Jeffery A. Dailey’s practice focuses on business litigation. Mr. Dailey has handled matters involving securities laws, accountants’ liability, banking, privacy laws, insurance issues, business tort and contract.
Practice & Background
Mr. Dailey is a member of the editorial advisory board of Securities Law360, and is also on the board of the Irish American Business Chamber & Network. Mr. Dailey is a member of the American Bar Association’s securities litigation, as well as, the Philadelphia Bar Association’s securities regulation committees.
Representative Matters
Mr. Dailey’s recent engagements include representing:
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.
an investment research firm in securities litigation brought by a Receiver in control of several defunct hedge funds, asserting claims of contribution under Section 10(b), and common law aiding and abetting, from a judgment obtained by the SEC against the defunct hedge funds. Trial defense verdict on all claims.
an investment research firm in litigation brought by investors in a defunct hedge fund asserting Section 10(b), fraud and aiding and abetting claims in the E.D.Pa. Claims voluntarily dismissed after a full defense verdict at trial in a related case was secured.
a Big 4 accounting firm in a bondholder action asserting Section 10(b) and Section 18 claims in the E.D.Pa. Summary judgment was granted on all claims on loss causation grounds.
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 All claims were voluntarily withdrawn by plaintiffs.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.
individuals, officers, directors, public companies and outside professionals in a variety of SEC investigations
Special Committees in internal 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. Summary judgment was granted on all claims on causation grounds.
a Top 20 accounting firm in Madoff-related suit in the S.D.N.Y. brought by limited partners in a sub-feeder fund. Motion to dismiss granted on 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 Top 20 accounting firm in consolidated lawsuits by former tax services clients, asserting gross negligence, breach of contract and misrepresentation claims. Case settled on favorable terms.
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. A stay of proceedings was obtained pending resolution of federal litigation. The action was later discontinued with prejudice.
a Big 4 accounting firm in a contribution action against a director
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.
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
a retailer in class action litigation, and related proceedings before the Pennsylvania Department of Revenue, challenging how the retailer calculates and collects sales tax on discounted items
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.
Awards & Accolades
Listed in Irish Voice newspaper and Irish America magazine’s 2009 - 2012 Legal 100
Consistently named a “Rising Star” in surveys of Pennsylvania lawyers conducted by Law & Politics magazine (2005-2013).
Speaking Engagements
Securities Litigation Against the Pharmaceutical Industry, Including Stock Drop Cases, M&A Litigation, and FCPA Matters, and How to Reduce the Risks and Defend these Actions, Association of Corporate Counsel, Delaware Valley Chapter, October 2012
Enforcement Actions – Key Cases Involving FCPA and Municipal Securities, R.R. Donnelley’s 2012 SEC Hot Topics Seminar, September 2012
How to Prepare For and Defend Against Securities Litigation Stemming From Mergers, Acquisitions and Going Private Transactions,Association of Corporate Counsel, Delaware Valley Chapter, June 2012
Foreign Corrupt Practices Act, Arlington, Texas, March 2012
Enforcement Actions – Key Cases Involving FCPA, Subprime and Municipality Issues, R.R. Donnelley’s 2011 SEC Hot Topics Seminar, Sept. 2011
Legal Implications of Financial Reporting, Association of Corporate Counsel, Delaware Valley Chapter, May 2010
“Recent Securities Litigation Developments,” panelist, co-author, PBI, “12th Annual Federal Securities Law Forum,” April 2009
Securities Liability in Turbulent Times: Practical Responses to a Changing Landscape, PBI/Phila. Bar Securities Regulation Committee Program, January 2009
New Litigation Threats to the Accounting Profession and Avoiding Self-Inflicted Wounds, Philadelphia, January 2009
Ten Practice Pointers for Handling Securities Litigation Post-Dura, Tellabs and Stoneridge, PBI Fourteenth Business Lawyer’s Institute, November 2008
New Developments in Securities Litigation, PBI Thirteenth Business Lawyer’s Institute, October 2007
New Litigation Threats to the Accounting Profession, Philadelphia, June 2007
Personal Liability Risks Facing In-House Counsel, Association of Corporate Counsel, Delaware Valley Chapter, April and June 2007; PBI Twelfth Business Lawyer’s Institute, November 2006
Corporate Liability for Identity Theft, PBI Twelfth Business Lawyer’s Institute, November 2006.
