Securities Litigation


  • November 22, 2017 | Marsh Client Seminar
    Foreign Issuers' US Securities Claims Trends Deep Dive


Dechert’s nationally-recognized securities litigation team advises and represents companies and their officers and directors in securities litigation class actions, shareholder derivative suits, M&A litigation, internal investigations and SEC and other regulatory proceedings. Our extensive litigation experience and deep understanding of the securities laws allow us to provide creative and effective defenses for our clients, and we have an extremely high success rate in defeating such claims at the initial pleading stages.

With over 300 litigators worldwide, we have handled securities and derivative litigation cases throughout the United States. Our group, and several of our partners, have been consistently recognized as among the top tier by ranking publications such as Chambers USA, Benchmark Litigation, The Legal 500, and Who’s Who Legal – The International Who’s Who of Business Crime Lawyers and the NACD Directorship 100 list of the most influential people in corporate governance and the boardroom. In 2012, Dechert was nominated by Chambers USA for the Award for Excellence as one of the country’s top firms handling securities regulation.

Our attorneys have represented a wide variety of clients in securities litigation matters, including:

  • AIG Financial Products
  • American Greetings
  • Bank of America
  • Bear, Stearns & Co.
  • Discover Financial Services
  • GlaxoSmithKline
  • Goodyear Tire and Rubber Co.
  • HSBC
  • Lehman Brothers’ board of directors
  • Morgan Stanley
  • OppenheimerFunds, Inc.
  • Red Hat, Inc.
  • The Boeing Company
  • UBS

Securities Class Actions and Direct Fraud

Dechert’s securities litigation team has successfully litigated hundreds of civil securities class actions and direct fraud cases alleging violations of the Securities Act of 1933, the Securities Act of 1934 and other federal securities regulations and state laws. Industry-leading corporations and financial institutions turn to Dechert to tackle complex, “bet-the-company” litigation involving alleged misrepresentations, omissions or other purported market manipulation.

Derivative Litigation

We have extensive experience with all aspects of defending officers and directors of corporations in derivative and other corporate governance actions alleging statutory and common law claims. Our team has defended clients in a wide variety of cases including matters involving a board’s alleged breach of fiduciary duties, failure to implement or oversee internal controls, executive compensation, usurpation of corporate opportunities, mergers and acquisitions, and controlling and minority shareholder matters. In addition to providing a successful defense, our vast experience allows us to help our clients strategically navigate any related demands, books and records proceedings and potential internal investigations.

Corporate Governance

Dechert’s securities litigation attorneys advise corporations, boards, board committees and funds on a broad range of corporate governance and risk management issues in the post-Sarbanes-Oxley and Dodd-Frank environment, including risk management, corporate governance, internal investigations, fiduciary duties to shareholders, executive compensation, benefits and employment agreements, and public disclosures.

Internal Investigations

We have directed the most complex and challenging internal investigations to successful conclusion, helping our clients resolve critical concerns such as whether to disclose findings, waive privilege or take remedial measures.

Regulatory Investigations and Enforcement

We defend financial firms, public companies, investment advisors and other institutions subject to oversight and investigation by the SEC and other government agencies. Applying our deep knowledge and experience, we devise sound strategies, maintain credibility with government agencies and achieve efficient results for our clients.

Mutual Fund Litigation

We have a significant practice representing mutual fund advisers, fund companies, and independent trustees in class actions as well as in enforcement and regulatory proceedings arising from alleged violations of the Investment Company Act of 1940. Part of our mutual fund litigation practice focuses on claims relating to risk disclosure, revenue sharing, 12b-1 fees, market timing, late trading, excessive advisory fees, and allegations of “failure to file.”

Banking and Financial Institution Litigation

We defend banks, thrifts, and other financial institutions as well as officers, directors, and professionals in civil and administrative litigation brought under federal and state banking, consumer and securities laws and regulations. We have also successfully represented asset managers, including mutual funds, hedge funds, fund companies, closed-end funds and independent trustees in securities litigations brought under both the Securities Exchange Act and the Investment Company Act of 1940.

M&A Litigation

We represent acquirers, sellers, bidders, and M&A professionals in litigation related to takeovers, tortious interference litigation, proxy contests, valuation disputes, dissenter’s rights, auctions, post-closing disputes, material adverse change/material adverse events, and purchase price adjustments.

Broker-Dealer Disputes

Dechert represents both major and regional broker-dealers in disputes with customers, predominantly in arbitration forums, as well as controversies between member firms over issues such as the departure of registered representatives.