SERVICES

Stumphauzer, Foslid, Sloman, Ross & Kolaya have extensive experience representing clients in a wide range of securities and financial services litigation throughout the country.

PRACTICE AREAS

Banking, Financial Services, and Accounting Litigation

Overview

Stumphauzer, Foslid, Sloman, Ross & Kolaya have extensive experience representing clients in a wide range of securities and financial services litigation throughout the country, including simultaneous civil and criminal investigations and enforcement actions. Our attorneys draw on that experience to develop efficient and effective strategies that resolve disputes before litigation.  When litigation is unavoidable, our litigators serve as effective advocates in federal and state courts, as well as arbitration proceedings.  And when parallel proceedings occur, our cohesive, integrated multi-disciplinary team covers all fronts and formulates a complete and coordinated defense strategy aimed at achieving the best combined results. 

Banking and Financial Services Litigation

Our experience is significant and diverse and includes advising and defending global, national, regional, and local banks; venture capital and private equity firms; mortgage lenders; credit card companies; consumer finance companies; and other financial institutions in a variety of significant disputes and regulatory proceedings in U.S. state and federal courts, as well as in arbitration and before governmental agencies. 

We regularly represent consumer financial services companies in federal and state consumer class action litigation and financial institutions in third-party subpoena matters. We have defended clients in class actions, federal securities laws, unfair and deceptive business practice statutes, and numerous state consumer protection, sales practices, privacy and anti-discrimination statutes.  And we have favorably resolved disputes over commercial transactions, breaches of contract, business torts, fiduciary relationships, and mergers and acquisitions. 

Our high-stakes financial services experience means that we are accustomed to managing large multi-disciplinary teams, spanning the life cycle of a dispute from investigation, through contentious regulatory proceedings to litigation or arbitration.

Accounting Litigation

Our lawyers have experience representing accountants and other financial professionals in accounting, financial reporting, and regulatory matters.  We represent our clients in class actions, securities litigation, professional malpractice claims, government investigations and enforcements actions, and white-collar criminal matters.  Our team is able to draw upon its many years handling these matters, including Ryan Stumphauzer’s prior career a senior accountant at an international accounting firm, where he performed audit and business advisory services for Fortune 500 corporations.  We not only understand the applicable law, but also are fluent in the language and intricacies of the profession that guide accounting professionals, which allows us to handle complex accounting-based disputes.

We are experienced professionals in the burgeoning space of cryptocurrency litigation. 

The last decade has seen the rise and explosion of cryptocurrencies like Bitcoin, Ethereum, Ripple, and scores of others.  Virtually all cryptocurrencies experience large fluctuations in value.  Precipitous drops in value can lead to scrutiny from government agencies and aggrieved investors, which can in turn lead to enforcement actions and lawsuits.

We have experience in this burgeoning space.  We are familiar with the SEC’s positions and the latest court rulings on whether individual cryptocurrencies are “securities” under federal law.  When you come to us with a cryptocurrency-related legal problem, we use our understanding of both the technology and the surrounding legal environment to craft an individualized plan based on your needs.  Your plan will include a proactive approach to mitigate potentially devastating government enforcement.  It will also include a strategy to defend vigorously against private class action lawsuits. 

  • Represented public company, its former officers, and private equity company in state securities action brought by an investor relating to purported misrepresentations made in connection with a $25M private placement. See J.P. Morgan Securities, LLC v. Geveran Investments Limited, 224 So. 3d 316 (Fla. 5th DCA 2017).
  • In re Bio Reference Liaboratories, Inc. Shareholder Litigation, Case No. C-207-15 (N.J. Ch. Div. 2016). Represented OPKO Health Inc. in holding off four putative class actions challenging the announced merger of OPKO and Bio-Reference Laboratories, After expedited discovery, the parties came to agreement on a memorandum of understanding on a disclosure-based settlement that allowed OPKO and Bio-Reference to complete their transaction, which was subsequently approved by shareholders.  See Tight Timeline Didn’t Disrupt Trio in $1.5 B Deal, available at https://www.law.com/dailybusinessreview/almID/1202756905626/.
  • In re Prolor Biotech, Inc. Shareholders’ Litigation, Case No. A-13-680860-B (Nev. 8th Jud. Cir. 2014). Held off a shareholder class action to enjoin a merger, allowing for the sale of Prolor Biotech, Inc., an Israeli-based biopharmaceutical company focused on developing longer-acting proprietary versions of therapeutic proteins. Plaintiffs’ claims were dismissed with prejudice.
  • Represented former officer of national consulting firm in dismissal of shareholder derivative claims in federal court against corporation’s officers and directors. Oakland County Employees’ Retirement System v. Massaro, 772 F. Supp. 2d 973 (N.D. Ill. 2011); Oakland County Employees’ Retirement System v. Massaro, 736 F. Supp. 2d 1181 (N.D. Ill. 2010).
  • Represented Big Four accounting firm in dismissal of “holder” claims asserted by former shareholders of a consumer finance company, as well affirmance of that dismissal on appeal. Dloogatch v. Brincat, 396 Ill. App. 3d 842 (Ill. App. 2009).

When you come to us with a cryptocurrency-related legal problem, we use our understanding of both the technology and the surrounding legal environment to craft an individualized plan based on your needs.