Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Paul, Weiss Obtains Significant Victory for Deloitte & Touche in Securities Action
Practices
On September 30, Paul, Weiss obtained a significant victory on behalf of client Deloitte & Touche LLP, when Judge Paul Crotty of the U.S. District Court for the Southern District of New York granted Deloitte's motion to dismiss in a federal securities action brought against several defendants, including Fannie Mae and its auditor, Deloitte, relating to disclosures and financial statements of Fannie Mae during the period from 2006 to 2008.
In dismissing the 10(b) claim against Deloitte, Judge Crotty adopted a high standard for pleading auditor scienter, rejected plaintiffs' attempt to plead fraud by hindsight, and accepted Paul, Weiss's analysis of the complex accounting rules and practices used by Fannie Mae in its financial statements, including deferred tax assets, other-than-temporary asset impairments, loan loss reserves and going concern analyses.
The Paul, Weiss team representing Deloitte includes firm chair Brad Karp and litigation partner Charles Davidow.