Bredin Prat
is a leading name in the field. A perfect fit to the firm’s high-end public M&A practice, the litigation team intervenes in headline public takeover battles concerning the country’s most high-profile companies. The team also acts for leading listed companies in dealing with sensitive shareholders’ conflicts and governance issues, while its range of expertise also extends to assisting listed companies, executives and other financial players facing AMF-led stock-market breach investigations. Key names in the team include litigators Jean-Daniel Bretzner
and Florian Bouaziz and white-collar expert Eric Dezeuze.
Dispute resolution: Stock market litigation in France
Bredin Prat
Practice head(s):
Didier Martin; Jean-Daniel Bretzner; Florian Bouaziz; Eric Dezeuze; Guillaume Pellegrin; Sébastien Prat; Ève Duminy
Key clients
Air Liquide
Alta Percier, Altarea et Altarea Management
Celanese
EDF
Imerys
NJJ
Schneider Electric
Simon Property Group
Sodexo
Work highlights
- Advising NJJ press (a company controlled by Xavier Niel) in connection with the composition of the capital of the controlling holding company of Le Monde group.
- Advising Altarea within the context of a litigation initiated by the shareholders of the holding company of the Primonial group and a number of individual investors following the failure of the proposed acquisition of Primonial by Altarea.
- Advising Electricité de France (EDF) on all litigation in the context of the simplified takeover bid launched by the French State for shares and bonds convertible into and/or exchangeable for new and/or existing shares of EDF.
Cleary Gottlieb Steen & Hamilton
Drawing on the wider firm's strength in public M&A, Cleary Gottlieb Steen & Hamilton’s litigation team has excellent knowledge of publicly listed companies and is regularly involved in headline public tender offer-related disputes and shareholders’ conflicts and governance issues pertaining to France’s leading companies. The team also represents leading corporations facing AMF-stock-market breach investigations. The practice is jointly headed by Jean-Yves Garaud and Delphine Michot.
Practice head(s):
Jean-Yves Garaud; Delphine Michot
Key clients
ArcelorMittal
Capgemini
Rothschild
Total
Vallourec
Work highlights
- Representing SARPI in interim proceedings brought by Lafarge Ciments in connection with the sale of SARPI’s stake to Nouveau Suez in the context of the remedies to the Veolia-Suez merger ordered by the European Commission.
- Representing ArcelorMittal in proceedings before the Paris Civil Court against the Association d’Actionnaires d’Arcelor (AAA) acting on behalf of several hedge funds, claiming that the exchange ratio of the 2007 merger between MittalSteel and Arcelor that led to the creation of ArcelorMittal was unfair.
- Representing multiple clients in several ongoing or recent investigations conducted by the AMF.
Darrois Villey Maillot Brochier
Darrois Villey Maillot Brochier has a strong understanding of publicly listed companies as embodied by its impressive client roster, which includes many of the country’s CAC 40 companies. The firm’s stock-market litigation practice is a perfect match to its leading M&A expertise as it is systematically retained to handle subsequent stock-market disputes relating to public M&A. The team is also entrusted to deal with sensitive shareholders’ conflicts and corporate governance issues, while its caseload also includes high-profile stock-market breach cases such as price manipulation and communication of false financial information. Matthieu Brochier and Nicolas Mennesson are both top-notch, while the M&A partners also regularly contribute. Associate Wenceslas Le Chevalier is also noted.
Practice head(s):
Cyril Bonan
Testimonials
‘We consider Darrois to be the leaders of the field in stock market litigation. As a firm, they have such a strong corporate practice and client base, stock market disputes is a real area of strength and an area that they naturally excel.’
‘Matthieu Brochier is an outstanding litigator and a true leader in the field of stock market litigation.’
‘Highly knowledgeable, with great understanding of the regulatory landscape and good commercial, practical and strategic insight.’
‘Matthieu Brochier is a superb operator and deep thinker.’
‘Excellent, extensive experience in shareholder and stock-market disputes. Among the best in Paris’.
‘The team brings tremendous dedication to client service together with a collection of supremely committed and talented individuals. Their creativity, thoroughness, thoughtfulness and responsiveness distinguish them among their competitors. An excellent choice for M&A-related disputes in the French market.’
‘First-rate expertise in stock market law, whether in litigation or stock market transactions, and extensive experience in complex and international cases. The team of lawyers constituted for a case depends on the particularities of each case and may include lawyers from different departments of the firm who work in perfect symbiosis.’
‘Matthieu Brochier gives clear strategic advice in complex matters. He knows how to adopt an aggressive and effective defense strategy but also recommends transactional solutions when it is the right time.’
Key clients
Bouygues
BPCE
Capgemini
Crédit Agricole
Elior
Europcar
Korian
Lagardère SA
LVMH
Rubis
Safran
Suez
Tullett Prebon
Unibail-Rodamco Westfield
Vivendi
XPO Logistics
Tullett Prebon
Unibail-Rodamco Westfield
Vivendi
XPO Logistics
Work highlights
- Advised the ad hoc committee of the EDF Board of Directors in connection with the 9 billion euros takeover announced in July 2022 by the French State.
- Successfully represented Vivendi in a French class action before the Paris commercial court (“Tribunal de commerce de Paris”) for compensation for a stock market loss of more than 2 billion euros claimed by a hundred of investment funds and institutional investors.
- Advised several entities of the Credit Agricole Group in a collective action brought by the ADAM (“Association de défense des actionnaires minoritaires”).
Gide Loyrette Nouel A.A.R.P.I.
Gide Loyrette Nouel A.A.R.P.I. has a high-level dedicated team that assists clients facing AMF regulatory and disciplinary investigations. The team has a strong involvement alongside leading French and international asset management firms which it assists during AMF’s asset management regulatory compliance audit and stock-market abuse investigations. The practice is also retained by CEOs, traders and individual investors and can also act for listed companies (notably in the biotech sector) in AMF-led investigations into stock-market breaches including market manipulation, financial information communications issues and insider trading. A former member of the AMF, Jean-Philippe Pons-Henry is a is a top name in the field. Other contributors include white-collar expert Bruno Quentin and asset management experts Stéphane Puel and Benjamin Delaunay. Counsel Marie Robert-Schmid is also noted.
Practice head(s):
Jean-Philippe Pons-Henry; Benjamin Delaunay; Stéphane Puel; Olivier Diaz; Bruno Quentin
Other key lawyers:
Marie Robert-Schmid
Testimonials
‘Great expertise, excellent knowledge of business and in particular of the asset management ecosystem. Great creativity and high adaptability. Excellent team.’
‘Jean-Philippe Pons-Henry is simply remarkable and has surrounded himself with young lawyers of very high quality. ’
‘The multidisciplinary team is made up of former AMF investigators, lawyers, but also forensic and financial experts, which makes it possible to approach the defense on equal terms with the AMF investigation teams. The use of forensic software and secure clouds allows clients to benefit from the same tools as the stock market regulator. The team is particularly responsive and available to respond quickly and efficiently to an investigation. ’
‘Jean-Philippe Pons-Henry: his experience as a former AMF investigator and his perfect knowledge of the mysteries and methods of the agency add to his expertise in stock market law.’
‘In addition to extremely advanced technical expertise in the regulatory field, the quality of their response with oriented pragmatic solutions is a constant of their intervention. Their advice makes it possible to build a strategy on a very solid legal foundation. Furthermore, the team has leading expertise in regulatory litigation.’
‘Benjamin Delauney has a keen sense of advice and is truly a trusted advisor.’
‘Team with exemplary professionalism, available, attentive.’
‘Benjamin Delaunay: a knowledgeable professional of very high quality. Benjamin, beyond his very high level professional qualities, has particularly appreciable human qualities: good listening, available, perfect mastery of subjects.’
Key clients
Amundi
Caceis
Natixis
Work highlights
- Assisted a French leading asset management company in negotiating a settlement agreement with the French financial markets authority (AMF) in relation to the accuracy of published information on the investment strategy of a former range of index funds, including a compensation process for the unit-holders.
Simmons & Simmons
Simmons & Simmons‘ practice head Thierry Gontard is one of the most respected lawyers in the field and he regularly defends top leading financial institutions as well as some individuals. He regularly acts in stock-market offences cases but also has extensive experience advising on cross-border investigations led by the UK or US regulators.
Practice head(s):
Thierry Gontard
Key clients
Rothschild & Co.
Moody’s
Perella Weinberg
Credit du Nord (and Société Générale)
Natixis / BPCE
UBS
Deutsche Bank
Work highlights
- Represented Société Générale (Crédit du Nord) in a class action brought by some 400 claimants against the bank for breach of duty to control activities of a seller of financial products.
- Representing two Baccarat executives sued by a former shareholder, for failing to provide transparent information and committing misconduct during the public offer for the company’s shares.
Viguié Schmidt & Associés
Viguié Schmidt & Associés is often mandated by companies’ senior executives and board of directors to assist with AMF investigations. The firm is involved in many of the market’s most high-profile cases, spanning insider trading offences and other stock-market breaches. Yves Schmidt and Nicolas Viguié are highly experienced. The arrival of experienced partner Daniel Villey (ex VGG) is another strong addition.
Practice head(s):
Yves Schmidt; Nicolas Viguié
Other key lawyers:
Daniel Villey
Testimonials
‘Immense technical skills. Great teaching talents. ’
‘Yves Schmidt: immense competence, good listening skills, availability.’
Key clients
AB Science
H2O LLP
Rallye
Work highlights
- Defending AB Science’s CEO in proceedings before the AMF for insider trading.
- Defending H2O LLP’s CIO in proceedings before the AMF and now Conseil d’Etat for failure to comply with professional rules.
- Assisting the safeguard committee of Rallye’s board of directors and Rallye’s independent members of the board (three independent directors) in the course of the proceedings by AMF related to the information provided to the market.
Cohen & Gresser LLP
Cohen & Gresser LLP‘s Muriel Goldberg-Darmon is highly regarded in the field for her extensive knowledge and experience of AMF and securities rules. She is regularly retained by individuals including senior executives and also several investment funds to assist with insider trading and other securities and regulatory breach investigations. She is supported by counsel Guillaume Guérin. Loic Henriot left the firm at the end of 2023.
Practice head(s):
Muriel Goldberg-Darmon
Other key lawyers:
Guillaume Guérin
Testimonials
‘Very flexible, very available and very pragmatic team.’
‘Muriel Goldberg-Darmon is an excellent lawyer, very fine and very skillful.’
‘An agile team, capable, thanks to its experience, of distinguishing the essential from the accessory in the development of defense strategies.’
‘Muriel Goldberg-Darmon has a perfect command of the AMF’s investigation and sanction procedures. It’s a real pleasure to work with her.’
‘Murielle Goldberg-Darmon has considerable experience in this area.’
De Pardieu Brocas Maffei
At De Pardieu Brocas Maffei, corporate partner Patrick Jaïs is retained by financial companies and their members to assist with shareholders’ conflicts and governance disputes pertaining to publicly listed companies as well as during AMF investigations concerning insider trading and other securities law breaches. He is supported by of counsel Alice Gaillard.
Work highlights
- Advising MAZARS in a dispute initiated by minority shareholders against ARCELOR MITTAL and mergers in relation to the Arcelor and Mittal merger in 2002.
- Advising 57 French banks, creditors of French nursing home group Orpea, in the monitoring of the numerous claims filed against the €9.7 billion restructuring of the debtor, listed on the regulated market of the Paris stock exchange.
Hogan Lovells (Paris) LLP
Led by litigation head Arthur Dethomas, Hogan Lovells (Paris) LLP's team can handle a large array of commercial and financial cases including stock-market litigation. Dethomas regularly defends companies, investment funds and individuals facing AMF investigations, especially on insider-trading grounds. He also acts in cases raising other securities issues. Counsel Marine De Montecler provides additional support.
Practice head(s):
Arthur Dethomas
Other key lawyers:
Marine de Montecler
Testimonials
‘The team is a very competent and particularly responsive, offering innovative solutions adapted to legal and practical issues.’
‘The team is able to process large quantities of data within tight deadlines.’
‘Its mastery of available technological resources allows it to offer comprehensive services.’
‘Arthur Dethomas and counsel Marine de Montecler are available, attentive and have extensive expertise in stock market law and AMF litigation. ’
Key clients
CBRE
Nextstone Capital & Matt Immo Beaune
Claranova SE
Louvois SICAV
Board of directors of Gascogne SA
Mr. X
Pizzorno Environnement
Work highlights
- Representing High Co in a dispute with a minority activist shareholder in several proceedings before the commercial court.
- Representing Claranova SE in proceedings initiated by minority shareholders seeking to suspend Claranova SE’s capital increase.
Jeantet
At Jeantet, Frank Martin Laprade handles a whole array of securities litigation on behalf of CEOs, senior executives and financial firms. He regularly assists clients facing AMF investigations regarding securities law breaches including cases raising complex legal issues before the European courts including the ECHR and EUCJ. He also manages shareholders’ conflicts and public M&A-related disputes. Counsel Marie Robin also contributes.
Practice head(s):
Frank Martin Laprade
Key clients
Global Derivate Trading GmbH
Diana Holding
GROUPE COGIA
PROLOGUE
CANDEL & PARTNERS
DOM Finance
NIPPON STEEL CORPORATION
Linklaters
Linklaters has extensive experience advising companies, investment funds and financial newspapers in dealing with stock-market breach investigations led by the AMF. In addition, the firm is also regularly retained to act in stock-market battles pertaining to major M&A and squeeze out transactions. Arnaud de La Cotardière and Jean-Charles Jaïs are the key names.
Practice head(s):
Arnaud de La Cotardière
Other key lawyers:
Jean-Charles Jaïs
Perchet Rontchevsky & Associes
Corporate boutique Perchet Rontchevsky & Associes has deep knowledge of publicly listed companies as evidenced by its client roster and caseload. The team is retained by leading French companies or senior executives to assist with their most sensitive securities law issues, including AMF-led investigations concerning insider dealing and other breach of disclosure and securities law requirements. It also handles governance and shareholder’s conflicts. Christophe Perchet and Nicolas Rontchevsky are highly regarded.
Practice head(s):
Christophe Perchet; Nicolas Rontchevsky; Jean-Christophe Devouge; Abeba Debaudre Negga
Testimonials
‘Nicolas Rontchevsky is a leading authority in his field (corporate law, stock market law).’
‘The team combines lawyers with extensive experience in financial litigation with younger partners trained in large firms. The team is very responsive and intervenes in disputes before commercial courts and AMF disputes.’
‘Christophe Perchet and Nicolas Rontchevsky work together on most sensitive files, combining their approaches and expertise.’
Key clients
Rallye
Casino
Terreïs
Gascogne
Altarea
Work highlights
- Advised Casino in connection with an AMF investigation into insider dealing and a breach of public disclosure requirements.
- Advised Rallye and its managers in connection with an AMF investigation into a breach of public disclosure requirements.
- Advised Terreïs in connection with an appeal procedure against an unprecedented decision by the AMF’s Enforcement Committee concerning a breach relating to the maintenance and update its insider list.
Rossi Bordes AARPI
At Rossi Bordes AARPI, Eric Boillot has extensive experience advising asset management companies as well as traders and senior executives facing AMF investigations regarding stock-market breach accusations, spanning price manipulation and insider dealing. He also assists asset management firms facing AMF compliance investigations over AMF regulatory requirements. Dominique Bordes also contributes.
Practice head(s):
Eric Boillot; Dominique Bordes
White & Case LLP
Led by Diane Lamarche, who also chairs the firm's commercial and corporate litigation practice, White & Case LLP is retained by leading banks and investment funds, as well as companies to assist with high-stakes matters, spanning governance of major listed companies, stock-market battles and stock-market breach cases. The team has been active in the high-profile EDF litigation and has been retained to assist with a highly sensitive ESG-related case.
Practice head(s):
Diane Lamarche
Key clients
Orpea
SES Imagotag
Société Générale
Goldman Sachs Bank Europe
SMCP (Sandro, Maje, Claudie Pierlot)
Work highlights
- Representing Orpea before the Paris Court of appeals to obtain the annulment of the waiver to the mandatory filing of a tender offer granted by the AMF to the Caisse des Dépôts et Consignations in the frame of its restructuring process.
- Representing SES-imagotag in the context of a short-selling campaign conducted by investor Gotham City Research LLC (“Gotham”) against the company.
- Representing Société Générale and Goldman Sachs before the Paris Court of appeals in relation to an AMF clearance decision concerning a tender offer filed by the French State for EDF.
Allen & Overy LLP
Allen & Overy LLP is retained, mostly by leading banks and financial institutions, to assist with AMF investigations regarding stock-market offences and also advises on regulatory, compliance and internal investigations. The firm’s caseload also includes a damages follow-up enforcement case concerning a previous AMF condemnation, a development that is relatively infrequent. The team can also rely on solid international capabilities for cross-border cases. Dan Benguigui and Erwan Poisson are the key names.
Practice head(s):
Erwan Poisson; Dan Benguigui
Testimonials
‘A leading firm in this field.’
‘Dan Benguigui is one of the best French practitioners when it comes to representing and assisting financial institutions, including banks, payment institutions, investment firms and management companies, or their top-level management, in either civil, regulatory or criminal proceedings.’
Key clients
BCP (Banque Centrale Populaire)
Citigroup
Alcatel (Nokia)
Natixis
Ecobank
Worldpay
BNP Paribas
Natixis Investment Managers
Nomura International PLC
Weinberg Capital Partner
Solutions 30
EDF
BNP Paribas securities services
Goldman Sachs
Adare – Davidson Kempner Capital Management Group
Work highlights
- Representing Natixis in a class action initiated before French Courts by consumer association UFC-Que Choisir.
- Representing Natixis Investment Managers in litigation against investors in UCITS FUNDS managed by H2O AM.
- Representing French T&T company Alcatel Lucent (Nokia) in the context of proceedings regarding a capital increase launched by Alcatel-Lucent in France, which poses the question of whether Alcatel ADR holders should have been granted preferential subscription rights like shareholders.
Clifford Chance
Clifford Chance is the key adviser to credit rating agency Standard & Poor, which it regularly assists with AMF-led investigations into stock-market law breaches, including those pertaining to the disclosure of financial information. The firm also occasionally acts for companies and individuals facing AMF investigations. The practice is jointly headed by Thomas Baudesson, Diego de Lammerville and Charles-Henri Boeringer.
Practice head(s):
Thomas Baudesson; Diego de Lammerville; Charles-Henri Boeringer
Key clients
Standard & Poor’s
Airbus
FXCM
Work highlights
- Representing the banks in the context of Veolia’s hostile tender offer on Suez.
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP's strong financial services and asset management expertise also includes assisting banks and asset management firms in dealing with AMF compliance and securities law breach investigations. The team is notably acting in a high-stakes matter concerning financial communication linked to ESG. The team is jointly headed by highly experienced financial services expert Antoine Juaristi and commercial litigation partner Clément Dupoirier, with Martin Le Touzé also a key contributor.
Practice head(s):
Antoine Juaristi; Clément Dupoirier
Other key lawyers:
Martin Le Touzé
Key clients
Nyenburgh
Crédit Agricole Brie Picardie
Work highlights
- Advising Caisse Régionale du Crédit Agricole Mutuel Brie Picardie in a litigation brought by the Clinique Saint-Jean l’Ermitage before the commercial court of Paris.
Kramer Levin Naftalis & Frankel LLP
Kramer Levin Naftalis & Frankel LLP's team has a strong knowledge of the financial services and asset management field and is routinely entrusted by asset management companies in AMF disciplinary proceedings. The team also acts for clients facing AMF stock-market breach investigations. The practice is jointly headed by financial regulatory experts Hubert de Vauplane and Hugues Bouchetemble.
Practice head(s):
Hubert de Vauplane; Hugues Bouchetemble
Key clients
ANACOFI-CIF
INOCAP GESTION
SIGMA GESTION
SMARTBOX
SLIMPAY
Van Tilborg Trading BV
Union Financière de France Banque (UFF)
SWISSLIFE GESTION PRIVEE
UBS
Work highlights
- Representing Union Financière de France Banque in one hundred summonses issued against it in connection with the marketing of financial products.
- Represented the national trade association “ANACOFI-CIF” before the AMF Sanctions Committee.
- Represented UBS in dealing with pre-litigation files against the regulator relating to certain banking prudential regulations.
Peltier Juvigny Marpeau & Associés
Peltier Juvigny Marpeau & Associés assists asset management firms as well as individuals and a leading accounting firm in dealing with AMF securities breach investigations, including financial communication issues and insider dealing accusations. The team also acts in shareholders’ conflicts and public M&A-related cases. The highly experienced Frédéric Peltier and Clément Wierre are the practice heads.
Practice head(s):
Frédéric Peltier; Clément Wierre
Key clients
FAJR (Frédéric Abitbol/Joanna Rousselet)
Jekiti Mar Capital
Altamir
Cira
Work highlights
- Representing Altamir, a listed private equity investor, in the context of several litigation proceedings against Moneta Asset Management, one of its main minority shareholders, following a memo published on Moneta’s website.
- Assisting Cira in the definition of its shareholders’ activism strategy in the company CS Group.
Visconti, Grundler & Artuphel
Visconti, Grundler & Artuphel's Julien Visconti is sought out by hedge funds and investors to handle shareholders’ activism campaign cases in relation to CAC 40 companies. He also has extensive experience handling stock-market breach cases such as accusations of insider dealing.
Practice head(s):
Julien Visconti
Testimonials
‘Flexibility and determination. ’
‘Julien Visconti ‘s experience as a former trader gives him a definite advantage.’
Key clients
CIAM
Financière de l’Echiquier
Wyser-Pratte Management
Matignon Finances
Work highlights
- Advised CIAM (activist hedge fund) in the hostile bid project of Véolia on Suez.
- Advising two shareholders of Esso in challenging the governance of a French subsidiary of ExxonMobil.
- Successfully represented CIAM in a case against Esso related to the communication of arms lengths intragroup contracts with ExxonMobil.
Weil, Gotshal & Manges LLP
Weil, Gotshal & Manges LLP's litigation team has expertise handling public tender stock-market battles and AMF investigations into stock-market law breaches. The firm is notably acting in two headline cases for major French companies concerning communication of financial information and insider trading accusations. The practice is headed by Didier Malka.
Practice head(s):
Didier Malka
Key clients
Rallye
Casino
Altarea
Orpea
Atos
Orange
Work highlights
- Represented Rallye (mother company of Casino SA) in an AMF investigation in connection with Rallye’s financial communication.
- Representing Altarea, a public real estate company, in proceedings related to the acquisition of Primonial initiated by Primonial’s shareholders.