Skip to main content

Handling a Securities Case 2013: From Investigation to Trial and Everything in Between


Speaker(s): Adam S. Hakki, Brad S. Karp, Carmen J. Lawrence, Colby A. Smith, David A. Rosenfeld, David A. Travin, David Daniels, Dr. Patrick Conroy, Elaine M. Divelbliss, Felipe J. Arroyo, Ghillaine A. Reid, James H.R. Windels, John C. Browne, Jonathan Gardner, Jonathan K. Youngwood, Jordan Eth, Karin A. DeMasi, Koji Fukumura, Lyle Roberts, Marc De Leeuw, Mark E. Segall, Patrick V. Dahlstrom, Paul C. Gluckow, Sara Ricciardi, Thomas McCormack, William C. Fredericks
Recorded on: Apr. 25, 2013
PLI Program #: 43083

David Daniels is a partner in the Washington office of Richards Kibbe & Orbe LLP. Mr. Daniels practices in the Litigation Group, where he focuses on disputes involving securities, derivatives and structured finance issues. Mr. Daniels has particular expertise in solving litigation problems faced by investment advisers and the funds they manage. He also represents clients in securities enforcement matters and in internal investigations. 

Mr. Daniels received his law degree in 1994 from the University of Chicago Law School and his undergraduate degree in 1989 from Princeton University.


Koji F. Fukumura is a partner in the Cooley Litigation department and is resident in the San Diego office and also part time in the Colorado office. Mr. Fukumura is a Co-Chair of the Firm's Securities Litigation Practice Group.

Mr. Fukumura's practice focuses on complex commercial litigation, including the defense of securities class actions, derivative suits, M&A-related class actions and government investigations. He regularly conducts internal investigations for boards as well as their audit and special litigation committees. Mr. Fukumura also counsels public companies, directors, officers, and principal shareholders about a wide range of issues relating to corporate governance, antitrust/unfair competition, FCPA, SEC enforcement, insider trading, disclosure obligations under and compliance with federal and state securities laws. His nationwide practice includes representation of companies such as Gateway, Inc., Qualcomm, Inc., Genoptix, Inc., Smith Micro Software, Inc., Brocade, Charlotte-Russe Holdings, The Titan Corporation, Quest Software, Inc., Gemstar TV-Guide and SAIC. He is currently a Co-Chair of the Securities Litigation Committee of the American Bar Association Section of Litigation and was a Co-Chair of that Committee's SEC Enforcement Subcommittee.

Mr. Fukumura has been repeatedly honored in San Diego Super Lawyers as one of the "Top 50 Lawyers in San Diego" (2009-2012) and has been named in that publication's category of "Securities Litigation" (2007-2012). He was named the 2013 Lawyer of the Year for Securities Litigation (San Diego) and the 2012 and 2013 Lawyer of the Year for Mergers & Acquisitions Litigation (San Diego) by Best Lawyers in America. He was also named to Best Lawyers in the categories of Commercial Litigation (2009-2013), Securities Law (2009-2013), Litigation - Mergers & Acquisitions (2012-2013) and Litigation - Regulatory Enforcement (2012-2013). He has been recognized in Euromoney's Benchmark Litigation Guide of Leading Firms and Lawyers as one of California's "litigation stars" (2010-2013). He holds the highest peer-reviewed rating (AV) by Martindale Hubble. 

He has written about and appeared on numerous programs discussing a variety of litigation-related issues

Mr. Fukumura is a Fellow of the American Bar Foundation. He is a member of the American Bar Association and recently finished service as a Co-Managing Director of the ABA Section of Litigation after having held various positions within the Section's Leadership since 2000, including election to the Section's Council. He is a member of the National Asian Pacific American Bar Association (Executive Committee (2005); Regional Governor (2001-2004)). He is currently a member of the Board of Trustees for the Lawyers' Committee for Civil Rights Under Law and the Japanese American National Museum. He was a member of the Board of Directors for the NAPABA Law Foundation, the Union of Pan Asian Communities and the La Jolla Music Society. Mr. Fukumura is admitted to practice in the states of California, Colorado, and Pennsylvania.


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.


Jordan Eth is co-chair of the firm’s Securities Litigation, Enforcement, and White-Collar Defense Group. He is one of the nation’s leading securities litigators, representing public companies and their officers and directors in securities class actions, SEC investigations, derivative suits, mergers and acquisitions litigation, and internal investigations. In 2008, Mr. Eth received a California Lawyer Attorney of the Year   Award for co-leading the successful defense of JDS Uniphase Corp. and its former executives in a securities class action jury trial seeking $20 billion in damages.

Mr. Eth has more than 30 years of experience handling complex and high- stakes litigation. He has represented dozens of companies and individuals in a broad range of industries, including financial services, computer software and hardware, life sciences, and consumer products.

Mr. Eth is recommended by multiple publications including Chambers USA: America’s Leading Lawyers for Business; Legal 500 US; The Best Lawyers in America and Benchmark Litigation. In 2010, he was selected by his peers as one of Law360’s 10 Most Admired Securities Attorneys. Clients have described him as “deeply knowledgeable and experienced and a natural leader without ego issues; he thinks strategically and is extremely responsive, realistic, and clear in his assessments of situations.” “Jordan understands the CEO mentality with respect to securities actions and navigates the corporate politics of these matters with the same expertise with which he handles the legal case; Jordan is true to his pitch that he will handle the case in a cost-efficient manner.”

Mr. Eth received his B.A. in Economics from Swarthmore College, with highest honors and Phi Beta Kappa, and his J.D. from Stanford University, Order of the Coif. At Stanford, he was Co-President of the Moot Court Board.

Mr. Eth served as a law clerk to the Honorable Chief Judge Robert F. Peckham, U.S. District Court for the Northern District of California, from August 1985 through August 1986. From 1980 through 1982, he worked as an economist in Washington, D.C., first for the United States Department of Energy and then for the Budget Committee of the United States House of Representatives.

EDUCATION

Swarthmore College (B.A., 1980)

Stanford Law School (J.D., 1985)

RANKINGS

Chambers USA 2007–2015
Recognized as a Leading Securities Litigation Lawyer

The Legal 500 US 2008–2015

Recognized in the area of Securities: Shareholder Litigation

The Best Lawyers in America 2008–2016
Recognized for Bet-the-Company Litigation, Commercial Litigation and Securities Litigation


Marc De Leeuw joined Sullivan & Cromwell LLP in 1994 and has been a partner since 2001. His litigation practice includes representing clients in a variety of areas, including on securities, intellectual property, antitrust, real estate, contract, insurance and many other commercial matters.

Marc has represented clients before arbitration tribunals, New York and New Jersey state trial and appellate courts, numerous federal district courts and Courts of Appeals and the U.S. Supreme Court. He has participated in trials and arbitration hearings in a variety of cases.

Among the securities matters he has handled include:
 

  • Represents BP in multiple securities, shareholder derivative and ERISA actions arising out of the Gulf of Mexico oil spill, including in obtaining dismissal of the federal shareholder derivative action on the ground of forum non conveniens.
  • Represents Barclays in nationwide Enron litigation, including a securities class action and related proceedings and obtaining reversal of the district court's decision to certify a class of Enron shareholders to pursue securities claims against Barclays and others seeking $40 billion in damages.
  • Represents various mutual funds and their directors in investigations and civil actions concerning board decisions and fund practices.
  • Represented Cablevision in shareholder derivative and class actions concerning options "backdating" and "going private" offers.

Marc serves on the Board of Directors of MFY Legal Services, has represented a host of pro bono clients, and has been a speaker at conferences involving securities, investment company and patent litigation.


In May 2011, David Travin joined UBS AG as an Executive Director and Counsel in its Litigation & Investigations Group.  David’s primary responsibility is the handling of litigation, regulatory investigations, and internal investigations for UBS’s investment bank in the Americas.  David is also UBS's representative on the SIFMA Litigation Advisory Committee. 

Prior to UBS, David was a member of the Litigation and Regulatory Group at Deutsche Bank AG from 2006 to 2011.  At Deutsche Bank, David was responsible for litigation and regulatory matters arising out of the U.S.-based broker-dealer, including the Private Wealth Management division.

David started his career as an associate in the litigation department of Greenberg Traurig LLP (2001-2006), with a focus on securities litigation.

David received a B.S. in Industrial and Labor Relations from Cornell University (1998) and a J.D. from The George Washington University School of Law (2001).


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. 


Carmen Lawrence is a partner in King & Spalding’s Special Matters and Government Investigations practice group.

Ms. Lawrence's practice focuses on representing parties in investigations and litigations conducted primarily by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Department of Justice, self-regulatory organizations and state securities regulators, conducting internal investigations, providing crisis management advice to public and private companies and counseling public companies and regulated entities (broker-dealers and investment advisers) on their obligations under the federal securities laws.

From 1996 until June 2000, Ms. Lawrence was the Regional Director for the SEC's Northeast Regional Office (covering 14 states and the District of Columbia), where she oversaw all enforcement and regulatory operations in the SEC's largest region.  Some of the SEC's most significant cases were brought by the Northeast Regional Office under Ms. Lawrence's leadership.

Before her appointment as regional director, from 1990 through 1995, Ms. Lawrence served as Senior Associate Regional Director, heading up the Northeast Regional Office's Enforcement Division.  From 1981 to 1989, she served in various staff and senior positions in the Enforcement Division.

Ms. Lawrence received numerous awards during her tenure at the SEC, including the Equal Employment Opportunity Award in 1998; the Presidential Distinguished Executive Award in 1995; the Stanley Sporkin Award in 1993; and the Irving M. Pollack Award, presented to an enforcement lawyer exhibiting leadership, integrity and intellect, in 1990. 

Ms. Lawrence is consistently recognized by Chambers USA: America's Leading Lawyers for Business as a leading individual for Securities Regulation and for Litigation: White-Collar Crime & Government Investigations.  She is consistently recognized by Legal 500 in Litigation: White-Collar Criminal Defense, and is additionally recognized in Financial Services: Litigation.  She is also consistently recognized by Benchmark: Litigation as a New York Litigation Star. She was named to Securities Docket’s inaugural “Enforcement 40” list of top SEC enforcement lawyers in 2013.

Ms. Lawrence has spoken extensively and participates in numerous continuing legal education programs for federal securities law matters.


Colby Smith is a litigation partner and is Co-Chair of the Securities Litigation Practice of Debevoise & Plimpton LLP. His practice focuses primarily on securities class action and derivative litigation, Securities and Exchange Commission and other regulatory enforcement matters, and internal corporate investigations, including those arising under the Foreign Corrupt Practices Act ("FCPA"). Mr. Smith is recognized by The Legal 500 US (2011), where he is noted for his "integrity, objectivity, passion for client service, and stature and reputation with the US regulatory agencies."

Mr. Smith is a member of the American Bar Association, where he participates in the Litigation and Criminal Justice Sections and the Class and Derivative Action and White Collar Crime Committees. He is admitted to practice before the US Supreme Court, US Courts of Appeals for the Second, Third, Ninth, Tenth and District of Columbia Circuits, and the US District Courts for the Southern District of New York, Eastern District of New York and District of Columbia.

Mr. Smith joined Debevoise in 1988 and became a partner in 1996. He received B.S. degrees magna cum laude from the University of Utah in 1979 and 1980. He received his M.A. in Philosophy from Columbia University in 1984, where he was a President's Fellow. He earned his J.D. from the Columbia University School of Law in 1987, where he was a Senior Editor of the Law Review and a Stone Scholar.


David A. Rosenfeld is a partner at Robbins Geller Rudman & Dowd LLP in the firm’s Melville, NY and Manhattan offices. Mr. Rosenfeld has focused his practice of law for more than a decade in the areas of securities litigation and corporate takeover litigation. He has been appointed as lead counsel in dozens of securities fraud lawsuits and has successfully recovered hundreds of millions of dollars for defrauded shareholders.

Mr. Rosenfeld, serving as lead counsel, recently secured a settlement of $70 million in the securities class action on behalf of investors in Credit Suisse Group and was also appointed as lead counsel in the securities fraud lawsuit against First BanCorp, which provided shareholders with a $74.25 million recovery. He served as lead counsel in In re Aramark Corporation Shareholders Litigation, which resulted in a $222 million increase in consideration paid to shareholders of Aramark and a dramatic reduction to management’s voting power in connection with shareholder approval of the going-private transaction (reduced from 37% to 3.5%).

Since 2011, Mr. Rosenfeld has been named by Super Lawyers Magazine as a “Rising Star” in Securities Litigation.

Mr. Rosenfeld is actively prosecuting many cases involving widespread financial fraud, including lawsuits on behalf of victims of Bernard L. Madoff, as well as litigation concerning collateralized debt obligations and credit default swaps.

Mr. Rosenfeld often advises and lectures the Firm’s institutional investor clients on securities litigation and has been responsible for numerous significant rulings in their appointment as lead plaintiffs.

Mr. Rosenfeld regularly practices in federal and state courts throughout the United States and is admitted to practice in the state of New York, the Southern, Eastern and Western Districts of New York, the District of Colorado, the Eastern and Western Districts of Arkansas, the Eastern District of Wisconsin, and the First, Second and Third  Circuit Courts of Appeal.

Mr. Rosenfeld earned his Bachelor of Science degree in Accounting from Yeshiva University’s Sy Syms School of Business and his Juris Doctor degree from the Benjamin N. Cardozo School of Law.


Ghillaine Reid is a Partner in the firm’s Government Investigations, Compliance, and Enforcement practice. She focuses her practice on government and securities regulatory investigations, financial services litigation, commercial litigation and corporate compliance. Drawing on her experience in government service and private practice, Ghillaine regularly represents corporations and individuals in investigations conducted by the Securities & Exchange Commission, the Department of Justice, the Financial Industry Regulatory Authority and other government and regulatory agencies. Ghillaine has successfully defended several high profile SEC investigations and enforcement proceedings involving a wide range of significant issues, including insider trading, accounting fraud, market manipulation and broker-dealer sales practice violations. Prior to entering private practice, Ghillaine was a Branch Chief and Staff Attorney in the New York Regional Office of the Securities & Exchange Commission's Division of Enforcement, where she investigated and litigated a wide range of securities enforcement matters.

Ghillaine also represents clients in complex financial services and commercial litigations matters, in both federal and state courts. She has achieved favorable outcomes in cases involving fraud, breach of contract, breach of fiduciary duty, misrepresentation and tortious interference. She has also successfully defended clients in large scale arbitration proceedings, both through the Financial Industry Regulatory Authority and the American Arbitration Association.


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.


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.


Mark E. Segall, Esq. is nationally recognized as one of the leading experts on the evaluation of litigation risk, settlement strategy and mediation of cases involving financial services and complex commercial disputes. Mr. Segall has mediated and arbitrated hundreds of complex disputes since joining JAMS in 2010. Mr. Segall’s experience ranges broadly in case type. He has vast experience in many areas of law including: employment, securities, financial markets, insurance, real estate and intellectual property. Mr. Segall’s expertise in these areas derives from his two decades of extensive experience managing litigation and handling difficult, high profile financial services matters domestically and worldwide for JPMorgan Chase (JPMC) and its predecessor firms as well as his experience in private practice and at JAMS. Mr. Segall served as JPMC’s Head of Litigation, Senior Vice President, and Associate General Counsel from 2003 until 2010. Litigation matters ran the full gamut from the most high profile securities and antitrust cases to consumer class actions, employment matters, and international litigation and arbitration. He has been an active speaker at industry and litigation conferences and a participant in court-appointed focus groups. 

Mr. Segall is particularly adept at resolving employment disputes involving senior executives. Disputes involve claims of wrongful discharge, claims of discrimination based on race, sex and age, alleged violations of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Sarbanes-Oxley Act, claims involving compensation in the form of incentive bonuses, deferred compensation, stock options and restricted stock, other forms of long-term incentive plans, claims involving company-sponsored private equity investments, claims involving the right to benefits and alleged violations of ERISA, and claims involving the enforcement of restrictive covenants.

Mr. Segall is a magna cum laude graduate of both Harvard College and Harvard Law School.  Mr. Segall is on the Board of MFJ Legal Services and has served as Board Chair.  He also served on the Board of Trustees of Westchester Reform Temple.  Mr. Segall is also a past recipient of MFJ’s Matthew G. Leonard Award for Pro Bono Achievement.   While at JPMorgan Chase & Co., Mr. Segall also held the company’s board seat on the Institute for Legal Reform in Washington. 


Patrick Dahlstrom joined Pomerantz in the Fall of 1991 and became a partner in January 1996. He is the resident partner in the Firm's Chicago Office. In 2012, Benchmark Litigation named Mr. Dahlstrom a "Local Litigation Star" in Chicago.

Mr. Dahlstrom is a 1987 graduate of the Washington College of Law at American University in Washington, D.C., where he was a Dean's Fellow, Editor in Chief of the Administrative Law Journal, a member of the Moot Court Board representing Washington College of Law in the New York County Bar Association's Antitrust Moot Court Competition, and a member of the Vietnam Veterans of America Legal Services/Public Interest Law Clinic. Upon graduating, Mr. Dahlstrom served as the Pro Se Staff Attorney for the United States District Court for the Eastern District of New York and was a law clerk to the Honorable Joan M. Azrack, United States Magistrate Judge.

Mr. Dahlstrom is a member of the Firm's Institutional Investor Practice and New Case Groups. He is the partner-in-charge in many of the Firms' pending securities fraud class actions on behalf of institutional lead plaintiffs, including Comverse and In re Sealed Air Securities Litig., No. 03-cv-437 (D.N.J.). Examples of other notable litigations by Mr. Dahlstrom include In re Safety-Kleen Stockholders Securities Litigation (as co-lead counsel, Firm obtained $54.5 million settlement); and In re Woolworth Corporation Securities Class Action Litigation (Firm, as co-lead counsel, secured a $20 million settlement).

Mr. Dahlstrom's extensive experience in litigation under the PSLRA has made him an expert not only at making compelling arguments on behalf of Pomerantz's clients for lead plaintiff status, but also in discerning weaknesses of competing candidates.

In re American Italian Pasta Co. Sec. Litigation and Comverse are the most recent examples of his success in getting clients appointed sole lead plaintiff despite competing motions by numerous impressive institutional clients. After appointing Pomerantz as sole lead counsel in In re American Italian Pasta Co. Sec. Litigation, the court stated:  Pomerantz has significant experience (and has been extremely effective) litigating securities class actions, employs several highly qualified attorneys, and possesses ample resources to effectively manage the class litigation and protect the class's interests.

Mr. Dahlstrom was also a member of the trial team in In re ICN/Viratek Securities Litigation (S.D.N.Y.), which, after trial, settled for $14.5 million. Judge Wood praised the trial team:

[P]laintiffs counsel did a superb job here on behalf of the class . . . This was a very hard fought case. You had very able, superb opponents, and they put you to your task . . . The trial work was beautifully done and I believe very efficiently done.

In approving the $225 million settlement in In re Comverse Technology Inc. Sec. Litig., No. 06-CV-1825 (E.D.N.Y.) in June 2010, Judge Nicholas G. Garaufis stated: 

The court also notes that, throughout this litigation, it has been impressed by Lead Counsel's acumen and diligence. The briefing has been thorough, clear, and convincing, and . . . Lead Counsel has not taken short cuts or relaxed its efforts at any stage of the litigation.


Paul Gluckow is a Partner in Simpson Thacher’s Litigation Department. His practice focuses on securities litigation—including class and derivative actions, disputes in connection with mergers and acquisitions, and government and internal investigations—as well as antitrust litigation, defense of law firms in legal malpractice and related matters, and other complex commercial litigation matters.  He is recognized by The Legal 500 in Securities: Shareholder Litigation, Financial Services Litigation, Commercial Litigation, and M&A Litigation, where clients have described him as “very responsive and client-friendly.” He is also recognized by Euromoney’s Benchmark Litigation.

Paul regularly represents financial institutions, corporations, and individuals in high-profile securities and shareholder litigations, and other related matters, including government and internal investigations. He also has substantial experience in litigation arising out of corporate acquisitions and other transactions. Paul is active in antitrust and competition matters, litigating on behalf of both plaintiffs and defendants, including cases alleging monopolization, price-fixing, and other restraints of trade.

Paul is an editor of the Firm’s Securities Law Alert, a monthly newsletter that reports on developments in securities litigation and related areas.

Paul is very active in pro bono. Among other things, since 2007 he has supervised the Firm’s work with co-counsel The Legal Aid Society in the Immigration Removal Defense Project, through which the Firm and Legal Aid have represented numerous clients in removal/deportation cases in Immigration Court.

Paul joined Simpson Thacher in 1996. He received his J.D. summa cum laude from Seton Hall University School of Law in 1994, where he was also Editor-in-Chief of the Seton Hall Law Review. He received his M. Phil. with highest distinction in 1992 from the University of Glasgow and his B.A., magna cum laude, from the University of Notre Dame in 1988. In 1994–95, Paul served as a law clerk to the Hon. William G. Bassler of the U.S. District Court for the District of New Jersey, and in 1995–1996 he clerked for the Hon. Samuel A. Alito, Jr., of the U.S. Court of Appeals for the Third Circuit.


Sara Ricciardi is counsel in the firm’s Litigation Group. She has represented financial institutions, corporate officers and directors, and other clients in a wide range of high-profile, complex commercial litigation matters, with a focus on securities class actions, shareholder derivative litigation and corporate control disputes, as well as investigations by the Department of Justice, the Securities and Exchange Commission, and the Financial Industry Regulatory Authority.

Experience

  • Representation of entities and individuals associated with largest "feeder fund" into Bernard L. Madoff Investment Securities in federal and state court proceedings arising out of the Madoff Ponzi scheme.
  • Representation of credit rating agency in multiple international arbitrations and foreign litigations.
  • Representation of numerous private equity firms in shareholder derivative lawsuits, class actions, and regulatory inquiries in connection with corporate transactions, including the acquisitions of HCA and Laureate Education, Inc.
  • Representation of major homebuilding company and its senior officers in securities litigation arising out of the collapse of the U.S. real estate market.
  • Representation of underwriters of a global offering of Royal Ahold N.V. shares in a lawsuit involving a restatement of earnings totaling $24.8 billion.
  • Representation of Italian and Spanish power companies in litigation arising out of $30+ billion tender offers for Endesa, S.A.
  • Representation of broker-dealers in connection with SEC and FINRA investigations.
  • Representation of the Board of Directors of major retailer in shareholder derivative lawsuits.
  • Representation of former officer and director of French corporation in connection with U.S. regulatory inquiries and French criminal trial.
  • Representation of senior executive of domestic transportation company in DOJ antitrust investigation.
  • Representation of New York City in multi-million dollar personal injury action.

Education

New York University School of Law, J.D., 2002
Moot Court Board

Yale University, B.A., 1999, magna cum laude, Phi Beta Kappa

Bar Admissions/Qualifications

New York

Courts

United States District Court for the Southern District of New York
United States District Court for the Eastern District of New York

Languages

Spanish, Italian, French

Professional Affiliations and Business Activities

  • American Bar Association
  • The Association of the Bar of the City of New York


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.


Mr. Browne's practice focuses on the prosecution of securities fraud class actions. He represents the firm’s institutional investor clients in jurisdictions throughout the country and has been a member of the trial teams of some of the most high-profile securities fraud class actions in history.

Mr. Browne was Lead Counsel in the In re Citigroup, Inc. Bond Action Litigation, which resulted in a $730 million cash recovery - the second largest recovery ever achieved for a class of purchasers of debt securities. It is also the second largest civil settlement arising out of the subprime meltdown and financial crisis. Mr. Browne was also a member of the team representing the New York State Common Retirement Fund in In re WorldCom, Inc. Securities Litigation, which culminated in a five-week trial against Arthur Andersen LLP and a recovery for investors of over $6.19 billion – one of the largest securities fraud recoveries in history.

Other notable litigations in which Mr. Browne served as Lead Counsel on behalf of shareholders include In re Refco Securities Litigation, which resulted in a $407 million settlement, In re the Reserve Fund Securities and Derivative Litigation, which settled for more than $54 million, In re King Pharmaceuticals Litigation, which settled for $38.25 million, In re RAIT Financial Trust Securities Litigation, which settled for $32 million, and In re SFBC Securities Litigation, which settled for $28.5 million.

Most recently, Mr. Browne served as lead counsel in the In re BNY Mellon Foreign Exchange Securities Litigation, which settled for $180 million; In re State Street Corporation Securities Litigation, which settled for $60 million; and the Anadarko Petroleum Corporation Securities Litigation, which settled for $12.5 million.  Mr. Browne also represents the firm’s institutional investor clients in the appellate courts, and has argued appeals in the Second Circuit, Third Circuit and, most recently, the Fifth Circuit, where he successfully argued the appeal in the In re Amedisys Securities Litigation.

In recognition for his achievements, Law360 named Mr. Browne a “Class Action MVP," one of only four litigators selected nationally.  He is also named a New York Super Lawyer, and is recommended by Legal 500 for his work in securities litigation.

Prior to joining BLB&G, Mr. Browne was an attorney at Latham & Watkins, where he had a wide range of experience in commercial litigation, including defending corporate officers and directors in securities class actions and derivative suits, and representing major corporate clients in state and federal court litigations and arbitrations. 

Mr. Browne has been a panelist at various continuing legal education programs offered by the American Law Institute ("ALI") and has authored and co-authored numerous articles relating to securities litigation

Education:

  • Cornell Law School, 1998, J.D., cum laude; Editor, Cornell Law Review
  • James Madison University, 1994, B.A., magna cum laude, Economics

Bar Admissions:

  • New York
  • U.S. District Court, Southern District of New York
  • U.S. Court of Appeals, Second Circuit
  • U.S. Court of Appeals, Third Circuit
  • U.S. Court of Appeals, Fifth Circuit


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.


ELAINE M. DIVELBLISS is Director and Senior Counsel for Sprint Nextel Corporation and works out of offices in Warren, NJ and New York City. As a member of the Government Affairs department, Ms. Divelbliss provides advice on a broad range of state and federal regulatory matters. Her responsibilities include providing legal counsel and regulatory advice to the Assurance Wireless brand, through which Sprint affiliate Virgin Mobile USA provides Lifeline service. Ms. Divelbliss joined Sprint in November 2009, in connection with the merger of Sprint and Virgin Mobile. Prior to joining Virgin Mobile in September 2008, Ms. Divelbliss practiced in the Litigation department of Simpson Thacher & Bartlett LLP in New York City. Ms. Divelbliss received both her undergraduate degree and juris doctorate from the University of Pennsylvania.


James H.R. Windels is a member of Davis Polk & Wardwell’s Litigation Department. Since joining Davis Polk in 1990 he has had wide experience in a variety of federal and state court commercial litigation matters, international arbitrations, regulatory enforcement proceedings, and internal investigations.

Mr. Windels’ matters include securities cases relating to public offerings and underwritings, sales and trading, asset management, mutual funds, private equity transactions and accounting matters. He has represented companies and accounting firms in internal investigations, bidders and targets in mergers and acquisitions litigation, and financial institutions and manufacturers in federal and state antitrust actions. He has also represented financial institutions and accounting firms in investigations and proceedings before the Securities and Exchange Commission, the Federal Reserve Bank, the Commodity Futures Trading Commission, the New York Stock Exchange, federal and state criminal authorities, and local regulators in Europe and Asia.

Mr. Windels joined Davis Polk in 1990, became a partner in 1997, and served as practice group coordinator of the Litigation Department from 2006-11. He clerked for the Honorable Peter K. Leisure, U.S. District Court for the Southern District of New York, from 1989-90. He is Chair of the Board of Directors of Volunteers of Legal Services and previously served as a member of the Executive Committee of the Association of the Bar of the City of New York and Chair of the Board of Directors of Brooklyn Legal Services Corporation A.


Tom McCormack currently is the Domestic & Canadian Head of D&O Claims for AIG Claims, Inc., including National and Commercial/Middle Market Accounts as well as Private and Non-Profit Accounts. Tom has had two stints at AIG/Chartis and has been with the company for a total of 15 years. Before becoming The Domestic Head of D&O Claims, he was Vice President for Commercial/Middle Market and Private/Non-Profit Accounts for Central U.S. Tom was also previously a Complex Claims Director in the Accident Group, D&O National Group and the Financial Institutions Group. Prior to arriving at AIG, Tom spent 10 years at Home Insurance Company, most recently as the Manager of the E&O Large Claims Group as well as all claims reported to the Company’s Reinsurers. Tom was responsible for handling large exposure Legal, Accounting, Real Estate and Insurance Agents malpractice claims as well as Police Department claims throughout the United States. Tom has also spent time as a litigator at a NY Defense Firm responsible for handling defense of both Legal and Accounting Malpractice lawsuits against those professionals. Tom received a JD from St. John’s University in 1985. Prior to entering Law School, Tom spent five years as an accountant at Texaco, Inc., most recently as the Assistant Chief Accountant for the Budget and Statistical Group for all of Texaco’s worldwide enterprises. Tom graduated with a B.S. in Accounting from St. John’s University in 1978.


WILLIAM C. FREDERICKS is a partner in the New York office of Scott + Scott LLP. He began his legal career as a law clerk for the Hon. Robert S. Gawthrop III of the U.S. District Court for the Eastern District of Pennsylvania, and then spent seven years practicing securities and complex commercial litigation as an associate at Simpson Thacher & Bartlett and Willkie Farr & Gallagher before moving to the plaintiffs’ side of the bar in 1997 where he was a partner at Milberg LLP and then at Bernstein Litowitz Berger & Grossmann LLP. Mr. Fredericks has represented investors as a lead or co-lead counsel in dozens of securities class actions, including In re Wachovia Preferred Securities and Bond/Notes Litig. (S.D.N.Y.) (total settlements of $627 million, reflecting the largest recovery ever in a pure Securities Act case that did not involve any parallel government fraud claims); In re Rite Aid Securities Litig. (E.D. Pa.) (total settlements of $323 million, including the then-second largest securities fraud settlement ever against a Big Four accounting firm); In re Sears Roebuck & Co. Securities Litig. (N.D. Ill.) ($215 million settlement, reflecting the largest section 10(b) recovery in history in an action not involving either a financial restatement or parallel government fraud claims ); In re State Street ERISA Litig. ($89 million settlement, one of the largest ERISA class action settlements to date) and Irvine v. Imclone Systems, Inc. (S.D.N.Y.) ($75 million settlement). He has also obtained significant recoveries on behalf of creditor interests, including recoveries against News Corp. on behalf of the receiver in bankruptcy of Australis Holdings Pty. Limited, and recoveries on behalf of the Friedman’s Creditor’s Trust against certain former outside attorneys, auditors and financial advisers of Friedman’s, Inc. Mr. Fredericks also played a lead role on the appellate team that obtained a rare 9-0 decision for plaintiffs (and remand to the district court) in a securities fraud case from the United States Supreme Court in Merck & Co., Inc. v. Reynolds, 130 S.Ct. 1784 (2010). Mr. Fredericks also has extensive experience litigating various MBS-related actions against MBS issuers, sponsors, underwriters and trustees, including the ongoing litigation in Retirement Board v. Bank of New York Mellon, No. 1:11-cv-05459 (S.D.N.Y.) against the trustee of various Countrywide-sponsored MBS trusts based on the trustee’s alleged failure to take timely and appropriate actions to enforce the trusts’ repurchase rights).

Mr. Fredericks graduated from Columbia University School of Law in 1988, where he was awarded the Toppan Prize in Advanced Constitutional Law, the Beck Prize in Property Law, the Greenbaum Prize for Legal Writing, and the Gov. Thomas E. Dewey Prize for best oral argument in the final round of Columbia’s 1988 Harlan Fiske Stone Moot Court Honor Competition. He earned his B.S., with High Honors, from Swarthmore College, and also holds an M. Litt. degree in international relations from Oxford University.

Mr. Fredericks has been a panelist on numerous programs sponsored by various organizations, including the Practising Law Institute (PLI) and the American Law Institute/American Bar Association (ALI/ABA). He is a member of the Association of the Bar of the City of New York (former chairman, Committee on Military Affairs and Justice), The American Bar Association, and The Federal Bar Council. He is admitted to the bar of the State of New York and to the bars of the United States Supreme Court, the U.S. Courts of Appeal for the Second, Third, Sixth and Tenth Circuits, and the U.S. District Courts for the Southern and Eastern Districts of New York.