Practice Leadership
- Zachary D. Rosenbaum
- Partner
Chair, Capital Markets Litigation Group
Honors & Awards
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Chambers USA: America's Leading Lawyers for Business: Chair of the Capital Markets Litigation practice group spotlighted as one of just 11 leading lawyers in New York representing institutional plaintiffs (2019)
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BTI Consulting Group: BTI Litigation Outlook 2019: BTI Consulting Group: BTI Litigation Outlook (2019): Honor Roll in Commercial Litigation
Related Areas
Practice Leadership
- Zachary D. Rosenbaum
- Partner
Chair, Capital Markets Litigation Group
Honors & Awards
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Chambers USA: America's Leading Lawyers for Business: Chair of the Capital Markets Litigation practice group spotlighted as one of just 11 leading lawyers in New York representing institutional plaintiffs (2019)
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BTI Consulting Group: BTI Litigation Outlook 2019: BTI Consulting Group: BTI Litigation Outlook (2019): Honor Roll in Commercial Litigation
Related Areas
Capital Markets Litigation
Click here to view our Capital Markets Litigation Blog.
In a global economy with constantly evolving capital markets, institutional investors must know their rights and how to protect their investments. Lowenstein Sandler's Capital Markets Litigation practice has a unique breadth of experience representing investment managers and institutional investors, both domestic and foreign, including financial institutions, insurance companies, hedge funds, private equity funds, and commercial creditors. We move swiftly and proactively, always recognizing the economic drivers underlying civil disputes.
Our attorneys have successfully litigated multistate and international disputes from inception to trial (and beyond), spanning a wide range of areas, including M&A disputes, secured and unsecured financing matters, structured products and derivatives (namely CDOs of RMBS), securities, distressed debt, and bankruptcy litigation.
The Capital Markets Litigation practice is committed to the "buy side" and represents clients based in the U.S., Europe, and Asia in litigation and international arbitration, including matters involving the interplay of U.S. and international law and multijurisdictional strategic considerations.
EXPERIENCE
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Won $475 million arbitration award on behalf of Chinese insurer in international arbitration venued in Hong Kong relating to $5 billion cross-border M&A transaction.
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Prosecuted claims on behalf of The Prudential Insurance Company of America against Morgan Stanley for fraudulent misrepresentation and civil RICO involving the creation and sale of over $1 billion of RMBS.
- Representing multiple RMBS trustees in trial and appellate courts, both state and federal, concerning several billion dollars in mortgage repurchase claims.
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Obtained successful jury verdict in defense of a contract action concerning the provision of health screening services to employees of the State of Tennessee.
- Won dismissal of a $1.875 billion claim brought in New York by financial guarantor FGIC against client IKB Deutsche Industriebank involving a complex array of credit default swaps and underlying CDO assets.
- Defended claims of credit ratings fraud against an international financial institution in connection with the launch of a $2 billion structured investment vehicle.
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Defeated arbitration claim brought against institutional investors by an international investment bank stemming from three contemplated CDO transactions totaling $1.5 billion, clearing the way for a substantial damage claim prosecuted in the Supreme Court of New York.
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Representing the joint liquidators of a Cayman fund in Chapter 15 Bankruptcy proceedings and related adversary proceedings relating to the Triaxx CDO.
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Representing an Asian governmental authority in litigation seeking more than $40 million in clawbacks related to the Bernard L. Madoff fraud.
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Represented a public seller in M&A litigation spanning 10 cases in three jurisdictions involving a $100 million acquisition.
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Successfully represented three publicly traded companies–CIT Group, PSEG Resources, and Dana Corporation–in litigation against Credit Suisse relating to a $40 million investment in a CBO securitization transaction. This included (1) winning an international arbitration against Credit Suisse; and (2) in a related case in the Supreme Court of New York, securing the dismissal with prejudice of all of Credit Suisse's counterclaims. Also continues to represent CIT Group in other high-stakes litigation matters.
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Served as a lead litigator in a securities arbitration proceeding before the Financial Industry Regulatory Authority against Merrill Lynch/Bank of America. The claim involved sales by Merrill Lynch of hundreds of millions of dollars of auction-rate securities backed by subprime collateralized debt obligations.
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Represented Bayview Financial, a family of companies that has issued tens of billions of dollars in asset-backed securities, in a major litigation with Citicorp in the Supreme Court of New York relating to a $65 million repurchase transaction and the financing for multiple "repo" facilities.
OUR TEAM
- H. Gregory Baker
- Partner
- Frank T. M. Catalina
- Counsel
- Jennifer Fiorica Delgado
- Partner
- Alexandra S. Droz
- Associate
- Michael J. Hampson
- Partner
- Sheila A. Sadighi
- Partner
- Meg Slachetka
- Associate
- Jonathan C. Wishnia
- Partner
NEWS & INSIGHTS
PUBLICATIONS
- June 27, 2019 "A New Court Approach To DOJ And SEC Parallel Proceedings," Law360
- July 2, 2018 "Flattening Yield Curve Signals Looming Recession, Some Say," Capital Markets Litigation Blog
- June 12, 2018 "Private Cryptocurrency Firm Hit With Class Action Lawsuit Over Initial Offering," Capital Markets Litigation Blog
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April 2, 2018
"DOJ Settles RMBS Action Under FIRREA with Barclays for $2 Billion," Capital Markets Litigation Blog
- March 8, 2018 "CLO Litigation Update," Capital Markets Litigation Blog
- February 8, 2018 "Third-Party Litigation Funding Fuels Foreign Securities Class Actions," Capital Markets Litigation Blog
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January 30, 2018
"Supreme Court Gives Some Defrauded Investors More Time To Seek Recovery," Capital Markets Litigation Blog
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January 19, 2018
"Federal Court Reinstates Trustee's Failure to Notify Claim in $306 Million RMBS Suit," Capital Markets Litigation Blog
- March 9, 2017 "Appellate Decision on Loss Causation Is a Warning to RMBS Fraud Plaintiffs," Global Capital Markets Litigation Blog
- August 23, 2016 "Morgan Stanley Cannot Avoid Litigating Its Alleged RMBS Misconduct," Capital Markets Litigation Blog
- July 11, 2016 "Investors Increasingly Alert to Deteriorating Value of Puerto Rican-backed Holdings," Capital Markets Litigation Blog
- April 20, 2016 "Will New York Judge Agree That $500 Million Fraud Suit Belongs in Hong Kong?," Capital Markets Litigation Blog
- March 18, 2016 "Winning Is Half the Battle: Accessing Shares to Satisfy Judgment," Capital Markets Litigation Blog
- February 19, 2016 "When Can a Bond Trader Lie? Second Circuit Litvak Decision Leaves the Door Open," Capital Markets Litigation Blog
- August 31, 2015 "A Rock and a Hard Place: U.S. Discovery and Chinese Law," Law360
- July 22, 2015 "Hedging Western European Debt with CDS? Not So Fast," Law360
- June 8, 2015 "Recent Applications of Daimler v. Bauman Shrink Jurisdiction Over Foreign Corporations," Westlaw Journal
- May 1, 2014 "Forcing the Forum: The Significant Power of a Mandatory Forum Selection Clause," Corporate Counsel
- January 1, 2010 "SEC Renews Focus on Regulation FD," 25 Insights: The Corp. & Sec. Law Advisor 22
PRESS MENTIONS
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June 13, 2019
June 13, 2019
Greg Baker, partner in the firm’s Capital Markets Litigation and White Collar Criminal Defense groups, is featured in an article in the Hedge Fund Law Report describing the growth of the asset management industry and how new products and services like robo-advisors must comply with securities regulations: “Just because their business model is different does not mean that the SEC will give them a pass.” Drawing from his previous experience as senior counsel for the U.S. Securities & Exchange Commission’s Asset Management Unit, Baker recommends external compliance consultants to implement robust programs: “The best way for fund managers to protect themselves from liability is by having strong compliance programs and training employees on the risks and their responsibilities … Tone at the top is something that the SEC looks at very carefully in any investigation. Whether people at the top are taking compliance seriously usually manifests itself in how compliance is handled throughout the organization.”
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April 1-9; April 29, 2019
April 1-9; April 29, 2019
The growth of Lowenstein’s White Collar Criminal Defense and Capital Markets Litigation practices with the arrival of new partners Rachel Maimin and H. Gregory Baker is highlighted in The New York Times, Law360 (April 1, 2019; April 29, 2019), NJBIZ, Securities Docket, Law.com, Global Investigations Review, Bloomberg Law – Big Law Business, Reuters, The Deal, and the Commerce and Industry Association of New Jersey’s (CIANJ) Business Beat newsletter. Several of the articles note the new partners’ previous high-profile government experience: Maimin as part of the Southern District of New York team that investigated and prosecuted President Donald Trump’s former personal attorney Michael Cohen, and Baker’s extensive investigative work with the Department of Justice, the Federal Bureau of Investigation, the Internal Revenue Service, and other federal agencies. (subscription required to access certain content).
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April 1, 2019
April 1, 2019
The American Lawyer features Lowenstein Sandler’s recent “lateral hiring spree of government lawyers and prosecutors” in an article on the arrival of new partners and former government litigators Rachel Maimin and Greg Baker. Both Maimin, former SDNY assistant U.S. attorney, and Baker, former senior counsel at the U.S. Securities & Exchange Commission, praised Lowenstein’s “commitment to growing its white-collar practice,” in addition to the strength of its investment management and funds practice, as critical elements attracting them to the firm.
The piece notes that since former Attorney General of New Jersey Anne M. Milgram joined the firm in July 2017 as special counsel and former Attorney General of New Jersey Christopher Porrino returned to the firm in 2018, Lowenstein has welcomed several former prosecutors and government lawyers. The firm’s Litigation team now includes former First Assistant Attorney General of New Jersey Peter Slocum; former Assistant U.S. Attorney, Eastern District of New York Ryan M. Wilson; former Assistant U.S. Attorney, Southern District of New York Elie Honig; and former Deputy Attorney General of New Jersey Shontae D. Gray.
Porrino, Chair of the firm’s Litigation group, says that “he expected the firm’s ‘talent binge’ to continue. … ‘We’re focused on talent and we’re focused on experience and I think Rachel and Greg are great examples of that.’” (This article also appeared in the New Jersey Law Journal and on Yahoo! Finance and Yahoo! News.) (subscription required to access certain content) View Lowenstein’s news announcement about Maimin and Baker joining the firm.
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January 16, 2019
January 16, 2019
Zachary D. Rosenbaum is quoted in FundFire discussing a civil lawsuit he is prosecuting against Apex Fund Services for fraud and racketeering (RICO). Rosenbaum notes that investors in funds for which Apex serves as administrator should be aware of the company’s egregious behavior. (subscription required to access article)
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October 29-November 1, 2018
October 29-November 1, 2018
Reuters and The D&O Diary note Lowenstein Sandler as counsel to opt-out plaintiff investment funds that secured a $42.5 million settlement with VEREIT to resolve the funds’ securities fraud actions against American Realty Capital Properties Inc. (Lowenstein team: Lawrence M. Rolnick, Marc B. Kramer, Thomas E. Redburn, Jr., Michael J. Hampson, and Sheila A. Sadighi.) View Lowenstein’s news announcement about this transaction.
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September 6-7, 2018
September 6-7, 2018
The New York Law Journal and Law360 report on the September 6, 2018, oral argument before the New York State Court of Appeals in which Zachary D. Rosenbaum argued on behalf of Deutsche Bank National Trust Co. in its appeal from a decision dismissing as time-barred its RMBS “putback” claims against Quicken Loans Inc. Rosenbaum argued to New York’s highest court that a contractual provision defining when a cause of action for breach of representations and warranties accrues should be enforced in accordance with its plain language and does not violate New York public policy. (subscription required to access articles)
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August 14, 2018
August 14, 2018
Law360 quotes Ryan M. Wilson in an article discussing The Royal Bank of Scotland’s (RBS) $4.9 billion settlement with the U.S. Department of Justice (DOJ) to end claims that the bank defrauded investors by using low-quality loans behind its residential mortgage-backed securities. The settlement amount constitutes a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act. Wilson notes that the significance of the dollar amount speaks to the severity of RBS’s conduct and the amount of time required to reach a settlement. He also states that the size of the penalty could reflect the fact that RBS is one of the last major banks to strike a deal with the DOJ. (subscription required to access article)
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July 2, 2018
July 2, 2018
Law360 notes Ryan M. Wilson's and Elie Honig's arrival at Lowenstein. Wilson, a partner in the Capital Markets Litigation and White Collar Criminal Defense practices, returned to the firm after serving as an Assistant U.S. Attorney on President Obama’s Residential Mortgage-Backed Securities (RMBS) Task Force in the U.S. Attorney’s Office for the Eastern District of New York. Honig joined Lowenstein as special counsel in the White Collar Criminal Defense practice following his tenure as Director, Department of Law and Public Safety, in the New Jersey Division of Criminal Justice. Earlier, he was an Assistant U.S. Attorney for the Southern District of New York. (subscription required to access article)
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June 18, 2018
June 18, 2018
Global Investigations Review (GIR) notes Ryan M. Wilson's return to Lowenstein, now as partner in the Capital Markets Litigation and White Collar Criminal Defense practices, following his tenure as an Assistant U.S. Attorney on President Obama’s Residential Mortgage-Backed Securities (RMBS) Task Force in the U.S. Attorney’s Office for the Eastern District of New York. (subscription required to access article)
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June 12-14, 2018
June 12-14, 2018
Bloomberg Law – Big Law Business, The Deal, and the ABF Journal note Ryan M. Wilson’s return to Lowenstein, now as partner in the Capital Markets Litigation and White Collar Criminal Defense practices, following his tenure as an Assistant U.S. Attorney on President Obama’s Residential Mortgage-Backed Securities (RMBS) Task Force in the U.S. Attorney’s Office for the Eastern District of New York. The ABF Journal quotes Zachary D. Rosenbaum on how Wilson's rejoining the firm augments Lowenstein's capabilities and highlights the firm's continued success at attracting prominent, accomplished former prosecutors and trial lawyers.
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June 11-12, 2018
June 11-12, 2018
The New York Law Journal (including this abbreviated coverage), Law360, and ABL Advisor highlight Ryan M. Wilson’s return to Lowenstein, now as partner in the Capital Markets Litigation and White Collar Criminal Defense practices, following his tenure as an Assistant U.S. Attorney on President Obama’s Residential Mortgage-Backed Securities (RMBS) Task Force in the U.S. Attorney’s Office for the Eastern District of New York. Law360 quotes Wilson on his government experience and mentions Zachary D. Rosenbaum (Chair, Capital Markets Litigation) as a draw in coming back to the firm. All three articles quote Wilson on his reasons for returning to Lowenstein, and they note that Wilson is the latest in a series of former prosecutors and trial lawyers to join or return to the firm. Each article mentions one or more of the following former government lawyers who have come to Lowenstein in the past few years: Christopher Porrino (Chair, Litigation Department), Kathleen A. McGee, Elie Honig, Scott B. McBride, and Matthew Boxer. (subscription required to access the New York Law Journal and Law360)
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May 10, 2016
May 10, 2016Zachary Rosenbaum comments in The Financial Times regarding the distressed energy markets' impact on banks and investors.
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July 29, 2015
July 29, 2015
Amiad Kushner is featured in Caixin, discussing cross-border disputes involving Chinese companies (article in Chinese language).
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February 3, 2015
February 3, 2015
Zachary Rosenbaum comments in Global Capital on Standard & Poor's $1.37 billion class action settlement with the Department of Justice over the agency's crisis-era RMBS ratings.