Represented several institutional investors (including five mutual funds), that invested millions of dollars in high-yield bonds issued by a Thai steel mill. The bonds were underwritten by U.S. investment banks and sold to the institutional investors under Rule 144A. Our clients sued two of the underwriters and another defendant for fraud and ultimately recovered by settlement just before trial about 80% of their out-of-pocket damages. The case required discovery from parties inside and outside of the United States and involved complex financial and accounting issues. In the course of the litigation, we established, in two separate published opinions, that a sophisticated investor is not required to conduct an independent investigation as to the accuracy of statements made in an offering memorandum when there is nothing obviously suspicious about those statements.
*Past results are reported to provide the reader with an indication of the type of litigation we practice. They do not and should not be construed to create an expectation of result in any other case, as all cases are dependent upon their own unique fact situation and applicable law.