Peter M. Saparoff
Member / Chair, Institutional Investor Class Action Recovery Practice
+1.617.348.1725
Peter is an experienced securities litigator both on the plaintiff and defense side. He has defended over 100 cases and investigations. In addition, he chairs the Institutional Investor Class Action Recovery practice which has recovered nearly $7 billion for thousands of mutual funds and other institutional clients. The practice evaluates virtually every securities investor settlement in the world. The practice not only files claims for clients but also assists them in opting out and filing separate cases, both in the US and in international jurisdictions.
Peter is one of the nation’s leading securities litigators and he has represented clients in well over 100 cases, investigations, and proceedings throughout the country. He has successfully defended SEC investigations, class actions, derivative suits, stock exchange proceedings, and state securities investigations, and has handled numerous FINRA arbitrations, among other matters.
Peter, through the Institutional Investor Class Action Recovery Practice, also represents hundreds of institutional investors with respect to the monitoring and evaluation of securities class action settlements. Peter has recovered over $7 billion for institutional clients. He has represented various clients in opting out of or objecting to proposed class settlements and has represented institutions as plaintiffs in various actions. In this role he participates in virtually every securities action that is filed and thus has a unique perspective when representing clients in said cases.
He has succeeded in preventing the vast majority of the dozens of clients he has represented in SEC investigations from being named as defendants or respondents. In matters where the SEC has taken action, Peter has frequently negotiated bars or suspensions, which have enabled the clients to return to their businesses or professions without undue delay.
Peter has represented many clients in FINRA arbitrations and has tried FINRA cases to successful conclusions. He also serves as an FINRA arbitrator.
He is a frequent lecturer and author on securities matters, having written hundreds of articles and papers, including co-authoring the Securities Litigation chapter in the definitive Massachusetts Continuing Legal Education publication, Business Torts in Massachusetts (2016). He has been an Adjunct Professor of Securities Litigation at the Maine Law School. He speaks at many institutional investor and securities industry forums, and is frequently quoted in the press.
After law school, he served as law clerk to the Honorable A. J. Connor (D-NH) and the Honorable Frank M. Coffin, US Court of Appeals for the First Circuit.
Peter is an experienced securities litigator both on the plaintiff and defense side. He has defended over 100 cases and investigations. In addition, he chairs the Institutional Investor Class Action Recovery practice which has recovered nearly $7 billion for thousands of mutual funds and other institutional clients. The practice evaluates virtually every securities investor settlement in the world. The practice not only files claims for clients but also assists them in opting out and filing separate cases, both in the US and in international jurisdictions.
Experience
- Represented hundreds of defendants in securities class actions in all stages throughout the country.
- Represented institutional investors in monitoring and/or participating in virtually all securities class actions, regulatory settlements, and other investor settlements.
- Represented institutional investors as plaintiffs in numerous cases involving securities claims.
- Represented mutual funds, investment advisors, and disinterested directors in various suits alleging excessive management fees, breaches of fiduciary duty, and other violations of the Investment Company Act of 1940. Participation in several cases where judicial decisions have established legal precedents in the area.
- Represented an officer who signed Sarbanes-Oxley certifications with respect to numerous financial statements that were subsequently restated, in which the SEC was convinced not to take any action.
- Represented issuers, officers, directors, and employees in investigations relating to alleged financial fraud with respect to SEC filings, Sarbanes-Oxley certifications, shareholder reports, and press releases.
- Tried various FINRA cases, including representation of a branch manager in a lengthy FINRA arbitration proceeding regarding alleged “failure to supervise” and related charges in which the panel completely exonerated the branch manager. (The result is unique in that both the respondent broker-dealer and individual broker (represented by other counsel) were held liable for substantial damages.)
- Serve as a FINRA arbitrator.
- Utilized special litigation committees to have numerous derivative suits terminated at an early stage.
- Represented issuers, officers, and directors in investigations relating to alleged “leaks” to investors of “negative information” which was subsequently publicly disclosed.
- Represented institutional investors who allegedly traded on information gleaned from corporate officials or securities analysts prior to the “public dissemination.”
- Represented various individuals (officers, directors, venture capitalists) with respect to certain challenged trades.
- Represented issuers and individuals in investigations relating to trading in unregistered securities.
- Represented issuers in investigations relating to Regulation S.
- Represented issuers who have been victimized by short-sellers.
- Represented investment advisors with respect to issues arising in SEC inspections.
- Represented mutual fund account managers with respect to possible utilization of alleged investment opportunities of funds.
- Represented investment companies in investigations relating to valuation and pricing of portfolios.
- Represented transfer agents and custodians in investigations relating to various issues.
- Represented investment companies and advisers with respect to adequacy of compliance procedures.
- Represented broker-dealers and branch managers in “failure to supervise” investigations.
- Represented individuals with respect to alleged violations of the Investment Company Act of 1940.
- Represented real estate investment trusts, their officers, and trustees in investigations relating to adequacy of loan loss reserves.
- Represented banks with respect to adequacy of certain loan loss reserves.
- Represented CPAs in investigations relating to a wide variety of accounting issues.
- Represented individuals with respect to alleged “prime bank” schemes.
viewpoints
Recent Second Circuit Opinion Underscores the Importance of Engaging Experienced Counsel to File and Perfect Class Action Claims
July 11, 2023 | Blog | By Joel Rothman, Peter M. Saparoff
The U.S. Court of Appeals for the Second Circuit (“Second Circuit”) recently issued an important decision concerning challenging the rejection of claims made by class members in settled U.S. class actions. Contant v. AMA Cap., LLC, No. 21-3058 (2d Cir. Apr. 14, 2023). In sum, the Second Circuit affirmed the decision of the U.S. District Court denying a class claimant’s (the “Claimant”) request for the court to overturn the claims administrator’s rejection of the Claimant’s claims.
Fifth Circuit Provides New Guidance on Evaluating Confidential Witnesses
February 16, 2023 | Blog | By Peter M. Saparoff, Aaron Fenton
Last month, the Fifth Circuit Court of Appeals reversed the lower court’s March 2021 dismissal in Oklahoma Firefighters Pension and Retirement System v. Six Flags Entertainment Corporation. In the now-revived class action, investors sued Six Flags in relation to 11 Chinese theme parks that Six Flags licensed to a local company for construction and operation, which were expected to be a major driver of Six Flags’ revenue growth – before construction stalled and the licenses were ultimately cancelled in February 2020, these Chinese parks were expected to contribute up to $60 million in pre-tax profits to Six Flags. In the Fifth Circuit’s opinion, the Court ruled that the lower court had excessively discounted the Complaint’s factual allegations, and that the Complaint did, in fact, sufficiently allege material misstatements and scienter.
Second Circuit Revives Antitrust Class Action Brought by Two Non-Existent Entities
April 5, 2021 | Blog | By Aaron Fenton
Two Isn’t Always Better Than One: SDNY Denies Class Certification Where Lead Plaintiff Hired Two Firms
October 21, 2020 | Blog | By Ellen Shapiro
How a Prior DOJ Settlement Doomed a SEC Enforcement Action: A Volkswagen Case Study
September 10, 2020 | Blog | By Ellen Shapiro
Ninth Circuit to Determine Whether Direct Listing Purchasers Have Standing Under Sections 11 and 12 of 1933 Act
August 25, 2020 | Blog | By Alain Mathieu, Joel Rothman
When A Relationship Is Insufficient: Opting Out of the FX Antitrust Class Action Requires Clear Indication
July 9, 2020 | Blog | By Ellen Shapiro
Federal Court Denies Toshiba’s Motion to Dismiss, Allowing Exchange Act Claims Covering Transactions in Unsponsored ADS to Proceed Alongside Japanese Law Claims Covering Common Shares
February 19, 2020 | Blog | By Joel Rothman
News & Press
Mintz Recovers Over $400M for Institutional Investor Clients in 2024
November 14, 2024
Mintz's Institutional Investor Class Action Recovery Practice has recovered $400 million for institutional investor clients in 2024 and expects projects for recoveries exceeding $500 million by year end.
The Evolving Frontier Of Foreign Securities Litigation
January 7, 2019
Business Torts in Massachusetts
August 8, 2017
Will Securities Antitrust Cases Invite More Objections Because of the Complexity of Their Distribution Plans?
June 23, 2016
Events & Speaking
Peter is an experienced securities litigator both on the plaintiff and defense side. He has defended over 100 cases and investigations. In addition, he chairs the Institutional Investor Class Action Recovery practice which has recovered nearly $7 billion for thousands of mutual funds and other institutional clients. The practice evaluates virtually every securities investor settlement in the world. The practice not only files claims for clients but also assists them in opting out and filing separate cases, both in the US and in international jurisdictions.
Recognition & Awards
Massachusetts Super Lawyers: Securities Litigation (2004 – 2015)
Martindale-Hubbell AV Preeminent
Peter is an experienced securities litigator both on the plaintiff and defense side. He has defended over 100 cases and investigations. In addition, he chairs the Institutional Investor Class Action Recovery practice which has recovered nearly $7 billion for thousands of mutual funds and other institutional clients. The practice evaluates virtually every securities investor settlement in the world. The practice not only files claims for clients but also assists them in opting out and filing separate cases, both in the US and in international jurisdictions.
Involvement
- Chair, American Bar Association (ABA) Litigation Section Structured Financial Products, Hedge Fund and Mutual Fund Subcommittee
- Frequent panelist, ALI-CLE programs
- Adjunct Professor, Securities Litigation, Maine Law School (2013)
- Member, American Law Institute
- Member, ABA Business Section
- Member, Boston Bar Association
- Past Chair, Annual ALI-ABA Securities Litigation Program
- Past advisor, Harvard Law School Trial Advocacy Workshop
- Past chair, ABA Litigation Section Securities Litigation Committee
- Past Division Director, ABA Litigation Section Securities Litigation Committee
- Past member, ABA Special Advisory Committee on the Federal Rules
Recent Insights
Mintz's Institutional Investor Class Action Recovery Practice has recovered $400 million for institutional investor clients in 2024 and expects projects for recoveries exceeding $500 million by year end.
Fifth Circuit Provides New Guidance on Evaluating Confidential Witnesses
February 16, 2023| Blog|
