Managing Partner David R. Scott represents multinational corporations, hedge funds, and institutional investors in high-stakes litigation, including competition, antitrust and securities actions.
In addition to overseeing the firm’s United States and European offices, Mr. Scott advises some of the world’s largest multinational corporations in recoupment actions. He has been retained to design corporate policies for the global recoupment of losses, and transatlantic private enforcement programs.
He currently represents multinational companies and hedge funds in cases involving, among other things, price-fixing in the trucks, foreign exchange, high voltage power cables, cardboard, and payment card sectors.
Mr. Scott’s antitrust cases in the United States have resulted in significant recoveries for victims of price-fixing cartels. Among other cases:
- Mr. Scott served as co-lead counsel in Dahl v Bain Capital Partners, No. 1:07-cv-12388 (D. Mass.), an action alleging that the largest private equity firms in the United States colluded to suppress prices that shareholders received in leveraged buyouts and that the defendants recently agreed to settle for $590.5 million.
- He was lead counsel in Red Lion Medical Safety v. Ohmeda, No. 06-cv-1010 (E.D. Cal.), a lawsuit alleging that Ohmeda, one of the leading manufacturers of medical anesthesia equipment in the United States, excluded independent service organizations from the market for servicing its equipment. The case was successfully resolved in settlement negotiations before trial.
- Mr. Scott’s firm is lead counsel in In re Foreign Exchange Benchmark Rates Antitrust Litigation, a cartel action alleging a longstanding and widespread conspiracy to manipulate the foreign exchange market, which has $2.3 billion in settlements to date, and was the largest antitrust settlement of 2018 according to the American Antitrust Institute. The firm is now bringing similar litigation in the UK.
- Mr. Scott’s firm was also lead counsel in Alaska Electrical Pension Fund v. Bank of America Corp. a class action that alleged the world’s largest banks and their broker, ICAP, entered into a conspiracy to manipulate ISDAfix, a financial benchmark that is tied to over $379 trillion of outstanding interest-rate swaps around the world. The case settled for $504.5 millions dollars and was named the 3rd largest antitrust settlement of 2018 by the American Antitrust Institute.
- Mr. Scott’s firm also played a substantive role in a lawsuit accusing Visa and MasterCard of engaging in anticompetitive conduct in setting credit card and debit card acceptance fees, which recently settled for a record $7.25 billion, by leading the discovery and briefing efforts as to MasterCard
- In addition to his extensive competition law work, Mr. Scott has also taken the lead in bringing claims on behalf of institutional investors, such as sovereign wealth funds, corporate pension schemes, and public employee retirement funds. For example, he has been retained to pursue losses against mortgaged-backed securities trustees for failing to protect investors. He also represented a consortium of regional banks in litigation relating to toxic auction rate securities (“ARS”) and obtained a sizable recovery for the banks in a confidential settlement. This case represents one of the few ARS cases in the country to be successfully resolved in favor of the plaintiffs.
- States of New York, Pennsylvania and Connecticut; United States Tax Court; United States Courts of Appeal: Second, Third, and Fifth Circuits; United States District Courts: Southern District of New York, Connecticut, Eastern District of Pennsylvania, Northern and Southern Districts of Texas, and Colorado
- New York University School of Law (LL.M. in taxation)
- Temple University School of Law (J.D., Moot Court Board, 1989)
- St. Lawrence University (B.A., cum laude, 1986)
- Mr. Scott has received widespread recognition for his antitrust and competition law work. He has been elected to Who’s Who Legal: Competition 2015- 2020, which lists the world’s top antitrust and competition law lawyers, selected based on comprehensive, independent survey work with both general counsel and lawyers in private practice around the world. He has also received a highly recommended ranking by Benchmark Litigation.
- Mr. Scott is frequently quoted in the press, including in publications such as The Financial Times, The Economist, The Guardian, The Daily Telegraph, The Wall Street Journal, and Law360. He is regularly invited to speak at conferences around the world and before Boards of Directors and trustees responsible for managing institutional investments.
- Mr. Scott holds Italian and United States citizenships.