Overview
Richard J. Pearl is an ERISA attorney who represents clients in high-stakes litigation and in non-litigation matters involving risk-mitigation issues. His primary focus is on ESOPs and ESOP stock transactions, and Rick has developed novel and successful approaches to addressing complex ERISA issues and valuation issues.
He has an extensive knowledge of ERISA legislative history, particularly as it relates to ESOPs and indemnification, and is proficient at cross-examining expert and lay witnesses on complex issues involving valuation principles, damages models and standards for trustee and fiduciary prudence.
Rick has successfully defended clients in cases involving complicated statutory issues that are often misunderstood, including ERISA’s civil-remedies provisions and prohibited-transactions provisions, non-fiduciary liability and permissible equitable remedies, exculpation and indemnification under ERISA and principles of causation and damages.
With an additional expertise in insurance coverage, Rick helps clients obtain appropriate insurance, including ERISA fiduciary liability insurance and ERISA bonds.
Rick regularly speaks at national conferences, is an avid writer and researcher, and has been interviewed by legal news organizations.
Results
ERISA
- Defended ESOP-owned company plan sponsors and fiduciaries against ERISA claims for engaging in alleged prohibited transactions and breaches of fiduciary duties*
- Defended ERISA plan sponsors and fiduciaries against US Department of Labor and ERISA plan participant challenges to indemnification agreements and federal common-law claims for contribution and indemnification*
- Prosecuted ‘prevailing party’ fee claim under ERISA*
- Assisted clients across industries on methods to enhance insurance programs and strengthen indemnification provisions*
COMMERCIAL LITIGATION
- Co-chaired a four-week Racketeer Influences and Corrupt Organizations (RICO) jury trial in federal court with more than 50 defendants; located, retained, prepared, and examined expert witnesses and cross-examined oppositions’ experts at trial on damages, lost-profits, and complex statistical analyses*
- Developed strategy and drafted winning motions for partial summary judgment in Southern District of Ohio fraud/breach-of-contract case between medical-device manufacturers*
- Represented a multi-national manufacturing company in mediation at Judicial Arbitration and Mediation Services (JAMS) involving a contract dispute pending in the Eastern District of Pennsylvania*
- Defended the world’s largest retailer in two consumer class actions for alleged fraudulent conduct*
- Negotiated and finalized an extremely favorable settlement of a bet-the-company Telephone Consumer Protection Act (TCPA) class-action*
- Represented hundreds of litigants in asbestos and other mass-tort cases pending in various jurisdictions*
*Matter handled prior to joining McDermott
Recognitions
- The Legal 500 US 2019
Credentials
Education
Loyola University of Chicago School of Law, JD, cum laude, 2001
Northern Illinois University, BS, 1996
Admissions
Illinois
Courts/Agencies
US Court of Appeals for the Seventh Circuit
US District Court for the Northern District of Illinois
