Securities and Financial Services Experience


Briggs and Morgan lawyers have substantial experience in a full range of securities litigation matters. We represent businesses, directors and officers, and individuals in securities-related litigation matters at the trial and appellate branches of the state and federal courts, and in administrative proceedings; arbitrations before the American Arbitration Association and FINRA, the Financial Industry Regulatory Authority (formerly the NYSE and NASD); and mediations.

Our attorneys have successfully litigated complex business disputes involving securities offerings and reporting, contested takeovers, mergers and acquisitions, shareholder disputes, misrepresentation, fraud claims, shareholder and minority shareholder fraud and breach of fiduciary duty claims, corporate control disputes, and contract matters. We have counseled individuals and firms in response to formal and informal regulatory investigations - brought by regulatory organizations, Blue Sky Commissioners and self-regulatory organizations - as well as internal investigations and criminal investigations.

Briggs and Morgan’s securities litigation experience also includes extensive securities class action representation and defense. In the last 10 years, Briggs' lawyers have handled well over 100 actions brought under federal and state securities laws, the so-called '40 Acts, related statutory provisions, and the common law.

Notable Securities and Financial Services Litigation:

  • Represented a telecommunications client in a lawsuit by former shareholders alleging that they were fraudulently squeezed out of the company after a 1992 statutory merger and deprived of the benefit derived by Global Crossings' acquisition of the company. Plaintiffs alleged fraud, Minnesota Securities Act, Minnesota Consumer Fraud Act, RICO and theft claims. Briggs secured defense verdict after a six-week jury trial on similar claims brought by other former shareholders;
  • Served as lead counsel to a defendant in a securities fraud action located in Hennepin County District Court, State of Minnesota, and  involving claims of violations under the Minnesota Blue Sky laws, consumer fraud, civil theft, and other related commercial torts;
  • Served as counsel to two shareholders who were the subjects of a federal investigation into allegedly the largest corporate governance fraud in Minnesota history;
  • Defended individual officers of financial institutions in connection with claims arising out of securities litigation that occurred with respect to mortgage-backed securities, and successfully represented a life insurance and annuity company in a securities fraud case brought by a customer;
  • Served as lead trial counsel for the lead underwriter of securities issued by American Continental Corporation and defense liaison counsel in multi-district litigation, state and federal regulatory and self-regulatory enforcement actions, and criminal investigations;
  • Served as lead counsel in multi-district litigation, class actions, other adversary proceedings, legislative inquiries and enforcement actions brought in connection with a major broker/dealer's underwriting of $2.4 billion of direct investments of which only $4 million was returned to investors;
  • Served as lead counsel in multi-district litigation, class actions, other adversary proceedings, legislative inquiries and enforcement actions brought in connection with a major broker/dealer's underwriting of $500 million of direct investments of which only $15 million was returned to investors;
  • Served as lead trial counsel in connection with an action brought by a major broker/dealer to recover $48 million from a customer who bounced checks to cover a margin call. The matter also involved regulatory investigations into the conduct of the CEO, president, and general counsel of the broker/dealer and its parent;
  • Served as workout and liquidation counsel to a local broker/dealer that emphasized the underwriting of rated, unrated, taxable and non-taxable public debt;
  • Represented broker/dealer that underwrote the issuance of securities by the nation's largest syndicator of affordable housing complexes. Litigation occurred in state and federal courts in five states, where enforcement actions were brought by the NASD, SEC, and the Blue Sky Commissioners;
  • Served as liaison counsel for Investment Banker Defendants and lead trial counsel for one of the Investment Banker Defendants in In re American Continental Corporation/Lincoln Savings and Loan Securities Litigation, 794 F.Supp. 1424 (D. Ariz. 1992) (Keating Litigation), resolving the matter at a total case cost of 0.0125 percent of actual damages;
  • Served as lead counsel in 42 class actions brought against the underwriter of 35 public and private oil and gas, real estate and other types of limited partnerships. Of the $3.6 billion raised, $7.5 million was returned to the investors, and matters were resolved at total case cost of 0.8 percent of actual damages;
  • Acted as lead counsel in class action litigation involving derivatives;
  • Represented an issuer of securities in one of the first cases brought under Section 16b for allegedly improper short swing profits;
  • Handled over 25 internal audits and investigations of broker/dealers and associated persons.

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