Securities Enforcement and Litigation

Veronica Rendón co-chairs the firm's securities enforcement and litigation practice. Ms. Rendón concentrates her practice on litigation, enforcement, and white collar criminal matters, with a primary focus on securities, professional liability, and financial transactions.

Ms. Rendón has a broad base of experience. She has successfully defended federal and state securities class action litigations; breach of fiduciary duty, suitability, and common law fraud claims; accountant and auditor liability matters; partnership disputes; minority shareholder disputes; as well as receiver, liquidator, and trustee actions, which often implicate the in pari delicto doctrine. Ms. Rendón has also efficiently and effectively defended investigations and enforcement actions brought by the US Securities & Exchange Commission (SEC), the US Department of Justice (DOJ), and State Attorneys General, as well as the Public Company Accounting Oversight Board and the American Institute of Certified Public Accountants (AICPA).

As a result of her engagements, Ms. Rendón regularly appears in federal district court, Delaware Court of Chancery, state courts, and commercial divisions. Ms. Rendón also has successfully arbitrated and mediated matters in a number of different forums, and worked through large, complex settlements to finality. 

Drawing from her insight and experience in the litigation and enforcement arenas, Ms. Rendón regularly lectures at professional conferences on issues facing the securities industry and financial markets. Most recently, Ms. Rendón has spoken on topics including insider trading, in pari delicto, credit crisis, and subprime securitization issues.  

Ms. Rendón is a strong proponent of assisting women in furthering and strengthening their careers in business and the law. Among various initiatives, she has helped cultivate Arnold & Porter's New York WomenConnect  semi-annual programs, which provide a forum for our women lawyers and senior-level clients to discuss challenges facing professional women, with a strong focus on practical solutions and advancement. 

Securities Enforcement and Litigation Representative Matters

• Currently representing a national accounting firm in an SEC investigation into valuation of Level 3 assets under Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements and Disclosures (formerly FAS 157).
• Currently representing a financial institution in a multimillion dollar federal action brought by a guaranty insurer of residential mortgage-backed securitizations seeking repurchase or replacement of purportedly improperly underwritten loans.
• Currently defending a national accounting firm in a joint investigation brought by the DOJ and New York Attorney General in connection with the prosecution of a prominent, former New York State politician.
• Currently defending a hedge fund and affiliated entities in litigation related to the demise of Refco, a New York-based financial services company primarily known as a broker of commodities and futures contracts, which collapsed billions of dollars in debt shortly after going public amid allegations of flagrant wrongdoing. After successfully settling the action brought by Refco's Litigation Trustee for a tiny fraction of the exposure, the Special Master recommended dismissal with prejudice of an action subsequently filed by Joint Official Liquidators of numerous related fund entities and assignees of claims. Only our clients and one other defendant have been recommended to be dismissed from this action with prejudice. 
• Obtained a full defense verdict in an arbitration proceeding against an investment advisor and fund manager following a full evidentiary hearing. The multimillion dollar claims included lack of suitability, breach of fiduciary duty, and a request for punitive damages.
• Successfully defended an accounting firm in multiple civil litigations filed across the country arising from audits performed for Bernard L. Madoff  "feeder funds" alleging hundreds of millions of dollars in damages. Allegations included that the auditors should have detected "red flags" associated with Madoff's operations and alerted fund management. 
• Achieved dismissal of a putative securities class action filed in the US District Court for the District of Delaware on behalf of a national accounting firm alleging purported violations of Section 11 of the Securities Act of 1933. Claimed damages were in the hundreds of millions of dollars.
• Successfully defended a group of not-for-profit financial institutions that originated, purchased, and sold student loans in the primary and secondary markets in multiple inquiries brought by the New York and Massachusetts State Attorneys General, as well as the federal Department of Education. At issue were a full panoply of lending practices. Ultimately, no enforcement actions were filed nor were any consent decrees required.