Sullivan & Cromwell LLP

Sullivan & Cromwell's securities litigation practice is renowned for providing superior legal representation in the highest-profile, most complex securities litigation matters before courts, arbitration panels and regulators worldwide. The Firm has earned the trust of some of the world's most demanding clients, who repeatedly turn to S&C to represent them in their most challenging high-stakes matters.

S&C's securities litigators are among the most well respected in the legal profession by courts, regulators and adversaries alike. They are frequently called upon to serve in prominent government positions and have been fundamental in the evolution of the banking and securities laws of the United States. Leadership roles include service as the Former Chief Counsel of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, a primary drafter of the Private Securities Litigation Reform Act of 1995 and the author of the Sarbanes-Oxley Deskbook, a three-volume guide hailed by Fortune Magazine as "the bible for securities lawyers."

The Firm's securities litigation practice has been top-ranked by Chambers USA in its last four consecutive editions, and the Firm's litigators are widely recognized as leaders in the securities litigation field by independent rankings and prominent legal media, including Chambers USA, The International Who's Who of Business Lawyers, Lawdragon, The Best Lawyers in America, The Legal 500 US and New York Super Lawyers.

S&C's securities litigators have exceptional depth of expertise representing clients in high-profile matters including:

• securities class action litigation
• shareholder derivative actions
• mergers and acquisitions litigation
• investigations and enforcement actions by the Department of Justice, SEC, NASD, NYSE and other federal, state and non-U.S. regulators
• internal investigations conducted by corporations and their Boards of Directors

The Firm regularly defends some of the world's leading corporations and financial institutions in securities class action or other complex litigation. S&C lawyers also represent their clients in investigations and enforcement actions brought by the SEC or other regulators, which may be concurrent with private litigation. These investigations and lawsuits often involve allegations of violations of the federal securities laws, such as allegations of false or misleading disclosures to shareholders, insider trading and other types of financial fraud.

S&C has also successfully represented corporations in litigation relating to M&A transactions, including shareholder derivative and class action litigation arising out of corporate control disputes. Our securities litigation practice is actively coordinated among our four U.S. offices and also in London where we are one of very few U.S. firms to have an active and established U.S. law litigation practice representing our U.S. and non-U.S. clients.

Selected Clients

The Firm's securities litigators represent many of the world's leading business and financial enterprises, boards of directors and individual clients, and other participants in the securities industries in the highest-profile matters, as well as in many representations that have not become public.

The Firm's financial institution clients include AIG, AmSouth Bancorporation, Archipelago Holdings, Bank of America, The Bank of New York Mellon, Barclays, Goldman Sachs, JPMorgan Chase, KPMG UK, Morgan Stanley, New York Community Bancorp, Relational Investors, Thomas Weisel Partners, UBS, UnumProvident, Van der Moolen and other leading corporations such as Amgen, BP, CA (formerly Computer Associates), Corporación J.R. Lindley, S.A., Digital Insight Corporation, j2 Global Communications, Oxford Health Plans, Koninklijke Philips Electronics, Microsoft Corporation, Softbank and Swift Transportation.

Recent Securities Litigation Highlights

S&C's securities litigators have a proven track record in bet-the-company securities litigation matters. Recent highlights include:

• In one of the most complex and long-running securities litigation matters ever, In re Initial Public Offering Securities Litigation, S&C achieved a landmark ruling in the U.S. Court of Appeals for the Second Circuit, reversing the district court's grant of class certification in the IPO "dot-com" securities litigation on behalf of client Goldman Sachs and as liaison counsel to 55 investment banks that were named as defendants. The decision provided important clarifications to the requirements for obtaining class action status, and is expected to be of significance in defending against putative class actions in securities, employment and other areas of complex litigation.
• The Firm has continued to successfully defend Barclays in the Enron securities class action, widely considered to be largest and most complex securities class action ever. Despite settlements by other financial institutions in the action totaling in excess of US$ 6.6 billion, S&C's strategy to litigate aggressively while seeking dismissal of the action and appellate review proved successful when the district court ruled that the plaintiffs' claims against Barclays were deficient and then, while the district court gave plaintiffs a last chance to plead new claims against Barclays and with an April 2007 trial looming, the U.S. Court of Appeals for the Fifth Circuit reversed the class certification order, effectively ending the case in the absence of a reversal by the U.S. Supreme Court.
• The Firm is representing UBS in another major Enron-related securities class action and in class action and derivative litigation in connection with its role as lead investment banker to HealthSouth.
• S&C obtained favorable settlements for clients Morgan Stanley and Goldman Sachs in numerous actions arising out of the merger of America Online, Inc. and Time Warner, Inc. Under the settlements, S&C's clients did not have to make any payment to the shareholders of AOL Time Warner.
• In a significant victory for the directors of AmSouth Bancorporation, the Firm obtained a precedent-setting decision from the Delaware Supreme Court that sets high hurdles for plaintiffs attempting to assign blame to corporate directors.
• S&C successfully defended JPMorgan Chase and current and former members of its Board of Directors following the company's merger with Bank One, obtaining a decision in the Delaware Supreme Court that set an important precedent regarding the standards for obtaining proxy damages.
• The Firm continues to advise CA (formerly Computer Associates) in connection with the various investigations and litigation arising from its accounting practices, including obtaining the dismissal with prejudice of all pending fraud and obstruction of justice charges against CA.

Practice Contacts

Gandolfo V. DiBlasi
New York
P +1-212-558-3836
F +1-212-558-3588
[email protected]

Robert J. Giuffra, Jr.
New York
P +1-212-558-3121
F +1-212-558-3588
[email protected]

Sullivan & Cromwell is committed to fostering a diverse and inclusive work environment. We believe that diversity is vital to the Firm’s ability to provide our clients with the highest level of service. Accordingly, the Firm’s culture and policies value the unique abilities and perspectives of every individual and support diversity in its broadest sense, including race, gender, ethnicity, sexual orientation, gender identity, gender expression, disability and religious affiliation. 

The Firm’s Diversity Committee, which is charged with assisting in the development of a diverse and inclusive workforce, is comprised of lawyers who hold positions of leadership and influence within the Firm. A member of the Firm’s Management Committee co-chairs the Diversity Committee. Other members of the Diversity Committee include the Firm’s senior chairman, practice group managing partners, hiring partners, assigning partners, chairs of the Firm’s associate affinity networks, and chairs of the Women’s Initiative Committee. The Firm also has a Diversity Management Department (“DMD”), which is charged with developing, implementing and coordinating the Firm’s diversity and inclusion initiatives, events and programs. Realizing the importance of an integrated approach, the DMD works closely with our Recruiting, Professional Development and Legal Personnel Departments to monitor the effectiveness of our extensive diversity initiatives and programs to further the Firm’s mission.

This ongoing commitment has led to great results, including the increased diversity of our partnership. As of January 1, 2013, the Firm had elected thirty-nine partners worldwide in the prior six years; of these thirty-nine partners, thirteen are women, eleven are minorities, and one is openly gay.

In its most recent rankings, Vault listed S&C as among the “20 Best Law Firms for LGBT Diversity.” In addition, MultiCultural Law magazine has named S&C to its annual lists of the “Top 100 Law Firms for Women” and “Top 100 Law Firms for Diversity” for several years, including most recently in 2012. Click here for Diversity Recognitions.

In addition, our lawyers have diverse backgrounds; they speak over 30 languages fluently and they come from approximately 40 different countries and 150 different law schools.