Securities Class Actions Litigation

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Representing Clients in Securities-Related Lawsuits

Phillips Lytle is well-positioned to handle the complex and often volatile matters surrounding securities class action cases. Our Class Action Litigation Team has extensive experience representing defendants and, in some instances, plaintiffs in securities-related lawsuits and arbitration proceedings.

Matters defended by our attorneys include actions brought under Rule 10b-5 and other provisions of state and federal securities laws.

Securities Class Action Representation

Our work representing clients in Securities Class Actions includes:

Defended a brokerage firm against the largest class action case filed in Western New York involving the National Association of Securities Dealers (NASD) and the U.S. Securities and Exchange Commission (SEC) claims.
Defended a financial institution and its affiliates against statutory and common law claims seeking in excess of $40 billion in damages stemming from the fall of Enron Corp., including a federal securities class action and more than two dozen other related cases that were consolidated in the Southern District of Texas, Houston Division for pretrial purposes; five additional cases in the state courts of Texas, California and Iowa; and an adversary proceeding in the bankruptcy court for the Southern District of New York. We also advised the bank on responding to related subpoenas issued by the SEC.
Defended an international food provider in a federal securities class action stemming from the restatement of its financial statements after the discovery of accounting fraud at one of its U.S. subsidiaries. Related investigations were conducted by the Department of Justice and the SEC.
With respect to plaintiffs’ class actions, the firm has prosecuted statewide and national securities class actions, including a claim representing more than 100,000 mortgage holders in a Real Estate Settlement Procedures Act (RESPA) violation claim that resulted in a favorable settlement.