Securities Litigation and Class Action
Just as SEC regulations and enforcement have become more challenging for private funds, so too has the securities litigation environment. Schulte’s securities litigation practice has an extensive track record defending private funds in securities claims and class actions, and representing the interests of directors serving on the boards of public companies. We are among only a handful of law firms to have successfully defended a federal securities fraud class action all the way through trial to a jury verdict of no liability.
Representations
Represented the former CEO of Hanger Inc. in securing the dismissal of a securities fraud class action in which he was named as a defendant.
Obtained a jury verdict completely exonerating the former Chief Financial Officer of Vivendi Universal in the largest federal securities class action ever to go to trial.
Represented Monster Beverage Corporation, its CEO and CFO as defendants in a putative securities fraud class action.
Represented National Westminster Bank plc in a litigation concerning a loan that NatWest provided to facilitate a tax strategy called Bond Linked Issue Premium Structure.
Advised an investor group led by Cerberus Capital Management in the $9-billion acquisition of Safeway Inc. and the ensuing successful settlement of shareholder class actions filed after the acquisition.
Successfully represented H&R Block Inc. in a shareholder class action alleging that the company failed to explain adequately in proxy disclosures its recommendations concerning executive compensation.
Successfully defended the former chief scientist of Merck & Co. and president of Merck Research Laboratories in a high-profile securities class action and related cases concerning the painkiller Vioxx.
Defended Lockheed Martin Corporation and Lockheed Martin Investment Management Company in a major ERISA class action in the Southern District of Illinois. After eight years of litigation, secured a settlement for less than 5 percent of the claimed damages in one of the largest ERISA class actions in the country.
Represented Comverse Technology Inc. in federal and state court derivative litigation against officers and directors of the company in connection with allegations of stock option backdating and earnings manipulation.
Currently and historically represent Goldman Sachs in federal and state litigation and securities industry arbitration proceedings alleging violations of Section 10(b), state securities statutes, self-regulatory organization rules and common law. Representations have included successful federal and state court motions to dismiss and appeals, and dismissals following and during arbitration hearings.