Attorney Christopher Brian Wells's Legal Cases

Securities offerings

In re: Section 16(b) Litigation

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OUTCOME: Order dismissing cases on March 12, 2009

Plaintiff filed 54 cases seeking hundreds of millions of dollars to be disgorged as short swing profits from issuers and underwriters in IPOs from 1998-2001. Cases were coordinated, omnibus motions to ... dismiss were filed by underwriters and issuers based on limitations period expiring and other grounds. Cases were dismissed due to expired limitations period and inadequate demand upon issuer defendants. Plaintiff appealed and Ninth Circuite upheld dismissals with revisions. Both sides petitioned for certiorari and the US Supeme Court granted our client underwriter group's petition. Briefing is in progress.

Securities and investment fraud

Bennett v Maloney

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OUTCOME: Won jury trial, won appeal of JNOV

Defended attorney who served as escrow agent in financing of condominium development. Plaintiff, the Masonic Lodge of Washington, sought $250,000 plus attorney fees based on state securities act and o ... ther grounds. At trial, obtained predominantly defense verdict (well below plaintiff ’s and below client’s last settlement offer) despite numerous errors by trial court. The trial judge altered the jury verdict and increased damages to $250,000. Appealed for client and obtained reversal of trial court’s j.n.o.v. and reversal of trial court’s denial of defense motion for directed verdict, resulting in no liability verdict for client and recovery of costs on appeal. Appellate opinion describing case at 63 Wn. App. 180, 817 P.2d 868 (1991).

Business

Holiday Inns

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OUTCOME: Settled for $0

Defended national franchisor against $10 million damage claims by franchisee for wrongful termination, breach of agreements and related torts. Developed counterclaims for fraud and evidence that plain ... tiff ’s losses were caused by personnel defection due to pattern of sexual harassment. Case settled for nothing.

Business

Piper Jaffrey v First Union

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OUTCOME: Defeated injunction and minimized damages

Procured dissolution of TRO and denial of preliminary injunction defending raiding and unfair competition claims for $1 million actual and $1 million punitive damages. Award limited to $240,000 (less t ... han half of settlement demand).

Trademark infringement

Canyons Restaurant v Canyon Cafe

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OUTCOME: Favorable jury verdict of intential infringement

Prosecuted claims for willful trademark infringement and unfair competition through federal court jury trial. Secured verdict of willful infringement and unfair competition and award of damages, costs ... and attorney fees. Defendant was represented by prominent intellectual property law fi rm.

Contracts and agreements

Dann v Lincoln Life

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OUTCOME: Dismissal of adverse party claims

Represented annuities issuer preliminarily enjoining former securities broker/insurance agent (who had no non-competition covenant in agency agreement) from competing unfairly, misleading customers a ... nd misappropriating trade secrets. Injunction preserved substantial client group at risk of departing. Defended previously threatened $5 million counterclaim in arbitration for wrongful termination, sex and sexual preference discrimination, tortious interference and defamation. Obtained dismissal of $5 million counterclaim and award of $25,000 for client.

Securities and investment fraud

Buskey v Morgan Stanley Dean Witter

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OUTCOME: Order dismissing all but one claim, settled cheap

Headed team of attorneys in several law firms defending securities broker-dealer in Boise, Idaho state court case. Plaintiffs alleged unsuitable recommendations and churning, and sought over $1 milli ... on in “well-managed portfolio compensation” plus $1 million in punitive damages. After successful summary judgement motions dismissing almost all claims, plaintiffs settled for $15,000, an amount so low, client insisted that it not be confidential

Discrimination

Villareal v Morgan Stanley Dean Witter

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OUTCOME: Dismissal by arbitration panel

Former representative filed constructive discharge and ethnic discrimination claims against other reps, branch manager and firm; defended firm and branch manager against claims initially alleged to be ... $5 million, eventually reduced to $700,000 and ultimately dismissed by NASD industry arbitration panel after one-week hearing

Financial markets and services

In the Matter of John A. Carley et al.

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OUTCOME: Award limited to $1 million out of $28 million

Offered to remit to SEC all profits from Reg S offering that violated U.S. securities law; SEC demanded $28 million and would not discuss settlement below $14 million; award amount was same pre-tax as ... client's standing settlement offer post-tax -- and $27 million less than SEC sought

Christopher Brian Wells's Legal Cases (19)