Covington & Burling LLP | Securities Litigation and Enforcement

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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.

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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.

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Options open to the SEC following High Court enforcement disgorgement loss

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 ...

Supreme Court ruling may curtail SEC disgorgement attempts

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 ...

SEC Requires Hyperlinks to Exhibits

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 ...

New Year, New Job: Top Lateral Litigator Moves in January

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

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 ...

2 Disputes Lawyers Move To Covington Amid KWM Collapse

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, ...

Covington makes KWM competition hire

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 ...

Covington Boosts Dispute Resolution Practice in London with Two Partners

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 ...

Circuits Split on Constitutionality of SEC Administrative Law Judges

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 ...

Trump's Conflict-of-Interest Problem

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

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

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 ...

Any Agreements with Employees Might Implicate Whistleblower Rules

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 ...

Covington recruits in London

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.

Greg Lascelles Joins Covington’s European Dispute Resolution Practice

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 ...

Securities litigator Lascelles latest to exit King & Wood Mallesons

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"

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 ...

Tammy Albarrán and Nicole Duclos Among Latinvex’s Top Female Lawyers

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 ...

Covington Advises Pandora in Acquisition of Next Big Sound

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 ...

5 Dodd-Frank Reforms That Keep Energy Attys Up At Night

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

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

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

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

David Kornblau is quoted regarding the U.S. Securities and Exchange Commission’s administrative proceedings.

Covington’s David Bayless to Participate in SEC Directors Panel

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 ...

SEC Declines to Delay Conflict Minerals Rule

Warren Pushes Regulators to Get Tougher on Banks

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 ...

CFTC Whistleblower Office Poised to Make First Monetary Award in 2014, Director Says

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 ...

Concluding an Internal Investigation

Significant Developments in the SEC’s Enforcement of Failure to Supervise Claims

Successful Board Investigations

DOJ Criminal Division Head Lanny A. Breuer Returns to Covington As Vice Chair

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. ...

Regulate the U.S. Markets Like the Nuclear Industry

Lynn Neils Joins Covington’s White Collar Practice

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

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 & ...

Securities Fraud Element Relaxed for SEC

SEC Issues First Whistleblower Program Award

Chambers USA Recognizes 106 Lawyers and 46 Practices at Covington

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 ...

Albarrán, Engh and Garza Shortlisted for ‘Americas Women in Business Law Awards’

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 ...

Market Manipulation and Algorithmic Trading: The Next Wave of Regulatory Enforcement?

Covington’s Tammy Albarrán Named One of California’s Top Lawyers Under 40

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 ...

Covington’s Tammy Albarrán Named to National Law Journal’s 'Minority 40 Under 40'

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

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. ...

SEC Guidance on Disclosure Related To Cybersecurity

Eight Covington Lawyers Named ‘2012 Lawyer of the Year’

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, ...

Covington Lawyers Recognized as NY Super Lawyers and Rising Stars

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 ...

Covington Receives 184 Individual Mentions in 2012 Edition of Best Lawyers

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: ...

Shareholder Access Litigation and Beyond

Supreme Court Decision in Janus Litigation

Supreme Court Decision in Matrixx Litigation

Recent Developments in the Law of Insider Trading and Material Nonpublic Information

Covington Launches Strategic Risk and Crisis Management Group

WASHINGTON, DC, January 6, 2011 — Covington & Burling LLP announced today that it plans to establish a strategic risk and crisis management practice to assist national and international businesses and their managements and boards. Senior members of the group include former Homeland Security Secretary Michael Chertoff; Ambassador Stuart Eizenstat; former DC ...

Dodd-Frank Act: SEC Proposes Whistleblower Rules

Senior Department of Justice Official Returns to Covington

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 ...

Senior DOJ Criminal Division Official Returns to Covington

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

Covington Receives 85 Individual, 23 Practice Mentions in Legal 500 US

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 ...

Court Reins in SEC’s Expansive 'Primary Liability' Theory

Keeping Current: Securities

Former SEC Chief Litigation Counsel David Kornblau Joins Covington

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 ...

Covington Receives 124 Individual Mentions in 2009 Edition of Best Lawyers

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: ...

Securities Litigator David Bayless Joins Covington’s San Francisco Office

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 ...

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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
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

"SEC Order May Impact Employee Confidentiality Obligations" Covington Alert

Covington Advises Pandora in Acquisition of Next Big Sound

Securities Litigation and Enforcement

Representative Matters

IndyMac SEC civil claims

IndyMac SEC securities fraud case

IndyMac Bank Securities Class Actions

Global financial services firms

Manufacturing company SEC enforcement action

Insider Trading Investigations for Fortune 500 Companies

Dodd Frank whistleblower rulemaking proceeding

Former CEO of IndyMac Bancorp in Litigation

News and Insights (Showing 5 of 94) (Showing 94 of 94)

Significant Developments in the SEC’s Enforcement of Failure to Supervise Claims

Court Reins in SEC’s Expansive 'Primary Liability' Theory

Keeping Current: Securities

Accolades

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"SEC Order May Impact
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Covington Alert

Covington Advises Pandora in
Acquisition of Next Big Sound