Securities Enforcement and Litigation


Arnold & Porter has one of the leading securities enforcement and litigation practices in this complex area of law. Our team is comprised of former US Securities and Exchange Commission (SEC) attorneys, US Department of Justice (DOJ) attorneys, assistant US attorneys, attorneys from other regulatory bodies, and other lawyers who have litigated precedent-setting securities matters. Together, we carry forward a tradition of excellence in securities enforcement and litigation representation that dates to the founding of our practice by one of the authors of the seminal SEC antifraud rule, Rule 10b-5.

Our clients include public companies and their subsidiaries, accounting firms, broker-dealers, investment banks, financial institutions, underwriters, investment advisers, hedge funds, private equity firms, venture capital firms, mutual funds, and law firms. We also regularly represent special committees and audit committees, directors, officers, partners, principals, and employees of such entities. Our experience includes:

  • investigations by the SEC, DOJ, other federal agencies, Congress, self-regulatory organizations (including the Financial Industry Regulatory Authority (FINRA)), and state regulators;
  • securities class actions, shareholder derivative litigation, professional liability lawsuits, cases involving mergers and acquisitions, and other civil and criminal litigation;
  • arbitrations involving customer claims and employee disputes in the securities industry;
  • internal investigations; and
  • proceedings before professional licensing and regulatory authorities, including the Public Company Accounting Oversight Board (PCAOB).

The matters we handle involve claims or charges of fraud, breach of fiduciary duty, mismanagement and negligence, and/or securities or regulatory violations. These issues arise out of allegations involving:

We also provide counseling on disclosure, corporate compliance and governance, D&O insurance, crisis management, and securities and market matters.

A number of our partners have been recognized as leading lawyers in the fields of securities enforcement, securities litigation, and complex business litigation.


U.S. Education Finance Group One William Street Capital Management L.P. v. U.S. Education Loan Trust IV et al.
Representing this sponsor of government guaranteed student loan-backed securitizations in this suit, which has significant implications for securities markets, brought by an institutional investor in those securities claiming that it is owed additional principal and interest payments.
Spirit AeroSystems Holdings Dismissal of securities class action
Secured complete dismissal and victory when the Tenth Circuit affirmed dismissal of a securities class action complaint alleging clients made false and misleading statements that artificially inflated Spirit’s stock price.
Celestica Inc. Securities class action
Obtained an agreement to settle an eight-year securities class action against this Canadian electronics manufacturing company and its former CEO and CFO for a fraction of the alleged investor losses that plaintiffs sought to recover.
Yelp Securities class actions
Consolidated class actions arising from drop in securities price.
Charles Schwab & Co. FINRA Department of Enforcement v. Charles Schwab & Co., Inc.
Successfully obtained a FINRA hearing panel’s decision that FINRA’s enforcement division cannot block a broker-dealer from including class action waivers in its customer arbitration agreements.


5 Securities Litigation Questions Raised By Del. Forum Ruling
Appellate Law360, Class Action Law360, Corporate Law360, Delaware Law360, Securities Law360
The End of Securities Class Actions?
Today's Judgments, Tomorrow's Enforcement: Accounting and Business Judgments Most Vulnerable to Hindsight
Coronavirus: Corporate and Finance Advisory
SEC Chairman Holds Firm on June 30, 2020 Reg. BI Compliance Deadline
Coronavirus: Corporate and Finance Advisory
Preparing for the Altered Litigation Landscape
Coronavirus: Litigation Webinar


Chambers USA
Securities: Regulation (Nationwide) (2020)
The American Lawyer
Litigation Department of the Year – Honorable Mention (2019)
U.S. News & World Report and Best Lawyers
"Best Law Firms" – Securities Litigation (DC, National, San Francisco) (2020)
"Best Law Firms" – Securities Regulation (DC, National, San Francisco) (2020)

Email Disclaimer