Expanded Bio
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Walter Rieman


Tel: 212-373-3260
Fax: 212-492-0260

New York
1285 Avenue of the Americas
New York, NY 10019-6064

A partner in the Litigation Department, Walter Rieman focuses his practice on civil litigation arising from securities-related disputes, other commercial disputes, and disputes concerning governmental regulation. His practice has recently included a range of matters related to disclosure and fraud-related issues, fiduciary duties, mergers, corporate governance, commercial contracts, and federal and state regulatory issues. He has argued appeals before the Second, Seventh, and Ninth Circuits, before New York’s Appellate Division, and before the New York Court of Appeals.


Walter has litigated many individual, derivative, and class actions raising securities-related claims under federal and state law. He has also litigated many other commercial disputes, including contract-based claims, product liability claims, and other tort claims. He has frequently participated in litigating challenges to class certification, including constitutionally based challenges, and other challenges by defendants to various forms of consolidated or mass actions. In addition to his work on private litigations, Walter's experience as a business litigator has included the representation of defendants in actions brought by regulators before federal and state courts and administrative agencies, including the United States Securities and Exchange Commission. Walter has represented both private clients and governmental entities in a number of matters concerning statutory or constitutional constraints on governmental regulation. Walter also has extensive experience involving distressed sovereign debt.

Walter recently briefed and argued appeals in Janes v. Triborough Bridge & Tunnel Authority, No. 13‑4377, 2014 WL 7331578 (2d Cir. Dec. 24, 2014) (affirming summary judgment dismissing claims against our client the Metropolitan Transportation Authority alleging that certain tolls violated the Commerce Clause and other provisions of the U.S. Constitution), aff'g 977 F. Supp. 2d 320 (S.D.N.Y. 2013) (decision granting summary judgment, which Walter also briefed and argued); St. Stephen's School v. PricewaterhouseCoopers Accountants N.V., 570 F. App'x 37 (2d Cir. 2014) (vacating and remanding class certification order in securities-related action against our clients The Citco Group Limited and affiliates); NML Capital, Ltd.  v. Republic of Argentina, 952 N.E.2d 482 (N.Y. 2011) (awarding substantial additional interest to our clients on their holdings of defaulted sovereign debt); Assured Guar. (U.K.) Ltd. v. J.P. Morgan Inv. Mgmt,. 962 N.E.2d 765 (N.Y. 2012); Kagan v. HMC-N.Y., Inc., 100 A.D.3d 468 (1st Dep't 2012); and Kagan  v. HMC-N.Y., Inc., 94 A.D.3d 67 (1st Dep't), appeal dismissed, 973 N.E.2d 182 (N.Y. 2012). He briefed and argued the appeal in AHW Investment Partnership  v. Citigroup Inc., No. 13‑4488 (2d Cir.); we are awaiting the Second Circuit's decision. In that securities-related action, he obtained a judgment from the district court dismissing so-called "holder" claims against our client. See 980 F. Supp. 2d 510 (S.D.N.Y. 2013). He is a principal author of other recent appellate briefs, including briefs filed in the Supreme Court of the United States. 

Securities Litigation
White Collar & Regulatory Defense


J.D., New York University School of Law, 1984

B.A., Yale University, 1981


Hon. Patricia M. Wald, U.S. Court of Appeals, District of Columbia

Bar Admissions

New York

Related Resources

Feb 02, 2017 | Publications

Supreme Court Nominee Has Taken Skeptical View of Private Securities Fraud Litigation, Agency Deference

Jan 17, 2017 | Publications

U.S. Supreme Court To Review Ruling That Class Action Tolling Does Not Apply to Statutes of Repose

Nov 08, 2016 | Publications

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

Oct 18, 2016 | News

New York Court Affirms Dismissal of Madoff Investors’ Claims Against Citco

Sep 30, 2016 | Publications

In 'Vivendi' Appeal, Second Circuit Rejects Challenge to “Price Maintenance” Theory of Price Impact

Sep 19, 2016 | News

Wilmington Savings Fund Society Obtains Summary Judgment in Breach of Indenture Action

Sep 21, 2016 | News

Pro Bono Client Obtains U.S. Citizenship

Jul 22, 2016 | Publications

Second Circuit Expands the IndyMac Rule

Jun 02, 2016 | Publications

Walter Rieman, Audra Soloway and Andrew Ehrlich Co-Author Article on American Pipe Tolling in Law360

Jun 03, 2016 | Publications

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

May 31, 2016 | Publications

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

Eleventh Circuit Applies Five-Year Statute of Limitations to Claims for Disgorgement and Declaratory Relief, Creating a Circuit Split

May 25, 2016 | Publications

The Sixth Circuit, in Agreement with the Second Circuit, Holds That American Pipe Tolling Does Not Apply to Statutes of Repose

Apr 13, 2016 | Publications

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

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

Dec 09, 2015 | Publications

United States v. Litvak: Second Circuit Overturns Conviction, Holds Defense Is Entitled to Put Forward Expert Evidence on Materiality

Oct 05, 2015 | Publications

Supreme Court Declines To Consider Second Circuit’s Landmark Insider Trading Ruling

Oct 01, 2015 | Publications

Southern District of New York Ruling Highlights That Materiality Is a Meaningful Pleading Obstacle in ’33 Act Cases

Sep 17, 2015 | Publications

Southern District of New York Issues Ruling in AIG Securities Litigation That Increases the Hurdles for Opt-Out Plaintiffs

Jun 15, 2015 | Publications

New York Court of Appeals Holds That Claims for Breaches of Representations and Warranties Accrue When RMBS Contracts Are Executed

Apr 28, 2015 | Publications

Second Circuit Issues Decision Establishing Comprehensive Framework for Adjudicating Preclusion Issues Under SLUSA

Feb 24, 2015 | Publications

California District Court Clarifies the Appropriate Terms of Securities Class Action Bar Orders and Holds That Nonsettling Class Action Defendants Are Entitled to Judgment Reduction Measured by Settling Defendants’ Liability on Securities Act Claims

Jan 14, 2015 | Publications

Second Circuit Holds That Omissions Regarding “Known Trends” May Support a Section 10(b) Claim, but Imposes Limitations on Such Claims

Jan 05, 2015 | Publications

Ninth Circuit Adopts the Heightened Pleading Standard of Rule 9(b) for the Element of Loss Causation in Securities Fraud Actions

Dec 24, 2014 | News

MTA Wins Major Second Circuit Victory

Dec 16, 2014 | Publications

Third Circuit Holds That Parties to Arbitration Agreements Can Compel Arbitration of Dodd-Frank Whistleblower Claims

Jun 19, 2014 | News

Paul, Weiss Obtains Vacatur of Class Certification Order for Citco
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