Mr. Dailey’s recent engagements include representing:

Financial Institution Litigation

• former bank executives and outside directors in FDIC investigations
• a Big 4 accounting firm in four lawsuits in three different jurisdictions arising out of the bankruptcy of a specialty finance company and allegations about the company’s accounting for securitizations and allowance for losses on receivables
• a former bank president in shareholder litigation asserting Section 20(a) and Section 20A claims. All claims were dismissed at the motion to dismiss stage
• a financial institution sued for an employee’s alleged theft of a customer’s identity. Case settled on favorable terms after oral argument on motion to dismiss

Securities Enforcement and Litigation

• a Big 4 accounting firm in a shareholder and bondholder class action asserting a Section 10(b) claim in the E.D.Pa.
• a Big 4 accounting firm in a bondholder action asserting Section 10(b) and Section 18 claims in the E.D.Pa. Washington state securities law claims were dismissed
• an outside director in shareholder litigation asserting Section 10(b) and Section 20(a) claims and a Breach of Duty of Care claim under Wyoming law. All claims were voluntarily withdrawn by plaintiffs
• a former bank president in a shareholder class action asserting Section 20(a) and Section 20A claims in the E.D. Pa. All claims were dismissed at the motion to dismiss stage
• a Big 4 accounting firm in shareholder class actions asserting Section 10(b) and Section 11 claims in E.D.Tx. Section 11 claims were dismissed. Case settled for one-third of settlement average for cases of that size
• a Big 4 accounting firm in shareholder class action asserting Section 10(b) claim in the E.D.Pa. Obtained dismissal on grounds of international comity
• accounting firms in a variety of SEC investigations

Accountants’ Liability

• a Big 4 accounting firm in a trustee suit asserting negligent misrepresentation, malpractice and breach of contract in the S.D.N.Y. An aiding and abetting fraud claim was dismissed. Trustee also withdrew fraud, aiding and abetting breach of fiduciary duty and deepening insolvency claims
• a Top 20 accounting firm in Madoff-related suit in the S.D.N.Y. brought by limited partners in a sub-feeder fund. Obtained dismissal of all claims based on plaintiffs failure to adequately plead scienter, lack of privity and failure to make corporate demand
• a Big 4 accounting firm in a lender suit in Boston, Suffolk County Business Law Section. Fraud claims were dismissed. Remaining negligent misrepresentation claims were settled on favorable terms while in limine motions were pending
• a Big 4 accounting firm in a trustee suit asserting fraud and negligence claims in Maryland state court. Case settled during argument of in limine motions for less than 2 percent of claim and for an amount the trustee had previously rejected
• a Big 4 accounting firm in action by a third party asserting fraud, breach of confidentiality agreement, misappropriation of trade secrets and conversion in Lehigh County, Pennsylvania, Court of Common Pleas. We obtained a stay of proceedings pending resolution of federal litigation. The action was later discontinued with prejudice
• a Big 4 accounting firm in a contribution action against a director

Privacy and Data Protection

• a financial institution sued for an employee’s alleged theft of a customer’s identity. Case settled after oral argument on motion to dismiss
• U.S. subsidiary of a multinational company on privacy disclosure issues and policies for safeguarding and disposing of customer and employee personal information

Commercial Litigation

• health insurance companies in several matters, including individual and class action claims under RICO, ERISA, prompt payment statutes, unfair trade practices and consumer protection laws, breach of contract and various tort theories
• a national law firm sued for wrongful use of civil proceedings
• life insurance company in multimillion-dollar dispute with a company over payout of key man life insurance policies because of misrepresentations made during the application process and during the contestability period
• disability insurance company in multimillion-dollar dispute over payout of professional disability policies because of misrepresentations made during the application process and claim submission process
• life insurance company in joinder proceeding over disputed policy proceeds.