Class Action Defense

Securities/Fiduciary Litigation

Following are some of our securities/fiduciary litigation class action successes:

  • Wisconsin state and federal courts, Florida federal court, and California and Washington state courts. Quarles is defending numerous class actions brought against client relating to its dividend allocation methodology for its annuity line of business.
  • Wisconsin state court. Quarles represented the controlling shareholders in a securities class action alleging breach of fiduciary duty and challenging a merger transaction.
  • Wisconsin and Delaware federal courts. Quarles served as lead counsel for the seller and its board of directors concerning an $8.6 billion transaction. The plaintiffs alleged breach of fiduciary duty and federal proxy violations and brought motions to enjoin the shareholder vote. The team defeated the motions, thus allowing the shareholder vote to proceed.
  • Delaware chancery court and Washington state court. Quarles defended a number of class actions alleging breach of fiduciary duty and challenging the transaction. The firm worked successfully to move all of the matters to Delaware, and the matter was subsequently settled prior to the shareholder vote.
  • Wisconsin state court. Quarles is defending the outside directors against a shareholder’s derivative action complaint arising out of the embezzlement of millions of dollars by the client’s former Chief Financial Officer.
  • Wisconsin federal court. Quarles served as co-counsel in an action for federal securities fraud alleging false statements concerning a subprime loan portfolio. The defendants prevailed on two motions to dismiss, resulting in judgment in their favor.
  • Wisconsin state court. Quarles served as lead counsel for Metavante in state court litigation alleging breach of fiduciary duty and challenging a proposed $4 billion transaction with FIS. The matter was settled on terms favorable to the client.
  • Wisconsin federal court. Quarles successfully obtained dismissal of federal breach of fiduciary duty claims against a pension administrator.
  • Wisconsin state court. Quarles represented the defendant in a putative class action alleging a breach of fiduciary duty in connection with a merger. The case was dismissed without any discovery being conducted.
  • Wisconsin federal and state courts. Quarles represented client in putative securities class actions and derivative suits stemming from allegations of market timing, brought by the attorney general of New York.
  • Wisconsin federal court. Quarles represented client in a putative securities class action alleging improper revenue recognition and alleging scienter based on trading activity. The court granted our motion to dismiss.
  • Wisconsin federal court. Quarles represented defendants in a securities fraud class action concerning public statements regarding actual and projected performance. The case was dismissed with prejudice after two motions to dismiss were filed.
  • Wisconsin and California federal courts. Quarles represented the defendant fund administrator in a securities fraud class action concerning a drop in the NAV of a series of mutual funds. The case was dismissed with prejudice.
  • Wisconsin federal court. Quarles represented the defendant in a class action alleging violations of the Securities and Exchange Act. The case was settled on very favorable terms for our client.
  • Wisconsin federal court. Quarles represented a national accounting firm in a nationwide class action and related suits alleging state law securities and racketeering violations based on allegedly improper audit procedures.