisition of the Taittinger assets.

Described by one client as ‘one of the best lawyers in the country’, New York-based partner Andrew Levander has ‘a well deserved national reputation’. ‘Smart, thorough and practical, he also has great judgement and a real sense of what is important and what is less so’, enthuse clients.

DLA Piper

PRACTICE: With some 48 securities litigation partners spread across the firm’s national patchwork of offices, DLA Piper certainly has the critical mass to handle a significant volume of mandates for clients.

However, despite this sizeable headcount, it suffers by comparison with the leading firms in in terms of the regularity that it appears in big-ticket, headline-grabbing engagements. Indeed, despite a continued strong showing on behalf of issuers as defendants in class actions, the team is conspicuous in its absence of major underwriter instructions in litigation flowing from the subprime-induced credit crisis.

‘Very conscientious and with excellent client skills’, the group was recently successful on behalf of BDO Seidman, when the Los Angeles Superior Court sustained a demurrer to a multimillion fraud complaint filed against it.

Despite a dwindling of cases in the area, the firm’s West Coast offices continue to defend clients engaged in stock options backdating matters.

CLIENTS: The firm’s clients include FDIC, JNI, BDO Seidman, Multiple Services and Ready Ice Holdings.

INDIVIDUALS: San Diego-based global co-chair of the securities litigation group, Robert Brownlie has a strong track record defending Californian corporates in securities litigation.

Managing partner of the Century City office and global co-chair of the firm’s securities litigation group, Perrie Weiner represents an array of private equity funds, broker-dealers and issuers in securities litigation and related enforcement proceedings.

Orrick, Herrington
& Sutcliffe LLP

PRACTICE: Recently bolstered by the addition of four-partners from Heller Ehrman, Orrick, Herrington & Sutcliffe LLP’s 26-partner department advises clients across the waterfront of securities-related litigation, from complex class actions and M&A litigation, to SEC investigations and white-collar defense work. A stalwart of the Californian legal market, although the firm continues to grow in New York and Seattle, it is still unable to boast the close underwriter ties that is the hallmark of the top practices.

Unsurprisingly, for a firm with its roots on the West Coast, high-tech companies account for a significant proportion of the department’s mandates in this area, including a notable victory for Ikanos Communications who were recently accused of alleged violations of Sections 11 and 12 of the Securities Act of 1933.

CLIENTS: Clients include NovaStar, VantagePoint Venture Partners, Micrus Endovascular, NVIDIA, Ikanos Communications and Deloitte.

INDIVIDUALS: ‘Terrific’, Mike Torpey leads the firm’s securities litigation and regulatory enforcement group from San Francisco and New York, where he divides his time.