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Financial Institutions and Securities Litigation

Whether in trial or appellate courts or alternative dispute arenas, Benesch litigators have a broad base of experience and knowledge in securities, shareholder, and financial services litigation and counselling.

We achieve successful results because of our pragmatic and tenacious approach to litigation, as well as our constant focus on our clients’ strategic goals and priorities, including avoiding litigation wherever possible.

Financial Services

In our representation of financial services organizations, our litigators have wide-ranging experience, including many successful representations defending and prosecuting claims and counterclaims in class actions, lawsuits, and arbitrations throughout the country.  We have defended banks against claims arising from commercial and consumer loans, letters of credit, credit and security agreements, guaranties, depositary accounts, wire transfers, and automated clearing house transactions, fiduciary obligations, trust accounts, the Fair Credit Reporting Act, Truth in Lending Act, the Patriot Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act, and the Equal Credit Opportunity Act.  Our experience covers the broad range of financial products typically offered by commercial banks and those provide services to financial institutions.  Our experience also includes advising and representing financial institutions about the ever-growing tangle of laws and regulations affecting lending, deposit accounts and other banking services.  We represent these same clients faced with inquiries and investigations by various regulatory bodies, including matters concerning audits.  We have experience defending claims brought under the federal statutes and regulations that govern consumer financial services, as well as those under state consumer finance laws and regulations including the Uniform Commercial Code, motor vehicle sales finance laws, and unfair and deceptive trade practices laws.

Securities and Shareholder Action Defense

In the securities arena, Benesch litigators have a comprehensive range of experience in securities disputes, including class actions, private equity litigation, disputes among shareholders or members in companies of all sizes, litigation involving public companies subject to a hostile tender offer, proxy battles, corporate governance disputes, breach of fiduciary duty claims, and similar matters.  We have represented companies and officers and directors in internal investigations, investigations by state and federal enforcement agencies, including the Securities & Exchange Commission, Department of Justice, bank regulatory agencies, and a wide range of state agencies.  We have successfully defended issuers, underwriters, brokers, investment advisors, accountants, attorneys, and officers and directors against claims of securities fraud and whistleblower and regulatory investigations and enforcement actions.  We have also defended against “stock drop” claims brought under the Employee Retirement Income Security Act of 1974 (“ERISA”) and other ERISA claims.

As with our other litigation specialties, the attorneys in Benesch’s Securities and Financial Services Litigation area have extensive experience handling class certification, e-discovery, expert discovery, and motion practice. 

Experience

  • Represented underwriters in securities fraud litigation alleging misrepresentation in connection with an IPO. Settled claims prior to commencement of discovery.
  • Represented underwriters in securities fraud litigation alleging misrepresentations in connection with IPO. Secured voluntary dismissal of claims against underwriters prior to commencement of discovery.
  • Represented broker-dealers in a putative class action alleging improper “naked” short selling. Secured voluntary dismissal of claims with prejudice.
  • Represented a Fortune 100 company against claims of aiding and abetting breach of fiduciary duty claims following an acquisition.
  • Represented a Fortune 100 technology company against securities fraud claims. Plaintiff sought over $20 billion in damages. Prevailed on motion to dismiss and secured dismissal with prejudice.
  • Represented a “Big Four” accounting firm in securities fraud claims by bondholders and stockholders stemming from disclosure of multibillion-dollar accounting fraud by an audit client. Claims settled following three years of fact discovery.
  • Represented a cable set-top manufacturer in a series of securities fraud class actions stemming from disclosure of accounting fraud by a customer. Prevailed on motions to dismiss all claims and all actions.
  • Represented broker-dealers in a securities fraud class action alleging improper short trading. Obtained voluntary dismissal of claims.
  • Represented cable set-top manufacturer and officers against securities fraud claims. Plaintiffs sought over $2 billion in alleged damages.
  • Represented a Fortune 50 financial institution against claims of predatory lending in violation of the Fair Housing Act.
  • Represented a Fortune 100 technology company against claims of securities fraud. Class plaintiffs sought damages in excess of $7 billion. Settled case with motions for summary judgment pending following three years of fact and expert discovery.
  • Represented Fortune 50 financial institution in putative class action alleging manipulation of multibillion-dollar Treasury market.
  • Represented a Fortune 50 banking institution in shareholder and bondholder litigation following a multibillion-dollar acquisition. Claims settled on eve of trial following three years of fact and expert discovery.
  • Obtained dismissal for a global financial institution of claims arising from an allegedly improper drawdown on a series of international letters of credit.
  • Obtained dismissal of a multi-billion dollar federal securities fraud claim arising from activities in an unrelated litigation, and successfully defended that dismissal on appeal.
  • Consulted with a national financial institution regarding its ediscovery practices and litigation response.
  • Led special litigation committee’s investigation of a bank holding company’s shareholder’s breach of fiduciary duty allegations arising from a capital transaction.
Key Contacts
  • Andrew G. Fiorella
    Litigation
    Cleveland

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August 19, 2024
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