O’Melveny Worldwide

Financial Services Litigation

Technological innovation, global competition, and regulators’ scrutiny are constants in the financial services sector. So is O’Melveny.

Technological innovation, global competition, and regulators’ scrutiny are constants in the financial services sector. So is O’Melveny.

Our litigators have a long record of delivering exceptional results for financial services clients, guiding them through cases that challenge business practices and dissect new products—with billions of dollars on the line. There is a reason The American Lawyer puts O’Melveny on the short list of firms that companies—from start-ups to multinationals—call on to resolve high-stakes, transformative litigation: We win the “big tough cases.”

Our team helps financial services firms identify and achieve critical goals in high stakes litigation. Often, disputes in this sector involve huge financial exposure, reputational risk, or both. We are particularly adept at working with clients to successfully navigate—and maximize opportunities within—US and international financial services regulatory regimes. We understand that and we apply our knowledge—amassed over years of working in and with regulatory agencies—to not just the law and the process, but also to helping financial institutions develop procedures and internal controls to proactively mitigate any risk.

We have successfully defended bank and non-bank financial services providers in multidistrict litigation matters, putative class actions, and internal investigations involving, among others:

  • Financial fraud
  • Aiding and abetting lender liability
  • Securities fraud
  • Regulatory and Attorneys General inquiries
  • Anti-money laundering
  • Restructuring liability
  • ERISA violations
  • Fraudulent transfer litigation

Successfully defended the company, its subsidiary, and individuals from allegations that its compensation for securities lending and cash management services to its collective trust funds was unreasonable.

Aon Hewitt Investment Consulting

Won a five-day bench trial in an ERISA case, defeating claims by a class of 250,000 current and former Lowe’s employees that AON Hewitt breached its fiduciary duty to participants in Lowe’s 401(k) plans.

Fidelity Investment

Secured an important and precedent-setting First Circuit ruling on the scope of fiduciary status under ERISA. Plaintiffs had challenged an “infrastructure fee” that client negotiated with mutual fund providers. O’Melveny successfully persuaded the district court to dismiss the suit in its entirety and defended the decision before the First Circuit, which upheld Fidelity’s victory. 

Fidelity Investment

Won dismissal of several securities-related antitrust cases alleging price-fixing of bonds issued by government-sponsored enterprises. 

Goldman Sachs and Credit Suisse

Secured dismissal of the underwriters in putative class actions filed in California Superior Court alleging misrepresentations and omissions in the IPO materials for e-commerce platform Pinduoduo. 

Multinational Financial Institution

Secured a win when plaintiffs dropped a proposed class action accusing the bank of playing a role in what the SEC alleged was a US$102 million Ponzi scheme.

Multinational Financial Institution

Resolved a putative nationwide class action—seeking more than US$1.5 billion—that alleged that the bank’s overdrawn-balance charges were usurious.

TD Bank

Obtained dismissal of claims alleging TD Bank aided and abetted Ponzi scheme.

Representative Clients
Capital One Financial Corp.
Fannie Mae
Fidelity Investments
First Citizens Bank
JPMorgan Chase
Morgan Stanley
Ocwen Financial Corp.
TD Bank

“The financial services litigation team is consistently strong and deep. I have the utmost confidence in their ability to handle complex regulatory actions, litigation and disputes.”

Client Testimonial, The Legal 500 US

“They’re incredibly responsive, have excellent judgment, and excellent common sense as well as legal knowledge.” 

—Client Testimonial, Chambers USA

“They provide excellent customer service and in-depth analysis. They anticipate issues that come up and provide creative solutions.”

Client Testimonial, Chambers USA