ProfessionalsAudra J. Soloway
Audra J. Soloway
Partner
Tel: +1-212-373-3289
Fax: +1-212-492-0289
emailasoloway@paulweiss.com
1285 Avenue of the Americas
New York,
NY
10019-6064
Fax: +1-212-492-0289
A partner in the Litigation Department and co-chair of the Securities Litigation and Enforcement Group, Audra J. Soloway focuses her practice on securities litigation, corporate internal investigations and enforcement proceedings and regulatory defense. Audra has extensive experience representing companies and their officers and directors in shareholder class actions, derivative litigations and individual actions, as well as arbitrations. Audra also represents clients in investigations and enforcement proceedings brought by the Securities Exchange Commission and state securities regulators.
Audra also speaks and writes extensively about the federal securities laws. She has authored dozens of articles, and is a co-author of the treatise Federal Securities Litigation: A Deskbook for the Practitioner, 3rd edition.
Audra was selected as a 2017 Securities MVP by Law360 and was featured in Crain’s New York Business’ inaugural list of Leading Women Lawyers in New York City.
EXPERIENCE
Significant representations include:
- AIG, in a shareholder lawsuit concerning allegations of accounting fraud and bid rigging;
- Bank of America, in litigations by shareholders, the SEC, and the New York Attorney General arising out of its $50 billion merger with Merrill Lynch;
- The Citco Group of Companies, in litigation filed by investors in hedge funds that collapsed during the credit crisis;
- Citigroup in multiple matters, including:
- Regulatory investigations and civil litigations relating to the sales and marketing of the ASTA/MAT and Falcon hedge funds;
- Class action litigation filed by investors in CSO hedge fund, concerning its disclosures to investors following a significant debt transaction;
- A series of FINRA arbirtrations and federal and state court actions by issuers of auction rate securities alleging that Citigroup had failed to disclose the risks of these products in advance of the market collapse in 2008;
- Defense of securities fraud class actions against Citigroup and Jack Grubman relating to research coverage of the telecommunications industry, including WorldCom;
- Steven A. Cohen and SAC Capital (now Point72 Asset Management), in civil and regulatory matters alleging insider trading, including, most recently, class action litigation filed by a class of contemporaneous traders alleging insider trading in the securities of Elan and Wyeth;
- HCP, a REIT invested primarily in real estate serving the healthcare industry, in class action and derivative litigation alleging misstated disclosures about the company's financial condition and portfolio;
- Santa Barbara Hospitality, a Curacao hotel owner, in obtaining a victory at arbirtration in a dispute with Hyatt concerning the hotel's management;
- Sealed Air Corporation, a Fortune 500 packaging company, in class action litigation filed by shareholders alleging misstatements about potential liabilities related to its acquisition of the W.R. Grace packaging business;
- Nicholas Schorsch, the founder and former CEO of American Realty Capital Properties (ARCP), in class action and individual securities fraud cases and derivative litigations concerning ARCP's accounting restatement; and
- Chip Wilson, the founder and former CEO of Canadian athletic-wear manufacturer lululemon athletica, in securities fraud class action and derivative litigation concerning disclosures of product recalls.
Audra is also active in pro bono work and the community. She co-chairs the firm's Public Matters Committee and oversees our Community Outreach Program, “Paul, Weiss Cares.” She devotes hundreds of hours each year to pro bono work, and has secured important victories in particular for organizations and families involved in the New York City child welfare system. Audra also serves on the Board of Directors of The Legal Aid Society and the City Bar Fund.
Related Resources
AR Global Wins Dismissal in REIT Shareholder Merger Challenge
- Sep 23, 2019
- Client News
AR Global Wins Dismissal in REIT Shareholder Merger Challenge
Paul, Weiss achieved a significant victory on behalf of AR Global and its executives when a judge dismissed, with prejudice, a shareholder lawsuit challenging the 2017 merger of two AR Global-sponsored REITs, American Finance Trust…
In re Everquote: New York Supreme Court’s Commercial Division Holds that Automatic Stay of Discovery Applies in Securities Act Class Actions Filed in State Court
- Aug 21, 2019
- Publications
In re Everquote: New York Supreme Court’s Commercial Division Holds that Automatic Stay of Discovery Applies in Securities Act Class Actions Filed in State Court
In 2018, the United States Supreme Court in Cyan, Inc. v. Beaver County Employees Retirement Fund held that class actions asserting claims under the Securities Act of 1933 (“Securities Act”) that are filed in state court are not…
Paul, Weiss Secures Victory for Association to Benefit Children
- Jun 18, 2019
- Client News
Paul, Weiss Secures Victory for Association to Benefit Children
Paul, Weiss won a significant victory for pro bono client the Association to Benefit Children (ABC) against a parent improperly seeking a religious exemption from vaccination requirements.
Takeaways From the Supreme Court’s Decision in Lorenzo v. SEC
- Jun 04, 2019
- Videos
Takeaways From the Supreme Court’s Decision in Lorenzo v. SEC
In March 2019, the Supreme Court issued its decision in Lorenzo v. SEC, concluding that, under the Securities Act of 1933 and the Securities Exchange Act of 1934, a person who “disseminates” but does not “make” a misstatement may be…
Supreme Court Deals Another Blow to Availability of Class Arbitration
- May 03, 2019
- Publications
Supreme Court Deals Another Blow to Availability of Class Arbitration
On April 24, 2019, the Supreme Court issued a decision in Lamps Plus, Inc. v. Varela, holding that under the Federal Arbitration Act (“FAA”) class arbitration may not be compelled based on ambiguous contract language.
Supreme Court Passes–For Now–on Rejecting an Implied Private Right of Action for Tender Offer Claims
- Apr 25, 2019
- Publications
Supreme Court Passes–For Now–on Rejecting an Implied Private Right of Action for Tender Offer Claims
On April 23, 2019, the Supreme Court issued a one-line per curiam order in Emulex v. Varjabedian: “The writ of certiorari is dismissed as improvidently granted.”
Audra Soloway to Participate in ABA CLE Conference
- May 01, 2019
- Events
Audra Soloway to Participate in ABA CLE Conference
Litigation partner Audra Soloway will speak on a panel at the American Bar Association’s 2019 Section of Litigation & Solo, Small Firm and General Practice Division CLE Conference.
U.S. Supreme Court Holds that Primary Liability under the Federal Securities Laws May Be Based on Misstatements that the Defendant Did Not Make
- Mar 28, 2019
- Publications
U.S. Supreme Court Holds that Primary Liability under the Federal Securities Laws May Be Based on Misstatements that the Defendant Did Not Make
The Supreme Court held in Lorenzo v. Securities & Exchange Commission that under certain circumstances a person who does not “make” a misstatement may nonetheless be held primarily liable.
Transgender Pro Bono Client Secures Legal Name Change
- Jan 29, 2019
- Client News
Transgender Pro Bono Client Secures Legal Name Change
A transgender pro bono client, referred to the firm through the Transgender Legal Defense & Education Fund’s Name Change Project, achieved victory in her petition for a legal name change in New York City Civil Court.
10th Circuit Reinstates “Conduct-and-Effects” Test in SEC Enforcement Actions, Superseding Morrison
- Jan 30, 2019
- Publications
10th Circuit Reinstates “Conduct-and-Effects” Test in SEC Enforcement Actions, Superseding Morrison
Last week the United States Court of Appeals for the Tenth Circuit considered the scope of the SEC’s authority to bring a civil enforcement action under the antifraud provisions of the federal securities laws arising from a securities …
Delaware Court of Chancery Invalidates Federal Forum Selection Provisions for Claims Arising Under the Securities Act of 1933
- Jan 09, 2019
- Publications
Delaware Court of Chancery Invalidates Federal Forum Selection Provisions for Claims Arising Under the Securities Act of 1933
On December 19, 2018, the Delaware Court of Chancery (Laster, V.C) held in Sciabacucchi v. Salzberg et al, C.A. No. 2017-0931-VCL (Del. Ch. Dec. 19, 2018), that federal forum selection provisions contained in the certificates of…
New York Court Finds Eviction of Family Unlawful
- Dec 18, 2018
- Client News
New York Court Finds Eviction of Family Unlawful
Paul, Weiss won a motion for summary judgment finding that our pro bono client had been evicted from their apartment unlawfully.
Audra Soloway and Jennifer H. Wu to Moderate Panels at “Women in Litigation Forum”
- Oct 18, 2018
- Events
Audra Soloway and Jennifer H. Wu to Moderate Panels at “Women in Litigation Forum”
Litigation partners Audra Soloway and Jennifer H. Wu will both moderate panels at Benchmark Litigation’s “Women in Litigation Forum.”
New York State Issues Final Guidance on Sexual Harassment Prevention Policy and Training
- Oct 10, 2018
- Publications
New York State Issues Final Guidance on Sexual Harassment Prevention Policy and Training
On October 1, 2018, the New York State Department of Labor (the “DOL”), with the New York State Division of Human Rights, issued final guidance materials related to the State’s enhanced protections against workplace sexual harassment.
The Financial Crisis 10 Years Later: Lessons Learned
- Sep 15, 2018
- Publications
The Financial Crisis 10 Years Later: Lessons Learned
Ten years after the collapse of Lehman Brothers, market participants and other global companies operate in a markedly changed regulatory enforcement and compliance landscape. This memorandum discusses the legal and business…
New York State Issues Model Sexual Harassment Prevention Policy and Training Module
- Sep 05, 2018
- Publications
New York State Issues Model Sexual Harassment Prevention Policy and Training Module
New York’s Department of Labor and Division of Human Rights recently issued a draft model sexual harassment prevention policy and training module.
Supreme Court Rules That SEC Administrative Law Judge Appointments Violate The Constitution
- Jun 22, 2018
- Publications
Supreme Court Rules That SEC Administrative Law Judge Appointments Violate The Constitution
On June 21, 2018, the Supreme Court held in Lucia v. SEC, No. 17-130, that the process by which the Securities and Exchange Commission (SEC) selects administrative law judges (ALJs) violates the U.S. Constitution.
The New York Court of Appeals Rules That Martin Act Claims Are Subject to a Three-Year Statute of Limitations
- Jun 14, 2018
- Publications
The New York Court of Appeals Rules That Martin Act Claims Are Subject to a Three-Year Statute of Limitations
On June 12, 2018, in People v. Credit Suisse Securities (USA) LLC, et al., the New York Court of Appeals held that claims brought under the Martin Act—New York’s uniquely broad Blue Sky Law, a powerful tool that permits the Attorney…
U.S. Supreme Court Rules That Class Action Tolling Does Not Extend to Successive Class Actions Filed After Running of the Statute of Limitations
- Jun 12, 2018
- Publications
U.S. Supreme Court Rules That Class Action Tolling Does Not Extend to Successive Class Actions Filed After Running of the Statute of Limitations
On June 11, 2018, the U.S. Supreme Court held in China Agritech, Inc. v. Resh, No. 17-432, 584 U.S. __ (2018), that the class action tolling rule established more than four decades ago does not extend to successive class actions filed …
The U.S. Supreme Court Issues Important Decision Finding Class Action Waivers in Employment Arbitration Agreements Enforceable
- May 24, 2018
- Publications
The U.S. Supreme Court Issues Important Decision Finding Class Action Waivers in Employment Arbitration Agreements Enforceable
On May 21, 2018, the United States Supreme Court, in a long-awaited decision, held that employment arbitration agreements with class action waivers requiring individual arbitration are enforceable under the Federal Arbitration Act…
Pro Bono Client Achieves Favorable Outcome in Matrimonial Suit
- May 14, 2018
- Client News
Pro Bono Client Achieves Favorable Outcome in Matrimonial Suit
Paul, Weiss achieved a victory for our pro bono client, a single Hasidic mother of four young children, in a matrimonial suit against her ex-husband.
United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony
- May 07, 2018
- Publications
United States v. Litvak: Second Circuit Rejects Challenge to the Materiality of Misstatements but Overturns Conviction a Second Time Due to Agency-Relationship Testimony
On May 3, 2018, for the second time, the Court of Appeals for the Second Circuit overturned the conviction of former Jefferies trader Jesse Litvak for alleged misstatements to an RMBS transaction counterparty.
Second Circuit Confirms that Statements of Opinion Need Not Be Accompanied by Disclosure of All Underlying Conflicting Information
- May 03, 2018
- Publications
Second Circuit Confirms that Statements of Opinion Need Not Be Accompanied by Disclosure of All Underlying Conflicting Information
On Tuesday, May 1, 2018, Paul, Weiss obtained a significant victory for Pretium Resources Inc. when the United States Court of Appeals for the Second Circuit affirmed dismissal of a securities fraud class action against Pretium.
Audra Soloway to Participate in Institute for Law & Economic Policy Annual Symposium
- Apr 19, 2018
- Events
Audra Soloway to Participate in Institute for Law & Economic Policy Annual Symposium
Litigation partner Audra Soloway will participate in the Institute for Law & Economic Policy’s 24th annual symposium, “Deconstructing the Regulatory State: Perils and Possibilities.”
U.S. Supreme Court Confirms State Court Jurisdiction Over Securities Act Class Actions
- Mar 23, 2018
- Publications
U.S. Supreme Court Confirms State Court Jurisdiction Over Securities Act Class Actions
The U.S. Supreme Court recently resolved a split among state and federal courts about whether the Securities Litigation Uniform Standards Act of 1998 divested state courts of jurisdiction over class actions asserting claims under the…
Leaders of SEC Enforcement Division Discuss Priorities and Recent Developments
- Feb 28, 2018
- Publications
Leaders of SEC Enforcement Division Discuss Priorities and Recent Developments
Senior representatives of the SEC’s Enforcement Division recently discussed enforcement priorities, developments and other issues of current interest at the Practising Law Institute’s annual “SEC Speaks” event. Although the…
Perry Ellis Authorizes Special Committee to Evaluate George Feldenkreis Proposal
- Feb 06, 2018
- Client News
Perry Ellis Authorizes Special Committee to Evaluate George Feldenkreis Proposal
Paul, Weiss is representing a special committee of independent directors of Perry Ellis International, Inc. in evaluating a proposal from George Feldenkreis to acquire the company.
Beyond Disgorgement: The Impact of Kokesh on the SEC’s Pursuit of Equitable Remedies
- Feb 23, 2018
- Publications
Beyond Disgorgement: The Impact of Kokesh on the SEC’s Pursuit of Equitable Remedies
Since the Supreme Court ruled last June in Kokesh v. SEC that disgorgement claims are subject to a five-year statute of limitations, both lower courts and the SEC have grappled with questions the Court left unresolved, including…
U.S. Supreme Court Narrows Scope of Whistleblower Anti-Retaliation Protections
- Feb 22, 2018
- Publications
U.S. Supreme Court Narrows Scope of Whistleblower Anti-Retaliation Protections
The Supreme Court held yesterday that individuals who have reported alleged misconduct internally, but not to the SEC, are not covered by the anti-retaliation provisions of the Dodd-Frank Act, resolving a circuit split on the…
Recent Decision Finds Waiver Based on “Oral Downloads” to the SEC
- Feb 14, 2018
- Publications
Recent Decision Finds Waiver Based on “Oral Downloads” to the SEC
A federal magistrate judge in the Southern District of Florida recently ruled that a law firm had waived work product protection over notes and memoranda of witness interviews when it provided “oral downloads” of those interviews to…
Second Circuit Rules That Evidence Rebutting Presumption of Reliance Need Not Be Conclusive
- Jan 17, 2018
- Publications
Second Circuit Rules That Evidence Rebutting Presumption of Reliance Need Not Be Conclusive
In Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc., No. 16-250 (2d Cir. Jan. 12, 2018), the Second Circuit vacated the certification of a securities fraud class action due to two errors by the district court in its…
Bulk of Wells Fargo Shareholder Derivative Suit Survives Motions to Dismiss
- Dec 04, 2017
- Publications
Bulk of Wells Fargo Shareholder Derivative Suit Survives Motions to Dismiss
A judge in the Northern District of California recently allowed the bulk of claims to advance in the Wells Fargo shareholder litigation. Plaintiffs seek to hold the board liable for alleged sales practices that have received…
HCP Announces Series of Transactions to Diversify Its Portfolio
- Nov 02, 2017
- Client News
HCP Announces Series of Transactions to Diversify Its Portfolio
Paul, Weiss is representing healthcare REIT HCP, Inc. in a transaction with Brookdale Senior Living Inc. to restructure HCP’s portfolio of senior housing facilities that are leased, managed and/or jointly owned by Brookdale.
Second Circuit Holds That Direct Evidence of Price Impact Is Not Always Necessary to Establish Market Efficiency Under the Fraud-on-the-Market Doctrine
- Nov 09, 2017
- Publications
Second Circuit Holds That Direct Evidence of Price Impact Is Not Always Necessary to Establish Market Efficiency Under the Fraud-on-the-Market Doctrine
Recent Public Remarks by Co-Directors of SEC Enforcement Division Signal Potential Changing Enforcement Priorities
- Oct 31, 2017
- Publications
Recent Public Remarks by Co-Directors of SEC Enforcement Division Signal Potential Changing Enforcement Priorities
Recent remarks by top officials at the SEC’s Division of Enforcement suggest changes in the enforcement environment, including a de-emphasis on the “broken windows” strategy focusing on minor violations and on settlements requiring…
Audra Soloway to Participate in Panel on Advocacy Strategies for Women in Mediation
- Nov 08, 2017
- Events
Audra Soloway to Participate in Panel on Advocacy Strategies for Women in Mediation
Litigation partner Audra Soloway will speak on a panel at an event sponsored by the NYC Association of Insurance Women, “Successful Advocacy Strategies for Women in Mediation.”
Alere and Abbott Complete $5.3 Billion Merger
- Oct 03, 2017
- Client News
Alere and Abbott Complete $5.3 Billion Merger
Paul, Weiss represented Alere Inc. in its acquisition by Abbott Laboratories. Under the terms of the deal, Alere stockholders received $51 per share of common stock in a deal that valued Alere’s equity at $5.3 billion.
Securities Cases to Watch this Term at the Supreme Court
- Oct 03, 2017
- Publications
Securities Cases to Watch this Term at the Supreme Court
For the upcoming term, the Supreme Court is once again taking up significant securities litigation and enforcement matters. In this alert, we preview three cases already on the Court’s docket, and highlight a cert petitions of note.
The Impact of CalPERS v. ANZ Securities on Securities Litigation
- Sep 18, 2017
- Videos
The Impact of CalPERS v. ANZ Securities on Securities Litigation
In CalPERS v. ANZ Securities, the Supreme Court ruled that the filing of a class action does not toll the Securities Act’s three-year statute of repose.
Paul, Weiss Pro Bono Case Featured in the New York Post
- Aug 27, 2017
- Publications
Paul, Weiss Pro Bono Case Featured in the New York Post
Sunday’s New York Post featured a story on the “potentially precedent-setting case” that Paul, Weiss and The Legal Aid Society are litigating on behalf of dozens of formerly homeless individuals who obtained private apartments through …
Divided Second Circuit Panel Overrules Prior Newman Insider Trading Decision
- Aug 25, 2017
- Publications
Divided Second Circuit Panel Overrules Prior Newman Insider Trading Decision
On Wednesday, in United States v. Martoma, the United States Court of Appeals for the Second Circuit overruled its own 2014 decision in United States v. Newman and altered the standard for determining whether the personal benefit…
Second Circuit Holds That Ascertainability Requirement Of Class Certification Does Not Include “Administrative Feasibility” And That Extraterritoriality Issues Can Preclude Predominance
- Jul 10, 2017
- Publications
Second Circuit Holds That Ascertainability Requirement Of Class Certification Does Not Include “Administrative Feasibility” And That Extraterritoriality Issues Can Preclude Predominance
In a July 7 decision with significant implications for the global OTC market, the Second Circuit addressed the standards for certifying classes in securities fraud cases. In In re Petrobras Securities Litigation, the Second Circuit…
U.S. Supreme Court Rules That Class Action Tolling Does Not Apply to Statutes of Repose
- Jun 27, 2017
- Publications
U.S. Supreme Court Rules That Class Action Tolling Does Not Apply to Statutes of Repose
In a decision likely to have significant ramifications for federal securities litigation, the U.S. Supreme Court ruled on June 26 that the class action tolling doctrine established in American Pipe & Construction Co. v. Utah does…
Audra Soloway to Participate in Duke Law Conference, “Emerging Issues in Securities Class Actions”
- Jul 20, 2017
- Events
Audra Soloway to Participate in Duke Law Conference, “Emerging Issues in Securities Class Actions”
Litigation partner Audra Soloway will speak at an invitation-only conference, “Emerging Issues in Securities Class Actions,” hosted by the Duke Law Center for Judicial Studies.
U.S. Supreme Court Holds That Five-Year Statute of Limitations Applies to Claims for Disgorgement Brought by the SEC
- Jun 06, 2017
- Publications
U.S. Supreme Court Holds That Five-Year Statute of Limitations Applies to Claims for Disgorgement Brought by the SEC
On June 5, the Supreme Court unanimously held that SEC claims for disgorgement are governed by a five-year statute of limitations. The Court rejected the SEC’s position that the claims are not subject to time limits. The decision…
Susanna Buergel, Andrew Ehrlich and Audra Soloway Co-Author Law360 Article
- May 24, 2017
- Publications
Susanna Buergel, Andrew Ehrlich and Audra Soloway Co-Author Law360 Article
Litigation partners Susanna Buergel, Andrew Ehrlich and Audra Soloway co-authored an “Expert Analysis” special series article for Law360.
SAC Capital Secures Final Approval for Settlement of Class Action
- May 12, 2017
- Client News
SAC Capital Secures Final Approval for Settlement of Class Action
After more than four years of litigation, U.S. District Judge John G. Koeltl entered final judgment approving the settlement of the last private civil class action alleging that Paul, Weiss clients Steven A. Cohen, SAC Capital…
Audra Soloway to Discuss Successful Advocacy Strategies for Women in Mediation
- May 15, 2017
- Events
Audra Soloway to Discuss Successful Advocacy Strategies for Women in Mediation
Litigation partner Audra Soloway will join a panel of women leaders for a discussion on best practices in mediation.
Alere and Abbott Amend Terms of Merger Agreement
- Apr 14, 2017
- Client News
Alere and Abbott Amend Terms of Merger Agreement
As widely reported in the financial press, Paul, Weiss client Alere, Inc. settled its hard-fought merger battle with Abbott Labs.
Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions
- Mar 30, 2017
- Publications
Supreme Court to Examine Key Question of Securities Fraud Liability Based Solely on Omissions
Earlier this week, the Supreme Court agreed to hear an important securities case addressing the scope of federal securities law claims based solely on omissions of material information. Petitioners in the case, Leidos, Inc. v. Indiana …
The D&O Diary Reviews Updated Deskbook on Federal Securities Litigation
- Feb 21, 2017
- Publications
The D&O Diary Reviews Updated Deskbook on Federal Securities Litigation
Litigation partners Daniel Kramer and Audra Soloway are co-authors of the recently updated "Federal Securities Litigation: A Deskbook for the Practitioner" which was favorably reviewed by Kevin LaCroix, author of the Internet…
Client Alert: Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference
- Feb 02, 2017
- Publications
Client Alert: Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference
On January 31, President Donald J. Trump nominated Tenth Circuit Judge Neil Gorsuch for the Supreme Court seat vacated by the death of Justice Antonin Scalia nearly a year ago. Though his judicial record in private securities…
Client Alert: Second Circuit Holds that Trust Indenture Act 316(b) Prohibits Only Non-Consensual Amendments to Core Payment Terms of Bond Indentures
- Jan 18, 2017
- Publications
Client Alert: Second Circuit Holds that Trust Indenture Act 316(b) Prohibits Only Non-Consensual Amendments to Core Payment Terms of Bond Indentures
On January 17, 2017, the Court of Appeals for the Second Circuit issued its long-anticipated opinion in Marblegate Asset Management, LLC v. Education Management Finance Corp., ruling that Section 316(b) of the Trust Indenture…
Client Alert: U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose
- Jan 17, 2017
- Publications
Client Alert: U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose
On January 13, 2017, the U.S. Supreme Court agreed to review a decision from the U.S. Court of Appeals for the Second Circuit holding that the class action tolling doctrine established in American Pipe & Construction Co. v.…
U.S. Supreme Court to Review Whether Statute of Limitations Applies to SEC Disgorgement Claims
- Jan 17, 2017
- Publications
U.S. Supreme Court to Review Whether Statute of Limitations Applies to SEC Disgorgement Claims
On January 13, 2017, the Supreme Court granted certiorari in Kokesh v. Securities and Exchange Commission (U.S. Jan. 13, 2017) (No. 16-529) to determine whether disgorgement claims are subject to the five-year statute of limitations…
Client Alert: Supreme Court Reaffirms Dirks, Confirms that a Gift of Information to a Trading Relative or Friend Satisfies Personal Benefit Requirement for Insider Trading
- Dec 07, 2016
- Publications
Client Alert: Supreme Court Reaffirms Dirks, Confirms that a Gift of Information to a Trading Relative or Friend Satisfies Personal Benefit Requirement for Insider Trading
In its first opinion on the scope of insider trading liability in nearly twenty years, the Supreme Court in Salman v. United States addressed whether insider trading liability can arise where a tipper makes a "gift" of…
Client Alert: Second Circuit Holds That Parties to Standard Lock-Up Agreements in IPOs Do Not Form a “Group” for Section 13(d) and Section 16(b) Purposes
- Nov 08, 2016
- Publications
Client Alert: Second Circuit Holds That Parties to Standard Lock-Up Agreements in IPOs Do Not Form a “Group” for Section 13(d) and Section 16(b) Purposes
A Second Circuit decision on November 3 in Lowinger v. Morgan Stanley rejected a theory that would have impeded the normal process by which trading of newly issued IPO shares is stabilized. In its November 3 ruling, the court…
Qualcomm to Acquire NXP
- Oct 27, 2016
- Client News
Qualcomm to Acquire NXP
Paul, Weiss is representing wireless technology leader Qualcomm Incorporated in its agreement to acquire NXP Semiconductors for $47 billion.
Citigroup Wins Anti-Suit Injunction Precluding Overseas Enforcement of Vacated Arbitration Award
- Oct 11, 2016
- Client News
Citigroup Wins Anti-Suit Injunction Precluding Overseas Enforcement of Vacated Arbitration Award
Justice Charles Ramos of the New York Supreme Court's Commercial Division granted a motion for a foreign anti-suit injunction in favor of Paul, Weiss client Citigroup Global Markets, Inc.
Former MDC Partners Chief Accounting Officer Wins Dismissal of Securities Fraud Class Action
- Oct 03, 2016
- Client News
Former MDC Partners Chief Accounting Officer Wins Dismissal of Securities Fraud Class Action
Judge Richard Sullivan of the Southern District of New York dismissed a securities fraud class action complaint against Paul, Weiss client Michael Sabatino.
Client Alert: What to Look for in Tomorrow’s Supreme Court Argument in Key Insider Trading Case
- Oct 04, 2016
- Publications
Client Alert: What to Look for in Tomorrow’s Supreme Court Argument in Key Insider Trading Case
For the first time in nearly twenty years, the United States Supreme Court will hear oral argument tomorrow in a case directly addressing the scope of insider trading liability.
In Vivendi Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact
- Sep 30, 2016
- Publications
In Vivendi Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact
On September 27, 2016, in related appeals arising from a long-pending securities fraud class action against Vivendi, the Second Circuit ruled on several important issues, including the proof necessary to both sustain and defeat…
Client Alert: Second Circuit Holds an Employer’s ERISA-Regulated Benefit Plans Are Not “Affiliates” of the Employer-Sponsor for Class Settlement Purposes; Splits with Seventh Circuit
- Sep 23, 2016
- Publications
Client Alert: Second Circuit Holds an Employer’s ERISA-Regulated Benefit Plans Are Not “Affiliates” of the Employer-Sponsor for Class Settlement Purposes; Splits with Seventh Circuit
The Second Circuit's September 20 decision in In re American International Group, Inc. Securities Litigation, No. 14‐4067(L) will likely have consequences in the negotiation of class action securities settlement agreements.
Citigroup Wins Dismissal of Auction Rate Securities Suit
- Aug 24, 2016
- Client News
Citigroup Wins Dismissal of Auction Rate Securities Suit
Justice Jeffrey K. Oing of the New York Supreme Court issued an order dismissing on statute of limitations grounds claims brought by All Children's Hospital (ACH) against Paul, Weiss client Citigroup Global Markets Inc. (CGMI).
Client Alert: Second Circuit Expands the IndyMac Rule
- Jul 22, 2016
- Publications
Client Alert: Second Circuit Expands the IndyMac Rule
In two recent federal securities fraud actions stemming from the 2008 financial crisis, the Second Circuit has affirmed that statutes of repose
Delaware Chancery Court Dismisses Derivative Action Against lululemon Board and Founder
- Jun 13, 2016
- Client News
Delaware Chancery Court Dismisses Derivative Action Against lululemon Board and Founder
The Delaware Court of Chancery dismissed in its entirety a derivative complaint filed against the board of directors of lululemon athletica, including Paul, Weiss client Dennis "Chip" Wilson, lululemon's founder and former…
Walter Rieman, Audra Soloway and Andrew Ehrlich Co-Author Article on American Pipe Tolling in Law360
- Jun 02, 2016
- Publications
Walter Rieman, Audra Soloway and Andrew Ehrlich Co-Author Article on American Pipe Tolling in Law360
Litigation partners Walter Rieman, Audra Soloway and Andrew Ehrlich co-authored an article, titled "A Majority on American Pipe Tolling Emerges," in the June 2 issue of Law360.
Client Alert: Second Circuit Rules That Constitutional Challenge to Appointment of SEC Administrative Law Judges Must Be Adjudicated During Review of SEC’s Final Order, and Not in a Separate District Court Lawsuit
- Jun 03, 2016
- Publications
Client Alert: Second Circuit Rules That Constitutional Challenge to Appointment of SEC Administrative Law Judges Must Be Adjudicated During Review of SEC’s Final Order, and Not in a Separate District Court Lawsuit
Tilton v. SEC, No. 15-2103 (2d Cir. June 1, 2016), arose from an action in federal district court brought by Lynn Tilton and her investment firms ("Tilton"), who were respondents in an ongoing administrative proceeding before the…
Client Alert: Second Circuit Strikes Down Imposition of $1.27 Billion FIRREA Penalty, Holds That Government Failed to Prove Countrywide Acted with Fraudulent Intent
- May 31, 2016
- Publications
Client Alert: Second Circuit Strikes Down Imposition of $1.27 Billion FIRREA Penalty, Holds That Government Failed to Prove Countrywide Acted with Fraudulent Intent
On May 23, 2016, the United States Court of Appeals for the Second Circuit reversed a jury's finding of liability and the district court's imposition of a $1.27 billion civil penalty on Countrywide and related defendants…
Client Alert: Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split
- May 31, 2016
- Publications
Client Alert: Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split
In SEC v. Graham, No. 14-13562 (11th Cir. May 26, 2016), the Eleventh Circuit held that the five-year statute of limitations applicable to SEC enforcement proceedings under 28 U.S.C. § 2462 applies to disgorgement and declaratory…
Client Alert: The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose
- May 25, 2016
- Publications
Client Alert: The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose
On Friday, in Stein v. Regions Morgan Keegan Select High Income Fund, Inc., Nos. 15-5903, 15-905, 2016 WL 2909333 (6th Cir. May 19, 2016), the Sixth Circuit ruled that the tolling doctrine established by American Pipe & …
Client Alert: Supreme Court Rejects Federal Jurisdiction Over State Law Claims That Do Not Necessarily Raise Exchange Act Issues
- May 16, 2016
- Publications
Client Alert: Supreme Court Rejects Federal Jurisdiction Over State Law Claims That Do Not Necessarily Raise Exchange Act Issues
In Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132 (May 16, 2016), the Supreme Court held that the provision of exclusive federal jurisdiction in the Securities Exchange Act of 1934 ("Exchange Act") does…
Client Alert: U.S. District Court in New Jersey Rules That the Two-Year Limitations Period for Suits to Recover Short-Swing Profits Under Section 16(b) of the Securities Exchange Act of 1934 Is a Statute of Repose That Is Not Subject to Tolling
- May 10, 2016
- Publications
Client Alert: U.S. District Court in New Jersey Rules That the Two-Year Limitations Period for Suits to Recover Short-Swing Profits Under Section 16(b) of the Securities Exchange Act of 1934 Is a Statute of Repose That Is Not Subject to Tolling
Last week, a judge in the United States District Court for the District of New Jersey ruled on an issue that has remained unresolved since the United States Supreme Court split 4-4 on it four years ago: whether the two-year …
Client Alert: Eighth Circuit Interprets Halliburton II, Holding That Defendants Successfully Rebutted Fraud-on-the-Market Presumption of Reliance by Showing that the Alleged Misstatements Did Not Cause a Stock-Price Increase
- Apr 13, 2016
- Publications
Client Alert: Eighth Circuit Interprets Halliburton II, Holding That Defendants Successfully Rebutted Fraud-on-the-Market Presumption of Reliance by Showing that the Alleged Misstatements Did Not Cause a Stock-Price Increase
On April 12, 2016, in IBEW Local 98 Pension Fund v. Best Buy Co., Inc., the Eighth Circuit interpreted and applied the Supreme Court's decision in Halliburton Co. v. Erica P. John Fund, Inc. ("Halliburton II"), which …
Second Circuit Interprets Omnicare Narrowly, Holding That Issuers Need Not Disclose Information Merely Because It Cuts Against Their Opinions or Projection
- Mar 09, 2016
- Publications
Second Circuit Interprets Omnicare Narrowly, Holding That Issuers Need Not Disclose Information Merely Because It Cuts Against Their Opinions or Projection
On March 4, 2016, in Tongue v. Sanofi,[1] the Second Circuit interpreted and applied for the first time the Supreme Court's decision in Omnicare Inc. v. Laborers Dist. Council Const. Indus. Pension Fund,[2] which addressed the…
Pro Bono Client Achieves Victory in Housing Case
- Feb 03, 2016
- Client News
Pro Bono Client Achieves Victory in Housing Case
Paul, Weiss obtained financial relief and a temporary stay of eviction for a pro bono client with a debilitating medical condition.
Client Alert: United States v. Litvak: Second Circuit Overturns Conviction, Holds Defense Is Entitled to Put Forward Expert Evidence on Materiality
- Dec 09, 2015
- Publications
Client Alert: United States v. Litvak: Second Circuit Overturns Conviction, Holds Defense Is Entitled to Put Forward Expert Evidence on Materiality
On December 8, 2015, the Second Circuit overturned the convictions of a securities trader for alleged misrepresentations made to certain RMBS transaction counterparties, some of which were investment vehicles established and…
Client Alert: Supreme Court Declines To Consider Second Circuit’s Landmark Insider Trading Ruling
- Oct 05, 2015
- Publications
Client Alert: Supreme Court Declines To Consider Second Circuit’s Landmark Insider Trading Ruling
Today, the United States Supreme Court declined to hear the petition for a writ of certiorari filed by the United States Department of Justice in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), a landmark…
Client Alert: Southern District of New York Ruling Highlights That Materiality Is a Meaningful Pleading Obstacle in ’33 Act Cases
- Oct 01, 2015
- Publications
Client Alert: Southern District of New York Ruling Highlights That Materiality Is a Meaningful Pleading Obstacle in ’33 Act Cases
Claims brought under the Securities Act of 1933 (the "Act") are typically challenging for defendants to dismiss.
Client Alert: Southern District of New York Issues Ruling in AIG Securities Litigation That Increases the Hurdles for Opt-Out Plaintiffs
- Sep 17, 2015
- Publications
Client Alert: Southern District of New York Issues Ruling in AIG Securities Litigation That Increases the Hurdles for Opt-Out Plaintiffs
On Thursday, the United States District Court for the Southern District of New York (Swain, J.) issued a decision granting, in part, the defendants' motions to dismiss in a series of individual actions filed by AIG shareholders…
Litigation Partners Co-Author Bloomberg BNA Article on Confidential Witness Allegations in Securities Fraud Complaints
- Jul 27, 2015
- Publications
Litigation Partners Co-Author Bloomberg BNA Article on Confidential Witness Allegations in Securities Fraud Complaints
Litigation partners Charles Davidow, Richard Rosen, Andrew Ehrlich and Audra Soloway co-authored an article, titled "Best Practice for Dealing with Confidential Witness Allegations in Securities Fraud Complaints: The Implications …
Pro Bono Client Wins Criminal Appeal
- Jun 19, 2015
- Client News
Pro Bono Client Wins Criminal Appeal
The Appellate Term for the First Department unanimously affirmed a lower court decision dismissing a criminal charge against a Paul, Weiss pro bono client. Our client was arrested for possessing a metal, extendable baton, and was …
Pro Bono Client Obtains Victory in Family Court Trial
- Jun 03, 2015
- Client News
Pro Bono Client Obtains Victory in Family Court Trial
Paul, Weiss obtained a significant trial victory when the New York Family Court dismissed all abuse and neglect charges filed against our client and her partner following the death of their infant son in October 2012.
Second Circuit Affirms Dismissal of Securities Fraud Class Action Against lululemon and Founder
- May 15, 2015
- Client News
Second Circuit Affirms Dismissal of Securities Fraud Class Action Against lululemon and Founder
The Second Circuit affirmed the dismissal of a putative securities fraud class action brought against yoga apparel company lululemon athletica inc., its former CEO, Christine Day, and its founder and former chairman of the board…
Court Dismisses Civil RICO Claims Against SAC Capital
- Apr 28, 2015
- Client News
Court Dismisses Civil RICO Claims Against SAC Capital
Paul, Weiss client SAC Capital won a significant victory when Judge Victor Marrero of the United States District Court for the Southern District of New York dismissed civil RICO claims brought by a series of investors in two…
Awards & Recognition
Paul, Weiss Honored at Above & Beyond Pro Bono Achievement Awards and Benefit
- Oct 02, 2018
- Awards
Paul, Weiss Honored at Above & Beyond Pro Bono Achievement Awards and Benefit
A Paul, Weiss pro bono team was honored at the 2018 Above & Beyond Pro Bono Achievement Awards and Benefit, hosted by SanctuaryA Paul, Weiss pro bono team was honored at the 2018 Above & Beyond Pro Bono Achievement Awards and…
Valerie Radwaner, Audra Soloway and Taurie Zeitzer Named Leading Women Lawyers in NYC
- Dec 20, 2017
- Awards
Valerie Radwaner, Audra Soloway and Taurie Zeitzer Named Leading Women Lawyers in NYC
Deputy Chair and corporate partner Valerie Radwaner, litigation partner Audra Soloway and M&A partner Taurie Zeitzer were named to Crain’s New York Business’ inaugural list of Leading Women Lawyers in New York City.
Six Paul, Weiss Partners Named Law360 MVPs
- Dec 12, 2017
- Awards
Six Paul, Weiss Partners Named Law360 MVPs
Law360 has honored firm chair Brad Karp, corporate partner Scott Barshay, litigation partners Jay Cohen and Audra Soloway and real estate partners Harris Freidus and Meredith Kane with 2017 MVP Awards.
The Legal Aid Society Recognizes Paul, Weiss’s Pro Bono Contributions
- Oct 25, 2017
- Awards
The Legal Aid Society Recognizes Paul, Weiss’s Pro Bono Contributions
The Legal Aid Society recognized several Paul, Weiss attorneys and the firm as a whole at the 2017 Pro Bono Publico Awards for their pro bono contributions over the past year.
Paul, Weiss Named “Pro Bono Partner of the Year” by The Bronx Defenders
- Nov 10, 2014
- Awards
Paul, Weiss Named “Pro Bono Partner of the Year” by The Bronx Defenders
Paul, Weiss was recognized as "Pro Bono Partner of the Year" at The Bronx Defenders Annual Gala on November 10 in New York City. Working with the Bronx Defenders, Paul, Weiss lawyers litigated more than 50 pro bono cases that…
Kate Stoneman Project Honored by Sadie Nash Project
- Jun 02, 2014
- Awards
Kate Stoneman Project Honored by Sadie Nash Project
The Sadie Nash Leadership Project honored the Kate Stoneman Project, a group of female partners at large New York firms, for its work in creating and running a 12-week program for Sadie Nash students on law and the legal…