Matthew L. Larrabee
Partner New York San Francisco Litigation
Funds and Asset Managers
- Section 36(b) Claims. Lead trial counsel for Calamos Advisors LLC in seven day trial in S.D.N.Y., resulting in a resounding victory for Calamos and the mutual fund industry; also represented numerous other advisers, funds and boards in excessive fee litigations brought under Section 36(b) of the Investment Company Act of 1940.
- Municipal Bond Class Actions. Successfully defended OppenheimerFunds, Inc., and its senior officers and directors, in multi-billion dollar MDL proceedings brought by investors in seven municipal bond funds that invested in a range of allegedly volatile securities.
- Fixed Income Securities Litigation. Defended one of the country’s leading mutual fund complexes and its senior directors and officers in investor class actions claiming over US$2 billion in losses suffered on fixed income funds invested in credit default swaps, total return swaps, and mortgage backed securities.
- Internal Investigations. Represented a US$3 billion public REIT that suffered a US$700 million restatement; led investigation and pursuit of remedies for accounting errors, which produced more than US$175 million in shareholder value from third party professionals and service providers following a multi-week arbitration.
- Derivative and Class Claims. Defended a leading mutual fund complex in derivative and putative class action litigation arising from the failure of a large mutual fund during the credit crisis. Obtained summary judgment in favor of the fund and successfully defended the judgment on appeal.
- State Law Adviser and Trustee Class Action. Represented all Schwab defendants in Schwab Investments v. Northstar Financial Advisors, Inc. Obtained final judgment on SLUSA pre-emption grounds,which was affirmed by the Ninth Circuit in a precedent setting ruling limiting state law class actions against advisers, funds and trustees.
- Futures Market Manipulation Claims. Represented mutual funds advised by the world’s largest fixed income investment manager in a Commodity Exchange Act class action alleging claims of market manipulation relating to ten-year Treasury futures contracts.
- Madoff Securities Litigation. Defended Oppenheimer Acquisition Corp., and several of its directors and officers, in investor actions arising out of the massive fraud perpetrated by Bernard L. Madoff.
- ICI Representation. Represented the Investment Company Institute, as amicus curiae, including briefing opposite the Securities and Exchange Commission, in consolidated cases involving allegedly inappropriate investment concentrations in mortgage backed securities.
M&A and Appraisals
- Safeway. Defended against a US$2 billion Delaware Chancery Court appraisal proceeding arising from the supermarket chain’s US$9 billion acquisition by Albertsons. At the time it was brought, the case was the largest appraisal proceeding in Delaware history.
- Sierra Income Corporation. Obtained final judgment in favor of a leading BDC following an expedited Delaware Chancery Court trial in which plaintiffs asserted aiding and abetting claims relating to a proposed three way merger with the adviser and another BDC. Shortly thereafter, obtained dismissal of a putative class action seeking to enjoin a separate BDC merger.
- Inhibitex Acquisition. Represented Inhibitex, Inc. in expedited shareholder litigation following the announcement of the company’s acquisition by Bristol-Myers Squibb for US$2.5 billion. Upon receipt of the Inhibitex preliminary injunction opposition, plaintiffs withdrew their motion and subsequently dismissed the case voluntarily.
- Buckeye Technologies Acquisition. Represented Buckeye Technologies in expedited litigation challenging its acquisition by Georgia-Pacific. Successfully defeated motion for expedited discovery, leading to dismissal of the complaint.
- Broadway Theater Partnership Dispute. Represented nationally recognized theater owner in a hotly contested partnership dispute, which included a preliminary injunction fight, a Chancery Court trial and a successful appeal to the Delaware Supreme Court, which produced a sweeping victory and a dramatic public rebuke by that Court of the client’s adversary.
- Albertsons. Represented Albertsons and its private equity investor Cerberus in obtaining stipulated dismissal of US$3 billion multi-jurisdiction litigation arising from the sale of 146 Albertsons stores to Haggen, Inc.
- In re Microsoft Antitrust Litigation. Served as co-lead trial counsel for Microsoft in a multi-billion dollar private antitrust suit brought against the company by Sun Microsystems.
- Corporate Trust Fraud Claims. Defended three leading corporate trust businesses against claims brought by the State of California under the False Claims Act . In the largest case, the State and more than 300 political subdivisions sought more than US$4 billion in damages from Bank of America. Following months of trial, the court issued a tentative ruling favoring the bank on all points, which led to a creative mediation and successful settlement.
- Trustee Fee Litigations. Represented three leading banks in trust beneficiary class actions over trustee fee overcharges. Mr. Larrabee tried one of those cases, in which the trial court rejected the plaintiffs’ US$200 million damage claim and upheld the propriety of the bank’s voluntary refunds.
- Guaranteed Student Loan Litigation. Defended a leading financial institution against claims exceeding US$600 million, brought by 14 of the world’s largest financial institutions, arising from a federal guaranteed student loan servicing failure. Mr. Larrabee led prolonged negotiations with federal student loan regulators, and represented the bank in DOJ and GAO investigations and congressional hearings.
- Setting the Fund Menu in Today's Regulatory Climate — ACLI Annual Conference 2014, Washington, D.C. (October 20, 2014)
- Hot Issues in Federal Regulation and Litigation — American Council of Life Insurers Annual Conference, New Orleans, LA (October 27, 2013)
- Hot Issues in Federal Regulation and Litigation — American Council of Life Insurers Compliance & Legal Sections Annual Meeting, Orlando, FL (July 17, 2013)
- 2012 Fund Directors Conference — Independent Directors Council, Chicago, IL (October 2, 2012)
- Developing Business 2012: Developing Networks and Client Relationships — Practising Law Institute, New York, NY (March 26, 2012)
- Surviving the Era of Regulation by Enforcement and 20/20 Hindsight Litigation — Investment Company Institute Mutual Funds and Investment Management Conference, Palm Desert, CA (March 29, 2011)
- Mutual Fund Litigation Overview — California 40 Acts Group, Los Angeles, CA (July 1, 2010)
- American Bar Association
- American Law Institute
- +1 212 698 3578
+1 212 698 3599
New YorkThree Bryant Park, 1095 Avenue of the Americas, New York, NY, United States of America 10036-6797
- +1 212 698 3578
+1 212 698 3599
San FranciscoOne Bush Street, Suite 1600, San Francisco, CA, United States of America 94104-4446
- +1 415 262 4579
+1 415 262 4555
- University of California, Davis, B.A., 1977, with Honors
- University of California Hastings College of the Law, J.D., 1980, Thurston Honor Society, Order of the Coif, Editor-in-Chief of the Hastings Law Journal
- District of Columbia
- New York
- United States Court of Appeals for the Ninth Circuit
- United States District Court for the District of Colorado
- United States District Court for the Northern District of California
- United States District Court for the Central District of California
- United States District Court for the Southern District of California