Elliot has over 30 years of experience handling a wide range of complex commercial litigation matters. His practice has focused on the areas of securities fraud, securities arbitration, international litigation and accountants' and attorneys' liability defense. He has also represented clients in complex matters involving major contract, corporate, real estate and intellectual property disputes. Elliot has extensive experience in all phases of litigation, including trials, appeals, arbitrations and other alternative dispute mechanisms, as well as the representation of clients before government and self-regulatory agencies.
Representative Experience
Defense of the former CFO of a Fortune 100 corporation in connection with a consolidated federal court class action securities fraud claim, derivative actions, ERISA actions and actions brought in state court relating to alleged false public statements regarding alleged channel stuffing, cookie jar reserves and Medicaid rebate accounting and related disclosure issues. The accounting issues caused the corporation to issue a $2.6 billion financial statement restatement. The federal court action was settled after dismissal of the claims. The other actions were also settled.
Defense of bank in an action brought by a liquidating trust to recover $680 million in alleged losses, asserting the assigned claims of shareholder class action plaintiffs claiming to be the victims of a massive securities fraud pump-and-dump scheme, including allegations of money laundering, as well as the assigned claims of the bankrupt corporation alleging aiding and abetting a breach of fiduciary duty by the corporation’s officers. The case settled after a substantial portion of the claims were dismissed.
Defense of officers and directors in action brought by corporate purchasers, claiming securities and common law fraud in connection with the sale of their corporation, including accounting issues, valuation issues, and the failure to disclose material information regarding quality issues with respect to the corporation’s most important product. Action settled following arbitration of claims.
Defense of corporation in connection with securities fraud class action litigation relating to alleged fraudulent scheme to artificially manipulate the securities market of a public company by, among other things, allegedly bribing brokers to sell the stock and making false public statements regarding the company. Pending.
Defense of underwriter and principal officer in securities fraud class actions alleging false and misleading statements made in connection with the sales of stock of various corporations in initial public offerings. Action dismissed.
Defense of investment firm and its chief executive officer in connection with a securities fraud class action relating to alleged false and misleading statements made to purchasers of securities. Action dismissed.
Defense of accounting firm in connection with a securities fraud action arising from the acquisition of the audited client, alleging overstatements of inventory and accounts receivable. Jury verdict in favor of the accounting firm dismissing all claims upheld on appeal.
Defense of hedge funds and their investment manager and boards of directors in connection with claims relating to the failure to redeem hundreds of millions of dollars of investor interests and the propriety of a bank acquisition by one of the hedge funds. Pending.
Obtained dismissal of numerous securities fraud class actions brought against corporations, investment banking firms, accounting firms, officers and directors.
Defense of a Fortune 500 corporation and its foreign subsidiaries in litigation brought by the Republic of Iraq relating to billions of dollars in alleged kickbacks in connection with the U.N. Oil-for-Food Program, including alleged violations of RICO, the Robinson-Patman Act, the Foreign Corrupt Practices Act, and common law fraud and aiding and abetting a breach of fiduciary duty claims. Pending.
Defense of Fortune 500 corporation in connection with claims by an investment bank relating to an alleged breach of an investment banking agreement regarding an acquisition of a public company and the assertion of counterclaims relating to the investment bank’s conflict of interest. Settled following mediation.
Summary judgment obtained (upheld on appeal) in favor of accounting firm dismissing $16 million claim and awarding discovery sanctions.
Represented landlord in connection with claim brought to terminate $77 million net ground lease of New York City office building. Matter was settled following a landmark court decision permitting termination of the lease.
Defense of auditors in over 40 lawsuits (following the company’s bankruptcy filing) claiming violations of the federal securities laws and the common law (also represented auditors in proceedings and investigations commenced by the SEC and other agencies) and seeking $900 million in damages. Actions settled.
Defense of accounting firm in securities fraud class actions relating to projections that were included in the offering materials for real estate syndications. Settled.
Defense of accounting firm in securities class action charging deficiencies in its audit with respect to revenue classification and the recording of complex real estate transactions. Settled.
Defense of accounting firm in connection with computer software consulting work for a major international consulting firm claiming fraud and seeking damages in excess of $8 million. Case settled after a successful motion to dismiss.
Defense of accounting firm against federal and state law claims arising from preparation of a “comfort” letter that allegedly induced trade creditor to advance millions in funds to accounting firm’s client. Settled.
Summary judgment obtained (upheld on appeal) in favor of law firm against a multi-million dollar fraud and Judiciary Act claim.
Obtained International Chamber of Commerce arbitration award in favor of coal exporter, dismissing multi-million dollar claim of steel manufacturer and awarding $750,000 in damages to the coal exporter.
Defense of securities firms in numerous arbitrations relating to claims, including unsuitability, churning, fraud, unauthorized trades, “selling away”, and failure to supervise.
Defense of investment bank in connection with foreign money laundering investigation.
Defense of law firm in connection with fraud claims. Dismissal upheld by the Second Circuit on appeal.
Represented foreign investment bank relating to purchase of Russian Risk Notes issued by bank.
Represented U.S. licensee and distributor in connection with contract dispute with Swiss watch manufacturer. Action settled.
Represented sovereign government manufacturer in connection with claims arising from the attachment of a coal shipment at a U.S. port. Attachment lifted and action settled.
Defense of law firm in connection with claim of professional malpractice relating to handling of securities arbitration proceeding. Claims dismissed on motion for summary judgment upheld on appeal.
Represented an insurance carrier in connection with issues relating to their insured, a Canadian broker dealer. The broker dealer sold $50 million in short term asset backed commercial paper to their customers. When credit markets froze in 2007, the market for the short term paper disappeared and the customers sued. Settled.
Publications
Co-author, “The Supreme Court’s Latest Guidance on Causation-Dura Pharmaceuticals”, Lexis Nexis Expert Commentary (published in lexis.com, 2008).
Co-author, “Insider Reporting and Short-Swing Trading”, Chapter 8 in Federal Securities Exchange Act of 1934, Vol. 2 (published by Matthew Bender/Lexis Nexis, 2007).
Co-author, "Accountants’ Liability Under the Federal Securities Laws", Chapter 5A in Federal Securities Exchange Act of 1934, Vol. 1 (published by Matthew Bender/Lexis Nexis, 2009).
Speeches
Numerous speeches on topics relating to accountants’ liability, directors and officers liability, and securities fraud.