Bernard J. Garbutt III

Bernie’s experience in the securities and investments area includes the following representations:

• Before the Second Circuit Court of Appeals, obtained affirmance of the dismissal of a nationwide class action brought by mortgage loan borrowers against a bank in its role as a residential mortgage-backed securitization (RMBS) trustee, which asserted claims challenging the trustee’s ownership of, and the right to collect on, plaintiffs’ mortgage loans (published decisions);
• Before the Third Circuit Court of Appeals, obtained affirmance of the dismissal of a Pennsylvania statewide class action brought by mortgage loan borrowers against a RMBS trustee, which asserted claims for consumer fraud, and for violations of the Loan Interest and Protection Act, the Housing and Agency Law, and  the Fair Credit Extension Uniformity Act (published decisions);
• defending an investment advisor in an action brought by one of its investors, in New York state court;
• defending RMBS trustees in several class, derivative, and individual actions brought by investors in certificates issued by RMBS trusts, alleging claims for, among other things, violation of the Trust Indenture Act of 1939, breach of fiduciary duty, and breach of the trust agreements, in New York federal courts;
• obtained dismissal on behalf of a RMBS trustee of a mass action brought by mortgage loan borrowers asserting claims for RICO violations and conspiracy to commit RICO violations, in New York federal court (published decision);
• defending a private company that was a customer of Bernard Madoff against a claw-back action brought by the Madoff Trustee, in New York bankruptcy court;
• obtained dismissal on behalf of RMBS trustees of several nationwide class actions brought by mortgage loan borrowers asserting claims for, among other things, consumer unfair and deceptive trade practices, in Hawaii federal courts (published decisions);
• successfully resolved a statewide class action against a RMBS trustee brought by mortgage loan borrowers asserting claims for consumer unfair and deceptive trade practices and challenging the right of the trustee to foreclose on plaintiffs’ loans, in Missouri federal court;
• obtained dismissal on behalf of a RMBS trustee of a statewide class action brought by mortgage loan borrowers challenging the trustee’s ownership of plaintiffs’ loans and the right to foreclose upon them, and asserting claims for, among other things, fraudulent misrepresentation, gross negligence, and conversion, in Florida federal court;
• obtained dismissal on behalf of a RMBS trustee of a statewide class action brought by mortgage loan borrowers asserting claims for, among other things, violation of California’s Business and Professions Code and Consumer Legal Remedies Act, in California federal court;
• obtained dismissal on behalf of a publicly-traded German biotech company in a securities fraud class action, in New York federal court (published decisions);
• successfully defended a publicly-traded food distribution company in a securities fraud class action, in Minnesota federal court;
• successfully defended a publicly-traded medical supply company in a securities fraud class action, in California federal court;
• obtained dismissal on behalf of a private securities trading software firm in several successive securities fraud and Dodd-Frank whistleblower actions, which resulted in the first reported defense decision on the Dodd-Frank whistleblower provisions, in New York federal court (published decisions);
• successfully defended one of the world’s largest broker-dealers in a securities fraud and suitability action brought in the context of the largest municipal bankruptcy at the time, in California federal court;
• successfully represented one of the world’s largest mutual fund complexes in a SEC investigation relating to best execution of equities trading;
• successfully represented a large financial institution in a SEC investigation relating to best execution of equities trading;
• successfully defended a large online broker in several securities fraud actions relating to stock lending;
• over the span of several years, successfully defended a Big Four accounting firm in numerous securities fraud and accounting malpractice actions in both federal and state courts;
• successfully defended an investment bank in an antitrust class action relating to fees for initial public offerings, in New York federal court (published decision); and
• successfully defended a commercial bank in a lender liability/securities fraud class action, in New York federal court.

Bernie’s experience in the products liability and environmental area includes the following representations:

• successfully defending transportation companies and other manufacturers in numerous asbestos personal injury actions, in New York state courts;
• successfully defended a medical device manufacturer in several products liability actions;
• successfully resolved a multi-party action on behalf of one of the largest airlines involving remediation of jet fuel at an international New York airport;
• successfully defended a preeminent global software manufacturer in a products liability action; and
• successfully defended a pharmaceutical company in over 60 product liability actions, in New York state and federal courts.