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6th Securitylitigation Dpt
1. CLE Credits
Available
Hear from Participating
TM
Organizations:
Sidley Austin
Lehman Brothers Inc.
Deutsche Bank
Managing the Newest Risks and Exposures Bingham McCutchen
Autonomy
June 10-11, 2009 • New York, NY Bates White
Crowell & Moring
Citigroup
Strengthen Your Securities Law Knowledge by Attending to:
NERA Economic Consulting
Find out how to defend the new and potentially lethal structured
•
Fordham University
products cases
Harvard University
Learn how to advance and defend credit default swap claims
•
Richards Kibbe & Orbe
Find out how to value derivatives and other structured products
•
Credit Suisse
Learn how to manage securities litigation on multiple fronts
•
Hearing the perspective of several judges on the vital issues Securities and Exchange
•
Commission
Find out what’s hot at the SEC
•
Morgan Stanley
UBS Investment Banking
Special Thanks to Our Expert Advisory Board: U.S. District Court
New York Supreme Court
Mary Jeanette Dee Jack Halprin, Esq.
Partner Vice President, eDiscovery and Compliance Willkie Farr & Gallagher
Richards Kibbe & Orbe Autonomy
LeClairRyan
Barry W. Rashkover Dr. Faten Sabry
ICAP Capital Markets
Partner Vice President
Analysis Group
Sidley Austin NERA Economic Consulting
RiskMetrics Group
Sponsors:
Register Today! Call Dhaval Thakur @ +1-416-597-4754 or Email :dhaval.thakur@iqpc.com
2. TM
Managing the Newest Risks and Exposures
Dear Colleague,
Network with your
If you ever needed to attend a
conference on securities litigatio
peers:
n, this one should
be mandatory.
It is worth its weight in gold.
Assistant General Counsel
Securities law is about to take on Litigation
a great new importance and will
produce the most
complicated and aggressive litiga
tion in American history. The melt
down of the world’s
financial market—and it has just begu
Associate General Counsel
n--will make this litigation explode.
So much money has been
lost by so many people in so many
countries—and we are far from rock
bottom yet—that investor
lawsuits will boom. And most of the
legal activity has not even begun.
Chief Compliance Officer
It is just starting to take hold.
Investors are angry—very angry.
Chief Litigation Counsel
They want to recoup their losses at
almost any cost. They will be increasing
ly aggressive about it.
They will not leave any stone unturned
. They will commence shotgun actio Deputy General Counsel
ns against anyone involved
in their loss—investment banks, hedg
e funds, rating agencies, insurance
companies. And anybody
else who issued credit default swap
s on those investments. They will be
asking a lot of questions— Deputy General Counsel
and trying to find fault with everyone
and anyone who had anything to do
with their monry.
Litigation
That is why IQPC has put together
this most dynamic and relevant
securities litigation
conference which will be held in
New York on June 10-11, 2009. Deputy General Counsel
Regulatory
After extensive research and wide cons
ultation, we have a program that featu
res the most important
issues in securities litigation for 2009
. With an keen understanding of what
the major problems will
be, we have assembled a cast of lawy
Director of Litigation
ers, bankers, judges, accountants and
academics who know
the securities litigation business insid
e and out. They have an enormou
s amount of experience that
can provide you with valuable lesso
ns in either advancing or defending Director Regulatory Affairs
securities litigation cases of all
types. And that includes corporate
lawyers too.
This is complicated litigation. And General Counsel
the information we can provide
to you will give you a
cutting edge in defending these
cases.
Head of Litigation
If you have the least bit of interest
in securities litigation, this is a conf
erence you cannot afford to
miss. You need to be prepared for
the litigation onslaught that is com
Managing Counsel
ing.
I look forward to seeing you in New
York!
Managing Director
Kindest regards,
Managing Director Legal
Services
Partner
Fred Sagal. M.A., LL.M
Conference Director
Senior Corporate Counsel
Senior Counsel
CLE Credits Available Senior VP and Counsel
IQPC will seek CLE accreditation in those states requested by registrants (post conference) which have
Special Counsel
continuing education requirements. This is subject to the rules, regulations and restrictions dictated by each
individual state organization. Application for accreditation of this course or program in all CLE approved
states is currently pending. For Financial Aid Policy information and to request CLE credits, please indicate Vice President
so when calling to register: 1-800-882-8684, or on the online registration form.
Register Today! Call Dhaval Thakur @ +1-416-597-4754 or Email :dhaval.thakur@iqpc.com
3. Pre-Conference Workshop
Wednesday, June 10, 2009
8:00 a.m. – 9:45 a.m. Registration 7:45
What Every Litigator Must Know About Structured Products and Derivatives:
Understanding a Very Complex Financial Instrument
Structured product instruments are complex. That is what makes them so You will learn the risks—both known and unknown—that are involved
•
difficult to understand and value. Their volatility exposes derivatives with them
users to potentially large losses during periods of heightened market You will understand why volatility exposes the users to large losses
•
volatility. When losses occur, lawsuits are quick to follow, usually alleging during times of market volatility
various forms of fraud. When funds suffer losses, fund managers are You will learn how to structure and defend lawsuits arising out of them
•
exposed to the risk of suits alleging breach of fiduciary duty for using You can ask any question about derivatives and their deployment from
•
derivatives improperly, or in some cases, for using them in the first place. leading experts who have the answers
Litigators, who usually have not been exposed to these financial What we will cover:
instruments, need to gain a first-rate understanding of what they are all • The fundamentals of derivative products
about. Conceived by physicists and mathematicians, they are - interest rate forwards, swaps and options: what they are and how
extraordinarily difficult to untangle. That is what makes them so difficult they work
to value. And it creates huge challenges for the litigators on both sides. - the risks they manage and involve
- the distinctions between OTC and exchange-traded derivatives
In this session, led by prominent specialists, you will learn the - currency and credit derivatives
fundamentals of structured products that will give you an enormous • Derivative contract valuation and risk management
amount of insight into any litigation that is brewing—and you will gain - hedging derivatives
the understanding needed to really do well in a highly complicated case. - how to estimate the value of a swap and an option
- Zero coupon and forward rates
How you will benefit:
• Counterparty credit risk
• You will understand how the various types of structured products were
• How to manage and limit counterparty risk
put together and sold
• Understanding mark-to-market swaps and collateral
• You will understand the means by which they can be valued—a difficult
task at best—and how they should be assessed Antony R. Mott, Managing Director, Structured Insurance
Products, ICAP CAPITAL MARKETS LLC (Jersey City, NJ)
About Our Sponsors
Autonomy, a global leader in infrastructure software for the enterprise, is spearheading the meaning-based computing movement. Autonomy's technology
forms a conceptual and contextual understanding of any piece of electronic data. Autonomy's software powers mission-critical enterprise applications
including pan-enterprise search, information governance, end-to-end eDiscovery, records management, video and audio analysis and customer interaction
solutions. Website: www.autonomy.com
Sidley Austin LLP is a leader in securities litigation and SEC/ SRO enforcement and related work, with more than 120 lawyers focused in these areas. We
regularly represent companies, investment banks, financial institutions, officers and directors, audit committees, broker-dealers, hedge funds and their
advisers, and professional service firms in all aspects of investigations and securities and corporate litigation. We have been involved in many of the largest
securities cases and have taken a multi-billion dollar securities class action to trial. We frequently work with international clients with respect to securities
issues in the United States. Website: www.sidley.com
Bates White is a consulting firm offering services in economics, finance, and business strategy to leading law firms, Fortune 500 companies, and government
agencies. Our professional team of economists, econometricians, strategists, financial analysts, and information technology specialists combines sophisticated
analyses, proprietary technology, and extensive industry knowledge to deliver quantitative and strategic solutions. Our firm maintains a network of
relationships with economic thought leaders and industry experts to complement our in-house expertise and to provide clients with the latest empirical and
theoretical advancements. Emphasizing a customized approach and a complete understanding of each client’s challenges, we bring clarity to complex issues
to help our clients make more informed decisions and optimize bottom-line results. Website: www.bateswhite.com
Richards Kibbe & Orbe LLP is a dynamic and entrepreneurial firm with in-depth experience in the financial markets and business community. With over 80
lawyers in New York, Washington, D.C. and London, our hallmark is finding creative solutions to difficult problems, whether in a transaction, litigation or
regulatory matter. Our practice covers a vast and complex range of issues facing companies in the investment and business communities. The attorneys in
our Securities Enforcement, Government Investigations and Criminal Defense practice group have extensive experience dealing with the current regulatory
and prosecutorial priorities. We help institutional and individual clients defend – or more often avoid altogether – regulatory and criminal proceedings. We
have also long been a quot;go toquot; firm for clients confronting parallel criminal and regulatory investigations.
Analysis Group is the largest privately held economic consultancy in North America. Since 1981 we have assisted the nation’s largest law firms and Fortune
500 companies. Our more than 400 professionals work closely with academic experts at leading universities. We have extensive expertise in the disciplines
central to evaluating subprime lending matters – including a deep understanding of the underlying financial instruments and of the operations and practices
of the various market participants.
Sponsorship and Exhibition Opportunities
Sponsorships and Exhibits are excellent opportunities for your company to showcase its products and services to high-level, targeted decision makers attending Security Litigation.
International Quality & Productivity Center (IQPC) helps companies like yours achieve sales, marketing and branding objectives by setting aside a limited number of event
sponsorships and exhibit spaces – all of which are custom-tailored to help your company create a platform to maximize its exposure at the event.
Visit us on the Web and see what other exciting and information-packed conferences are being offered by the International Quality and Productivity Center! To find out more
about upcoming IQPC events, contact Mario Matulich at 1-866-232-8660 or via email at sponsorship@iqpc.com.
Sponsors:
3
4. Agenda At-A-Glance
June 10-11, 2009
Main Conference Day One: Wednesday, June 10, 2009
Registration and Coffee Networking Luncheon for Speakers and Delegates
9:00 1:15
Co-Chairs’ Opening Remarks Effectively Advancing and Defending Credit Default
10:00 2:15
Swap Claims
Barry W. Rashkover, Partner, SIDLEY AUSTIN (New York)
Karl Snow, Principal, BATES WHITE (Washington, D.C.)
10:10 The Enormous Challenges and Opportunities Facing William McSherry, Partner, CROWELL & MORING
Securities Litigation in 2009 (Washington, D.C.)
Christy Searl, Senior Vice President, LEHMAN BROTHERS,
Susan Steinthal, Director and Counsel, CITIGROUP GLOBAL
INC.
MARKETS INC. (New York)
Adam Savett, Vice President & Director of Securities Class
Action Services, RISKMETRICS GROUP (New York) Refreshment Break
3:30
Refreshment Break
11:00 The Greatest Challenge of All: Calculating the Losses
3:45
in the Current Securities Litigation
11:15 How to Effectively Defend the Newest Complex Dr. Faten Sabry, Vice President, NERA ECONOMIC
Structured Products Claims CONSULTING (New York)
12:15 The Effective Deployment of e-Discovery in Lessons Learned from the Most Recent Derivatives
4:45
Securities Litigation, Government Investigation and Litigation: An Invaluable Guide for Litigators
Regulatory Activities John D. Finnerty, Professor of Finance and Director of the
Jack Halprin, Esq., Vice President, eDiscovery and MS Program, FORDHAM UNIVERSITY (New York)
Compliance, AUTONOMY
End of Day One
5:45
Main Conference Day Two: Thursday, June 11, 2009
Coffee & Networking 12:15 The Liability of the Hedge Funds in the Current
8:00
Securities Litigation
Co-Chairs’ Opening Remarks
8:30 Gaurav Jetley, Vice President, ANALYSIS GROUP (Boston, MA)
William Donnelly, Shareholder, ECLAIRRYAN (Washington,
Managing Litigation on Multiple Fronts: Parallel
8:45 D.C.), (Former Branch Chair, SEC Division of Enforcement)
Criminal, Securities and Plaintiff Proceedings
Antony R. Mott, Managing Director, Structured Insurance
MaryJeanette Dee, Partner, RICHARDS KIBBE & ORBE (New
Products, ICAP CAPITAL MARKETS LLC (Jersey City, NJ)
York)
Elaine Mandelbaum, Deputy General Counsel Regulatory, Networking Luncheon for Speakers and Delegates
1:15
CITIGROUP (New York) Niall Ferguson, Lawrence A. Tisch Professor of History
Pierre Gentin, Head of Litigation, CREDIT SUISSE (New York) Professor, Harvard Business School, HARVARD UNIVERSITY
Alexander Vasilescu, Regional Trial Counsel and Trial Unit
The Judicial Panel: Valuable Insights from the Bench
2:30
Chief, SECURITIES AND EXCHANGE COMMISSION (New
The Honorable Garrett E. Brown, Jr., Chief Judge, U.S.
York)
DISTRICT COURT, DISTRICT OF NEW JERSEY (Trenton, NJ)
In-House Counsel Roundtable: Important Corporate
9:45 The Honorable Arthur M. Schack, NEW YORK SUPREME
Strategies to Prevent and Control Securities COURT, KING’S COUNTY
Litigation in the Current Environment The Honorable Peter G. Sheridan, United States District Judge,
Joshua Levine, Senior Vice President & Counsel, CITIGROUP
U.S. DISTRICT COURT, DISTRICT OF NEW JERSEY (Newark, NJ)
GLOBAL MARKETS INC (New York)
Refreshment Break
Noah Perlman, Senior Vice President, MORGAN STANLEY 3:20
(New York)
From Behind Enemy Lines: The Perspective of Two
3:35
Greg Walker, Managing Director and Counsel, UBS
Prominent Plaintiff Attorneys
INVESTMENT BANKING (New York)
John P. Coffey, Senior Partner, BERNSTEIN LITOWITZ BERGER
& GROSSMAN (New York)
10:45 Refreshment Break
H. Adam Prussin, Senior Partner, POMERANTZ HAUDEK
11:15 Hot Issues in SEC and SRO Enforcement BLOCK GROSSMAN & GROSS (New York)
Barry W. Rashkover, Partner, SIDLEY AUSTIN (New York)
Examining Mark-to-Market Accounting Issues in
4:25
Bruce Karpati, Assistant Regional Director, SECURITIES AND
Securities Litigation
EXCHANGE COMMISSION (New York)
Thomas Porter, Vice President, NERA ECONOMIC
Alan Reifenberg, Director, Litigation, CREDIT SUISSE CONSULTING (Boston, MA)
Michael R. Young, Co-Chair, Securities Litigation and
Enforcement Practice Group, WILLKIE FARR & GALLAGHER
(New York, NY)
Conference Concludes
5:15
Register Today! Call Dhaval Thakur @ +1-416-597-4754 or Email :dhaval.thakur@iqpc.com
4
5. Main Conference Day One
Wednesday, June 10, 2009
Registration and Coffee - demonstrating what the investor sought when the transaction was
9:00
originally undertaken
10:00 Co-Chairs’ Opening Remarks - showing the amount of knowledge that was known—and should
have been known—when investment was made
Barry W. Rashkover - proving that the investor was given a risk/return relationship
Partner • Defending allegations of fraud: an overview of the Madoff case
SIDLEY AUSTIN (New York) • Using the doctrine of loss causation after the subprime crisis
- what is the state of causation after Dura Pharmaceuticals?
The Enormous Challenges and Opportunities Facing
10:10 - properly utilizing the experts in loss causation issues
Securities Litigation in 2009
Defense Strategies against Institutional and Foreign Investors
The worsening 2009 economy is rapidly becoming fertile ground for an
• Defending claims brought by institutional investors—and adapting the
outburst of securities litigation between shareholders, banks and
strategy to various plaintiffs
investment houses. As market participants try to minimize their losses,
• How to defend against Blue Sky law claims
they now face a whole new onslaught of structured products litigation
• Assessing the strength of foreign investor claims
that is both complex and potentially extremely costly—and that is just the
• The legal grounds for arguing against class certification by foreign
latest in a series of exploding challenges in securities litigation. In this
investors
session, hear two highly experience specialists as they discuss:
• How the floodgates of litigation will be opened by structured products
The Effective Deployment of e-Discovery in Securities
12:15
litigation—arising mostly out of derivatives and credit default swaps
Litigation, Government Investigation and Regulatory
• The state of the subprime market and its current litigation activities
Activities
• How structured products litigation will dramatically affect banks and
The recent subprime and financial meltdown is resulting in vastly
investment houses
increased litigation and investigations. And it has become more
• The challenges of valuating claims
complicated than ever before. The amount of electronic data that must
• The opportunities and pitfalls of litigation over fraud, mis-selling, mis-
be reviewed in any lawsuit is enormous. Adding to the challenge are the
pricing, mismanagement and due diligence failure claims stemming
countless hours of recorded conversations and voicemails. It all makes
from structured products
knowing how to deploy e-discovery all the more important. In this
• The prospects for securities class actions and the ever-increasing
session, you will hear Jack Halperin, a prominent American e-discovery
threat of activist shareholders
specialist discuss the best practices that your organization can use to
• Other challenges and opportunities faced by the securities litigation
prepare for litigation, government investigations and regulatory activities.
industry
Topics will include:
Christy Searl • How to perform early case assessments on all data sources
Senior Vice President • The use of automated technologies to analyze, search and cull voice
LEHMAN BROTHERS, INC. data
• Issuing and enforcing legal holds and preservation orders
Adam Savett • Bridging the gap between legal and IT
Vice President & Director of Securities Class Action Services
RISKMETRICS GROUP (New York) Jack Halprin, Esq.
Vice President, eDiscovery and Compliance
Refreshment Break
11:00 AUTONOMY
How to Effectively Defend the Newest Complex
11:15 Networking Luncheon for Speakers and Delegates
1:15
Structured Products Claims
Structured products claims—those emanating mostly from derivatives-- Effectively Advancing and Defending Credit Default Swap
2:15
could become the most complex and costly litigation in American history. Claims
Warren Buffett has repeatedly called them “financial weapons of mass Any discussion of credit default swaps is always heated. They have
destruction” and they are the underpinning cause of the financial caused the financial meltdown of several institutions—and the damage
collapse. As investors are scrambling to recoup their losses, their lawyers has just begun, making them a fertile source of litigation. So too are
are aiming their sights at many potential defendants. In this must-attend collateralized debt obligations. In this cutting-edge presentation by two
session, hear two of the industry’s most knowledgeable experts, as they leading specialists, learn how to effectively litigate these cases:
discuss the how these cases can be defended: • Demystifying credit default swaps
• An assessment of the claims being made in the litigation by investors,
The Liability Issues faced by Potential Defendants
buyers and sellers
• Mis-selling, mis-pricing and mis-management claims by investors
• An economic analysis of the cases
• Negligent advice and misrepresentation claims
• Valuation issues
• Dealing with fraud claims
• Mark to market
• The potential defendants: banks, brokers, dealers, investment houses,
• Demystifying credit default swaps
hedge funds and the rating agencies
• What are the available defenses against claims that a buyer
• The impact of tranches and their risk levels on investor claims
misrepresented underlying collateral
• Identifying and working with expert witnesses for the defense—and
• How is it determined that there was actually a default in the swap?
countering plaintiffs’ experts
• How to carefully exploit internal and external sources of expertise—and
Karl Snow
working with executives and lawyers who developed structured Principal
products BATES WHITE (Washington, D.C.)
How to Defend Against Misrepresentation, Negligent Advice, Inadequate
William McSherry
Disclosure, Fraud and Suitability Claims
Partner
• Proving the disclosures made by brokers and dealers to investors
CROWELL & MORING (Washington, D.C.)
• Effectively using statements about lending practices as a defense
• How to defend the mechanism used to value the securities
Susan Steinthal
• Dealing with the failure to adequately disclose side letter and soft
Director and Counsel
dollar arrangements CITIGROUP GLOBAL MARKETS INC. (New York)
• Defending the deviation from prescribed investment guidelines
• How a plaintiff’s investing history can become an effective defense
Sponsors:
5
6. Main Conference Day One Continued...
Refreshment Break Lessons Learned from the Most Recent Derivatives
3:30 4:45
Litigation: An Invaluable Guide for Litigators
The Greatest Challenge of All: Calculating the Losses
3:45 Derivatives litigation is a very new area of the law. Even though
in the Current Securities Litigation every one of these cases has a huge amount of money at stake,
One of the most daunting challenges in the current structured there is little precedent to guide practitioners. But there is some.
products and securities litigation cases is the calculation of damages. And if you look at the cases decided by the U.S. courts since
The experts say that many cases have created an unfathomable hole 1994 and follow them through to the present day, you will gain
that is most difficult to calculate. In this cutting-edge presentation many valuable insights. Anyone involved in securities litigation will
by one of America’s leading experts, learn: gain priceless information that will equip them well in this
• How the damages in these cases will be determined and assessed stimulating presentation by the leading expert in this field, who
• The tools that are now required to ascertain damages has written, spoken and taught on this topic. You will learn:
• What is required to come to an end point • A complete case-by-case analysis of derivative litigation since
• Efficient means of economic resources that can lead to better 1994
results • Who brought the suit—and who were the defendants
• How banks have altered views on CDO values • What were the causes of action directed against them?
• The challenges and implications in derivative pricing • Cases by underlying asset class
• The difficulties in valuation determination in court • What different sorts of strategies were used—and why?
• Practical lessons from the past for the litigators of today
Dr. Faten Sabry
Vice President John D. Finnerty
NERA ECONOMIC CONSULTING (New York) Professor of Finance and Director of the MS Program
FORDHAM UNIVERSITY (New York)
End of Day One
5:45
Main Conference Day Two
Thursday, June 11, 2009
Coffee & Networking In-House Counsel Roundtable: Important Corporate
8:00 9:45
Strategies to Prevent and Control Securities
Co-Chairs’ Opening Remarks Litigation in the Current Environment
8:30
Hear some of the most prominent corporate counsel in America
Managing Litigation on Multiple Fronts: Parallel
8:45 as they share their thoughts and strategies on important steps to
Criminal, Securities and Plaintiff Proceedings prevent and control securities litigation. This is a valuable session
The current crop of securities litigation is producing a combination that will discuss:
of criminal, securities and civil proceedings—all happening at the • How to reduce litigation, regulatory and enforcement risks
same time. But that - the most important steps to provide prospective investors with
• Reviewing recent guidance from the DOJ, SEC and FINRA timely and effective disclosure
regarding cooperation and waiver - the disclosure that is required to make an effective and
• Outlining potential pitfalls in protecting the attorney client informed choice to investors
privilege under recent case law and possible ramifications of the - how should complex instruments be accurately valued?
distinction between quot;factualquot; and quot;privilegedquot; information • How to formulate a document management and e-discovery plan
• Discussing the practical realities of the current enforcement and - what precisely is the scope of the information that must be
litigation environment turned over to the plaintiffs?
• Detailing best practices for dealing with state and federal - how to lessen the high costs of discovery
regulators and SROs to limit consequences and promote - formulating a plan that guards against overly aggressive
compliance plaintiff counsel who seek to use discovery as an expensive
weapon against corporations
Moderator • How to evaluate the case early for maximum effective results
MaryJeanette Dee - the benefits of early case evaluation
Partner - comparing the cost of defense to settling an unmeritorious case
RICHARDS KIBBE & ORBE (New York) - reaching an early resolution of class action cases
• The best steps to co-ordinate the defense with outside counsel
Panel
Elaine Mandelbaum Moderator
Deputy General Counsel Regulatory
CITIGROUP (New York) Panel
Joshua Levine
Pierre Gentin Senior Vice President & Counsel
Head of Litigation CITIGROUP GLOBAL MARKETS INC (New York)
CREDIT SUISSE (New York)
Noah Perlman
Alexander Vasilescu Senior Vice President
Regional Trial Counsel and Trial Unit Chief MORGAN STANLEY (New York)
SECURITIES AND EXCHANGE COMMISSION (New York)
Greg Walker
Managing Director and Counsel
UBS INVESTMENT BANKING (New York)
10:45 Refreshment Break
Register Today! Call Dhaval Thakur @ +1-416-597-4754 or Email :dhaval.thakur@iqpc.com
6
7. Main Conference Day Two Continued...
11:15 Hot Issues in SEC and SRO Enforcement Moderator
Panel
Moderator
The Honorable Garrett E. Brown, Jr.
Barry W. Rashkover
Chief Judge
Partner
U.S. DISTRICT COURT, DISTRICT OF NEW JERSEY (Trenton,
SIDLEY AUSTIN (New York)
NJ)
Panel
The Honorable Arthur M. Schack
Bruce Karpati
NEW YORK SUPREME COURT, KING’S COUNTY
Assistant Regional Director
SECURITIES AND EXCHANGE COMMISSION (New York)
The Honorable Peter G. Sheridan
United States District Judge
Alan Reifenberg
U.S. DISTRICT COURT, DISTRICT OF NEW JERSEY (Newark,
Director, Litigation
NJ)
CREDIT SUISSE
Refreshment Break
12:15 The Liability of the Hedge Funds in the Current 3:20
Securities Litigation
From Behind Enemy Lines: The Perspective of Two
3:35
Hedge funds are a major force in the financial markets, controlling
Prominent Plaintiff Attorneys
trillions of dollars of assets. Even the largest of hedge funds are little
Perhaps the most interesting perspective on defending the new
known by the public, but what happens at them matters to just
securities claims can come from the plaintiff lawyers representing
about every American.
the investors. In this must-attend presentation, two of America’s
Over the last decade, they expanded beyond their traditional top securities lawyers will tell you how they will mount their cases
investor base among the uber-rich and raised billions of dollars from in the claims relating to structured products and subprime
pension funds, endowments and foundations. From 1998 to 2008, mortgages. You will find out:
the number of hedge funds grew from just over 3,000 hedge funds • The latest thinking in the plaintiff’s bar about securities litigation
to more than 10,000 and assets within the funds exploded from in 2009
$374 billion to nearly $2 trillion, according to Hedge Fund Research, • The approaches and tactics that skilfull plaintiffs will take in
a firm in Chicago. resolving and litigating these cases
• The potential plaintiffs—and how they will make their case
But now, with the major losses in the market meltdown, the hedge
• The potential defendants—and the strategy they intend to use
funds will all be named as defendants. In this presentation, learn
against them
how that litigation against the hedge funds will proceed,
• The strengths and weakness of the causes of action—as well as
particularly the causes of action, the co-defendants that will be
the potential defenses
involved, the strategies that skilfull plaintiff lawyers will deploy, the
• The recovery in the litigation—and where the plaintiffs intend to
best available defenses and the proper steps that every hedge fund
find the source of the funding for their judgments
should take before the onset of litigation.
John P. Coffey
Moderator & Speaker
Senior Partner
Gaurav Jetley
BERNSTEIN LITOWITZ BERGER & GROSSMAN (New York)
Vice President
ANALYSIS GROUP (Boston, MA) H. Adam Prussin
Senior Partner
Panel
POMERANTZ HAUDEK BLOCK GROSSMAN & GROSS (New
William Donnelly
York)
Shareholder
LECLAIRRYAN (Washington, D.C.)
Examining Mark-to-Market Accounting Issues in
4:25
(Former Branch Chair, SEC Division of Enforcement)
Securities Litigation
Antony R. Mott Mark-to-market accounting for financial instruments, a long-
Managing Director standing reporting requirement, has received substantial blame
Structured Insurance Products for causing, or at least contributing to, the current credit crisis.
ICAP CAPITAL MARKETS LLC (Jersey City, NJ) Most of the criticism points to SFAS 157, Fair Value
Measurements. That standard was developed in an effort to
Networking Luncheon for Speakers and Delegates
1:15 achieve increased consistency and comparability in fair value
measurements and to provide expanded disclosures about
Luncheon Speaker
these measurements. So what went wrong? Or, what didn’t go
Niall Ferguson
right? This session will explore topics related to mark-to-market
Lawrence A. Tisch Professor of History
accounting and SFAS 157. In particular, it will address the
Professor, Harvard Business School
following questions:
HARVARD UNIVERSITY
• What are fair value measurements?
“There Will Be Blood” • Is “market value” the same as “fair value”?
Hear an intensely thought-provoking analysis of the global • What if the market used to determine fair value is
financial situation from prominent Harvard author and financial dysfunctional?
guru Niall • Ferguson as he reviews the world-wide financial • Are pre-SFAS 257 numbers different from post-SFAS 157
crisis which he predicts will provoke violent political conflict numbers?
around the world. • Did SFAS 157 cause the credit crisis?
Thomas Porter
The Judicial Panel: Valuable Insights from the Bench
2:30
Vice President,
This interactive panel will provide valuable information from
NERA ECONOMIC CONSULTING (Boston, MA)
respected judges and a leading member of the bar on hot topics
in securities litigation. You will hear their perspectives on the Michael R. Young
subprime litigation, the coming onslaught of structured products Co-Chair, Securities Litigation and Enforcement Practice
litigation and credit default swaps claims. As well, you will hear Group
the judiciary’s view on new investor claims, non-traditional WILLKIE FARR & GALLAGHER (New York, NY)
claimants and the success of defense tactics. This is a must-
attend session! Conference Concludes
5:15
Sponsors:
7
