Laura McNally defends clients in class and individual actions brought under federal securities law, challenges to mergers and acquisitions, derivative suits, and appraisals. She also represents clients in investigations by the US Securities and Exchange Commission (SEC).
Laura focuses her practice on civil litigation and regulatory investigations under the federal securities laws as well as state law claims arising from corporate transactions, such as suits seeking to enjoin mergers and acquisitions and appraisals. She also defends companies and boards of directors in derivative suits challenging corporate decisions or alleged failure to supervise. In federal court, Laura has successfully argued multiple a motions to dismiss a putative class actions alleging violations of the securities laws, which dismissals were upheld on appeal and which involved issues of first impression, such as whether statements in companies’ codes of ethics are actionable or the scope of documents subject to judicial notice on a motion to dismiss. News coverage of one of the arguments is linked to this bio. Laura also successfully argued the motion to dismiss a putative class action seeking to bring class claims for breach of fiduciary duty against a broker and an insurer based on sales of variable annuities. Laura has a strong track record of success on motions to dismiss, having worked on nine motions that have been granted since 2012.
Laura recently gave the post-trial argument relating to the valuation of a business and evidentiary issues in connection with an appraisal case in the Delaware Court of Chancery. At that trial, she conducted an expert direct examination and was a key member of the trial team. Laura also led the team, conducted direct and cross-examinations of expert and fact witnesses, and made the closing argument in a federal jury trial challenging conditions of confinement for a prisoner. One study has found that of cases filed by prisoners challenging the conditions of confinement, only 2% results in jury verdicts, and of those that go to trial, less than 1% result in a favorable verdict for the prisoner. News coverage of the civil rights trial is linked to this bio.
Laura has also represented companies, executives and related individuals in SEC investigations into insider trading, conflicts of interest and accounting issues.
Laura has a Masters in economics, with a specialization in law and finance and uses her economics background to analyze damages and causation issues, and she works closely with economic experts.
Laura dedicates significant time to her pro bono work on prisoner civil rights cases in conjunction with the US District Court for the Eastern District of Pennsylvania’s Prisoner Civil Rights Panel. She has been recognized by the Court for her success in winning a prisoner civil rights jury trial, and has secured favorable summary judgment decisions in multiple cases.
Prior to joining Morgan Lewis, Laura worked at the SEC, Division of Enforcement while in law school.
Trials
Appellate Victories
Motions To Dismiss Granted By Trial Courts
Denial of Injunction
Recent Motion to Compel Arbitration
Recommended, Dispute resolution: Securities litigation: defense, The Legal 500 US (2020)
Member, Law Firm of the Year, Securities Regulation, US News/Best Lawyers – Best Law Firms (2019)
Recipient, TASA Prize for Outstanding Performance in the Field of Evidence
Recipient, US District Court for the Eastern District of Pennsylvania’s Prisoner Civil Rights Panel Appreciation Certificate
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