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Handling a Securities Case 2014: From Investigation to Trial and Everything in Between


Speaker(s): Adam S. Hakki, Brad S. Karp, Claudius O. Sokenu, David A. Rosenfeld, David Daniels, Elaine M. Divelbliss, Felipe J. Arroyo, James H.R. Windels, James Mangan, Jessica Valenzuela Santamaria, John E Davis, John Rizio-Hamilton, Jonathan Gardner, Jonathan K. Youngwood, Jonathan R. Tuttle, Jordan Eth, Kenneth Kramer, Lyle Roberts, Marc De Leeuw, Martha S. Samuelson, Maureen Chakraborty, Paul C. Gluckow, Sandra J. Rampersaud, Sara Ricciardi, Stanley M. Grossman, Thomas McCormack, William C. Fredericks, William F. Johnson
Recorded on: Apr. 24, 2014
PLI Program #: 51393

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.


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.


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. 


Claudius Sokenu, a former senior counsel with the United States Securities and Exchange Commission, Division of Enforcement, is Deputy General Counsel, Global Head of Litigation, and Global Head of Compliance at Andeavor, a Fortune 100 energy company.  Claudius oversees all of Andeavor’s litigation, internal and government investigations, regulatory compliance, and the ethics and compliance program.

Prior to joining Andeavor, Claudius was a litigation partner at Shearman & Sterling’s New York, Washington, DC, and London offices where his practice focused on representing multinational public and private companies, hedge funds, private equity firms, broker-dealers, investment banks, investment advisers, accounting firms, and their officers, directors, and employees in complex commercial litigations, securities enforcement actions and litigations, including class actions and FINRA arbitrations, white collar criminal defense, derivative actions, congressional investigations, internal investigations, and corporate crisis management.  Claudius has extensive experience in handling delicate high-profile matters that require concurrent representation in the civil, criminal, and political spheres.

Claudius is widely recognized as a leading securities enforcement, white collar crime and Foreign Corrupt Practices Act (FCPA) practitioner.  In nearly two decades in private practice, Claudius represented domestic and multinational compa­nies and their employees in all aspects of FCPA internal investigations, enforcement actions, and compliance matters before the SEC, the United States Department of Justice (DOJ), the United Kingdom’s Serious Fraud Office, and other civil and criminal authorities in the United States and abroad.  Claudius has represented Boards of Directors, Audit Committees, officers, senior management and employees of multinational companies in all anticorruption investigations in dozens of countries and on virtually every continent.

Earlier in his career, Claudius served in the Washington, DC office of the SEC in the Division of Enforcement, on the Honors Program, first as a Staff Attorney and later as Senior Counsel, where he was responsible for handling a broad range of the SEC’s domestic and international enforcement matters, including investigations involving accounting fraud, insider trading, initial public offerings, illicit payments under the FCPA, investment companies and investment advisers, market manipulation, and broker-dealer misconduct.  Claudius was also a member of the Enforcement Division’s FCPA Working Group, which is now known as the FCPA Unit and the Financial Fraud Task Force.

Consistently ranked by Chambers USA and Chambers Global for his investigative, regulatory, and securities enforcement practice (2014, 2013, 2012, 2011), named a Litigation Star by Benchmark Litigation (2016, 2015), Latin Lawyer 250 for White-Collar Crime and Compliance (2013), named a rising star by Ethisphere in its national annual rankings of “Attorneys Who Matter” (2012), named a “Top Lawyer” by The Network Journal (2011), named by Main Justice as one of the Best FCPA Lawyers Outside the Beltway (2011), Diversity & The Bar’s “Leading Law Firm Rainmakers” (2010), and recognized by Securities Law 360 as one of its 10 under 40 (2007), Claudius has represented major companies and/or their officers and directors, including Bank of New York, Bank of America, CIBC World Markets, Northern Trust, Allianz SE, AIG, Cantor Fitzgerald, CVS Caremark, PepsiCo, GlaxoSmithKline, Ernst & Young, Avon Products, Arthur Andersen LLP, Amgen, Walmart, Bristol-Myers Squibb, KraftHeinz, Embraer, Cardinal Health, and TV Azteca before prosecutors and regulators in the United States and abroad and in federal and state courts on bet-the-farm matters.

Claudius was an Adjunct Professor of Law at Georgetown University Law Center in Washington, DC where he taught advanced level securities enforcement and litigation courses.  He has lectured and published extensively on securities enforcement and litigation matters and has been quoted in the financial press on a variety of securities law issues.  Claudius earned his LL.B (with Upper Class Honors) from London South Bank University, an LL.M in Corporate and Commercial Law from the London School of Economics and King’s College London, University of London, and an LL.M in Securities and Financial Regulation from Georgetown University Law Center.


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.


Education: J.D., Harvard Law School; M.S., management, MIT Sloan School of Management; B.A., English, Yale University

Summary of Experience:

Ms. Samuelson is an expert in antitrust, finance, and valuation, combining more than 25 years of applying economic and financial analysis to complex legal disputes with five years of experience as a practicing trial attorney. A key aspect of Ms. Samuelson’s work is the direction of economic analyses for large-scale litigations. She has managed economic analyses related to antitrust issues in numerous government, competitor, and consumer matters on behalf of MasterCard and a major semiconductor manufacturer, and in several Microsoft competitor and indirect purchaser cases. Additionally, she has provided analysis on issues of class certification, antitrust liability, and antitrust damages in a broad set of technology- and financial services–related cases, and has worked with experts in market research and surveys to understand purchase behavior and determine apportionment of damages. Ms. Samuelson also has overseen economic analyses in major litigations related to the financial crisis, focusing on valuation and the issue of foreseeability pertaining to insolvency, to housing price declines, and to the performance of securitized mortgage assets, working with experts in securities and derivative instruments, valuation, statistical and econometric analysis, financial modeling, and damages assessments. In addition, she has sponsored successful testimony on a range of economic topics in both bench and jury trials, and has served as an expert in many phases of litigation, including development of economic and financial models; preparation of testimony; development, presentation, and review of pretrial discovery; and critique of economic and financial analyses of opposing experts.

A frequent speaker on topics in antitrust and competition, the role of economics in litigation, and leadership, Ms. Samuelson has presented at the American Bar Association’s Antitrust Section Annual Spring Meeting and New York State Bar Association programs, and at leading academic institutions including the Yale School of Management, the University of Chicago Law School, and the MIT Sloan School of Management, as well as participating in multiple legal and economic conferences and seminars. Ms. Samuelson has moderated a panel at the Federal Trade Commission and Department of Justice joint public workshop on most-favored nation clauses, and coauthored an article on the program, "From Economic Theory to Real-World Transactions: Highlights from the FTC/DOJ’s Recent Workshop on Most-Favored-Nation Clauses," published in the ABA Antitrust Section Joint Conduct Committee’s newsletter. She is an adjunct member of the New York State Bar Association Antitrust and Trade Regulation Committee and is included in the International Who’s Who of Competition Lawyers and Economists and Euromoney’s Guide to the World’s Leading Competition and Antitrust Lawyers/Economists. Ms. Samuelson currently sits on the board of directors for Boston Medical Center.


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.


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.


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.


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.


Sandra Rampersaud is an attorney in Cravath’s Litigation Department, with expertise all aspects of e-discovery, digital investigations and evidence, and data privacy, including cross-border e-discovery and disclosure, and European Union data protection.  Her practice focuses on monitoring the rapidly developing legal standards for conducting e-discovery and ensuring that the Firm delivers the most cost-effective and legally defensible methods of handling such discovery, both domestically and globally, for its clients.  Ms. Rampersaud’s practice also requires her to understand advances in information technology and the legal implications of its use.  She works closely with our clients and case teams in matters involving complex records preservation and collection issues, and devising cost-effective and defensible review strategies.  Ms. Rampersaud has spoken on e-discovery issues at a number of presentations.

Ms. Rampersaud was born in London, United Kingdom.  She received a B.A. summa cum laude from the University of Massachusetts in 1992 and a J.D. magna cum laude from Brooklyn Law School in 2003, where she was a Notes and Comments Editor of the Law Review and a member of the Moot Court Honor Society.  Ms. Rampersaud joined Cravath in 2011.  Prior to joining Cravath, Ms. Rampersaud was associated with a law firm in New York, where her practice focused on antitrust, commodities, securities and energy litigation.  In 2003, Ms. Rampersaud served a one-year clerkship with Hon. Joan M. Azrack of the U.S. District Court for the Eastern District of New York.  She is admitted to practice before the state courts of New York and Connecticut and, on the Federal level, before the U.S. Court of Appeals for the Second Circuit, the U.S. Court of Appeals for the Third Circuit, the U.S. District Court for the Eastern District of New York, the U.S. District Court for the Southern District of New York and the U.S. District Court for the Northern District of New York. 

Ms. Rampersaud is a member of the Sedona Conference Working Group Series on Electronic Document Retention and Production and actively participates on drafting subcommittees for its publications.  She recently spoke at the Sedona Conference “All Voices” meeting where she discussed the recently published Sedona Conference Principles of Information Governance and on a panel entitled “Evolving Nature of Defense of Process” at the Georgetown Law Advanced eDiscovery Institute.  Ms. Rampersaud is a member of the committee and Education subcommittee for the Seventh Circuit Electronic Discovery Pilot Program and is a member of the Executive Committee of the New York State Bar Association Commercial and Federal Litigation Section, where she serves as Co-Chair of its Committee on Electronic Discovery.  Ms. Rampersaud also served as a member of the Antitrust and Trade Regulation Committee of the New York City Bar Association from 2008 to 2010, and as a member of the New York County Lawyers’ Association, Denis McInerney American Inns of Court from 2004 to 2012 where she was a team leader from 2006 to 2010.

Ms. Rampersaud may be reached by phone at 212-474-3772 or by email at sjrampersaud@cravath.com.


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


Stanley M. Grossman is Senior Counsel to Pomerantz Haudek Grossman & Gross LLP. He has been with the Firm since February 1969, and was a partner from January 1, 1975 to December 31, 2008.

He is widely considered a dean of the plaintiffs’ securities bar and was featured in the New York Law Journal "Top Litigators in Securities Field -- A Who's Who of City's Leading Courtroom Combatants" and has repeatedly been named by the New York Times as one of the New York Super Lawyers and by Law Dragon Magazine as a Leading Plaintiff Lawyer in America.

Mr. Grossman has argued groundbreaking cases throughout his career. He appeared before the United States Supreme Court to argue that scheme liability is actionable under Section 10(b) of the Securities Exchange Act of 1934. See StoneRidge Investment Partners v. Scientific-Atlanta, 552 U.S. 148 (2008). In EBCI v. Goldman Sachs & Co., 5 N.Y.3d 11 (2005), he obtained a decision from the New York State Court of Appeals, holding for the first time that underwriters may have a fiduciary duty to issuing companies in an IPO.

In addition to his appellate work, Mr. Grossman has tried important securities cases upholding shareholder rights. Gartenberg v. Merrill Lynch Asset Management was the first case ever to be tried involving Section 36(b) of the Investment Company Act of 1940: In Rauch v. Bilzerian (Super. Ct., NJ), he pursued claims versus directors for a breach of duty to preferred shareholders. In Grumman, etc., he headed a six week trial involving ERISA and securities law claims and in Lewis v. Rockwell, he tried one of the few derivative stockholder cases to go to trial.

He has lectured to the profession on various occasions under the auspices of the Southern Federal Securities Institute, Columbia University School of Law, Duke University Law School, University of Arizona Law School, Brooklyn Law School, Willamette School of Law, ALI-ABA, the New York State Bar Association, and the Association of the Bar of the City of New York.

Mr. Grossman is a nationally respected authority on the subject of corporate governance. He served on former New York State Comptroller Carl McCall’s Advisory Committee for the NYSE Task Force on corporate governance. He is a regular advisor to Congress on legislation to protect investors and is a former president of NASCAT. During his tenure at NASCAT, he represented the organization in meeting with the Chairman of the Securities and Exchange Commission and before members of Congress and of the Executive Branch concerning legislation that became the PSLRA.

Mr. Grossman served for three years on the New York City Bar Association’s Committee on Ethics, as well as on the Association’s Judiciary Committee. He is also actively involved in civic affairs. He headed a task force on behalf of the Association, which after a wide-ranging investigation, made recommendations for the future of the City University of New York. He currently serves on the New York Advisory Council of the Appleseed Foundation, a national public advocate group.


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.


Jessica Valenzuela Santamaria is a partner at Cooley LLP and is resident in the Firm's Palo Alto office. Ms. Valenzuela Santamaria's practice focuses on securities, corporate governance and other complex business litigation, including the defense of securities class actions, derivative suits and M&A-related class actions. In addition to representing clients in state and federal courts, Ms. Valenzuela Santamaria also represents companies, boards and special committees in government and internal investigations and counsels public and private companies and their directors and officers about a wide range of issues relating to corporate governance, insider trading, disclosure obligations and litigation risk and strategy. Ms. Valenzuela Santamaria has also litigated commercial disputes in international and domestic arbitrations. Ms. Valenzuela Santamaria's clients have included companies and individuals in the hardware, software, semiconductor, biotechnology, pharmaceutical, finance, internet and digital-media industries. Ms. Valenzuela Santamaria also serves on the Firm's Diversity and Hiring Committees.


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.


Chairman of Paul, Weiss since 2008, Brad Karp is one of the country’s leading litigators and corporate advisers. Brad has successfully defended financial institutions and other companies in numerous “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 received numerous industry recognitions over the years. 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 “Attorney of the Year” by 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, Chambers, The Lawyer (U.K.), Lawdragon, 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 500 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. Brad has also spoken out and written about pressing issues of social justice. Most recently, in 2018 he authored two op-eds in The New York Times, “Stop Shielding Gun Makers,” advocating changes to laws related to gun manufacturer liability, 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 the issue of voter suppression and disenfranchisement. Brad is also active in the community, serving as the chairman of the Legal Action Center and as a director/trustee of more than 25 charitable, educational, medical and professional organizations. 

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. Brad has spent his entire professional career at Paul, Weiss.