Skadden, Arps handles the most challenging, high-stakes securities litigation matters — “bet-the-company” cases that frequently demand a full range of skills, from experience in civil and criminal proceedings and internal investigations, to an understanding of the workings of the SEC and other federal and state regulators. The outcome of these cases can be vital to the future of a company, and Skadden's collaborative approach of assembling teams of advisers with deep and relevant experience across a range of disciplines is a key factor in our successful track record on behalf of clients.
We frequently advise companies on the critical securities issues of the day. For example, we currently are handling more than 25 actions, including for Pioneer Alternative Investments and Tremont Group Holdings, Inc., in litigation stemming from the Bernard Madoff scandal. These include actions in federal courts in New York, California, Massachusetts and New Mexico; state court actions in New York, California, Massachusetts and Texas; and filings with the judicial panel on multidistrict litigation in Florida. We also continue to represent financial institutions in matters related to subprime loans and the credit crisis, such as in ERISA-related litigation, mortgage-backed securities litigation and securities class actions. Our clients have included, among others, Deloitte & Touche USA LLP, Fortis Securities LLC, Fremont General Corporation, Greenwich Capital, Merrill Lynch, Société Générale, the underwriters of Citigroup Securities, the underwriters of Deutsche Bank Securities, the underwriters of Barclays PLC Securities and former directors of Countrywide Financial Corporation.
Skadden has been selected as lead defense counsel in several of the largest and most important securities class actions in U.S. history, including representing Alcatel S.A., American Express Company, Cendant Corporation, DaimlerChrysler AG, McKesson Corporation, Merrill Lynch & Co., Inc., Sunbeam Corporation, Waste Management, Inc. and the underwriters in the WorldCom bondholder litigation, among others. We were the top-ranked New York law firm in Law360’s 2009 Litigation Almanac list of the “Busiest Securities Litigation Practices,” and in 2008 we were selected by The American Lawyer as a finalist for its Litigation Department of the Year. In the latest edition of The Best Lawyers in America (2011), Skadden has more lawyers listed than any other law firm in the nationwide Securities Law category. It bears emphasis that while Skadden is frequently the choice for the largest matters in the securities litigation arena, the firm brings the same resources to bear for all of its clients, regardless of the size of the case.
Attorneys in our Securities Litigation Group handle, in both the trial and appellate courts, the full range of actions arising under federal and state securities laws. We have successfully represented clients before the U.S. Supreme Court, including Merrill Lynch in a unanimous win in Merrill Lynch v. Dabit in 2006. Critically, many of our attorneys have valuable knowledge and experience from previous government service with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission. The group coordinates with other Skadden litigators, including those focusing on corporate governance, government enforcement and white collar issues; and the firm's large network of resources also includes our transactional attorneys, with whom the group collaborates on an ongoing basis.
Since the enactment of the Private Securities Litigation Reform Act of 1995, Skadden has been retained to represent numerous corporations and their officers and directors, as well as outside professionals, including accountants and attorneys, who have been sued in class action and derivative lawsuits. This representation includes the defense against claims that a corporation has made false and misleading statements in violation of federal securities and/or state fraud laws. We frequently represent clients in suits alleging violations of Section 10(b) of the U.S. Securities Exchange Act of 1934 (the 1934 Act). We counsel clients in “insider trading” cases under Sections 10(b) and 14(e), and we advise underwriters and issuers in litigation under the U.S. Securities Act of 1933 (the 1933 Act). Our attorneys also represent clients in internal investigations, stock option backdating cases and investigations. We also work in conjunction with attorneys in other practices to advise on restructurings, takeover situations and other M&A-related litigation. We are active in the legislative arena of securities litigation reform and offer our clients educational programs on the latest developments. In addition, we appear regularly before the SEC, various securities exchanges and state securities commissions in connection with formal investigations, administrative proceedings and informal inquiries.
Skadden’s attorneys counsel investment advisers, investment companies, broker-dealers and banks on a wide variety of securities-related regulatory matters at the federal and state level, and provide assistance in connection with investigations and proceedings before the SEC, the U.S. Attorney General’s office, the offices of various state attorneys general, the Financial Industry Regulatory Authority and the New York Stock Exchange. We also have represented numerous financial services companies based outside the U.S. and their executives in various securities lawsuits. In addition to financial institutions, we represent companies in securities-related litigation from a wide range of industries, including energy, food and beverage, pharmaceutical, retail and technology. We also have advised boards of directors and special committees in investigations of shareholder demands, accounting issues and other corporate governance matters.
