Peter A. Wald

Mr. Wald has extensive experience representing corporations and their officers and directors, financial services, professional services, and accounting firms in financial fraud cases. Select matters include:

Trials

• Won complete defense jury verdict on behalf of NextGen Healthcare in first holder’s claim to go to trial in the United States in nearly 90 years, named by the Daily Journal as a Top Verdict of 2022. Hussein v. Razin (Orange Cty. Sup. Ct. July 29, 2021)
• Secured a defense verdict for Ernst & Young following a three-week federal court jury trial in a securities fraud class action involving Clarent Corporation. The Daily Journal selected this matter as their 2005 Defense Verdict of the Year. (N.D. Cal.) (2005)
• Secured a US$18.5 million federal court jury verdict (including US$9 million in punitive damages) plus US$6 million in attorneys’ fees on behalf of Tyco Electronics against a former electronics distributor for theft of trade secrets and interference with contract, and successfully defended the distributor’s US$1 billion monopolization claim. Secured affirmance by the 9th Circuit. (C.D. Cal.) (2003)
• Successfully defended PriceWaterhouse against professional malpractice and breach of contract claims brought by its audit client, the City of San Jose. Following a seven-month federal court trial during which the plaintiff sought US$54 million in damages, the jury returned a verdict against PriceWaterhouse for US$517,000. On appeal to the 9th Circuit, the award was reduced to US$72,000. (N.D. Cal.) (1993)
• Secured a defense verdict on all claims for Sperry Corporation following a six-week federal court jury trial related to breach of contract and theft of trade secrets claims. (N.D. Cal.) (1985)

Arbitrations

• Secured a net recovery of US$65 million on behalf of claimant utilities in an ICC arbitration against Mitsubishi Heavy Industries relating to the manufacture of defective nuclear steam generators. (2016)
• Successfully defended a national accounting firm against claims of professional malpractice and aiding and abetting breaches of fiduciary duty in a US$1.6 billion lawsuit. Following a two-week arbitration but before any award was rendered, Claimant settled the case for a nominal payment. (2011)
• Successfully defended a national accounting firm against claims of professional malpractice, breach of contract, and negligent misrepresentation in a US$300 million lawsuit. Following a three week hearing, the panel rendered a defense award. (2010)
• Successfully defended a national accounting firm against claims of professional malpractice and breach of contract in a US$500 million lawsuit. Following an eight-day hearing, the panel rendered a defense award. (2008)
• Successfully represented Chevron Technologies Ventures in an arbitration with its joint venture partner concerning the funding and future of Cobasys, the sole US manufacturer of hybrid car batteries. (2008)
• Successfully defended a national accounting firm against claims of malpractice and breach of contract in a US$300 million lawsuit. Following a two-week hearing, the panel rendered a defense award. (2007)
• Successfully defended a national accounting firm against claims of malpractice and breach of contract in a US$75 million lawsuit. Following a three-week arbitration, the three-arbitrator panel rendered a defense award. (2006)
• Successfully defended a national professional services firm against claims of malpractice and breach of contract in a US$30 million lawsuit. Following a three-week arbitration, the three-arbitrator panel rendered a defense award. (2006)
• Successfully represented a national grocery chain in a five-week arbitration with a warehouse logistics operator over claims to reimbursement for certain costs. (2002)
• Successfully defended a professional services firm against claims of malpractice and breach of contract in a US$300 million lawsuit arising from the implementation of an Enterprise Resource Planning (ERP) software platform. Following a three-week hearing the panel rendered a defense award. (2001)
• Successfully defended a national accounting firm against claims of fraud, malpractice, and breach of contract in a US$200 million lawsuit. Following a two-week arbitration, the three-arbitrator panel rendered a defense award. (2001)

Motions for Summary Judgment

• Secured summary judgment for Quality Systems in a several hundred million dollar fraud case brought by a former director and major shareholder. (Orange County Superior Court) (2015)
• Secured summary judgment for Larry Ellison and Oracle in a US$3 billion securities fraud class action, and secured affirmance by the 9th Circuit. (2010)
• Secured summary judgment for John Wren and Omnicom in a US$3 billion securities fraud class action, and secured affirmance by the 2nd Circuit. (2010)
• Secured summary judgment for Ernst & Young in a US$2 billion securities fraud class action relating to Williams Communications. (2007)

Motion Practice and Settlements

• Secured dismissal with prejudice of US$2 billion securities fraud class action against Weatherford International and certain current and former directors and officers alleging defendants’ misrepresentations concerning the Company’s debt, its plan for addressing that debt, and to seek chapter 11 bankruptcy protection. (2021)
• Successfully represented Deloitte & Touche LLP in a putative securities class action and five separate “mass actions” in US District Court for the District of Oregon and Oregon state court, alleging that Deloitte “participated in or materially aided” certain securities sales by Oregon-based Aequitas Capital Management, in violation of the Oregon Securities Laws. (2019) 
• Secured dismissal of a securities fraud class action against Walmart, Walmex, and certain senior officers of Walmex, and secured affirmance by the 2nd Circuit. (2018)
• Obtained dismissal of action brought by Fannie Mae shareholders against Deloitte & Touche related to audit work for Fannie Mae and Fannie Mae’s conservatorship. (2017)
• Successfully defended Deloitte & Touche against allegations made by the Department of Justice and Department of Housing and Urban Development arising from the failure of mortgage originator Taylor, Bean, and Whitaker. (2017)
• Successfully defended Deloitte & Touche against a professional negligence claim brought by Freddie Mac arising from the failure of mortgage originator Taylor, Bean and Whitaker. (2016)
• Successfully represented certain officers and directors of Frontier Financial Corporation and its banking subsidiary, Frontier Bank, in a breach of fiduciary duty case brought by the FDIC following the bank’s failure. (2016)
• Successfully represented Allergan in litigation arising from the US$53 billion hostile takeover attempt by Valeant Pharmaceuticals International and Pershing Square. The transaction was named The American Lawyer’s 2015 Global M&A Deal of the Year: US. (2015)
• Successfully represented a Swedish refrigerator manufacturer in products liability class actions brought in California and Florida federal courts. Secured transfer of the California case to Florida, where the case was dismissed with prejudice under favorable 11th Circuit law. (N.D. Cal.)
• Secured dismissal of a securities fraud class action against Alphatec, and secured affirmance by the 9th Circuit. The Daily Journal named this a Top Defense Verdict of 2013. (2015)
• Successfully represented OSI Systems and certain of its officers and directors in a securities fraud class action and related derivative lawsuits. (2015)
• Secured dismissal of a securities fraud class action against Gold Resource, and secured affirmance by the 10th Circuit. (2015)
• Successfully represented Impax Laboratories and certain of its officers and directors in securities fraud class actions and related derivative lawsuits. (2015)
• Successfully represented the officers and directors of Questcor in a securities fraud class action. (2015)
• Successfully represented Bernard Duroc-Danner and Weatherford International in securities fraud class actions related to the Company’s restatement of certain financial statements due to tax accounting errors. (2015)
• Secured dismissal of a securities fraud class action against Stereotaxis. (2014)
• Secured dismissal of a securities fraud class action against United Western Bancorp, and secured affirmance by the 10th Circuit. (2014)
• Secured dismissal of a securities fraud class action against Ubiquiti Networks, and secured partial affirmance by the 9th Circuit. (2014)
• Successfully represented Medicis Pharmaceutical and its board of directors in litigation seeking to enjoin a US$2.6 billion merger. (2014)
• Secured dismissal of a securities fraud class action against Ernst & Young stemming from the collapse of IndyMac Bank. (2014)
• Secured dismissal of a securities fraud class action against JP Morgan Securities, Goldman Sachs, Deutsche Bank Securities, and RBC Capital Markets Corporation relating to Motricity. (2013)
• Successfully represented Quest Software and its board of directors in litigation seeking to enjoin a US$2.4 billion “go-private” transaction. (2013)
• Secured dismissal of a “say-on-pay” derivative lawsuit against BioMed Realty’s officers and directors. The Financial Times “commended” this “notable victory.” (2012)
• Successfully represented SLM, the world’s largest student lending company, in a securities fraud class action. (2012)
• Secured dismissal of a securities fraud class action against Deloitte & Touche arising from the failure of First Regional Bank, and secured affirmance by the 9th Circuit. (2012)
• Secured dismissal of all Section 11 and most Section 10(b) claims against Ernst & Young arising from the collapse of Lehman Brothers. (2011)
• Successfully defended a securities fraud class action against Deloitte & Touche stemming from the failure of Washington Mutual, Inc., the largest bank failure in United States history. (2011)
• Secured dismissal of a securities fraud class action against Deloitte & Touche arising from the failure of Franklin Bank, and secured affirmance by the 5th Circuit. (2011)
• Secured dismissal of a securities fraud class action against The9 (Chinese licensor of multiplayer online video game “World of Warcraft"). (2011)
• Successfully defended Arthur Andersen in various civil and regulatory proceedings arising out of Enron Corporation’s collapse. (2010)
• Secured dismissal of a securities fraud class action against Ernst & Young stemming from the Refco fraud. (2009)
• Successfully represented the officers and directors of Power Integrations in stock options backdating litigation. (2008)
• Successfully defended The London Pacific Group in litigation arising from its management of a high-yield investment portfolio, securing dismissal of plaintiff’s federal and state court complaints (including civil RICO claims) and recovering attorneys’ fees in both proceedings. (1998) 

Current Engagements

• Representing Larry Ellison and Safra Catz in a shareholder derivative lawsuit pending in the Delaware Court of Chancery, alleging breach of fiduciary duty in connection with Oracle’s 2016 acquisition of NetSuite.
• Representing Daimler AG and its senior executives in a securities fraud class action pending in US District Court for the Central District of California, alleging misrepresentations regarding the Company’s compliance with diesel emissions regulations.
• Representing Nissan Motor Co., Ltd. (Nissan) and three of its current or former officers in a securities fraud class action pending in the Middle District of Tennessee, arising from highly publicized allegations that Nissan failed to disclose millions of dollars in executive compensation given to Carlos Ghosn, Nissan’s former CEO and Chairman of the Board.
• Representing Navient Corporation, a successor entity to Sallie Mae and the nation’s largest servicer of student loans, and certain current and former officers, in two securities fraud class actions covering different class periods and pending in different federal district courts (Delaware and New Jersey).
• Representing TechnipFMC plc, a UK-based global oil and gas company, and certain of its officers in a securities fraud class action filed in the Southern District of Texas, arising from the Company’s restatement of its reported financials due to errors in accounting for temporary gains and losses on naturally-hedged currency positions. 

Recognition

Mr. Wald has three times been recognized by The Daily Journal as one of the Top 100 Lawyers in California, with the paper stating: “Wald’s client list reads like a who’s who of companies affected by the financial crises in the early and late 2000s.” Mr. Wald has also been recognized by Lawdragon as one of the 500 Leading Lawyers in America, and one of the 100 Lawyers You Need to Know in Securities Litigation.