Securities Litigation

Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.

From the days of insider trading and corporate raiders in the 1980s, to the recent collapse of the subprime and auction-rate securities markets, Paul, Weiss has played a leading defensive role in nearly every high-profile securities matter of the modern era. In each instance, we have helped our clients respond to the fallout, mitigate crises and successfully resolve public and private litigations and government investigations.

We have experience handling virtually every kind of securities-related challenge, including:

Our lawyers represent U.S. and non-U.S. clients in civil and criminal proceedings in state and federal courts across the United States, as well as in administrative proceedings and investigations by U.S. regulatory authorities and self-regulatory organizations. We help issuers successfully navigate the labyrinth of litigation that can arise from public offerings of equity and debt, as well as from earnings disclosures, restatements and other adverse developments. We are also frequently tapped by underwriters in individual shareholder or class actions claiming liability for misstatements and omissions in registration statements and prospectuses, as well as individual board members and executive officers targeted in securities-related suits. Our vast expertise in defending lawsuits arising under virtually every provision of the relevant federal statutes, state statutory provisions and common law has allowed us to help shape precedent in this area.

The collective wisdom of our team is formidable. The practice boasts a deep bench of experts, including many former federal prosecutors who have invaluable experience in dealing with U.S. Attorney offices, the U.S. Department of Justice and state prosecutors. Notably, our team includes the former deputy chief of the Fraud Section of the DOJ’s Criminal Division, two former chiefs of the Criminal Division of the New York U.S. Attorney’s Office, two former deputy directors of the SEC’s Enforcement Division, the former Deputy General Counsel of the U.S. Treasury Department, a former counsel of two SEC chairs and a former Vice Chancellor of the Delaware Court of Chancery. Many other lawyers have devoted their careers to the defense of securities litigations in state and federal court and before regulatory bodies.

In representing non-U.S. clients, we offer not only knowledge of the legal issues unique to foreign entities and individuals, but also a sure hand in leading them through the unfamiliar landscape of the U.S. legal and regulatory system. We have deep experience navigating increasingly frequent cross-border crisis situations for our clients, where U.S. securities litigation is often accompanied by other litigation, insolvency or regulatory matters abroad, and managing the complex interplay among them.

Securities Litigation

Our clients benefit from our deep experience at all stages of the litigation process, including motions to dismiss, class certification, summary judgment, settlements, trials and appeals, as well as before domestic and international investment arbitration bodies. We defend clients in lawsuits arising under federal and state securities laws, as well as litigating securities-related issues arising under other statutory schemes, including ERISA and the U.S. Bankruptcy Code.

Our practice is differentiated because not only do we have unparalleled subject matter expertise, but we try cases, including securities cases, and win them. Our team includes litigators who are widely recognized as some of the finest trial lawyers in the country. Clients and adversaries know that we are prepared to take cases to trial and that we know how to win, which gives us a tremendous advantage both in the courtroom and at the settlement table. In fact, we have successfully taken numerous multi-billion dollar cases to verdict in recent years, collectively reducing our clients’ liability by scores of billions of dollars. Because of our record of achievement, we are often pulled into litigation after a class has been certified and a matter is headed for trial.

At the outset of each new matter, we engage in comprehensive strategic planning with our clients to manage their risk and exposure and to tailor our strategy to the matter’s unique facts, drawing on our institutional knowledge of the securities laws and precedent. Because we leverage our past work so efficiently, we are a highly cost-effective choice of counsel.

Securities Regulatory Matters

Recent years have brought ever-heightened regulatory scrutiny and enforcement in the securities area. We have vast experience before all of the regulatory agencies and entities that clients are likely to face. Our lawyers frequently appear at the SEC; before the U.S. Congress, self-regulatory organizations and independent commissions; and in state Attorney General offices from New York to California, representing clients in civil investigations and administrative proceedings. Both because of our team’s experience working in government, and our frequent appearance before key regulators, we bring both credibility and expertise to our client’s toughest regulatory challenges. We have a proven track record, using creative strategies, of persuading regulators not to pursue actions against our clients where it is not warranted. Just as important, regulators know that when necessary, we also have the expertise to represent our clients at trial. And we are particularly adept at helping clients navigate inquiries from multiple regulators.  

Internal Investigations

Our clients also look to us to conduct sensitive internal investigations. We have handled investigations into issues from alleged accounting irregularities and deficiencies in internal controls, to tax reporting and related-party transactions, to suspicious trading activities and misappropriation of assets. These types of investigations often raise challenging questions of corporate governance, an area where we are acknowledged experts. We regularly represent boards of directors in advising them on how to exercise their duties in the context of securities-related and other issues. We also regularly offer proactive business counsel and comprehensive strategic advice on managing securities regulatory and litigation risk.