Quinn emanuel trial lawyers

Brockett, Daniel L.

Daniel L. Brockett

Partner

  Biography

Dan Brockett, Chair of Quinn Emanuel’s Financial Institution Litigation practice, was recently ranked by Benchmark Litigation as one of the Top 100 Trial Lawyers in America for 2018.  He has been called an “elite trial strategist” by his peers, and has been consistently ranked among the top litigators by multiple leading publications.  Law360, for example, recently recognized Mr. Brockett as a “Competition MVP,” and in 2016 the National Law Journal named him one of its "Litigation Trailblazers."   He has achieved national prominence primarily for his work in the areas of securities, antitrust, commodities, and structured finance and derivatives litigation.  Known as a cut-to-the-chase litigator with significant jury trial experience, Mr. Brockett has recovered billions for major institutional clients in federal securities, antitrust, and other suits against major Wall Street banks and other defendants.   He is particularly known for his work in the plaintiff antitrust, securities, and commodities space, and was recently chosen by judges in the SDNY as co-lead counsel in an array of precedent-setting cases, including the credit default swaps antitrust case; the gold antitrust and commodity manipulation case; the ISDAfix interest rate benchmark case; the US Treasuries antitrust litigation; and the SSA bonds antitrust litigation.  Mr. Brockett has served as lead trial counsel in over 20 major bench and jury trials and arbitrations, winning 90 percent of them.  He has recovered billions of dollars in verdicts, awards and settlements for his clients during his career, including approximately $1.9 billion in a recent, highly-publicized settlement of the credit default swap antitrust litigation, in which Mr. Brockett acted as co-lead counsel for the plaintiff class, and the recently-announced $400 million partial settlement in the ISDAfix case, in which Mr. Brockett also represents a class of sophisticated investors.  His work has won him extensive media attention and he has been interviewed by and featured in a variety of legal media publications, including CNBC, Reuters, Bloomberg, Risk Magazine, and the American Lawyer.  

  Representative Clients

  • Koch Industries, Inc. (Invista)
  • Allstate Corporation
  • Prudential Financial, Inc.
  • Susquehanna Group
  • British Petroleum
  • Chohung Bank
  • K. Hovnanian Homes
  • Mammoth Lakes Land Acquisition LLC
  • UAL Corp.
  • USX Corporation

  Notable Representations

  • As court appointed lead counsel of the plaintiff class in the Credit Default Swaps Antitrust Litigation, in the Southern District of New York, Mr. Brockett and his team negotiated one of the largest antitrust class action settlements in history ($1.9 billion). The case alleged that twelve of the world’s largest banks colluded to block the emergence of exchange trading venues for credit default swaps. Two separate government agencies—the Department of Justice and the European Commission—investigated the alleged conduct for years and remain empty-handed to this day. No bank has ever been indicted for the alleged conduct, and defendants have not paid a single dollar in fines to any regulator. This was not a case in which Mr. Brockett and his team had the ability to piggyback on government regulators. In supporting the settlement in a sworn and filed Declaration, the Honorable Daniel Weinstein (Ret.), who served as Mediator in the case, remarked: “I would go so far as to say that, in 30-plus years of mediating high-stakes disputes, this was one of the finest examples of efficient and effective lawyering by plaintiffs’ counsel that I have ever witnessed. I have rarely, if ever, observed a Plaintiff in a case of this complexity and size, achieve a result of this magnitude with the speed that Plaintiffs achieved here.”
  • Acting as court-appointed lead counsel in Commodity Exchange, Inc., Gold futures and Options Trading Litigation (S.D.N.Y.), a class action concerning price fixing and manipulation of worldwide gold prices. Mr. Brockett and his team employed pioneering claim development work to prepare and file a consolidated class action complaint alleging that multiple banks colluded for years to manipulate the “London Gold Fixing,” a key benchmark for gold prices. Many plaintiffs’ firms later tried to copy our work—then sought to control the cases for themselves. Over such challenges, we were appointed co-lead counsel in July 2014. The Court found that Quinn Emanuel had the “more creative approach,” the strongest practice in New York, and was “best able to represent the putative class.” The complaint is currently at motion to dismiss stage, and is supported by multiple ongoing government investigations worldwide into similar manipulation of precious metals markets.
  • Acting as court-appointed co-lead class counsel in a multi-district litigation against fourteen of the world’s largest banks alleged to have manipulated an interest rate benchmark known as ISDAfix. Our complaint, Alaska Electrical Pension Fund v. Bank of America Corp., alleges that defendants colluded to manipulate “ISDAfix,” which is used, among other things, to settle swaptions (options on interest rate swaps) and other financial instruments that are benchmarked to the ISDAfix rate. The Complaint prepared by Dan Brockett and his team at Quinn Emanuel contains over 100 pages of sophisticated economic analysis. Defendants’ motion to dismiss has been fully briefed and is pending a decision by Judge Jesse Furman.
  • Acting as lead counsel for Prudential, the City of Philadelphia, Salix Capital, and Susquehanna in lawsuits against numerous banks that participated in setting the U.S. Dollar Libor benchmark interest rate. We allege the banks manipulated the benchmark to their benefit, causing plaintiffs to lose millions on investments that were indexed to Libor. Unlike many of the other suits filed, we decided early-on to focus on claims such as breach of contract and common-law fraud—a decision that would prove prescient in light of the court’s later decisions in the lead (antitrust) class-action. On August 4, 2015, the court upheld many of our clients’ claims, including for fraud, unjust enrichment, and for breach of the implied covenant of good faith and fair dealing. Those claims will now move forward into discovery.
  • Acted as lead outside counsel for Allstate Corporation in mortgage-backed securities litigation against JP Morgan, Goldman Sachs, Deutsche Bank, Credit Suisse, and other major banks.
  • Acted as lead outside counsel for Prudential Financial in a suite of RMBS cases against major banks, including Bank of America, JP Morgan, Goldman Sachs, Credit Suisse, Nomura, Merrill Lynch, UBS, and Barclays.
  • Represented Susquehanna Group in structured finance cases against JP Morgan and UBS.
  • Co-lead trial counsel for a major U.S. industrial conglomerate (Invista)in a billion dollar plus ICC arbitration in Paris, France against a major French chemical company (Rhodia) involving ownership rights to certain chemical process technologies pertaining to the nylon industry. The dispute arose out of a joint venture agreement to manufacture certain intermediate chemicals used to manufacture nylon. Spent over two months in Paris for hearings, which were held in both English and French.
  • Representing a major US chemical company as Respondent in an ICC arbitration in Paris against three European chemical companies. The dispute involves allegations that Respondent improperly took certain technology from the parties’ joint venture in France and used it in Respondent’s US plants. French law applies and the language of the Arbitration is both French and English.
  • Won a jury verdict of $30 million for an LA-based real estate group in a two-week trial against the Town Of Mammoth Lakes, California in a contract dispute over development of a large hotel and condominium project at Mammoth Yosemite Airport.
  • Secured $64 million settlement for class of 3,000 California restaurants in usury and unfair business practice case.
  • Won a preliminary injunction for British Petroleum in trade secret litigation against a California equipment vendor and Chinese state-owned Yankuang Group that allegedly stole proprietary technology and contracted with American vendors to produce equipment for a $100 million chemical plant to be built in China.
  • Won complete victory for K. Hovnanian Homes in a complex arbitration involving the termination of a $60 million real estate transaction.
  • Won trade secret injunction for BP Chemicals Ltd. after a four-month trial in a case involving international corporate espionage and theft of a world-leading technology by Formosa Plastic Group of Taiwan.
  • Secured more than $1 billion settlement for BP Chemicals in a trade secret dispute with Taiwanese-based Chan Chun Petrochemical Ltd.
  • Represented BP in trade secret case against Jiangsu Sopo Corporation involving theft of BP's world-leading methanol carbonylation technology.
  • Won a multimillion dollar verdict on behalf of a NYSE company in a six week jury trial of a breach of contract action.
  • Victory in a three-week trial in Austin, Texas against a former licensing executive accused of stealing trade secrets – the verdict included compensatory and punitive damages and an "industry ban" perpetual injunction.
  • Won order of disbarment against a prominent Manhattan lawyer as a special prosecutor appointed to represent New York Appellate Division, First Department Disciplinary Committee.
  • Lead trial counsel for USX Corporation in a trade secret and breach of fiduciary duty case against a leading Japanese steelmaker (NKK Corp) arising out of talent raid on USX's Gary, Indiana plant.
  • Defense of a leading New York law firm (Fried Frank) in securities fraud litigation growing out of Wall Street insider trading investigations.

  Education

  • University of Pittsburgh School of Law
    (J.D., cum laude, 1982)
    • University of Pittsburgh Law Review:
      • Editor

  • Kent State University
    (B.A., Philosophy, 1979)

  Admissions

The State Bar of Ohio; The State Bar of New York; The State Bar of Pennsylvania; United States Supreme Court; United States Courts of Appeals: Second Circuit, Third Circuit, Sixth Circuit, Ninth Circuit; United States District Courts: Southern District of New York, Northern District of Ohio, Eastern District of Missouri

  Prior Associations

  • Squire Sanders & Dempsey LLP:
    • Partner, 1992-2004

  • Robinson Brockett & Parnass:
    • Partner, 1991-1992

  • Davis, Polk & Wardwell:
    • Associate, 1983-1991

  • Law Clerk to the Hon. Samuel J. Roberts:
    • Supreme Court of Pennsylvania, 1982-1984

  Awards

  • Ranked in New York in Antitrust: Mainly Plaintiff by Chambers USA 2019
  • Selected as a Competition MVP by Law360, 2015
  • Nationally ranked in the Chambers USA as a Recognised Practitioner for Securities Litigation in New York, 2014
  • Selected as one of “New York Area’s Top Rated Lawyers” by ALM, 2012

Publications and Lectures

  • Daniel L. Brockett, Jeremy Andersen. "Pleading Common Law Fraud in the Second Circuit", New York Law Journal, September 27, 2012
  • Daniel L. Brockett, Jeremy Andersen, David Burnett, Implications of Statute-of-Limitations Rulings on Mortgage-Backed-Securities Cases, WESTLAW JOURNAL DERIVATIVES, August 3, 2012, at 3.
  • "The Sarbanes-Oxley Act of 2002: What It Means for Business Litigators," Securities Regulation Law Journal, Winter 2002
  • "Line Between Primary and Secondary Liability Still Blurred in Securities Cases," Federal Lawyer, August 2003, Vol. 50
  • "A Primer on the Foreign Sovereign Immunities Act," Cleveland Bar Journal, October 2003
  • "Companies Need to Keep Sharp Eye on Trade Secrets," Crain's Cleveland Business, July 15-21, 2002
  • "Trade Secret Injunctions: The Lead Time Doctrine," Ohio Lawyer's Weekly, May 20, 2002
  • "Non-U.S. Firms: How To Enforce Your Foreign Trade Secrets In The U.S.," International Commercial Litigation Magazine, January 1999
  • "Recent Developments in Securities Litigation," Speech to Cleveland Bar Association, 1995
  • "Overview of the Securities Litigation Reform Act of 1995," Report prepared for client use on new securities reform bill
  • "Pleading and Discovery Limitations Under the Private Securities Litigation Reform Act of 1995: The Initial Lessons," Speech to Annual Securities Institute of Cleveland Bar Association, 1997
  • "Federalism and Section 1983: Curtailing the Federal Civil Rights Docket," 43 U. Pitts. L. Rev. 1035 (1982)

Professional Activities

  • Master Bencher, Anthony J. Celebrezze, Inn of Court Commentator for CNBC, NPR (National Public Radio), Cleveland Plain Dealer, and other media sources
  • Lecturer on Securities Law and Trade Secret Law
  • Member, Cleveland Bar Association:
    • Litigation Section
    • Securities Law Section
  • Member, The Association of the Bar of the City of New York:
    • Antitrust and Trade Regulation Committee, Secretary, 1986