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Securities Litigation 2019: From Investigation to Trial


Speaker(s): Adam S. Hakki, Amanda Vaughn, Barry M. Kaplan, Brad S. Karp, C. Evan Stewart, Dana M. Seshens, David Kessler, Dr. Patrick Conroy, Felipe J. Arroyo, James R. Swanson, Jill R. Sperber, Jonathan Gardner, Jonathan K. Youngwood, Karin A. DeMasi, Katherine M. Sinderson, Katherine R. Goldstein, Kieran P. Hughes, Linton Mann III, Lyle Roberts, Nicholas I. Porritt, Robert Stern, Robert T. Vermylen, Seth Aronson, Sherrie R. Savett
Recorded on: Apr. 1, 2019
PLI Program #: 253475

Chairman of the firm since 2008, Brad Karp is one of the country’s leading litigators and corporate advisers. Brad has successfully guided numerous Fortune 100 companies, global financial institutions and other companies through “bet the company” litigations, regulatory matters and internal investigations. Prior to being named chairman of Paul, Weiss, Brad chaired the firm’s Litigation Department. Brad has spent his entire career at Paul, Weiss, beginning as a summer associate.

Brad has received numerous industry recognitions over the years. In 2019, Brad was selected as a “Trailblazer” and as a “Distinguished Leader” by the New York Law Journal and as an “Equality Trailblazer” by the National Law Journal. In 2018, Brad received the Special Achievement Award from the Financial Times in recognition of his legal achievements and leadership of Paul, Weiss and was also named the “Attorney of the Year” by the New York Law Journal, “Litigator of the Year” by The American Lawyer, “Sports MVP of the Year” by Law360, and “Securities Lawyer of the Year” by Best Lawyers. In 2017, Brad was selected as a “Litigation Trailblazer” by the National Law Journal and Best Lawyers’ “Banking Lawyer of the Year.” Additional publications consistently rank Brad as one of the leading lawyers in the United States, including The Wall Street Journal, The New York Times, Crain’s New York Business, The Financial Times, The Lawyer (U.K.), The Legal 500Euromoney Institutional InvestorsBest of the Best USA and Benchmark/Institutional Investor.

Brad speaks and writes frequently on business litigation, securities litigation and corporate governance. He has spoken at more than 600 conferences and has lectured at Harvard Law School, Yale Law School, Columbia Law School, NYU Law School and The Federal Judicial Center. Brad has written more than 500 articles on business litigation issues. For the past 35 years, Brad has written a monthly column for the New York Law Journal, “Second Circuit Review,” which analyzes developments in the Court of Appeals for the Second Circuit. Brad is a frequent contributor to the Harvard Law School Forum on Corporate Governance and Financial Regulation. Brad has also spoken out and written about pressing issues of social justice. Most recently, in 2018, Brad authored two op-eds in The New York Times, “Stop Shielding Gun Makers,” advocating changes to gun manufacturer liability laws, and “An Army of Lawyers for Migrants,” urging the private bar to address the unlawful treatment of immigrants and to seek the reunification of separated families. In 2018, Brad also authored an op-ed in the New York Law Journal, “Democracy Itself Is on the Ballot,” addressing voter suppression and disenfranchisement. Brad is also active in the community, serving on more than 25 public interest and educational institution boards.

Brad is a 1984 graduate of Harvard Law School and clerked for The Honorable Irving R. Kaufman, former Chief Judge of the U.S. Court of Appeals for the Second Circuit.


Adam Hakki is the Firm’s Global Managing Partner.  He is also Global Head of the Firm’s Litigation Practice and Disputes Unit, maintaining a full time litigation and government investigation practice, with particular focus on securities, antitrust, and corporate governance matters, both civil and criminal.  Adam regularly appears in the courtroom, boardroom and before the Department of Justice, Securities and Exchange Commission, CFTC, FINRA, and other regulators. With decades of experience, Adam is seasoned in crisis management and a first-choice counsel to the financial industry for major cases and investigations.  Adam also frequently represents companies, directors and senior executives in other industries, especially healthcare, energy/oil and gas, technology and media.  For two of the last three years, Benchmark Litigation named Adam the sole “Securities Lawyer of the Year” for the entire United States.

Adam authored the chapter on damages in Litigating Securities Class Actions (Eisenberg, J., editor, LEXIS/NEXIS publisher), a comprehensive treatise on defending securities class actions whose contributing authors are recognized leaders in the field of securities litigation.  He has also co-authored numerous publications on securities regulation, enforcement and litigation, including the lead chapter on handling parallel regulatory investigations and securities litigations for the Practising Law Institute’s book “Handling a Securities Case:  From Investigation to Trial and Everything in Between.”  Adam is also a frequent lecturer and panel participant on insider trading, SEC and government investigations, and litigation and compliance matters, for SIFMA, PLI, ALI and other leading groups. 

Adam received his J.D. from St. John’s School of Law, magna cum laude, where he was Executive Articles Editor of the Law Review. 


Amanda Vaughn is Deputy General Counsel, responsible for all of Bank of America’s non-employment related litigation globally.  Amanda manages a department of over 100 attorneys and other professionals.  Prior to October 2017, Amanda led a team of lawyers handling securities and commercial litigation, antitrust litigation, bankruptcy and mortgage related litigation.  In that role, Amanda was directly involved in the litigation related to the financial crisis, including class actions and other lawsuits filed by institutional investors, trusts and governmental entities. 

Amanda joined Bank of America in 2006 from Davis Polk & Wardwell where she worked on internal investigations, regulatory enforcement actions, and commercial and securities litigation.  Prior to joining Davis Polk, Amanda served as a law clerk to a federal district court judge in Philadelphia.  She is a member of the board of NYC Outward Bound Schools.  She is a graduate of the University of Michigan and Vanderbilt Law School, where she was a member of the Vanderbilt Law Review and the Order of the Coif.


Barry M. Kaplan is the head of the Northwest litigation group of Wilson Sonsini Goodrich & Rosati. Barry has broad experience in securities and corporate governance litigation, class action defense, SEC and internal corporate investigations, and complex commercial litigation. He was described in the 2017 edition of Chambers USA: America’s Leading Lawyers for Business as “the dean of securities litigation in Seattle.”

For 30 years, Barry has represented many of the public companies and individuals sued in shareholder class actions and related corporate litigation both in the Northwest and across the country, including The Boeing Company, Micron Technology, Sterling Financial Corporation, Alaska Air, Starbucks, Costco,  and Coinstar. Barry was lead counsel for the former CEO of Washington Mutual, Inc. in the various shareholder lawsuits and related litigation that followed the seizure and sale of WaMu to JPMorgan Chase. He has special expertise in representing public biotech companies around the country and, among others, has represented Immunex, Dendreon, Inspire Pharmaceuticals, Pozen, Chelsea Therapeutics, Atossa Genetics, Seattle Genetics, Novan, Globus Medical and Cell Therapeutics.

Barry is a frequent writer and speaker on securities litigation and corporate law and governance topics, and teaches a course on securities and shareholder litigation at the University of Washington School of Law. Along with partner Greg Watts, Barry is the author of “Directors’ and Officers’ Liability, 3rd Edition” published by PLI.  He also co-authored the leading treatise on Washington corporate law, published by LexisNexis.

Best Lawyers in America named Barry the 2012 Securities Litigator of the Year for Seattle—the first time that this recognition had been given to a Seattle securities litigator. He was again given this honor in 2016.


James R. Swanson represents state and local governments, corporations and individuals in commercial disputes, with a primary focus on securities litigation.  His securities matters have spanned a range of subject areas, including municipal finance, derivatives, CDOs, and Ponzi schemes. 


Jill R. Sperber has mediated and/or arbitrated more than five hundred disputes.  Ms. Sperber has served in a neutral capacity on a variety of business and financial matters including high stakes, complex, multi-party actions in the securities, D&O coverage, and banking arenas.  Also, in addition to many speaking engagements, Ms. Sperber is an editor of Financial Services Mediation Answer Book (2017 Edition, PLI).

Ms. Sperber helps parties reach satisfying monetary resolutions, including settlements ranging from five to ten figure values.  She also has played an integral role in cultivating resolutions involving innovative and effective non-monetary settlement components. 

Fusing the skills she honed as a judicial clerk, litigator and a neutral, she candidly identifies and analyzes the key legal issues and the practical business implications of the underlying dispute while her affable nature quickly puts parties and counsel at ease.  Whether mediating with individuals, putative and certified classes, regulatory agencies and government offices, insurance carriers, trustees, and/or companies, Ms. Sperber’s in-depth analysis and tenacious efforts are well regarded and ­­­­­­­have established her as a neutral in the alternative dispute resolution arena.

Experience

  • Judicate West, mediator & arbitrator
  • Sperber Dispute Resolution, Inc., mediator & arbitrator
  • Irell & Manella, LLP, mediator, arbitrator, & litigator
  • Cleary Gottlieb Steen & Hamilton LLP, litigator
  • U.S. Court of Appeals for the Ninth Circuit, law clerk for Hon. Ferdinand F. Fernandez
  • U.S. District Court for the Central District of California, law clerk for Hon. Gary L. Taylor


Jonathan Youngwood is Co-Chair of the Firm’s Litigation Department and is a member of the Executive Committee. With more than two decades of experience, Jon has represented clients in a wide range of high-profile complex commercial litigation and regulatory matters, including securities, corporate control, antitrust, and ERISA disputes.

Jon was named a “Distinguished Leader” by the New York Law Journal in 2017, an award that recognizes lawyers in leadership roles who have achieved impressive results in the last year. Chambers and Partners consistently recognizes Jon as a leading securities litigator (Band 1), describing him as a “very well-respected lawyer with a tremendous reputation, and is very good in the courtroom”; “a great advocate”; “the best lawyer on his feet – he is incredibly comfortable before judges and panels”; and a “smart, focused and creative lawyer who brings the required intensity to the job.” Chambers also describes him as “a detail-oriented litigator with the ability to get to the nub of an issue” who “has extensive securities knowledge”; a “flair for written work and oral advocacy”; who “commands respect in the courtroom”; and “is highly esteemed for his distinguished securities litigation practice, with a number of major financial institutions calling upon his skills in defending class actions, derivative claims and wider disputes work.” He is recognized as a “Leading Lawyer” by The Legal 500, where market commentators describe him as “very talented”; who has a “client-oriented approach”; “technically superb, bright and articulate”; an “outstanding securities litigator”; and “smart, hardworking and extremely professional.” In 2017, he was the recipient of the “Securities Lawyer of the Year” award by Euromoney’s Benchmark Litigation, an award that recognizes the country’s most distinguished litigators; he was listed as a “Top 10 Nationwide Securities Star”; and is consistently recognized as a national and New York “Litigation Star” in Securities Litigation by Benchmark Litigation, where sources have described him as “one of the smartest lawyers I know. He not only is hardworking, but he has the ability to be both a big-picture thinker and also pay incredible attention to detail.”

He edits the Securities Law Alert, a monthly newsletter published by the Firm, is the Co-Chair of PLI’s annual program entitled “Handling a Securities Case: From Investigation to Trial and Everything in Between,” and received the Burton Award for Achievement in Legal Writing.

Among a number of significant pro bono achievements, Jon served on the Simpson Thacher team that achieved a finding (after a seven-month trial) that the New York City public schools fail to provide a constitutionally adequate education. 

Jon received his B.A. with honors from Brown University in 1990. He received his J.D. in 1994 with honors from the University of Chicago, where he served as Comments Editor of The University of Chicago Law Review. He also holds a Master of Public Policy from The University of Chicago (1992). Jon joined Simpson Thacher in 1995 following a one-year clerkship with Hon. Dennis G. Jacobs of United States Court of Appeals for the Second Circuit. He became a Partner in 2003.


Karin A. DeMasi is a partner in Cravath’s Litigation Department and serves as the Department’s Managing Partner.  She has been a litigator at Cravath for 21 years and a partner for over 13 years.  She has extensive experience representing clients in class action litigation, including a number of securities cases, most recently representing GreenSky and its officers and directors in putative class action securities litigation alleging disclosure deficiencies in connection with GreenSky’s initial public offering; First Solar in a securities class action and a related opt-out action; Juno Therapeutics in a securities class action alleging defendants failed to disclose the side effects associated with an immunotherapy drug, resulting in a stock price drop when the clinical trial was halted; Merck in multidistrict litigation, which contained numerous class actions, individual securities actions, derivative suits and ERISA class actions, all of which Karin defended for more than a decade, including in the trial court, the Third Circuit and in the U.S. Supreme Court; DreamWorks Animation in two separate securities class action lawsuits concerning the animated film Turbo and sales of the company’s Shrek 2 DVD; Tetragon Financial Group in separate putative securities class actions; and Charm Communications and a special committee of its board of directors in a securities class action concerning the company’s going-private sale.  Karin also represented an underwriting syndicate led by Credit Suisse, Merrill Lynch and Lehman Brothers in a securities class action alleging misrepresentations and omissions in connection with the initial public offering of Anchor Glass Container Corporation; Morgan Stanley in securities litigation, as well as related class action litigation, regarding alleged misrepresentations and disclosures relating to Guaranteed Investment Contracts marketed and sold by the financial services company ARM Financial Group; and Tyco International in a consolidated, multidistrict shareholder fraud class action, and related individual securities actions.  In the past 10 years, Karin has had 14 similar cases successfully resolved on motions and 24 similar cases that ultimately settled.

Ms. DeMasi was elected in 2013 to serve as a member of The American Law Institute.  She is also a member of the American Bar Association and the New York City Bar Association.  She is the author of several articles, and has spoken on several panels relating to securities and class action litigation.

Ms. DeMasi received a B.S. from Northwestern University in 1993, and a J.D. from the University of Pennsylvania in 1996, where she was Editor of the University of Pennsylvania Law Review.  After a clerkship with Hon. D. Brock Hornby of the U.S. District Court for the District of Maine, she joined Cravath in 1997 and became a partner in 2005.  Ms. DeMasi has served as the Managing Partner of the Litigation Department since September 2016.  From 2014 to 2016, she served as the Hiring Partner for the Firm’s Litigation Department.


Katherine Goldstein is a partner in the New York office of Milbank LLP and a member of the firm’s Litigation & Arbitration Group. Katie’s practice, which focuses on representations of individuals and entities facing white-collar, regulatory or internal investigations, builds on her more than a decade of experience as a federal prosecutor, including serving most recently as Chief of the Securities and Commodities Fraud Task Force in the United States Attorney’s Office for the Southern District of New York, where she oversaw some of the most complex and high-profile white collar and securities matters in the country.

Primary Focus & Experience

Ms. Goldstein is the former Chief of the Securities and Commodities Fraud Task Force at the United States Attorney’s Office. She joined the US Attorney’s Office in 2004, where she prosecuted a wide range of securities fraud cases, among others, and was promoted to Chief of the Securities and Commodities Fraud Task Force in 2015 after serving as Deputy Chief for one year, and before that Co-Chief of the General Crimes Unit for two years.

During her nearly three years as a chief, Ms. Goldstein supervised a team of approximately 20 senior prosecutors and all aspects of the unit’s work from investigation through prosecution, including a broad array of cases involving accounting and disclosure fraud, insider trading, market manipulation, mismarking of complex products, corporate fraud, and fraudulent investor schemes, among others. Notable prosecutions brought under her leadership include: a professional gambler charged with trading on inside information obtained from a board member of a publicly traded company; insider trading charges against individuals for hacking major New York law firms; corporate executives charged with honest services fraud; a hedge fund portfolio manager charged with trading on government secrets obtained from a political consultant; a hedge fund portfolio manager charged with the mismarking of illiquid fund assets; accounting fraud charges of an executive who manipulated a significant non-GAAP metric; and senior executives charged with a multi-year accounting fraud scheme at a publicly traded digital media company, as well as the market manipulation of the company’s stock. She also supervised the unit’s trials and appeals.

As an Assistant US Attorney, Ms. Goldstein was an accomplished trial lawyer and argued numerous appeals in the Second Circuit. Among the high-profile cases she tried were U.S. v. Mandell, et al. (a $100-million market manipulation and investor fraud, which resulted in a 12-year sentence) and U.S. v. Ebbers (public company accounting fraud by the CEO of WorldCom, which resulted in a 25-year sentence). As Chief of the General Crimes Unit, she supervised the office’s new Assistant US Attorneys, numerous investigations and dozens of trials.

Before becoming a prosecutor, Ms. Goldstein was an associate at a major national law firm.

Recognition & Accomplishments

Ms. Goldstein received her B.A. degree magna cum laude, in political science, from Duke University and her J.D. degree cum laude, from Harvard Law School, where she was Co-Chair of the Harvard Law Review’s Supreme Court Issue. From 2000 to 2001, she served as a law clerk to the Honorable Karen Nelson Moore in the United States Court of Appeals for the Sixth Circuit.

Recent Speaking Engagements

  •  Moderator, “Enforcement Priorities,” at the Practising Law Institute’s Enforcement 2018: Perspectives from Government Agencies, New York (May 2018)
  • Panelist, “Securities Litigation: The Investigation: Coordinating Requests from Government,” at the Practising Law Institute’s Securities Litigation 2018: From Investigation to Trial seminar, New York (April 2018)
  • Panelist, “Mitigating Insider Trading Risk: Best Practices for Private Fund Managers Amidst the Rulings in Martoma, Newman and Salman,” The Hedge Fund Law Report, New York (November 2017)
  • Moderator, “Legal and Policy Developments in Enforcement” at the Practicing Law Institute’s Enforcement 2017: Perspectives from Government Agencies, New York (May 2017)
  • Panelist, “Securities Litigation: The Investigation: Coordinating Requests from Government Regulators” at the Practising Law Institute’s Securities Litigation 2017: From Investigation to Trial seminar, New York (April 2017)
  • Panelist, “Securities Enforcement,” American Bar Association’s 31st Annual National Institute on White Collar Crime (March 2017)


Linton Mann III is a Partner in Simpson Thacher’s Litigation Practice.  Linton represents clients in a broad range of high-stakes litigation and investigation matters including securities, shareholder derivative disputes, class actions, antitrust and complex commercial disputes.  Linton is Co-Chair of Simpson Thacher’s Knowledge Management Committee and Summer Associate Program.  Linton was recently named a Rising Star by the New York Law Journal and Law360.  He is also a repeat honoree on Benchmark Litigation’s “40 & Under Hot List,” which honors the achievements of the nation’s most accomplished law firm partners under the age of 40.

Linton is the Chair of the Board of Trustees for Uncommon Charter Schools New York City which oversees twenty-four public charter schools in Brooklyn, New York.  He is also on the Board of Directors of Manhattan Legal Services, a program of Legal Services NYC, the largest provider of pro bono civil legal services in the country. 

Linton also has significant pro bono experience including representing low-income tenants in New York City’s Housing Court and New York’s trial and appellate courts.  He also participates in and coordinated (2009-2016) Simpson Thacher’s Legal Outreach Internship.  Legal Outreach is an organization that prepares urban youth from underserved communities to compete at high levels by using intensive legal and educational programs as tools for fostering vision, developing skills, enhancing confidence and facilitating the pursuit of higher education.

Linton joined Simpson Thacher following his graduation in 2007 from Duke University School of Law, where he served as the Co-Chair of the Moot Court Board.  He was selected as the recipient of Duke Law’s 2017 Young Alumni Award, honoring an individual who has graduated within the past 15 years and has made significant leadership and service contributions to Duke Law School and the legal profession.  He received B.A. degrees in political science and speech communications from the University of Georgia in 2004.  He is admitted to practice in New York.


Lyle Roberts is a partner in the firm’s Litigation practice.  Lyle represents companies, officers and directors in securities cases and Securities and Exchange Commission (SEC) enforcement matters throughout the United States.  He also conducts corporate internal investigations and counsels clients with respect to securities regulatory issues.  Lyle represented Mark Cuban in obtaining a complete victory against the SEC in Cuban’s closely watched insider trading case.  Lyle also has obtained dismissals with prejudice on behalf of CenturyLink, ChannelAdvisor and Alcobra in recent securities class actions brought against those companies. He currently represents a number of prominent companies – including Northrop Grumman – in the defense of private securities litigation.

Recognized as a leading securities litigator by Chambers USA and The Legal 500, among others, Lyle is the publisher of the well-known blog, The 10b-5 Daily, which tracks key developments in securities litigation.  He also is co-chairman of the annual Practicing Law Institute securities litigation program.  Lyle frequently submits amicus briefs in prominent securities litigation cases on behalf of clients, including recent briefs in the U.S. Supreme Court on behalf of the Washington Legal Foundation in the Halliburton, ANZ Securities, and Leidos cases and SIMFA and the Chamber of Commerce of the United States of America in the Matrixx case.


Nicholas I. Porritt is a partner in the Washington D.C. office of Levi & Korsinsky LLP. He prosecutes securities class actions, shareholder class actions, derivative actions, and mergers and acquisitions litigation. He has extensive experience representing plaintiffs and defendants in a wide variety of complex commercial litigation, including civil fraud, breach of contract, and professional malpractice, as well as defending SEC investigations and enforcement actions. Mr. Porritt has helped recover hundreds of millions of dollars on behalf of shareholders. He was one of the lead counsel in In re Google Inc. Class C Shareholder Litigation that resulted in a payment of $522 million to shareholders and overall benefit of over $3 billion to Google’s minority shareholders. Recently he was one of the lead counsel in Chen v. Howard-Anderson, et al. that settled during trial resulting in a $35 million payment to the former shareholders of Occam Networks, Inc., one of the largest quasi-appraisal recoveries for shareholders. Some of Mr. Porritt’s other recent cases include:

  • Zaghian v. Farrell, ___ Fed. Appx. ___, 2017 WL 117161 (9th Cir. Jan. 12, 2017)
  • Carlton v. Cannon, 184 F. Supp. 3d 428 (S.D. Tex. 2016)
  • Zola v. TD Ameritrade, Inc. 172 F. Supp. 3d 1055 (D. Neb. 2016)
  • In re Energy Recovery Sec. Litig., 2016 WL 324150 (N.D. Cal. Jan. 27, 2016)
  • In re EZCorp Inc. Consulting Agreement Deriv. Litig., 2016 WL 301245 (Del. Ch. Jan. 25, 2016)
  • In re Violin Memory Sec. Litig,. 2014 WL 5525946 (N.D. Cal. October 31, 2014)
  • Garnitschnig v. Horovitz, 48 F. Supp. 3d 820 (D. Md. 2014)

Mr. Porritt is also qualified as a Solicitor of the Senior Courts of England & Wales and advises international clients in the United States and Europe on the recovery of losses suffered to their investment portfolios attributable to financial fraud or other misconduct, including participation in shareholder class actions and other representative litigation in the Unites States, England, and in other jurisdictions.

Before joining Levi & Korsinsky, Mr. Porritt practiced as a partner at two large international corporate law firms. He is a graduate from The University of Chicago Law School.


Rob Stern is the Co-Chair of the Firm’s White Collar, Investigations, Securities Litigation & Compliance practice group.

Rob is a nationally ranked securities litigator with extensive experience litigating civil and government enforcement actions on behalf of financial services institutions, Fortune 100 companies and officers and directors of public companies.

For the past 20 years, Rob has handled many of the most complex financial services and civil and governmental securities matters. Rob possesses particular expertise litigating claims involving accounting-related matters, structured products, mortgages, futures and derivatives. Rob routinely represents financial institutions, public companies, officers and directors.

Rob is a faculty member for the Practicing Law Institute’s Securities Litigation program. Rob has also been nationally recognized as a leader in securities litigation by The Legal 500 and SuperLawyers.


Robert T. Collins Vermylen is an Executive Director in Morgan Stanley’s Legal and Compliance Division.  Based in New York, Rob manages litigation and regulatory enforcement investigations related to the Firm’s institutional securities and investment management businesses.  From 2010 to 2014, Rob was based in Hong Kong and advised Morgan Stanley on a range of compliance and litigation risks with a focus on compliance with anti-corruption laws and served as the Anti-Corruption Counsel for Morgan Stanley’s businesses in Asia-Pacific and Japan.  In that role, he was responsible for anti-corruption legal advisory and implementing an enhanced anti-corruption compliance program in all Morgan Stanley-controlled businesses in the region. Prior to joining Morgan Stanley, Rob worked for Caterpillar’s legal division in Peoria, Illinois and Shanghai China.  While in Shanghai, Rob served as the legal advisor to several Caterpillar businesses in Asia and advised Caterpillar’s Asia-Pacific ethics and compliance council.  Rob began his career with the Washington, D.C. law firm Collier, Shannon, Rill & Scott, with a focus on international trade and antitrust litigation and compliance.  Rob holds a BA in History from Georgetown University and a JD from Georgetown University Law Center.  While at Georgetown Law, Rob was the editor-in-chief of Law and Policy in International Business.


Seth Aronson defends corporations and their directors, officers, and professionals in securities class actions, shareholder derivative actions, SEC enforcement proceedings, RICO, and mergers and acquisitions litigation. Seth is nationally recognized in securities litigation and was recently named Los Angeles “Lawyer of the Year” for the second time (The Best Lawyers in America, 2013 and 2018).

Seth served as firmwide chair of the Securities Litigation practice from 2002-11 and as the managing partner of O’Melveny’s Los Angeles office from 2000-08.

From the trial court to the court of appeals to the US Supreme Court, many of the world’s leading companies in a variety of industries call on Seth to handle their most complex litigation, including Lockheed Martin, Skechers USA, Broadcom, E-commerce China Dangdang, Montage Technology Group, and Giant Interactive.

Seth recently argued and won a US Supreme Court victory for China Agritech in a much-watched securities litigation case, obtaining a unanimous Court decision that significantly narrows the tolling provisions established decades ago in the Court’s landmark American Pipe decision. This victory will have a wide-ranging impact on securities litigation and on class actions generally. China Agritech v. Resh, 2018 WL 2767565 (decided June 11, 2018).

Seth is recognized as a “phenomenal” securities litigator by Chambers USA (Band 1, California), owing to his “strong record of defending … shareholder class actions and derivative lawsuits” and “stellar reputation” as a “go-to person and a strong advocate.” He has been recognized by Best Lawyers in America (2006-17) in four categories: Bet-the-Company Litigation, Commercial Litigation, Litigation - Regulatory Enforcement (SEC, Telecom, Energy), and Litigation - Securities.


Sherrie R. Savett, Chairwoman Emeritus, Chair of the Securities & Investor Protection, Commercial Litigation, Technology, Privacy & Data Breach, and Whistleblower, Qui Tam & False Claims Act departments, and member of the Firm’s Management Committee, has practiced in the areas of securities litigation and class actions since 1975.

Ms. Savett serves or has served as lead or co-lead counsel or as a member of the executive committee in many important securities and consumer class actions in federal and state courts across the country, including In re Rite Aid Corp. Securities Litigation ($334 million settlement); In re Waste Management, Inc. Securities Litigation ($220 million settlement); In re Fleming Companies, Inc. Securities Litigation ($94 million settlement); In re CIGNA Corp. Securities Litigation ($93 million settlement); and In re Alcatel Alsthom Securities Litigation ($75 million settlement); among others.

Ms. Savett has also helped establish several significant precedents. Among them is the holding (the first ever in a federal appellate court) that municipalities are subject to the anti-fraud provisions of SEC Rule 10b-5 under § 10(b) of the Securities Exchange Act of 1934, and that municipalities that issue bonds are not acting as an arm of the state and therefore are not entitled to immunity from suit in the federal courts under the Eleventh Amendment. Sonnenfeld v. City and County of Denver, 100 F.3d 744, Court of Appeals, 10th Circuit 1996.

In the U.S. Bioscience securities class action, a biotechnology case where critical discovery was needed from the federal Food and Drug Administration, the court ruled that the FDA may not automatically assert its administrative privilege to block a subpoena and may be subject to discovery depending on the facts of the case. In re U.S. Bioscience Secur. Litig., 150 F.R.D. 80 (E.D. Pa. 1993).

Ms. Savett speaks and writes frequently on securities litigation, consumer class actions and False Claims Act litigation. She has lectured at the University of Pennsylvania Law School, the Wharton School of the University of Pennsylvania and at the Stanford Law School. She is frequently invited to present and serve as a panelist in American Bar Association and American Law Institute conferences on securities class action litigation and the use of class actions in consumer litigation.

Ms. Savett is widely recognized as a leading litigator and a top female leader in the profession by local and national legal rating organizations.


By any standard, David Kessler is a worldwide leader in securities litigation. His reputation and track record earn instant credibility with judges and bring opponents to the bargaining table in complex, high-stakes class actions. David has been recognized for excellence by publications including Benchmark Plaintiff and Law Dragon.

As co-head of Kessler Topaz Meltzer & Check’s securities litigation practice, David has led several of the largest class actions ever brought under the federal securities laws and the Private Securities Litigation Reform Act of 1995.  Since the financial crisis began in 2008, he has helped recover well over $5 billion for clients and class members who invested in financial companies such as Wachovia, Bank of America, Citigroup and Lehman Brothers.  Prior to 2008, David guided some of the largest cases both in size—including allegations of a massive scandal regarding the unfair allocation of IPO shares by more than 300 public companies—and in notoriety—including the Tyco fraud and mismanagement litigation that resolved for over $3 billion. 

David brings his background as a certified public accountant to bear in actions involving complex loss causation issues and damages arising from losses in public offerings, open market purchases, and mergers and acquisitions. As head of the firm’s settlement department, David also has extensive experience in mediation, settlements, claims administration and distributions.

A sought-after lecturer on securities litigation issues, David has been invited to speak by plaintiffs’ firms, defense firms, mediators and insurance carriers on a variety of topics related to securities class actions. He also assisted in authoring a chapter on mediations in a publication authored by a federal mediator.


Dr. Conroy is a Managing Director and Chair of NERA's Securities and Finance Practice. He specializes in the economic analysis of securities and finance issues. His work at NERA has included expert testimony and consulting involving securities fraud, mutual and hedge fund issues, exchange-traded fund disclosure and trading, securities lending, broker-dealer-related disputes, derivatives, swaps, and ERISA matters. He has also provided opinions on damages in bribery cases under the Foreign Corrupt Practices Act. Dr. Conroy has testified in US federal and state court, and has appeared at mediations and arbitrations.

Prior to joining NERA, Dr. Conroy was an economist at the US Securities and Exchange Commission (SEC) and developed new products for FolioInvesting, an online brokerage firm. While at the SEC, he conducted research on electronic communications networks, foreign securities, IPOs and underwriting, mutual funds, securities fraud, Social Security, broker/customer disputes, and market microstructure trading issues. While at FolioInvesting, he designed initial content and functionality, and developed new products relating to performance, tax-efficient trading, and margin.

Dr. Conroy has provided analysis for a variety of securities cases including United States v. Blankenship, Veleron Holding BV v. BNP Paribas SA, Securities and Exchange Commission v. Cuban, and U.S. v. Alcoa World Alumina LLC.


Ms. Seshens is a partner in Davis Polk’s Litigation Department. Her practice focuses on complex commercial litigation, securities class actions, and bankruptcy litigation. She has extensive experience representing corporate clients and professional firms with respect to a wide range of civil litigation and advisory matters.

Her recent matters include representing the underwriters of notes offerings issued by PG&E in securities litigation relating to the alleged non-disclosure of wildfire risk; the underwriters of the initial public offering of Arlo Technologies, Inc. in securities litigation alleging that the IPO offering documents contained false and misleading statements; a major financial institution and its affiliates in antitrust litigation concerning the alleged manipulation of the Canadian Dealer Offered Rate; and Aetna Inc. and its board of directors in securities litigation arising out of the Aetna-CVS merger and the proposed Aetna-Humana merger that was not consummated.

Ms. Seshens received her J.D., cum laude, from Georgetown University Law Center and her B.A., magna cum laude, from Duke University.


Ms. Sinderson is involved in a variety of the firm’s practice areas, including securities fraud, corporate governance, and advisory services.  She is currently leading the teams prosecuting securities class actions against FleetCor Technologies and Frontier Communications, as well as litigation arising from the failures of Wilmington Trust Corporation and SunEdison, Inc. 

Ms. Sinderson played a key role in two of the firm’s largest cases in its history, both of which settled near trial for billions of dollars on behalf of investors.  In In re Merck Securities Litigation, she was a member of the small trial team that achieved a $1.062 billion settlement.  This settlement is the second largest recovery ever obtained in the Third Circuit, one of the top 10 recoveries of all time, and the largest recovery ever achieved against a pharmaceutical company. She was also a member of the trial team prosecuting In re Bank of America Securities Litigation, which resulted in a recovery of $2.425 billion, the single largest securities class action recovery ever resolving violations of Sections 14(a) and 10(b) of the Securities Exchange Act and one of the largest shareholder recoveries in history. 

Ms. Sinderson has also been part of the trial teams in numerous other securities litigations that have successfully recovered hundreds of millions of dollars on behalf of injured investors.  Most recently, she served as a senior member of the teams that recovered $210 million in In re Salix Pharmaceuticals, Ltd. Securities Litigation, and $74 million in the take-private merger litigation San Antonio Fire and Police Pension Fund et al v. Dole Food Co. et al.  She was also a member of the trial team that prosecuted the action against Washington Mutual, Inc. and certain of its former officers and directors for alleged fraudulent conduct in the thrift’s home lending operations.  The action resulted in a recovery of $208.5 million, the largest recovery ever achieved in a securities class action in the Western District of Washington.  Some of her other prominent prosecutions include the In re Bristol-Myers Squibb Co. Securities Litigation, which resulted in a recovery of $125 million; and In re Biovail Corporation Securities Litigation, which resulted in a recovery of $138 million for defrauded investors and represents the second largest recovery in any securities case involving a Canadian issuer.

In 2016, Ms. Sinderson was recognized as a national “Rising Star” by Law360 for her work in securities litigation and was named to Benchmark Litigation’s “Under 40 Hot List,” which recognizes her as one the nation’s most accomplished legal partners under the age of 40. She is also regularly selected as a New York “Rising Star” by Super Lawyers.


With more than 25 years of experience, Jonathan Gardner leads one of the litigation teams at the Firm and prosecutes complex securities fraud cases on behalf of institutional investors. He has played an integral role in securing some of the largest class action recoveries against corporate offenders since the global financial crisis. Jonathan also serves as Chair of Litigation for the Firm.

Benchmark Litigation "Star" acknowledged by his peers as "engaged and strategic," Jonathan was also named an MVP by Law360 for securing hard-earned successes in high-stakes litigation and complex global matters. Recently, he led the Firm's team in the investigation and prosecution of In re Barrick Gold Securities Litigation, which resulted in a $140 million recovery. Jonathan also has served as the lead attorney in several cases resulting in significant recoveries for injured class members, including: In re Hewlett-Packard Company Securities Litigation, resulting in a $57 million recovery; Medoff v. CVS Caremark Corporation, resulting in a $48 million recovery; In re Nu Skin Enterprises, Inc., Securities Litigation, resulting in a $47 million recovery; In re Carter's Inc. Securities Litigation, resulting in a $23.3 million recovery against Carter's and certain of its officers as well as PricewaterhouseCoopers, its auditing firm; In re Aeropostale Inc. Securities Litigation, resulting in a $15 million recovery; In re Lender Processing Services Inc., involving claims of fraudulent mortgage processing which resulted in a $13.1 million recovery; and In re K-12, Inc. Securities Litigation, resulting in a $6.75 million recovery.

Recommended and described by The Legal 500 as having the "ability to master the nuances of securities class actions," Jonathan has led the Firm's representation of investors in many recent high-profile cases including Rubin v. MF Global Ltd., which involved allegations of material misstatements and omissions in a Registration Statement and Prospectus issued in connection with MF Global's IPO, and the case resulted in a recovery of $90 million for investors. Jonathan also represented the lead plaintiff in In re Lehman Brothers Equity/Debt Securities Litigation, which resulted in settlements exceeding $600 million against Lehman Brothers' former officers and directors, Lehman's former public accounting firm as well the banks that underwrote Lehman Brothers' offerings. In representing the lead plaintiff in an action against Deutsche Bank, Jonathan secured a $32.5 million recovery for a class of investors injured by the bank's conduct in connection with certain residential mortgage-backed securities.

Jonathan has also been responsible for prosecuting several of the Firm's options backdating cases, including In re Monster Worldwide, Inc. Securities Litigation ($47.5 million settlement); In re SafeNet, Inc. Securities Litigation ($25 million settlement); In re Semtech Securities Litigation ($20 million settlement); and In re MRV Communications, Inc. Securities Litigation ($10 million settlement). He also was instrumental in In re Mercury Interactive Corp. Securities Litigation, which settled for $117.5 million, one of the largest settlements or judgments in a securities fraud litigation based on options backdating. Jonathan also represented the Successor Liquidating Trustee of Lipper Convertibles, a convertible bond hedge fund, in actions against the fund's former independent auditor and a member of the fund's general partner as well as numerous former limited partners who received excess distributions. He successfully recovered over $5.2 million for the Successor Liquidating Trustee from the limited partners and $29.9 million from the former auditor.

He is a member of the Federal Bar Council, New York State Bar Association, and the Association of the Bar of the City of New York. He graduated from American University and earned his J.D. from St. John’s University Law School.

 


With over twenty years of experience, Felipe J. Arroyo has successfully litigated high-profile shareholder derivative cases and securities fraud class actions against top executives of publicly-traded companies who participated in misconduct that includes stock option backdating, the global subprime meltdown, insider trading, misappropriation, and making materially false or misleading statements. The litigation teams led by Mr. Arroyo have recovered hundreds of millions of dollars for companies and shareholders—including some of the largest monetary recoveries in the history of shareholder litigation.

Prior to joining Robbins Arroyo LLP in 2006, Mr. Arroyo practiced complex commercial litigation for over a decade with a top tier international law firm headquartered in Los Angeles, where he represented a diverse client base of Fortune 500 companies in varied industries. He also served as general counsel to a fitness company where he prosecuted a global patent infringement litigation campaign, and practiced complex commercial litigation and securities fraud at the Washington DC offices of a global New York-based firm.

Mr. Arroyo frequently speaks on shareholder litigation and corporate governance topics to investor and legal communities. He is the Co-Chair of the Class Actions & Derivative Suits Subcommittee of the American Bar Association Section of Litigation, Securities Litigation Committee, and a former member of the Board of Governors of the Business Trial Lawyers of San Diego. While in Los Angeles, he directed a Trial Advocacy Prosecution Program, supervising, training, and advising attorneys on trial strategy and practice while they litigated misdemeanor jury trials pro bono for a municipal client. Mr. Arroyo earned his Juris Doctor from Yale Law School in 1992, where he served as a senior editor of Yale Law Journal and a director of Yale Moot Court of Appeals. He earned his Bachelor’s in Economics from the University of California, Los Angeles, where he was a member of the A.S.U.C.L.A Finance Committee.


C. Evan Stewart's practice focuses principally on the financial services industry, where he handles litigation matters for domestic and international clients before federal and state trial and appellate courts, in arbitration forums, as well as before the Judicial Panel on Multidistrict Litigation and the U.S. Supreme Court. He advises clients on a range of complex commercial matters, including antitrust, bankruptcy, class action defense, ethics, intellectual property, internal investigations, securities litigation, and tax controversies.

Mr. Stewart was featured by the New York Law Journal in the "Top Trials of 2005" for his successful representation of Theodore Sihpol, the first person in U.S. history to be criminally charged for "late trading" mutual funds. More recently, Mr. Stewart successfully represented Gary Prince against the U.S. Securities and Exchange Commission. In May of 2013, after a three week bench trial in federal court, the judge dismissed all six charges of securities fraud against Mr. Prince.

Mr. Stewart previously served twelve years as Executive Vice President and General Counsel for The Nikko Securities Co. International Inc., and as a director of Nikko Financial Services Inc. Additionally, Mr. Stewart served as First Vice President, Associate General Counsel, and Head of Litigation at E.F. Hutton & Company Inc.  Since 2003, Mr. Stewart has been tasked by Goldman, Sachs & Co. to, among other things, oversee and litigate all of the disputes arising out of the company's Private Wealth Management Division.

Recognized as a Super Lawyer for Securities Litigation since 2009, Mr. Stewart has also been hailed as a "Local Litigation Star" by Benchmark Litigation since 2010. In 2016, Mr. Stewart received the Sanford D. Levy Award from the New York State Bar Association's Ethics Committee for having "significantly contributed to an understanding of professional ethics by the publication of an article, commentary or a series of articles or commentaries on the subject." In 2008, he received the Modaq Content Award for writing the most popular article in the United States. Since 1980, Mr. Stewart has been AV(R) Peer Review Rated by Martindale-Hubbell.

Mr. Stewart is a visiting professor at Cornell University and an adjunct law professor at Fordham Law School. He has been a regularly contributing columnist for the New York Law Journal since 1990, the New York Business Journal since 2006, and has published approximately 300 articles on diverse legal subjects.  He is also frequently featured in the national media and regularly speaks across the country on securities professional responsibility and complex litigation issues.


Kieran P. Hughes is Vice President of Financial Lines Claims at AIG.  In this role, he is responsible for supervising and handling Directors & Officers Liability Claims for National Accounts including global claims.  This oversight includes shareholder class actions, collective actions including securities cases, derivative cases, M&A and employment practices liability claims.  Kieran joined AIG in 2003 and has served in positions of increasing responsibility during his tenure.  Prior to joining AIG, Kieran spent 17 years practicing law, during which time he earned the designation of Certified Civil Trial Attorney.  He also served a judicial clerkship in the Superior Court of New Jersey.  Kieran holds B.A. degrees in Journalism, English Literature and Political Science from Rutgers University and a J.D. from Seton Hall University.  He is a frequent speaker on a variety of topics but most prominently Directors & Officers Liability, D&O Trends & Developments, Mergers & Acquisitions, Current Trends, Issues and Significant Developments in Employment Law, Social Media, Customer Service and Public Speaking.