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- Securities Litigation and Enforcement
Covington regularly represents clients in high-stakes securities and derivatives enforcement and litigation matters. Our litigators have extensive experience handling cases in courtrooms across the country, before arbitration panels, and in bankruptcy court.
Covington represents companies and individuals in every major area, including complex securities and other instruments, shareholder class actions and derivative litigation, and transactional disputes.
Covington’s securities and commodities enforcement attorneys regularly represent clients before the SEC, the Commodity Futures Trading Commission (CFTC), the Financial Industry Regulatory Authority (FINRA), regional exchanges, and state securities regulators.
When regulatory investigations are accompanied by parallel criminal investigations, we are exceptionally well-equipped to handle those as well. Our committed group of senior litigators include a former head of the SEC Enforcement Division's nationwide litigation program, a nine-year veteran of the CFTC leads our commodity regulatory and enforcement practice, a former head of the SEC San Francisco District Office, and former federal prosecutors in California, New York, and Washington who prosecuted criminal securities fraud cases.
We also conduct internal investigations, design corporate compliance programs, and conduct compliance training at many of the world's largest corporations.
Covington's Securities/Derivatives Litigation and Enforcement group is not only widely recognized for litigating and winning high-profile securities cases, but also for devising creative legal strategies to resolve matters long before they draw public scrutiny.
Insider Trading Investigations for Fortune 500 Companies
Representation of special committees of the boards of Fortune 500 companies regarding insider trading investigations.
IndyMac SEC securities fraud case
Defended the former CEO of IndyMac in an SEC securities fraud case and FDIC lawsuit involving one of the most high-profile bank failures of the recent financial crisis.
IndyMac SEC civil claims
Defended civil claims brought by the SEC and FDIC against the former CEO of IndyMac BankCorp, Michael Perry, in connection with the bank’s failure in 2008. The cases were ultimately settled on very favorable terms. Relatedly, we represented Mr. Perry on insurance coverage issues concerning his defense.
IndyMac Bank Securities Class Actions
Represented the former CEO of IndyMac Bank in multiple securities and ERISA class actions.
Former CEO of IndyMac Bancorp in Litigation
Representing the former CEO of IndyMac Bancorp in matters arising out of the failure of IndyMac Bank, including knocking out all but one claim in SEC’s once wide-ranging securities enforcement case and settling the last remaining claim, without admitting or denying liability, as a negligence-based claim for $80,000 and a commitment to comply with the securities laws; successfully resolving an FDIC lawsuit; and defending against and/or successfully resolving several securities class action lawsuits, mortgage-backed securities cases, and purported ERISA class action lawsuits.
Manufacturing company SEC enforcement action
Persuaded the U.S. Securities and Exchange Commission not to pursue enforcement action against a leading manufacturing company following an 18-month investigation of business practices in Europe and Asia.
Dodd Frank whistleblower rulemaking proceeding
Represented a leading industry coalition in the rulemaking proceeding on the whistleblower provisions of the Dodd-Frank Act.
Global financial services firms
In numerous securities arbitrations arising from alleged securities frauds and other wrongs.
June 15, 2017, Regulatory Compliance Watch
David Kornblau is quoted in a Regulatory Compliance Watch article regarding the Supreme Court's decision mandating a five-year statute of limitations on disgorgement assessed by the SEC. Commenting on the SEC's options, Kornblau says that one thing that the agency could do is rename disgorgement, “calling it restitution." The agency could argue that restitution ...
June 13, 2017, Business Insurance
David Kornblau is quoted in a Business Insurance article regarding the effect of the Supreme Court ruling in Kokesh on SEC disgorgement attempts. According to Kornblau, “It’s a highly significant ruling, not only because of the statute of limitations, but because it puts into play whether the SEC has the power to obtain disgorgement from a federal court in any ...
April 11, 2017, Covington Alert
The U.S. Securities and Exchange Commission (“SEC”) has adopted amendments to its rules and forms that will require companies filing registration statements and reports subject to the exhibit requirements of Item 601 of Regulation S-K to include an active hyperlink to each exhibit listed in the exhibit index, whether or not the exhibit is incorporated by reference. To facilitate the use of hyperlinks, subject to a small exception, the amendments also require companies to file such registration statements and reports on the SEC’s electronic filing system, EDGAR, in HyperText Markup Language (“HTML”) format.
The SEC also has proposed rule amendments that would require the use of the Inline eXtensible Business Reporting Language (“XBRL”) format for public companies and mutual funds that submit financial statement information and risk/return summaries using XBRL. The proposed amendments would also eliminate the current requirement for such filers to post XBRL data files on their websites.
March 1, 2017, Law360
February 1, 2017, The Litigation Daily
The Litigation Daily features Beth Brinkmann, Craig Pollack, and Louise Freeman in an article about the “Top Lateral Litigator Moves in January.” Commenting on her move to Covington, Brinkmann says that the firm “turned out to be just a really unique opportunity,” praising its “culture of teamwork” and “longstanding presence in the legal community.” Alex ...
Industry digests 2017 SEC exam priorities
January 31, 2017, Compliance Reporter
David Kornblau is quoted in a Compliance Reporter article regarding industry’s reaction to the SEC’s 2017 examination priorities. “I think everybody is waiting with bated breath to see if the priorities and philosophy of the agency will take a different direction once Clayton and other commissioners are confirmed,” says Kornblau. “We are all in a guessing game ...
Covington makes KWM competition hire
January 17, 2017, Global Competition Review
Louise Freeman and Johan Ysewyn are quoted in a Global Competition Review article regarding Freeman’s arrival to the firm’s European Dispute Resolution practice. According to Freeman, Covington is an exciting firm to join – especially as the firm is “expanding at a phenomenal rate.” She adds, “It’s going to be great fun educating the London market on what is ...
2 Disputes Lawyers Move To Covington Amid KWM Collapse
January 17, 2017, Law360
Alex Leitch and Jeremy Wilson are quoted in a Law360 article regarding the arrival of Craig Pollack and Louise Freeman to the firm’s European Dispute Resolution practice. According to Leitch and Wilson, “The firm’s growing footprint in London is a reflection of client demand that is fueled by the increasingly challenging regulatory and compliance environment, ...
January 16, 2017
LONDON—Craig Pollack and Louise Freeman have joined Covington as partners in the firm’s European Dispute Resolution practice resident in London. Mr. Pollack will also serve as co-chair of the firm’s Global Disputes Initiative with former U.S. Attorney General Eric Holder and former U.S. Under Secretary of State Alan Larson. Mr. Pollack focuses on complex high ...
January 4, 2017, Covington Alert
One piece of the ongoing debate over the Securities and Exchange Commission’s use of Administrative Law Judges to adjudicate enforcement actions may be heading to the U.S. Supreme Court. On December 27, 2016, in Bandimere v. SEC, the U.S. Court of Appeals for the Tenth Circuit invalidated SEC sanctions against an individual on the ground that the ALJ who presided over the proceeding was hired in violation of the U.S. Constitution’s Appointments Clause. The decision directly conflicts with the D.C. Circuit’s August 2016 decision in Lucia v. SEC.
November 18, 2016, Law360
Trump's Conflict-of-Interest Problem
November 14, 2016, The New Yorker
In a New Yorker article regarding potential conflicts of interest in President-elect Donald Trump’s administration, Arlo Devlin-Brown comments on the importance of avoiding even ‘the appearance of impropriety’ for companies doing business with the Trump Organization.
New Priorities Likely for U.S. Attorney Offices
November 13, 2016, The Wall Street Journal
Arlo Devlin-Brown is quoted by The Wall Street Journal in an article regarding the uncertainty surrounding the types of cases the U.S. Justice Department will pursue during Donald Trump’s presidency. According to Devlin-Brown, “It is only in rare circumstances that a leadership change impacts prosecutions or well-developed investigations already in progress at ...
SEC Blasts Employee Confidentiality Agreements
November 7, 2016, Agenda
Barbara Hoffman and Lindsay Burke are quoted in an Agenda article regarding the SEC’s continued interest in restrictive confidentiality agreements that could deter employees from reporting company violations to authorities. According to Hoffman, the Occupational Safety and Health Administration administers a number of whistle-blowing programs for federal ...
October 14, 2016, Law360
September 30, 2016, Covington Alert
The U.S. Securities and Exchange Commission (SEC) continues to aggressively pursue companies using severance and other employment agreements that could be perceived to discourage employees from reporting possible securities law violations. Three enforcement actions this past summer demonstrate the need for companies to proactively review and give consideration to any provision in an employee agreement that could be interpreted as impeding whistleblowing activity—regardless of whether the agreement has actually stifled potential whistleblowers or was intended to do so.
Covington recruits in London
September 12, 2016, Global Arbitration Review
Greg Lascelles and Alex Leitch are quoted in a Global Arbitration Review article regarding Lascelles’ recent arrival to Covington. “I am very excited to join this growing team,” says Lascelles. According to Leitch, the financial services sector attracts significant client demand and Lascelles’ arrival is a “welcome addition” to the practice.
September 5, 2016
LONDON—Greg Lascelles has joined Covington as a partner in the European Dispute Resolution practice resident in the firm’s London office. Mr. Lascelles has a broad litigation and arbitration practice covering a variety of industry sectors, with a particular focus on financial services. He advises hedge funds, private equity houses, asset managers, investment ...
July 13, 2016, Legal Business
Alex Leitch is quoted in a Legal Business article regarding Greg Lascelles’ upcoming arrival to Covington as a partner in the firm’s European Dispute Resolution practice. According to Leitch, “Financial services remains an active sector that attracts a lot of demand from our clients across a variety of disciplines, including antitrust litigation, commercial ...
David Pinsky Named Law360 "Rising Star"
April 21, 2016
New York — Law360 has named Covington international arbitration partner David Pinsky a “Rising Star.” This annual recognition honors top attorneys under the age of 40 “whose legal accomplishments belie their age.” Law360 recognized how Mr. Pinsky, who leads Covington’s arbitration group’s Russia and Eurasia initiative, helped develop the firm’s Russia-focused ...
April 4, 2016
SAN FRANCISCO AND NEW YORK — Latinvex has again selected Covington partners Tammy Albarrán and Nicole Duclos to its annual list of the “Top 100 Female Lawyers” specializing in Latin America among international law firms. Latinvex chose attorneys from 57 law firms and ten practice areas. The criteria for selection included a combination of factors, including ...
May 19, 2015
NEW YORK, May 19, 2015 — Covington is advising Pandora Media, Inc., an Internet radio service, in its acquisition of Next Big Sound, Inc., a provider of online music analytics. The acquisition is expected to provide Pandora with a powerful analytics tool used by tens of thousands of music makers, labels and marketers looking for data and insights about artists ...
April 1, 2015, Covington E-Alert
November 5, 2014, Covington E-Alert
5 Dodd-Frank Reforms That Keep Energy Attys Up At Night
September 11, 2014, Law360
Covington's Stephen Humenik is quoted in this article regarding which aspects of Dodd-Frank rules are the source of most concern for energy firms: "Most of the Dodd-Frank rules affecting energy firms — primarily issued by the U.S. Commodity Futures Trading Commission — are already on the books either in proposed or final form." “There are few important ones ...
S.E.C. Commissioner Rebukes His Colleagues
August 29, 2014, The New York Times
Covington's David Martin is quoted in this article regarding Luis Aguilar, a commissioner at the S.E.C., stating that he was concerned that the agency’s stance on cases involving executives who put misleading and fraudulent numbers into their financial filings might be weakening. "Mr. Aguilar’s missive goes to the heart of one of the S.E.C.’s main jobs – ...
Law360's SEC Survival Guide: The Wells Notice And Beyond
July 31, 2014, Law360
Covington partner David Kornblau is quoted regarding SEC investigations: "For a response aimed at the commission level, for example, know which aspects of the case might have a policy angle or get the attention of media, other law enforcement agencies or Congress, says David Kornblau, co-chairman of Covington & Burling LLP’s securities enforcement practice. ...
The Daily Startup: SEC ‘Pay to Play’ Penalty for TL Ventures Could Be First of Many in VC
June 23, 2014, The Wall Street Journal
Robert Kelner is quoted regarding the Securities and Exchange Commission charging TL Ventures for violating three-year-old “pay-to-play” rules related to political contributions. "Robert Kelner of law firm Covington & Burling said more firms could attract the scrutiny of the SEC. “Given the complexity of the rule, and the number of small- to mid-sized firms, ...
Attys Ready To Pounce On SEC's Outdated Admin Rules
June 18, 2014, Law360
David Kornblau is quoted regarding the U.S. Securities and Exchange Commission’s administrative proceedings.
May 8, 2014
SAN FRANCISCO, May 8, 2014 — Covington’s David Bayless will participate in a West Coast SEC Directors Roundtable featuring a panel of six current and former directors from the Securities and Exchange Commission’s San Francisco and Los Angeles regional offices. Hosted by Securities Docket, the panel will address the most pressing and important issues and trends ...
April 30, 2014, Covington Advisory
Warren Pushes Regulators to Get Tougher on Banks
April 22, 2014, Wall Street Journal
Covington partner Edward Yingling is quoted in regards to Sen. Elizabeth Warren pushing top regulators, in public and in private, to get tougher on the nation's largest banks. The article states, "Industry representatives say her criticism of financial institutions has given regulators a green light to turn up the heat on banks. 'I think what really happened was ...
April 15, 2014, Covington Advisory
April 8, 2014, Covington E-Alert
April 1, 2014, Bloomberg BNA
Covington's Stephen Humenik is quoted regarding the Commodity Futures Trading Commission's new whistleblower program. The article states, “'It's a new program,' said Stephen Humenik, of counsel at Covington & Burling LLP in Washington. 'It's going to gain traction over time, and it's an important focus of the overall enforcement program. Because there will be ...
October 16, 2013, The Review of Securities & Commodities Regulation
Fall 2013, 20th Annual Securities Litigation and Regulatory Practice Seminar
August 5, 2013, Covington E-Alert
July 29, 2013, Covington Advisory
July 3, 2013, Covington Advisory
Successful Board Investigations
May/June 2013, The Corporate Board
May 1, 2013, Law360
April 26, 2013, Covington E-Alert
April 3, 2013, Covington E-Alert
March 28, 2013
WASHINGTON, DC, March 28, 2013 — Lanny A. Breuer, most recently the Assistant Attorney General for the Criminal Division at the U.S. Department of Justice, is returning to Covington & Burling as Vice Chair of the firm. Mr. Breuer’s practice will encompass a wide range of civil and criminal litigation matters, as well as governmental and internal investigations. ...
February 21, 2013, Law360
November 25, 2012, Bloomberg View
Lynn Neils Joins Covington’s White Collar Practice
10/2/12
NEW YORK, October 2, 2012 — Former federal prosecutor Lynn Neils joins Covington & Burling’s litigation group as a partner, strengthening the firm’s highly regarded white collar practice. She will be resident in Covington’s New York office. A prosecutor in the U.S. Attorney’s Offices for the Southern District of New York and the District of New Jersey for more ...
Covington Lawyers Recognized by NY Super Lawyers
September 24, 2012
NEW YORK, September 24, 2012 — New York Super Lawyers selected 27 Covington & Burling lawyers for its 2012 list of top legal talent. Super Lawyers selects only five percent of the total lawyers in the state based upon peer review and the publication’s independent research. Nineteen Covington lawyers were named New York Super Lawyers: Jack Bodner, Mergers & ...
September 20, 2012, San Francisco Daily Journal
August 22, 2012, Covington E-Alert
August 1, 2012, Covington E-Alert
July 12, 2012, Covington Advisory
June 11, 2012
WASHINGTON, DC, June 11, 2012 — Chambers USA recognized 106 individual Covington & Burling lawyers and 46 Covington practice areas in the 2012 Chambers USA: America’s Leading Lawyers for Business guidebook released on June 7, 2012. Many of the 106 Covington lawyers ranked by Chambers USA were recognized in multiple categories, resulting in a total of 131 ...
April 2, 2012, Covington Advisory
March 29, 2012
WASHINGTON, DC, March 29, 2012 — Euromoney Legal Media Group has named Covington & Burling and three of its partners to shortlists for the inaugural Americas Women in Business Law Awards. Covington has been shortlisted as one of the Best Firms for Minority Women Lawyers, based on the Diversity at Covington program, and for the Work-Life Balance Award, for the ...
March 28, 2012, Covington E-Alert
February 20, 2012, Bloomberg BNA Securities Regulation& Law Report
1/19/2012
SAN FRANCISCO, January 19, 2012 — The Daily Journal named Covington partner Tammy Albarrán to its list of “Top 20 Under 40” lawyers in California. The list honors “the best and the brightest in the legal industry,” according to the editors. The Daily Journal highlighted Ms. Albarrán’s work representing high-profile clients in cases filed by the U.S. Securities ...
November 1, 2011
SAN FRANCISCO, November 1, 2011 — The National Law Journal named Covington & Burling partner Tammy Albarrán to its "Minority 40 Under 40" list. The list honors lawyers who belong to an ethnic minority group who have wielded national influence in their practice areas and beyond over the past five years. The National Law Journal profile highlights Ms. Albarrán’s ...
U.S. News-Best Lawyers Awards Covington ‘Law Firm of the Year’ in FDA Law and 82 First-Tier Practice Rankings
November 1, 2011
WASHINGTON, DC, November 1, 2011 — For the second consecutive year, U.S. News-Best Lawyers awarded Covington & Burling the most first-tier practice rankings for Washington, DC in the “Best Law Firms” survey. The 2011-12 survey also awarded the firm 82 first-tier practice rankings, placing Covington among the top 20 firms nationwide. Additionally, U.S. ...
October 17, 2011, Covington Advisory
Eight Covington Lawyers Named ‘2012 Lawyer of the Year’
October 5, 2011
WASHINGTON, DC, October 5, 2011 — Best Lawyers named eight Covington & Burling lawyers as the “2012 Lawyer of the Year” in their respective practice areas and cities. According to Best Lawyers, the selected lawyers have received particularly strong ratings in the Best Lawyers' survey by earning a high level of respect among their peers for their “abilities, ...
September 27, 2011
NEW YORK, September 27, 2011 — Twenty Covington & Burling LLP lawyers are recognized in the 2011 edition of New York Super Lawyers. The annual list by Super Lawyers selects only five percent of the total lawyers in the state based upon peer review and the publication’s independent research. Sixteen Covington lawyers were named New York Super Lawyers: Jack ...
September 27, 2011, Covington E-Alert
September 7, 2011
WASHINGTON, DC, September 7, 2011 — Covington & Burling LLP lawyers received 184 individual mentions in 56 areas of law in the 2012 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as follows: ...
August 3, 2011, Covington Advisory
June 14, 2011, Covington E-Alert
March 23, 2011, Covington E-Alert
March 7, 2011, Securities Industry and Financial Markets (SIFMA) Law & Compliance Society
November 8, 2010, Covington Advisory
September 29, 2010
WASHINGTON, DC, September 29, 2010 — Covington & Burling LLP is pleased to announce that, after serving at the U.S. Department of Justice as Deputy Chief of Staff and Counselor to the Attorney General, former Covington partner Jim Garland will return to the firm on October 1. His practice will focus on complex commercial litigation, including matters involving ...
September 1, 2010
WASHINGTON, DC, September 1, 2010 — Covington & Burling LLP is pleased to announce that Steven Fagell, most recently the Deputy Chief of Staff and Counselor to the Assistant Attorney General of the Criminal Division at the U.S. Department of Justice, has rejoined the firm as a partner. Mr. Fagell will practice in the firm’s litigation group, with a particular ...
Securities Roundtable
September 2010, California Lawyer
July 29, 2010, Covington Advisory
July 21, 2010, Covington E-Alert
July 1, 2010, Covington E-Alert
June 23, 2010
WASHINGTON, DC, June 23, 2010 — Covington & Burling LLP received 85 individual mentions and 23 practice mentions in the Legal 500 US 2010 edition. Legal 500 reviews the strengths and strategies of law firms in more than 90 countries in Europe, the Middle East, Asia, North and South America, and the Caribbean. Here are the Covington lawyers and practices ...
June 18, 2010, Washington Legal Foundation
May 27, 2010, Covington E-Alert
April 29, 2010, Covington E-Alert
Keeping Current: Securities
January/February 2010, Business Law Today
August 7, 2009, Covington E-Alert
5/18/2009
NEW YORK, NY, May 18, 2009 — Covington & Burling LLP is pleased to announce that David Kornblau, former Chief Litigation Counsel for the Securities and Exchange Commission’s Division of Enforcement, has joined the firm as a partner. He will be a member of Covington’s white collar and securities enforcement and litigation practices, and will be resident in the ...
February 3, 2009, Covington E-Alert
September 29, 2008
WASHINGTON, DC, September 29, 2008 — Covington & Burling LLP received 124 individual mentions in 40 areas of law in the 2009 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as follows: Administrative: ...
Recent SEC Enforcement Actions Against In-House Lawyers: An Ominous Trend for the Legal Profession
July 2007, Securities Litigation & Regulation Reporter
June 29, 2007, Covington Advisory
April 2007, Washington Legal Foundation
March 26, 2007, Covington E-Alert
March 5, 2007
SAN FRANCISCO, CA, March 5, 2007 — Covington & Burling LLP announced today that David Bayless has joined the firm as partner. He will be resident in the firm’s San Francisco office.Mr. Bayless was the head of the Securities and Exchange Commission’s San Francisco office from 1994 to 1999, during which time he was responsible for all enforcement and regulatory ...
May 26, 2006, Covington Advisory
In re Worldcom, Inc. Securities Litigation: Due Diligence for Underwriters and Directors
March 7, 2005, Covington Advisory
- Chambers USA, Securities (2016)
- Enforcement: Bruce Baird and David Kornblau
- Chambers USA: Litigation/White Collar Crime & Government Investigations (2016)
- Stephen Anthony, Lanny Breuer, Steve Fagell, Nancy Kestenbaum, John Nields, and Alan Vinegrad
- Securities Docket recognized Bruce Baird and David Bayless on its inaugural "Enforcement 40" list (2013)
- Am Law Litigation Daily recognized Jean Veta as "Litigator of the Week" (12/20/2012)
- The Daily Journal
- "Top 20 Under 40" - Tammy Albarrán (2012)
- Legal 500 US , Securities Litigation (2016)
- Tammy Albarrán, Bruce Baird, David Bayless, Mark Gimbel, David Kornblau, William Phillips, and Robert Wick
- Legal 500 US, White Collar Criminal Defense (2016)
- Lanny Breuer, Steve Fagell, Nancy Kestenbaum, Ethan Posner, and Mythili Raman
- Best Lawyers in America (2017)
- Corporate Compliance: Bruce Baird, David Bayless, Len Chazen, and David Martin
- Criminal Defense - White Collar: Stephen Anthony, Bruce Baird, Lanny Breuer, Steven Fagell, Nancy Kestenbaum, Mark Lynch, John Nields, Ethan Posner, Michael Scheininger, and Alan Vinegrad
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Best Lawyers in America “Lawyer of the Year” (2012)
- David Bayless, Corporate Compliance Law, San Francisco
- Who’s Who Legal, Business Crime Defense (2012)
- John Nields, Ethan Posner, Jason Raofield, and Alan Vinegrad
- Northern California Super Lawyers (2016)
- Securities Litigation: Tammy Albarrán and David Bayless
- Washington DC Super Lawyers (2016)
- Criminal Defense - White Collar: Stephen Anthony, Bruce Baird, Chris Denig, John Hall, Geoffrey Hobart, Mitch Kamin, Ethan Posner, Mythili Raman, Michael Scheininger, Dan Shallman, and Alan Vinegrad
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