David F.Adler

Partner

(T) 1.617.449.6903

With 30 years of experience in complex litigation and regulatory matters, David Adler represents some of the world's largest financial institutions and other businesses in significant cases. He has a national practice, serving as lead trial counsel in cases before federal and state courts throughout the country. He has represented clients in mortgage-backed securities-related cases, securities and consumer finance class actions, financial statement misrepresentation litigation, Ponzi scheme and other fraud-related litigation, audit malpractice cases, and SEC and bank regulatory investigations and enforcement actions.

David's recent representations include: a financial institution residential mortgage-backed securities trustee in class actions and numerous other significant cases brought by RMBS investors; a private equity company in litigation related to business acquisitions; financial institution clients in checking account overdraft class actions; financial institution clients in matters pertaining to mortgage loan servicing and foreclosures; a financial institution in a securities fraud class action and several other investor cases; a public accounting client in multiple litigations and a regulatory investigation relating to its attest work for a failed commercial mortgage lender; a financial institution in litigation relating to a Ponzi scheme; and clients in various SEC, OCC, FDIC, CFPB, and attorney general investigations.

David's public service activities include serving on the Board of Trustees and various committees of the Jewish Federation of Cleveland, Ohio, and as the Federation's current chair of its annual campaign, and on the Board of Trustees of the Mount Sinai Health Care Foundation.

Experience

  • U.S. Bank obtains another appellate victory in cases alleging hundreds of millions of dollars in losses relating to residential mortgage-backed securitiesJones Day successfully defended on appeal the dismissal of an action against U.S. Bank seeking hundreds of millions of dollars in alleged losses in connection with certificates issued by 32 residential mortgage backed securities trusts for which U.S. Bank serves as trustee.
  • U.S. Bank defeats appeal alleging hundreds of millions of dollars in losses related to residential mortgage backed securitiesJones Day successfully defended U.S. Bank National Association on appeal against an action seeking hundreds of millions of dollars in alleged losses in connection with certificates issued by 98 residential mortgage backed securities trusts for which U.S. Bank serves as trustee.
  • U.S. Bank defeats class certification in putative class action alleging billions in classwide losses in connection with residential mortgage backed securitiesJones Day represented U.S. Bank in a putative class action seeking billions of dollars in alleged classwide losses in connection with investments in notes issued by 25 residential mortgage backed securities trusts for which U.S. Bank served as trustee.
  • National bank obtains advice on internal investigation and OCC examination relating to mortgage foreclosure issuesJones Day is advising a top 15 national bank on internal investigation and OCC examination relating to mortgage foreclosure issues.
  • RBS Citizens and Citizens Bank of Pennsylvania resolve putative class actionJones Day successfully resolved a putative class action against RBS Citizens, N.A. and Citizens Bank of Pennsylvania asserting implied covenant and unfair and deceptive trade practices claims related to the banks' deposit reconciliation practices.
  • FirstMerit Bank obtains reversal of class certification and ultimate dismissal in Ponzi scheme caseJones Day represented FirstMerit Bank, N.A. in a lawsuit arising out of the collapse of large Ponzi scheme allegedly orchestrated by Joanne Schneider, a well-known Cleveland-area businesswoman involved in various real estate and retail enterprises.
  • RBS successfully defends fraud claims brought by RZB BankJones Day assisted The Royal Bank of Scotland Group plc in defense of fraud claims involving complex issues of U.S. GAAP arising out of RBS' syndication of a large loan to Enron.
  • FirstMerit defends against putative class action regarding debit transaction posting practicesJones Day is representing FirstMerit Bank, N.A. in a putative class action alleging breach of contract, fraud, and unjust enrichment based on FirstMerit's consumer checking account debit transaction posting practices.
  • National bank obtains advice on CFPB deposit compliance examinationJones Day is advising a top 15 national bank in a CFPB deposit compliance examination.
  • Mortgage servicer defends DOJ FIRREA investigationJones Day is defending a mortgage servicer in a Department of Justice investigation, initiated under the Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA"), relating to third-party foreclosure costs reimbursed by FHA, Fannie Mae, and Freddie Mac.
  • CBIZ and Mayer Hoffman McCann obtain Ninth Circuit affirmance of dismissal of $900 million lawsuitOn February 23, 2015, the United States Court of Appeals for the Ninth Circuit ruled in favor of Jones Day clients CBIZ, Inc. and Mayer Hoffman McCann P.C. in a case filed on behalf of a putative class of investors alleging $900 million in losses from the collapse of Mortgages Ltd., a commercial real estate lender.
  • Financial institutions win Sixth Circuit appeal dismissing novel public nuisance suit filed by City of ClevelandOn July 27, 2010, the United States Court of Appeals for the Sixth Circuit ruled in favor of Jones Day clients Morgan Stanley and RBS Securities, along with 20 other financial institutions, in an appeal involving a novel, high-profile public nuisance claim filed by the City of Cleveland.
  • Royal Bank of Scotland defends action arising out of collapse of EnronJones Day represented The Royal Bank of Scotland ("RBS") in a shareholder class action and other related cases arising out of the collapse of Enron, alleging participation in a scheme to misrepresent Enron's financial condition and performance via certain structured finance transactions.
  • Royal Bank of Scotland defends proceeding brought by Enron estateJones Day represented The Royal Bank of Scotland in an adversary proceeding brought by the Enron estate against numerous financial institutions alleging aiding and abetting, fraud and breach of fiduciary duty in assisting Enron officers with financial transactions harmful to the company.
  • Nationwide Mutual Insurance resolves shareholder class action alleging breach of fiduciary duty from buy-outJones Day represented the majority shareholder and Chief Executive Officer of Nationwide Mutual Insurance Company in shareholder class actions in Ohio (federal and state) and Delaware courts charging breach of fiduciary duty arising from a buy-out of minority publicly held shares.
  • American Greetings defends against breach of contract lawsuit resulting from debt securities acquisitionJones Day represented American Greetings in a breach of contract lawsuit relating to the acquisition of certain debt securities.
  • Domtar obtains summary judgment in litigation involving breach of tax sharing agreementIn a representation of Domtar, Inc., Jones Day obtained summary judgment in a case relating to the alleged breach of a tax sharing agreement.
  • Merrill Lynch prevails in complex breach of trading agreement litigationJones Day successfully represented Merrill Lynch, Inc. in a complex breach of contract case involving an alleged breach of a trading agreement.
  • Laidlaw resolves action related to tax losses transferred from foreign subsidiariesJones Day obtained a settlement on behalf of Laidlaw Inc. in a lawsuit brought by the United States relating to certain tax losses transferred from foreign subsidiaries.
  • Lincoln Electric successfully defends products liability and fraud class action involving welding electrodes used in certain buildings damaged by Northridge earthquakeJones Day client The Lincoln Electric Company supplied welding electrodes used to construct Special Moment Resisting Frames for buildings in the Los Angeles area.
  • Colt's defends public nuisance lawsuit filed by the City of ClevelandJones Day represented Colt's Manufacturing Company, Inc. in the City of Cleveland's lawsuit against numerous gun manufacturers alleging, among other things, that their sales and marketing practices created a public nuisance.
  • Lycoming Engines prevails in arbitration brought by aircraft manufacturer arising from engine crankshaft recallsJones Day successfully represented Lycoming Engines in an AAA arbitration before a three judge panel in Pittsburgh, PA to resolve a commercial dispute between an airframe manufacturer and its engine supplier.
  • Lucent defends against Winstar bankruptcy proceeding claims concerning value of telecommunications networkJones Day represented secured creditor Lucent Technologies, Inc. in an adversary proceeding commenced by Winstar in its bankruptcy concerning the value of a telecommunications network designed and manufactured by Lucent.
  • Bridgestone/Firestone prosecutes multimillion dollar suit against consultant after business process re-engineering project failsOn behalf of Bridgestone/Firestone, Inc. Jones Day successfully prosecuted a multimillion dollar breach of contract and professional negligence claim against the principal provider of consulting services in connection with a failed business process re-engineering and enterprise resource planning software implementation project.
  • IMG Worldwide obtains settlement in case involving breach of celebrity-based Internet content contractJones Day obtained a mutually agreeable settlement for IMG Worldwide, Inc. in a case involving breach of a celebrity-based Internet content contract.
  • National Century Financial Enterprises litigates chapter 11 issuesIn the fall of 2002, one of the nation's largest health care receivables financing companies, National Century Financial Enterprises and its affiliates (collectively, "NCFE") hired Jones Day after gross irregularities were discovered in their financial statements and operations.
  • Rite Aid obtains directed verdict in criminal trialOn behalf of Rite Aid Corporation and its president, Jones Day obtained a directed verdict in a criminal trial for bribery.
  • IMG Worldwide settles breach of contract case involving sponsorship of nationwide home and garden showsOn behalf of IMG Worldwide, Inc., Jones Day obtained a settlement in a breach of contract case involving the sponsorship of nationwide home and garden shows.
  • Roadway Express wins dismissal of litigation claiming breach of joint venture agreementAfter extensive discovery, Jones Day obtained forum non conveniens dismissal for Roadway Express, Inc. in a case alleging breach of a joint venture agreement, negligent misrepresentation, and tortious interference with contract.
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