 |
Gary M. EldenPrincipal |
|
|
PHONE: E-MAIL: EDUCATION
Harvard Law School (J.D., magna cum laude, 1969)
PRACTICE AREAS BAR ADMISSIONS
ORGANIZATIONS
|
For more than 40 years Mr. Elden has litigated complex commercial civil matters. Since 1978, he has been on trial at least two months out of every year. He has tried jury cases in more than a dozen jurisdictions from Washington, D. C. and New York, to California including trials in Fayetteville, Ft. Smith, and Helena, Arkansas; Hartford, Ct; and Detroit and Bay City, MI. In 2006, he tried cases in New York City, San Francisco, Chicago, and Charlotte, NC., in 2007 and 2008 in Chicago, New York, and San Francisco. Most cases have alleged breach of contract, breach of fiduciary duty, and fraud. Many have sought punitive damages. Many have alleged a statutory violation; at least a dozen cases have involved statutes relating to each of the following: antitrust, consumer protection, consumer credit, state corporation laws (primarily Delaware and Illinois), ERISA, franchising, insurance, privacy, RICO, securities, or trade secrets. More than 50 have sought equitable relief (in particular, injunctions). More than 50 were class actions, of which Mr. Elden tried three to verdict, all successfully. During the 1990s, about 25% of his practice was in arbitration, primarily AAA or NASD, and he has been involved in dozens of claims arbitrated to conclusion. More than 75% of final decisions at the trial court or arbitration level have been favorable to his clients. Mr. Elden has handled (and usually argued) more than 50 appeals, mostly in Illinois state courts and the Seventh Circuit, but also in the Fourth, Sixth, Eighth, Ninth, and Tenth federal circuits, the U.S. Supreme Court, and Michigan, New York, and California state appellate courts, with more than 80% of results favorable to his clients, including published opinions that significantly shaped the law in several fields. During the last ten years, a majority of his time has been spent on cases with damage claims of eight or more digits. Although 75% of his work is for defendants, seven times his clients have received huge checks – two for nine-digit amounts, five for eight-digit amounts – three times after verdicts, twice after a month of trial but before verdict, twice before trial. In one case, his clients received from a Ft. Smith, Arkansas jury the largest verdict ever in the Western District of Arkansas which, with other recoveries, fully paid losses of thousands of claimants as well as legal fees and costs. In 2003, his client defendant (an insurance broker) obtained a directed verdict at the close of a three-month plaintiff’s case. The codefendant was held liable for more than $50 million. In June 2004, his client (a co-op) obtained a directed verdict in a construction dispute with a tenant and then was awarded a substantial fee. In December 2004, a judge found in favor of his clients, president and chairman of a corporation, in a derivative suit alleging breach of fiduciary duty. A Chicago jury awarded his computer consulting clients a verdict, which after being affirmed March 31, 2005, produced a settlement (at less than 1% discount) of almost $8 million. In 2005, the New York Appellate Division affirmed dismissal of counterclaims against his insurer client. In 2008, the New York Appellate Division decided what opponents and the trade press described as a "landmark" insurance coverage case on the so-called "non-products" issue. Also in 2008, a New York trial court awarded contribution damages exceeding ten million dollars (exact amount still in dispute). Principal recent clients include:
Mr. Elden's appellate cases have helped shape securities law. He has won: a leading U.S. Supreme Court case defining "security" (to include demand notes); the leading Illinois state case defining "security" and "underwriter" (to include insiders creating voting trust); the leading Seventh Circuit case denying liability for alleged non-disclosure of pending legal proceedings (defendant utility won summary judgment though unpredicted administrative action caused $1 billion stock loss); as well as other significant decisions. On trade secret and non-compete contracts law, one of his cases invalidated an overbroad agreement in an Illinois case of first impression. Numerous published cases have largely established the law in cases of non-compete contracts and theft of trade secrets by departing representatives of broker-dealers and insurers. On arbitration law, he has won more than a dozen motions or appeals, producing published opinions: upholding challenged arbitration provisions especially in franchising agreements; precluding class actions due to arbitration provisions; and determining what issues are for courts and what for arbitrators in NASD arbitrations. On ERISA issues, he has tried five cases to verdict and argued three appeals resulting in published opinions. In one, his client defeated the Department of Labor concerning the duties of liability insurers issuing fiduciary policies to ERISA trustees. In the others, the Eighth and Tenth Circuits disagreed on the responsibilities for third-party administrators and their affiliates. Successful trial court decisions clarified the law on variable annuities, guaranteed benefit contracts and the liabilities of fiduciaries with limited defined duties. Other significant published decisions in favor of his clients: established rules limiting insurance coverage (numerous opinions) and limiting a principal's liability for fraudulent actions of an agent; upheld decertifications of class actions for failure to pay notice costs (in IL and TX) and refusals to certify class actions (Seventh Circuit); imposed fraud liability on accountants; and created immunity from suit for Board of Trade arbitrators. Mr. Elden has written and lectured on various litigation matters, mostly involving securities law, insurance coverage, and trial practice. Since shortly after he graduated, he has worked pro bono on civil rights lawsuits, including a series of federal court trials that led to published opinions integrating the Chicago Police Department. |
|
111 South Wacker Drive • Chicago, IL 60606 |
||
