Securities Litigation


McDermott’s securities litigation team has extensive experience, and has successfully represented companies and their officers and directors, accountants, and other professionals and individuals, in the defense of class, derivative and other civil litigation under federal and state securities laws. We handle securities fraud cases, market manipulation cases, corporate take-over contests, proxy fights, insider trading and valuation cases, representing clients in federal and state courts across the United States.

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  • Two former partners of PricewaterhouseCoopers, and now head of the Caribbean office of Grant Thornton International Ltd., who are liquidators of an Antiguan bank, Eurofed. Our clients contested the attempted forfeiture of all Eurofed’s assets by the DOJ. After six years of litigation, including three trips to the US Court of Appeals for the Ninth Circuit, a team of McDermott lawyers achieved victory and the return of millions of dollars of Eurofed’s assets to the liquidators in 2011. The latest decision was in favor of the liquidators and the matter is still ongoing. The case emanated from the prosecution of the former Ukraine Prime Minister Pavlo Lazarenko for money laundering, theft and improper use of his position as a Ukraine government official.
  • Five officers of PG&E Corporation (PG&E) and its subsidiary, Pacific Gas and Electric Company, including the chairman, CEO, president and CFO of PG&E, and the president, CFO, treasurer and controller of the subsidiary, in several derivative actions. These cases arise out of the 2010 San Bruno pipeline accident.
  • An affiliated investment adviser, broker-dealer and the CEO and controlling shareholder in an SEC investigation and five related private civil actions, one of which was filed by a receiver appointed by a federal judge. Each of these matters arose out of allegations of the misappropriation of client assets by a registered representative of the broker-dealer. We developed a strategy for managing the SEC investigation and the civil litigation, all of which we were able to resolve successfully, allowing the companies to remain in business. The SEC investigation was closed with no action against the CEO and controlling shareholder or the broker-dealer, and with minor charges against the investment adviser. All of the civil litigation has been settled on highly favorable terms, and both the broker-dealer and registered investment adviser remain in business as a result of our efforts.

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Key Contacts

Steven S. Scholes

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William P. Schuman, PC

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