Print Email this page Securities Litigation: Case Descriptions

• Brite Media Group LLC v. BVM Enterprises (U.S. District Court for the Southern District of N.Y.): Representing the buyer of an advertising business who had been defrauded, we brought a federal securities fraud action against the sellers. The ability to master and organize hundreds of thousands of e-mails in a short period of time allowed us to document the fraud and led to a multimillion dollar settlement after only one deposition and less than one year after the litigation had been filed.
• Ranney v. Cashel Management Co. (U.S. District Court for the Northern District of Ohio): In this federal action and eight related state-court actions filed in late 2000, our clients, directors of a Connecticut corporation, were accused of, inter alia, fraud, RICO violations and breach of federal and state securities laws. The case arose out of an $80 million multistate stock and debenture fraud that resulted in substantial prison terms for a number of defendants, including the corporation’s president/chief executive officer, and resulted in bankruptcy for the company. After amassing and analyzing a database of nearly one million documents over the next year, during which time the Enron scandal inflamed public opinion, Pryor Cashman successfully moved for dismissal of the action. The dismissal of the lead case led to a settlement incorporating the novel concept of a “channeling injunction,” in which the U.S. Bankruptcy Court in Connecticut approved a liquidating plan of reorganization containing a permanent injunction against any and all future actions against the Directors relating to the case.
• Koal Industries v. Asland, S.A., 808 F. Supp. 1143 (S.D.N.Y. 1992): We successfully prosecuted securities and common law fraud and RICO claims against a multinational company and achieved global settlement of all disputes between the parties in multiple litigations and venues.
• Mer v. CIBC Oppenheimer (NASD – Fla.): In this NASD arbitration, an investor asserted fraud claims and sought several million dollars in damages from an investment banking firm and a broker. We represented the broker and utilized the mediation process to successfully settle all of the claims asserted against our client.
• Whitman v. CIBC Oppenheimer (NASD – N.Y.): In this NASD arbitration, an investor asserted fraud claims and sought $10 million in damages from an investment banking firm and a broker. We represented the broker and, through a four-day cross examination of the investor, demonstrated that no fraud had occurred. All claims against the investment banking firm and the broker were dismissed.