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Securities Litigation 2020: From Investigation to Trial


Speaker(s): Adam S. Hakki, Allyson B. Rothberg, Brad S. Karp, C. Evan Stewart, Dana M. Seshens, Evan J. Kaufman, Geoffrey J. Ritts, James R. Swanson, Jill R. Sperber, Jonathan Gardner, Jonathan K. Youngwood, Jonathan R. Tuttle, Karin A. DeMasi, Katherine M. Sinderson, Katherine R. Goldstein, Linton Mann III, Lyle Roberts, Matthew A. Schwartz, Maureen M. Chakraborty, Nicholas I. Porritt, Robert Stern, Sherrie R. Savett, Susan L. Saltzstein
Recorded on: Jul. 28, 2020
PLI Program #: 276142

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. 


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. 


Jonathan R. Tuttle is a partner in Debevoise & Plimpton LLP’s Washington, D.C. office and a member of the firm’s Litigation Department.  He regularly represents public companies, regulated financial institutions, boards of directors, audit and special committees of boards, and individual directors, officers and employees in enforcement investigations and proceedings brought by the Securities and Exchange Commission, the Department of Justice, FINRA, and the PCAOB as well as in securities class actions, shareholder derivative suits, internal corporate investigations, and a variety of other securities and finance related litigation and regulatory compliance matters.  He received his J.D. cum laude from Harvard Law School in 1992.  Mr. Tuttle is admitted to practice in Washington, D.C., Virginia and the United States District Courts for the District of Columbia and the Eastern District of Virginia.


Key Experience

  • Regularly advises companies, boards of directors and individuals facing high-stakes investigations by the DOJ, SEC and other regulators.
  • Counsels clients on sensitive internal investigations.
  • Served as Chief of the Securities and Commodities Fraud Task Force in the U.S. Attorney’s Office for the Southern District of New York.

Practice

Katie represents banks, private investment funds, corporations and their senior executives in investigations and enforcement proceedings arising under the federal securities and commodities laws. 

An experienced trial lawyer, Katie’s practice builds on nearly 12 years of experience as a federal prosecutor where she served in several significant leadership roles. After joining the U.S. Attorney’s Office for the Southern District of New York in 2004, 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 Chief, Katie supervised a team of approximately 20 senior prosecutors in connection with some of the most complex and high-profile white collar and securities matters in the country. She led all aspects of the unit’s work from investigation through prosecution, spanning a broad range of matters, including:

  • Accounting and disclosure fraud
  • Insider trading
  • Market manipulation
  • Mismarking of complex products
  • Corporate fraud
  • Fraudulent investor schemes.

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 U.S. Attorney, Katie 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 U.S. Attorneys, numerous investigations and dozens of trials.

Katie is a member of the Bharara Task Force on Insider Trading, a working group composed of eight leading experts on insider trading commissioned to develop proposals to update and improve the clarity of federal insider trading laws. Led by former U.S. Attorney Preet Bharara, the group issued its report and recommendations earlier this year. (Click here to learn more.)

Katie is ranked by Chambers USA, where she is noted for her “strong reputation” and her “broad criminal defense practice” and where clients have described her as a “really excellent lawyer — very levelheaded, so smart and really able to get into the details.”

Katie received her B.A. magna cum laude in political science from Duke University, and her J.D. 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 6th Circuit.

Representative Work

  • Conducted an investigation on behalf of an audit committee of the board of directors of a publicly traded media company in connection with allegations concerning allegedly false and misleading statements regarding recent M&A activity.*
  • Represented an individual in a criminal insider trading case culminating in a trial in the U.S. District Court for the Southern District of New York.*
  • Represented an audit committee of a board of directors of a publicly traded company in connection with DOJ and SEC investigations into the company’s revenue recognition practices, including counseling the audit committee through a multi-year restatement of its financial statements.*
  • Represented a special committee of a board of directors of a publicly traded company in connection with DOJ and SEC investigations into the company’s public statements about the impact on the company’s performance, business and results of a documentary film.*
  • Represented a demand committee of the board formed to respond to related shareholder derivative demands.
  • Represented a special committee and conducted internal investigations for publicly traded companies in connection with allegations concerning corporate culture issues.*
  • Represented individuals and executives in connection with investigations by the DOJ and SEC into alleged insider trading, deceptive trading practices, corruption and FCPA violations.*

    *Matters handled prior to joining Akin Gump.

Speeches

  • Practising Law Institute’s White Collar Crime 2020: Prosecutors and Regulators Speak, September 2020.
  • “Securities Litigation: The Investigation: Coordinating Requests From Government Regulators,” Practising Law Institute’s Securities Litigation 2020: From Investigation to Trial, July 2020.
  • “Handling a Regulatory Investigation – In House and Outside Counsel Perspective,” Security Industry and Financial Markets Association (SIFMA) C&L Society, Webinar, May 2020.
  • “Securities Litigation Institute: SEC Enforcement Today Panel,” New York City Bar Association, New York, January 2020.
  • “FCPA and Anti-Corruption Investigations and Enforcement,” Practising Law Institute’s White Collar Crime 2019: Prosecutors and Regulators Speak, New York, September 2019.
  • “Retail Investors: The New Enforcement Frontier?” Practising Law Institute’s Enforcement 2019: Perspectives from Government Agencies, New York, May 2019.
  • “Securities Litigation: The Investigation: Coordinating Requests from Government Regulators,” Practising Law Institute’s Securities Litigation 2019: From Investigation to Trial, New York, April 2019.
  • “The Rewards of Government Service: Leading Women in the Industry Tell Their Story,” New York City Bar Association, New York, January 2019.
  • “Enforcement Priorities,” Practising Law Institute’s Enforcement 2018: Perspectives from Government Agencies, New York, May 2018.
  • “Securities Litigation: The Investigation: Coordinating Requests from Government,” Practising Law Institute’s Securities Litigation 2018: From Investigation to Trial seminar, New York, April 2018.
  • “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.
  • “Legal and Policy Developments in Enforcement,” Practising Law Institute’s Enforcement 2017: Perspectives from Government Agencies, New York, May 2017.
  • “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.
  • “Securities Enforcement,” American Bar Association’s 31st Annual National Institute on White Collar Crime, Miami, March 2017.

Public Service and Affiliations

  • Member, Women in the Legal Profession: White Collar Crime Subcommittee of the New York City Bar Association.
  • Member, Former U.S. Attorney Preet Bharara’s Task Force on Insider Trading.

Recognition

  • Chambers USA, White Collar Crime & Government Investigations.
  • Legal 500 USA, General Commercial Disputes, Securities Litigation and White Collar.
  • Benchmark Litigation, “Future Star.”

Publications

  • “SEC Risk Alert Addresses Private Fund Adviser Conflicts of Interest, Fee and Expense Management, and Policies and Procedures Relating to Material Non-Public Information,” Akin Gump Securities Litigation Alert, July 2, 2020.
  • “Liu v. SEC – Supreme Court Establishes Important Limitations on SEC Disgorgement,” Akin Gump Securities Litigation Alert, June 29, 2020.


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, Innovation and Technology Committee, which is responsible for the Firm’s investment in artificial intelligence, technology, knowledge management and cybersecurity.  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 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. 


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.


Maureen M. Chakraborty
Managing Principal

Education

Ph.D., economics, University of Notre Dame; B.A., economics, Colby College

Summary of Experience

Dr. Chakraborty is an economist with an extensive background in finance, accounting, and valuation. She has been retained as both an expert witness and a consultant in a number of matters involving structured finance transactions, securities litigation, and solvency. She recently managed all aspects of financial and economic analysis supporting experts on the solvency and portfolio strategy of a failed hedge fund. Dr. Chakraborty has also applied her expertise to a number of issues related to structured finance, accounting fraud, and solvency in various Enron-related litigations. She has consulted on matters involving the reinstatement of debt, the evaluation of the likelihood of default, merger and acquisitions, and claims of successor liability brought by creditors of a failed entity. Her work has involved the valuation of fixed income assets, structured finance products, and companies in the financial services, telecommunication, energy, transportation, and pharmaceutical industries. She has performed consulting work in matters before the Department of Justice, and has testified both in state court and before FINRA arbitration panels in matters involving damages and corporate raiding.


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.


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.


Allyson B. Rothberg is an Executive Director & Assistant General Counsel at JPMorgan Chase, where she manages a team that handles litigation matters for the Corporate & Investment Bank.  As part of her responsibilities, she develops and directs case strategy and resolution, supervises outside counsel on all facets of federal and state court proceedings, and counsels and coordinates with internal business clients.  She also does substantial legal advisory work for her business clients, including on pre-litigation disputes and operational risks. 

Prior to joining JPMorgan in 2014, Allyson was an attorney in the Litigation group at Simpson Thacher & Bartlett LLP, where she acted as outside counsel to clients in both litigation and government investigation matters.

Allyson graduated in 2001 from Williams College with a B.A. in Psychology and Spanish, and is a 2004 graduate of Harvard Law School.


Evan J. Kaufman is a partner in Robbins Geller Rudman & Dowd LLP’s Melville office. He focuses his practice in the area of complex litigation, including securities, ERISA, corporate fiduciary duty, derivative, and consumer fraud class actions.

Evan has served as lead counsel or played a significant role in numerous actions, including: In re TD Banknorth S’holders Litig. ($50 million recovery); In re Gen. Elec. Co. ERISA Litig. ($40 million cost to GE, including significant improvements to GE’s employee retirement plan, and benefits to GE plan participants valued in excess of $100 million); EnergySolutions, Inc. Sec. Litig. ($26 million recovery); Lockheed Martin Corp. Sec. Litig. ($19.5 million recovery); In re Warner Chilcott Ltd. Sec. Litig. ($16.5 million recovery); In re Third Avenue Mgmt. Sec. Litig. ($14.25 million recovery); In re Giant Interactive Grp., Inc. Sec. Litig. ($13 million recovery); In re Royal Grp. Tech. Sec. Litig. ($9 million recovery); Fidelity Ultra Short Bond Fund Litig. ($7.5 million recovery); In re Audiovox Derivative Litig. ($6.75 million recovery and corporate governance reforms); State Street Yield Plus Fund Litig. ($6.25 million recovery); In re Merrill Lynch & Co., Inc., Internet Strategies Sec. Litig. (resolved as part of a $39 million global settlement); and In re MONY Grp., Inc. S'holder Litig. (obtained preliminary injunction requiring disclosures in proxy statement).

In the TD Banknorth litigation, Evan and the Firm achieved a $50 million recovery after successfully objecting to a $3 million settlement submitted to the court on behalf of the class. The court stated: “This is one of the cases – there’s probably been a half a dozen since I’ve been a judge that I handled which have – really through the sheer diligence and effort of plaintiffs’ counsel – resulted in substantial awards for plaintiffs, after overcoming serious procedural and other barriers . . . it appears plainly from the papers that you and your co-counsel have diligently, and at great personal expense and through the devotion of many thousands of hours of your time, prosecuted this case to a successful conclusion.”

In the Third Avenue Mgmt. litigation, when approving the $14.25 million settlement obtained by Evan and the Firm, the court commended the parties for their “wisdom” and “diligence” and concluded that “lead counsel diligently and with quality represented the interests of the class.”

In the Giant Interactive litigation, the court acknowledged the efforts of Evan and the Firm in achieving the favorable settlement for the Class: "The Court also recognizes the diligence and hard work of plaintiffs' counsel in achieving such a settlement, particularly in light of the fact that this case (unlike many other securities class actions) was independently developed by plaintiffs' counsel, as opposed to following, or piggybacking on, a regulatory investigation or settlement." 

Evan has been named a Super Lawyer by Super Lawyers Magazine for six of the past seven years. Before joining the Firm, he was associated with a prominent Manhattan plaintiffs' class action firm, where his practice focused on securities and consumer fraud class actions. Evan earned his Bachelor of Arts degree from the University of Michigan and his Juris Doctor degree from Fordham University School of Law, where he was a member of the Fordham International Law Journal.


In courts across the United States, Geoff Ritts focuses on defending corporations, officers, and directors in securities, shareholder, and derivative litigation. He also counsels boards on a wide range of governance issues. Chambers USA has described Geoff as "an excellent strategic thinker" and "very professional, knowledgeable and easy to work with." The Legal 500 US called him a "strong all-round litigator."

Geoff represented a top 10 bank in numerous securities, derivative, and ERISA lawsuits arising from the subprime mortgage crisis. He also represented a major financial institution in an MDL relating to the Bernard Madoff scandal. Geoff has represented many public companies in securities cases where courts dismissed complaints under the Private Securities Litigation Reform Act. Representative clients in matters of public record have included KeyCorp, Conagra Brands, Macy's, Cardinal Health, U. S. Steel, Goodyear, Cleveland-Cliffs, Erie Indemnity, Diebold Nixdorf, and Cooper Tire.

Geoff received a J.D. from Yale Law School in 1993 and a B.A. from Yale College in 1989. After law school, he clerked for Judge David A. Nelson of the United States Court of Appeals for the Sixth Circuit. Geoff is an adjunct professor at Case Western Reserve University School of Law, where he teaches complex litigation. Geoff has coauthored a treatise on complex litigation in state courts and has written articles on securities law and class actions in publications such as Litigation, National Law Journal, Journal of Corporation Law, and Defense Law Journal. Geoff has been invited to testify before the Ohio Legislature on class actions. He is a trustee of Notre Dame College and the Lake Erie Council of the Boy Scouts of America.


Jill Sperber has handled more than 1,000 mediations and arbitrations.  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 achieve 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 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, or companies, Ms. Sperber’s in-depth analysis and tenacious efforts are well regarded by clients and ­­­­­­­have established her as a top neutral in the alternative dispute resolution arena.

Experience

  • Judicate West, Mediator

  • Sperber Dispute Resolution, Inc., Mediator and Arbitrator

  • Irell & Manella, LLP, Mediator, Arbitrator, and 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 Gardner is a partner in the New York office of Labaton Sucharow LLP and serves as Head of Litigation for the Firm.  With more than 28 years of experience, Jonathan oversees all of the Firm's litigation matters, including prosecuting complex securities fraud cases on behalf of institutional investors. 

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.

Jonathan has played an integral role in securing some of the largest class action recoveries against corporate offenders since the global financial crisis.  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.  He has also 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; Public Employees' Retirement System of Mississippi v. Endo International PLC, resulting in $50 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 Intuitive Surgical Securities Litigation, resulting in a $42.5 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 in 2007.  In November 2011, the case resulted in a recovery of $90 million for investors.  Jonathan also represented lead plaintiff City of Edinburgh Council as Administering Authority of the Lothian Pension Fund 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.

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 earned his Juris Doctor from St. John’s University School of Law.  He received his Bachelor of Arts degree from American University.

Jonathan 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.

 


Jonathan K. Youngwood is Co-Chair of the Firm’s Litigation Department. For more than 20 years, Jon has represented financial institutions, corporations, executives and boards of directors in a wide range of high-profile litigations, arbitrations and regulatory investigations. His practice focuses on matters involving securities, antitrust and ERISA law as well as M&A litigation.

In 2017, Jon was the recipient of the “Securities Lawyer of the Year” award by Euromoney’s Benchmark Litigation, an award that recognizes the country’s leading litigators, and was also honored as a “Distinguished Leader” by the New York Law Journal. Chambers and Partners consistently recognizes Jon as a leading securities litigator, describing him as a “very well-respected lawyer with a tremendous reputation, and is very good in the courtroom”; “the best lawyer on his feet - he is incredibly comfortable before judges and panels”; a “smart, focused and creative lawyer who brings the required intensity to the job.” Chambers also recognizes him as “a detail-oriented litigator with the ability to get to the nub of an issue” who “has extensive securities knowledge” and “flair for written work and oral advocacy.” 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.” Jon has also been recognized by Benchmark Litigation as a “Top 10 Nationwide Securities Star”; and is consistently recognized as a national and New York “Litigation Star” in Securities 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 over 22 years and a partner for 15 years.  She has extensive experience representing clients in class action litigation, including a number of securities cases, most recently representing First Solar in a securities class action and a related opt-out action; Avon Products and its officers in putative securities fraud class action litigation relating to alleged false and misleading statements regarding the company’s business in Brazil; GreenSky and its officers and directors in putative class action securities litigation alleging disclosure deficiencies in connection with GreenSky’s initial public offering; 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 she 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.  Ms. DeMasi also represented Credit Suisse in consolidated, multidistrict class action litigation, and related individual securities, ERISA, RICO and bankruptcy proceedings, relating to alleged fraudulent conduct in connection with the collapse of Enron Corporation.

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.


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.


Susan L. Saltzstein is co-deputy of Skadden’s nationwide Securities Litigation Group. Her sophisticated litigation practice focuses on the representation of U.S. and global financial institutions, corporations and individual clients embroiled in complex securities, corporate and commercial litigation in federal and state courts. Ms. Saltzstein’s experience extends to class and derivative actions, investigations and corporate control contests. Bet-the-company litigation is one of the mainstays of her renowned practice.

She has represented, among others: J.P. Morgan Chase in connection with a number of foreign exchange-related purported class action litigations and in its defense of its ERISA plan; Citigroup Inc. as part of the 17-member underwriting syndicate of Santander Consumer USA Holdings Inc.’s IPO in two securities class actions, as well as in connection with litigation related to its student loan business; Anadarko Petroleum Corporation in connection with securities and derivative litigation arising out of its operations; Booz Allen Hamilton, Inc., in securities and derivative litigation arising out of a government investigation; Footlocker Inc. in its successful defense of a securities class action; Nokia Corporation in its defense against securities litigation; Inovalon Holdings, Inc. in connection with securities and derivative litigation arising from its IPO; Covisint Corporation and Compuware Corporation in connection with securities class action litigation involving the spin-off of Covisint Corporation; UniCredit S.p.A. in its defense of multibillion-dollar, precedent-setting Bernie Madoff-related litigations; the former CEO of Bear Stearns Companies, Inc. in connection with the defense of securities class and derivative actions and arbitrations; Cheniere Energy Inc. in its successful defense of challenges to its shareholder vote and related issuance of shares as incentive compensation; and Nortel Networks S.A. in securing a favorable settlement regarding the allocation of $7.3 billion of asset-sale proceeds in the Nortel bankruptcy cases.

Ms. Saltzstein led the Skadden team that was honored, among other firms, for its Nortel- related legal work by The American Lawyer as the Grand Prize Winner for Disputes. Ms. Saltzstein is leading the defense of Netshoes in a matter that produced the first substantive dismissal of a securities class action complaint in a New York state court.

The American Lawyer named Ms. Saltzstein and her partner Marco Schnabl as Litigators of the Week for their work on behalf of UniCredit S.p.A. in connection with Madoff-related matters, which also was named among the top matters in the Litigation & Dispute Resolution category in the Financial Times’ 2013 U.S. Innovative Lawyers report. In January 2014, Ms. Saltzstein was profiled in an article in The American Lawyer, which named the firm as a finalist for 2018 Litigation Department of the Year.

She regularly counsels clients on a wide range of strategic litigation and corporate governance matters, has extensive experience leading internal corporate investigations, actively defends board members in litigation, and represents clients in SEC and Financial Crisis Inquiry Commission matters.

Ms. Saltzstein has extensive experience providing litigation advice to and representing members of public company boards of directors in litigation. She has advised clients on litigation-avoidance strategy and routinely consults clients concerning litigation-related corporate governance and disclosure issues. In this regard, she has participated in the successful representation of clients involved in diverse businesses such as financial services, telecommunications, health care, investment banking, hedge funds, private equity and retail.

In 2011, Ms. Saltzstein was asked by a federal district court judge to serve on the Attorneys’ Advisory Committee of the Southern District of New York, a committee providing assistance to members of the judiciary serving on the Judicial Improvements Committee. In this role, Ms. Saltzstein co-chaired the Motions Committee and helped draft new procedure rules that have been implemented by district court judges in a pilot program directed at complex commercial disputes. Ms. Saltzstein has served as co-chair for numerous American Bar Association organizations and events, including the Section of Litigation Annual Conference (2010), the Litigation Institute for Trial Training (2011) and the ABA’s Expert Committee (2017), as well as having served for three years as co-chair of the Securities Litigation Committee. Ms. Saltzstein is currently the co-chair of the ABA’s Class and Derivative Action Committee.

Ms. Saltzstein was one of only two women securities litigators ranked by Chambers USA 2019 in its top bands and has been featured by Securities Law360 as one of its Outstanding Women lawyers. She also was selected by Lawdragon as one of 500 Leading Lawyers in America and has been named to The Best Lawyers in America.

 


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.


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, as an “Equality Trailblazer” by the National Law Journal, “Banking MVP of the Year” by Law360, and received the William Nelson Cromwell Award from the New York County Lawyers Association in recognition of his “unselfish service to the profession and the community.” 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 500, Euromoney Institutional Investors, Best 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 and corporate governance 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 30 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.