Skadden Secures Favorable Ruling in Schiff Appeal

In a unanimous decision with important securities law implications, the U.S. Court of Appeals for the Third Circuit affirmed on April 7, 2010, the district court's ruling in United States v. Frederick Schiff, significantly narrowing the government's case and excluding the government's expert on the stock price drop. The district court had issued its ruling in '08, and Skadden has been representing Schiff, the former CFO of Bristol-Myers Squibb, since 2003. The case will now proceed to trial on a narrow theory of liability, unless the government seeks further appellate review. Skadden's David Zornow argued the appeal in the Third Circuit.