Freshfields Bruckhaus Deringer is well established as a strategically connected legal force around the globe, most notably for its international arbitration practice group. It is the only one of the London-headquartered “Magic Circle” firms to have established itself as a powerhouse in litigation, as opposed to just the corporate and transactional work that is the primary driver of this prestigious group. Freshfields has further extended its reach into the US litigation space with the addition of a securities and shareholder litigation practice, which, entering only its third year, has already demonstrated aptitude for complex bet-the-company disputes on both the East and West Coasts. “Freshfields was able to pull a few great hires in,” observes a peer. “That firm has a huge footprint – they have a huge balance sheet so they can afford the talent.” A client describes the team as “forward-thinking and strategic,” going on to note, “Freshfields has a team of first-rate litigators who frequently practice in the Delaware Court of Chancery. They give us options with good explanations of pros and cons of the choices.”
Much of the success of the securities and shareholder group is attributable to its co-head, Meredith Kotler of the New York office, who decamped from Cleary Gottlieb to build out the Freshfields team. Kotler is regularly trusted by global institutions and corporations for her keen, sophisticated representation in financial securities-related disputes that often involve class actions as well as shareholder derivatives. “She did great,” attests one peer of Kotler’s incredible success with business development and recruiting. “She knew who she wanted and had the Freshfields machine supporting her.” A client raves, “Meredith is razor sharp and a master of the details. She can be both a tireless advocate for her clients and a wise counselor.” Another key member of this team, Mary Eaton, is also generating acclaim, further elevating the firm’s securities profile. “Mary is doing 3M cases, which are pretty messy,” confirms a peer. “She was building a strong following at Willkie [Farr & Gallagher] before she moved over [to Freshfields]. She and Meredith are a pretty strong duo.” This pair triumphed for the aforementioned 3M, and several of its executives and directors, in a federal securities class action, initially filed in New Jersey federal court and transferred to Minnesota, obtaining a rare writ of mandamus from the Third Circuit requiring transfer and then, in September 2021, obtaining full dismissal of the complaint with prejudice. The allegations related to the issue of disclosing contingent liability reserves and stem from 3M’s alleged failure to adequately reserve potentially billions of dollars to cover potential liability in environmental, mass tort, and other litigation based on 3M’s prior production of certain chemicals. Eaton also has historically represented Citigroup, a client that continues to call on her services.
Freshfields’ double-pronged securities offensive has been equally successful in California, where Boris Feldman, a “towering figure of the securities bar,” and Doru Gavril
have established the firm’s foothold in that market. One peer testifies, “I know Boris Feldman very well – he was my mentor at Wilson Sonsini! He has such a big name, that anchor will drop deep in the [Silicon] Valley. He is a legend out here; I’ll be on a bus and talk to someone about him and they’ll know him! He’s also just a social animal, so he gets around. I also know Doru, who is great. The market out here is so huge and crowded already, but with those two at the helm, it’s a cinch for them to break into this market.” Gavril is specifically championed by a client for his “strong subject-matter knowledge,” and for “proactively keeping me informed of developments in relevant case law or practice. He understands legal issues well and did a good job of laying out alternative strategies and reasons for recommending one over another. [His] Writing is also well done.” The California team (along with Eaton) secured a complete victory in a putative securities class action for Pinterest, its CEO, and its CFO in the Northern District of California. Plaintiffs alleged that the defendants made false and misleading statements in the first and second quarters of 2019 about Pinterest’s future growth, purportedly knowing that there were limited opportunities for such growth due to allegedly increasing market saturation in the US. The truth was allegedly revealed when the company announced its results for the third quarter of 2019 and its stock prices fell. In September 2021, the court granted a motion to dismiss, holding that all the allegedly omitted information was disclosed, and distinguishing the allegations from those in other user metrics cases. The case was then dismissed with prejudice in October 2021. The Freshfields team also secured a successful settlement for Pinterest and several of its directors in three related shareholder derivative actions filed in the Northern District of California and the Delaware Court of Chancery, based on allegations of gender and racial discrimination at the company.
