Litigation partners Kannon Shanmugam, Walter Ricciardi, Geoff Chepiga and Ted Wells were all recognized by The American Lawyer’s “Litigation Daily” column for their win in a significant securities litigation lawsuit.
Representing mining giant Rio Tinto’s former CFO Guy Elliott, Kannon, Walter, Geoff and Ted won a Second Circuit affirmance in a high-profile appellate showdown with the SEC on July 15. In a decision roundly rejecting the SEC’s approach to “scheme liability” in securities cases, the Second Circuit found that false statements and omissions alone can’t form the basis of claims of a scheme to defraud investors.
