Bill Boies is a partner in the law firm of McDermott Will & Emery LLP based in the Firm’s Chicago office. His practice is concentrated in business disputes counseling and business litigation throughout the country.
Securities Litigation
Bill represented an investment fund plaintiff in Equity Funding Securities Litigation in Los Angeles; the defendant corporation in Food Fair Securities Litigation and related shareholder derivative actions in Philadelphia; and the outside directors in Carnation Securities Litigation in Los Angeles and the related insurance coverage dispute and Securities and Exchange Commission investigation. This investigation led to the SEC’s “Carnation rule” on corporate disclosure obligations.
Bill has defended class actions attacking public company forward looking statements and market timing in mutual funds. He co-authored “The 1990s: A New Era of Formal and Informal Corporate Disclosure” for The Journal of Corporate Accounting & Finance and is the author of “ADR in Securities Class Actions” in the ABA Committee on Securities Litigation Securities News.
Benefits Litigation
Bill regularly represents benefit plan sponsors and fiduciaries in ERISA class action litigation concerning pension plan administration, fiduciary duty, responsibility for asset losses, and changes in welfare benefits. Several health benefits class actions he has won resulted in court-approved savings to employers valued at more than $100 million. He is defending several 401(k) class actions about company stock price declines.
Bill successfully defended a Texas class action claiming huge investment losses from the failure of a “paperless” telephone system for a 33,000-participant 401(k) plan. He successfully defended the bank trustee of the country’s third largest ESOP in a class action alleging breaches of fiduciary duty in creation of the ESOP and in voting at director elections.
Bill co-authored “The Struggle Over Retiree Medical Benefits: Who’s On Top” for the Employee Relations Law Journal and “401(k) Litigation Over Company Stock Fund Performance: It’s Only Just Begun” for the Benefits Law Journal. He is an approved “panel” counsel for ERISA fiduciary liability insurance carriers. Bill is ranked as a leading employee benefits litigator in The Legal 500 and in the 2005 through 2008 editions of Chambers USA.
Chambers USA (2006 edition) says: “Clients readily turn to Boies for ‘bet the ranch’ type cases and hail him as a ‘top-notch, well-seasoned litigator in the ERISA arena.’ He has built his reputation acting for financial institutions in weighty cases centered on securities and fraud issues.” The Legal 500 (2007 edition) says: “Clients seek out the ‘formidable’ Wilber Boies, who doubles up as a financial and securities litigator, for his extensive experience in stock-drop litigation.” Chambers USA (2008 edition) says: “Bill Boies has broad experience of ERISA rules and applications and ‘truly understands the fiduciary issues that come up.’...’a good strategic thinker – smart tactical and pragmatic.’”
Financial Disputes
Bill has acted as special counsel for banks and for thrifts and financial institution owners in disputes with regulatory agencies about capitalization and safety and soundness problems, including bank seizures and subsequent litigation. He won a $155 million damages judgment against the United States in the savings and loan “goodwill” litigation in the Court of Federal Claims. Bill has written articles on capital regulation for banking journals.
Bill has represented both plaintiffs and defendants in fraudulent conveyance and fraud lawsuits following failed leveraged buyouts and defended banks and thrifts in substantial lender liability lawsuits. Bill represents banks and trust companies as defendants in class actions contesting trust fees, voting and other administrative procedures.
Class Actions
Bill has extensive experience in the defense of class and multi-party lawsuits throughout the United States involving securities fraud, business failures, franchise systems, insurance and benefits plans, consumer fraud and antitrust claims. He is a member of the Class Litigation Committee of the Chicago Bar Association and served as committee chair in 1991–1992. He is a member of the Committee on Class Actions and Derivative Suits of the American Bar Association’s Litigation Section.
Bill wrote the chapter on “Complex and Multi-district Actions” for the Illinois Institute on Continuing Legal Education Class Action manual and “An Introduction to Class Action Benefits Litigation” for the Benefits Law Journal.
Trials and Appeals
Bill has tried jury and bench trials in state and federal courts in Colorado, Illinois, Missouri, New York, South Dakota and the Court of Federal Claims. He defended Chicago’s largest grocery retailer in the trial of a consumer price fixing class action dismissed at the close of the plaintiffs’ evidence. He wrote the chapter on “Trial of Federal Cases” for the Illinois Institute of Continuing Legal Education Federal Civil Practice manual.
Bill has argued numerous appeals in the U.S. Courts of Appeals for the Third, Seventh, Eighth, Ninth, Eleventh and Federal Circuits, the Illinois Appellate Court and the Illinois Supreme Court. One notable appellate victory was the complete reversal of a $125 million district court ruling against a pension plan sponsor. Another was defeating the State of Illinois in constitutional litigation challenging a statute that directed a private foundation to “contribute” $125 million of its endowment to the State.
Alternative Dispute Resolution
Bill has experience with a variety of ADR devices, as well as formal arbitrations and court enforcement of arbitration awards. Bill was appointed by the Court of Federal Claims as the plaintiffs’ ADR negotiator in efforts to settle some 125 cases filed by savings and loan plaintiffs against the United States challenging legislation that wiped out $10 billion in regulatory capital. He trained as a mediator in the CPR Institute Mediation Training Program and has been a member of the CPR Panels of Distinguished Neutrals.
Other Activities
Bill has served several terms on McDermott’s Management, Executive, and Compensation Committees, and a three-year term as head of the Firm's Litigation Department of more than 400 lawyers in Boston, Chicago, Los Angeles, Miami, New York, Orange County and Washington, D.C.
Bill is a member of the Lawyers Club of Chicago and a fellow of the American Bar Foundation. Bill is a member of the Chicago Bar Foundation Fellows Board and heads the Bar Foundation’s Cy Pres Awards program, which has secured over $3 million in court awards to the Foundation.
Selected Published Decisions
- Hirt v. Equitable Life, Second Circuit Court of Appeals, 2008 U.S. App. LEXIS 14325. Affirmed decision that a cash balance pension plan did not violate ERISA’s age discrimination provision, a decision of first impression in the Second Circuit; also affirmed judgment for defendant on benefit plan notices and delivery claims going back to 1988 (2008 U.S. App. LEXIS 14540).
- Young v. General Motors Investment Management, 550 F. Supp. 2d 416 (SDNY). Statute of limitations dismissal of all claims by class plaintiffs in parallel class actions challenging “single equity funds” in GM and Delphi pension plans.
- LaSalle Talman Bank v. United States, Federal Circuit Court of Appeals, 462 F.3d 1331. Affirmed $155 million damages judgment against United States in savings and loan “goodwill” lawsuit. Prior appeal affirmed liability judgment against United States, vacated smaller damages award and ordered second trial on damages. 317 F.3rd 1363.
- Berger v. AXA Network, Seventh Circuit Court of Appeals, 459 F3d 804. Affirmed statute of limitations dismissal of all claims by a national class of insurance agents challenging benefit plan qualifications tests.
- Illinois Clean Energy Community Foundation v. Filan, Director of the Budget, Seventh Circuit Court of Appeals, 392 F 3d 934. Affirmed successful constitutional challenge against Illinois statute requiring private foundation to “contribute” $125 million of endowment to state general revenue fund.
- Frahm v. Equitable Life Assur. Soc'y of the United States, Seventh Circuit Court of Appeals, 137 F.3d 955. Retired agent health benefits nationwide class action. Won on all claims at trial, affirmed on appeal.
- Seales v. Amoco, Eleventh Circuit Court of Appeals, 2000 U.S. App. LEXIS 37154. Class action challenging pension plan distributions. Summary judgment dismissal of all claims (82 F. Supp. 2d 1312) affirmed on appeal.
- Gallo v. Amoco, Seventh Circuit Court of Appeals, 102 F.3d 918. Court of Appeals reversed $125 million class action judgment against Amoco on pension calculations.
- John Morrell & Co. v. United Food & Commer. Workers Intl., Union, AFL-CIO, Eight Circuit Court of Appeals, 37 F.3d 1302. Retiree benefits class action on $100 million health program reduction. Won on all claims at trial in South Dakota, affirmed on appeal.
- In re Eljer Mfg., Inc., Seventh Circuit Court of Appeals, 14 F.3d 1250. District Court and Court of Appeals reductions of adverse commercial arbitration award.
- LHLC Corp. v. Cluett, Peabody & Co., Court of Appeals for the Seventh Circuit, 842 F.2d 928. Affirmed dismissal of all claims against seller in failed leveraged buyout.
Education
- University of Chicago Law School, J.D.
- Brown University, B.A.
