Experience
(S.D.N.Y.) Representing Blackberry Limited and its former officers in the lead up to trial in a multi-billion dollar securities class action related to Blackberry’s accounting for its sales of BlackBerry 10 devices. (2022).
(S.D.N.Y.; Del. Ch.). Lead trial counsel for a global transportation company at a trial in the SDNY in a case brought by the NY State Attorney General’s Office and the City of New York alleging violations of state and federal law arising out of alleged illegal shipment of untaxed cigarettes from Native American retailers in violation of an Assurance of Discontinuance (AOD) and various state and federal laws. Also served as lead counsel for the company and its board of directors in the Delaware Court of Chancery in a derivative action that sought to piggyback on the State and City of New York’s allegations in the SDNY case. The plaintiff argued that demand on the board was excused because a majority of the board allegedly faced potential liability for breach of fiduciary based on failure to monitor and thus could not independently assess plaintiff’s litigation demand. The Chancery Court rejected plaintiff’s argument that the AOD had imposed an obligation on the board to do more than oversee an internal compliance process and dismissed the case. (2017)
(D. Wash.) Trial counsel for Ernst & Young (EY) in litigation brought by investors in the alternative investment funds (the Rye Funds), which hired Bernard Madoff as an investment advisor. The plaintiffs alleged that EY issued audit reports on the Rye Funds’ financial statements, which contained misstatements, and sought $112 million in damages. At trial, the jury rejected the vast majority of FutureSelect’s claims. (2014)
(Bankr. S.D.N.Y.) Lead litigation and trial counsel to Residential Capital and its affiliates, one of the largest residential real estate finance, loan servicing, and origination companies at the time of its chapter 11 filing, with assets and liabilities in excess of $15 billion. Residential Capital was the largest bankruptcy filing of 2012 and the case represents the first time that a mortgage servicer was able to successfully continue servicing and originating mortgages in bankruptcy and be sold as a going concern. Lead counsel for the debtors and their officers and directors in an Examiner investigation, negotiated and litigated a settlement of approximately $45 billion of exposure to claims relating to debtors’ residential mortgage-backed securities, and successfully first chaired the trial of an adversary proceeding against Residential Capital’s junior secured noteholders, defeating their claims of entitlement to hundreds of millions of post-petition interest. (2012-2013)
(S.D.N.Y.) Represented NOVAGOLD Resources, Inc. and certain officers and directors in a securities class action in connection with disclosures of estimated capital costs for a mining project. Succeeded in getting all claims dismissed but for one that was favorably resolved with global settlements in the United States and Canada. (2010)
(S.D.N.Y.) Representing Acer Therapeutics Inc. and its officer and directors in a securities class action in the Southern District of New York and related shareholder derivative suits in the District of Delaware, District of Massachusetts, and Southern District of New York. Favorably resolved all claims. (2020)
(S.D.N.Y). Defended officers of WorldSpace and coordinated with counsel for investment bank defendants in a securities class action arising out of the company’s initial public offering. Mediated a favorable global resolution. (2013)
(S.D.N.Y.) Represented Canadian Superior Energy Inc. and certain officers and directors in a class action filed in the Southern District of New York alleging that the defendants issued a number of false and misleading statements about Canadian Superior’s offshore well operations in Nova Scotia. The matter and a parallel Canadian action were favorably settled. (2011)
(E.D.N.Y; 2nd Circuit) Secured dismissal of a securities class action against Etsy, Inc. in the district court on the ground that the complaint did not plausibly allege any false or material statements or scienter. The Second Circuit affirmed the district court’s dismissal, holding that many of the alleged falsehoods were “vague, aspirational statements” that could not provide the basis for a securities fraud action and that the factual statements that plaintiffs challenged were not actually false or misleading. (2016)
(U.S. Bankruptcy Court, D. Nev.) Secured a significant trial victory for JPMorgan Chase Bank, N.A. in connection with an involuntary chapter 11 bankruptcy petition and appointment of a trustee against a defaulting borrower in a real estate transaction. (2011)