Maynard Cooper & Gale offers a full array of legal services to a broad and diverse client base consisting of Fortune 500 companies as well as closely held companies, partnerships, professional associations, charities and individuals. The attorneys in Maynard Cooper’s securities litigation practice offer extensive experience in all facets of securities litigation and regulatory matters. The firm’s litigation/arbitration practice spans the country. The firm has handled thousands of securities arbitrations in more than 48 states and internationally during the past 10 years for numerous broker-dealer and financial services clients. Maynard Cooper’s Securities Litigation practice was ranked in the top 50 of all law firms in the 2013 BTI Litigation Outlook report.
The firm regularly represents broker-dealers in arbitrations before the Financial Industry Regulatory Authority Dispute Resolution (FINRA) and in state and federal courts across the country. While Florida and California have somewhat unique state licensing requirements for arbitration, several members of our group are licensed in Florida, and one is licensed in California. Over the past several years, we have had extensive experience analyzing and trying cases with complex issues involving diverse financial products, including:
- Structured Products
- Auction Rate Securities (public and private)
- Exchange Traded Funds
- Preferred Securities
- Open-end and Closed-end Bond Funds
- CDOs, CMOs and other asset backed securities
We also have gained significant expertise in defending allegations involving alleged undisclosed conflicts of interest among the various departments within a financial company (e.g., research, investment banking, etc.), and we regularly handle the more typical customer disputes, including claims involving unsuitability, churning, unauthorized trading, and “selling away,” among others. Our broker-dealer clients include Morgan Stanley Smith Barney, Citigroup, Wells Fargo Advisors, UBS Financial Services, Morgan Keegan, Raymond James, Edward Jones and others.
Complex Securities Litigation
Maynard Cooper also represents individual and corporate defendants in complex securities litigation involving claims and issues under the 1933 and 1934 Acts, the Private Securities Litigation Reform Act, and the Securities Litigation Uniform Standards Act. Representative securities class action cases include:
- Removal and dismissal (under SLUSA) of nationwide class action. Dismissal affirmed by the Eleventh Circuit.
- After a 6-week non-jury trial, achieved dismissal in one of the few securities class actions ever tried in federal court in Tennessee.
- Denial of class certification in a statewide class action alleging improper sales of mutual funds by a bank broker-dealer. Ex parte AmSouth Bancorporation, 717 So.2d 357 (Ala. 1998).
- Denial of class certification in a nationwide class action by customers against Morgan Keegan, alleging false statements by a research analyst.
- Removal of three lawsuits filed against a major securities firm in Mississippi State Court on behalf of plaintiffs and “similarly situated persons“ (Mississippi does not have a class action rule comparable to FRCP 23), which were subsequently transferred to an MDL proceeding and ultimately dismissed under SLUSA.
- Currently serving as lead counsel for underwriters in nationwide class action involving the failure of Colonial Bank, pending in the Middle District of Alabama.
- Currently serving as lead counsel for four investment advisors in nationwide class action involving the Prepaid Affordable College Tuition (PACT) program, pending in the Northern District of Alabama.
- Currently serving as co-counsel for Regions Financial Corporation, Morgan Keegan & Co., Inc. and Morgan Asset Management, Inc. in several putative class actions pending in the Western District of Tennessee.
- Defended and resolved numerous other securities class actions in which our firm represented underwriters, accounting firms, issuers, and/or officers and directors.
Regulatory Investigations and Proceedings
Our attorneys offer substantial experience in defending individuals and firms in regulatory investigations and proceedings. The firm has had significant experience with the Securities and Exchange Commission, FINRA, the Alabama Securities Commission, and other state regulators. We value our good working relationships with the Alabama Attorney General and with the Director and General Counsel of the Alabama Securities Commission.
Local Counsel Representation
The firm frequently acts as local counsel for a number of national law firms and in-house counsel in matters where expertise or experience is needed with Alabama courts or regulatory agencies. We are eager and qualified to work with primary counsel to fill whatever role is needed from Alabama local counsel. Our services as local counsel range from providing limited support to taking primary responsibility for the overall representation.