Bingham: Securities Litigation Law Firm of the Year

Nov. 12, 2012 Bingham has been named the 2013 Law Firm of the Year for Litigation - Securities Law, according to Best Lawyers and U.S. News and World Report. more >

Bingham wins high-profile securities class action

April 5, 2013 Bingham represented David Lerner Associates Inc. and its president as they secured what Forbes called a “stunning” victory in a high-profile securities class action. more >

This group is really deep and has specialized expertise in securities enforcement. — Chambers USA, 2012
Named a ‘standout’ for securities litigation in a survey of 240 corporate counsel. — BTI’s Litigation Outlook 2011 Report
...this ‘tenacious’ team ‘won't leave any stone unturned.’ — Chambers UK, 2011
The team’s depth of talent, commonsense approach, understanding of the end-game and ability to strategize are truly impressive. — Chambers USA, 2011

Hershman, J. Frank win Freddie Mac class action

Sept. 25, 2012 Partners Jordan Hershman and Jason Frank obtained the dismissal of a putative securities fraud class action lawsuit filed against Freddie Mac in federal court in August 2008. more >

Bingham obtains dismissal for Morgan Stanley

Aug. 8, 2012 Delaware Court of Chancery recently rejected Central Mortgage Company’s attempt to assert claims on thousands of additional mortgages in its amended breach of contract suit against Morgan Stanley. more >

Bingham hosts inaugural Women in Securities event

Feb. 21, 2013 Partner Chuck Shimada hosted the inaugural event for Women in Securities (WISe) at Bingham’s San Francisco office. more >

Securities and Financial Institutions Litigation

Named the 2012-2013 Law Firm of the Year in Securities Litigation by US News and World Report and Best Lawyers, Bingham’s securities and financial institutions litigators bring critical industry knowledge and experience to complex financial disputes. With more than 150 lawyers dedicated to this practice, the firm serves leading banks, accounting firms, insurance companies, securities issuers, hedge funds and investment management companies, among others, throughout the United States, Europe and Asia.

With offices in New York, London, Frankfurt, Beijing, Hong Kong and Tokyo, along with a robust U.S. presence on both coasts, we have extensive on-the-ground resources in jurisdictions critical to defending cross-border disputes and international arbitrations. We know the judiciary and the relevant regulators, and they know us as trustworthy, skilled advocates.

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Experience

Credit Suisse — Represented Credit Suisse Securities (USA) LLC in several actions brought by institutional noteholders involving securities backed by healthcare receivables, which were pending in Arizona, New Jersey, New York and Ohio and arose out of the collapse of National Century Financial Enterprises and its affiliates.
Freddie Mac — Obtained grant of a motion to dismiss all claims asserted against Freddie Mac in a federal securities fraud class action where plaintiffs challenged the adequacy of Freddie Mac’s disclosures regarding its participation in the subprime and non-conforming mortgage markets, as well as its capital adequacy, internal controls and underwriting practices, prior to Freddie Mac’s placement into conservatorship.
JPMC — Representing former Washington Mutual affiliates (now subsidiaries of JPMorgan Chase) and employees in consolidated Securities Act actions alleging that SEC filings for various WaMu mortgage-backed securities contained misrepresentations about the company’s loan underwriting and appraisal practices. The suits concern securities with a total value of about $30 billion. The U.S. District Court for the Western District of Washington recently granted the defendants’ motion to dismiss all claims as to 29 of the 36 securities offerings, reducing the potential exposure by approximately $25 billion. The court also dismissed all claims alleging misrepresentations as to appraisals, which had been the focus of the complaint based on a New York attorney general allegation of improper appraisal practices between WaMu and its outside appraisal provider.

JPMC — Representing JPMorgan Securities, f/k/a Bear Stearns, and several affiliates in a putative class action filed in the U.S. District Court for the Southern District of New York brought by purchasers of mortgage-backed securities alleging that offering materials contained misrepresentations concerning the underwriting practices of the mortgage originators. The claims relate to more than $17 billion in securities. In response to our motion to dismiss, the plaintiffs withdrew claims relating to approximately $20 billion in securities. A motion to dismiss the plaintiffs’ third amended complaint is now pending. The firm is also representing JPMorgan Securities or affiliates in five other actions brought by MBS investors, including three Federal Home Loan Banks, seeking damages or rescission of their MBS purchases. Those cases are pending in state courts in California, Massachusetts and Washington.
Bank of America — Won a motion to dismiss consolidated consumer class actions challenging the bank’s automatic renewal notices for certificates of deposit. We also defended the bank through the lengthy, convoluted preliminary stages of the case, including proceedings to compel arbitration in the U.S. District Court for Massachusetts and the U.S. Court of Appeals for the First Circuit.
Deutsche Bank — Defended Deutsche Bank in a lender liability claim filed in New York Supreme Court based on allegations of unlawful termination of a $125 million lending facility. This case involved issues of contract interpretation and required an understanding of the use and purpose of conduit liquidity facilities. We moved for summary judgment prior to the commencement of discovery. Just prior to argument on the motion, the plaintiff agreed to dismiss the case and repay the lenders in full.
Elektrim Bondholders — Secured a major appellate victory for the Elektrim bondholders when the English Court of Appeal dismissed Elektrim’s appeal against €185 million in damages and interest awarded to the bondholders of Elektrim S.A. by the English High Court in July 2009. The award compensates the bondholders for Elektrim’s failure to pay a contingent payment negotiated as part of Elektrim’s financial restructuring in 2002. Elektrim unsuccessfully challenged the validity and amount of the contingent payment. We represented the ad hoc committee of bondholders of Elektrim S.A. and appeared for the representative bondholder in this litigation.
Icelandic Banks (Kaupthing Bank HK, Glitnir Bank HF and Landsbanki) — Advising and representing bondholders who collectively hold more than $22 billion of bonds issued by three insolvent Icelandic banks. A key part of our role is advising the bondholders on their challenge to the priority status retroactively granted to deposits pursuant to the emergency legislation introduced by the Icelandic government in October 2008. This challenge, which is based on Article 1, Protocol 1, of the European Convention of Human Rights as well as the Icelandic constitution, is due to be heard by the Icelandic courts in 2011. In addition, we are assisting the bondholders on the analysis of numerous other claims brought against the estates of the three banks as well as advising them on the management of the Icelandic claims adjudication process. We are also advising the bondholders on other litigation strategies to maximize their recoveries, including claims against third parties.
Kopin — Obtained the dismissal of all claims asserted in a putative class action filed in Massachusetts Superior Court against Kopin and its directors and senior officers predicated on allegations of stock-option backdating. The plaintiff sought to obtain an order voiding all of the stock options that Kopin granted (i.e., more than 11 million stock options) in the nine-year period between 1997 and 2006.
KPMG — Represented KPMG in a class action under the federal securities laws brought by investors who bought securities of Countrywide Financial Corp. between March 2004 and March 2008. KPMG is Countrywide’s former auditor. We obtained a settlement in which KPMG paid $24 million and Countrywide paid $600 million to resolve the class action litigation. We are currently representing KPMG in cases brought by institutional investors that opted out of the settlement of the class action.
MassMutual Life Insurance Company — Representing MassMutual in more than 25 lawsuits, including putative class actions relating to the infamous Bernie Madoff Ponzi scheme. The plaintiffs are investors in one or more hedge funds offered by Tremont Group Holdings, which placed funds with Bernard L. Madoff Investment Securities (MassMutual is the ultimate parent of Tremont). The lawsuits seek to hold MassMutual liable for the alleged errors Tremont made by placing funds with Madoff.
Credit Suisse Securities (USA) LLC — Represented Credit Suisse Securities (USA) LLC in its capacity as co-placement agent in connection with various claims asserted by Pharos Capital Partners, L.P. arising from its $12 million investment in National Century Financial Enterprises, Inc. NCFE operated a healthcare finance business that was later found to be fraudulent. On October 26, 2012, Credit Suisse prevailed on its motion for summary judgment in the District of Ohio and a judgment was subsequently entered in favor of Credit Suisse on all claims. Significantly, the court held that under either Ohio or New York law, Pharos could not prove it justifiably relied on Credit Suisse because it expressly disavowed any such reliance in a letter agreement, commonly known as a “big boy” agreement. Specifically, the court held that Credit Suisse “has proved that the parties entered into a bargained-for, retrospective statement of their dealings. Their agreement establishes that Pharos agreed not to rely on Credit Suisse and agreed that Credit Suisse had no duty to provide information to Pharos.”