David J. Stone
United States Courts of Appeals for the Second Circuit and Third Circuit
United States District Courts for the Southern District of New York, Eastern District of New York, and Northern District of California
2004-2010 Greenberg Traurig LLP
2000-2003 Morrison & Foerster LLP
1995-2000 Cravath, Swaine & Moore LLP
1994-1995 Clerkship: Chief Judge Joseph L. Tauro, United States District Court for the District of Massachusetts
Areas of Practice
David has a broad background in complex commercial litigation, with particular focus on litigating corporate fiduciary claims, securities, and contract matters. David maintains a versatile practice, representing clients in a wide-range of matters, including representing stockholders and unitholders in derivative and securities class actions; litigating claims arising from master limited partnership “drop down” transactions, representing post-confirmation bankruptcy Trusts investigating D&O claims, litigating consumer class actions (including data breach claims) litigating complex debt instruments, and fraudulent conveyance actions. David has drafted successful appellate briefs, with recent victories before the Ninth Circuit and the Delaware Supreme Court. David actively litigates in federal and state courts, with an emphasis on claims brought in the Delaware Court of Chancery. David also counsels clients on general business matters, including contract negotiation and corporate organization.
Representative cases include:
• Brinckerhoff v. Enbridge Energy Company, Inc., Court of Chancery State of Delaware: Prosecuting claims for breach of fiduciary duty arising out of master limited partnership dropdown transaction. Succeeded before the Delaware Supreme Court in obtaining a reversal of dismissal and remand. 2017 Del. LEXIS 117 (Del. 2017).
• In re Activision Blizzard, Inc. Stockholders Litigation, Court of Chancery of the State of Delaware: Prosecuted derivative and class claims for breach of fiduciary duty arising out of multi-billion dollar corporate restructuring transaction. Action resulted in the largest cash derivative settlement in the history of the Court of Chancery.
• In re El Paso Pipeline Partners, L.P. Derivative Litigation, Court of Chancery of the State of Delaware: Prosecuting claims for breach of fiduciary duty against general partner of master limited partnership arising out of $1.4 billion “drop down” transaction of liquid natural gas assets. Part of team that obtained post-trial award holding that independent directors of a master limited partnership acted in bad faith in approving a conflicted “drop down” transction and finding that general partner was liable to the public partnership in the amount of $171 million. 2015 Del. Ch. LEXIS 116 (Del. Ch. April 20, 2015).
• Castillo v. Seagate Technology LLC, United States District Court for the Northern District of California: Prosecuting claims on behalf of a class of current and former Seagate employees and their spouses arising out of a data breach in which Seagate disclosed the employees’ 2015 Form W-2 information to third-parties.
• Feinman v. T.D. Bank, N.A., United States District Court for the District of New Jersey: Prosecuting claims arising out of T.D. Bank’s defective Penny Arcade coin-counting machines.
• Energy & Exploration Partners, Inc. Creditor Trust: Representing Creditor Trustee investigating potential claims against former officers and directors of Energy & Exploration Partners, Inc.
• Advance Watch Company, Ltd. Creditor Trust: Representing Creditor Trustee investigating potential claims against former officers and directors of Advance Watch Company, Ltd.
• Sateriale v. R.J. Reynolds Tobacco Co., United States District Court for the Central District of California; United States Court of Appeals for the Ninth Circuit: Prosecuting class claims arising out of R.J. Reynolds Tobacco Co.’s termination of the Camel Cash Loyalty Program. Successfully obtained certification of a class of California consumers for claims of breach of the implied covenant arising out of unilateral contract. 697 F.3d 777 (9th Cir. 2012).
• Financials Restructuring Partners, Ltd. v. Premier Bancshares, Inc., Supreme Court of the State of New York: Defended former bank holding company against claims for breach of contract under Trust Declaration and Indenture issued in connection with debt financing transaction.
• Ator Limited v. Comodo Holdings Limited, United States District Court for the District of New Jersey: Defended counter-claim defendant Elvate, LLC, against claims of fraudulent inducement in connection with the sale of a start-up technology company.