Lawrence Steckman has more than thirty years experience litigating securities, RICO and business cases. In July, 2006, Super Lawyers Magazine, in its first New York edition, identified Mr. Steckman as one of New York’s “Super Lawyers” in securities litigation and business law and he received that honor again most recently in 2013, 2014, 2015, 2016, 2017 and 2018. Mr. Steckman has handled billions of dollars in client matters, has overseen the dismissal of billions of dollars in claims against his clients and has been counsel in leading securities, derivatives and RICO litigations as well as securities and commercial arbitration disputes. He is the author or lead co-author of more than fifty published works on the law. The independent attorney rating service, AVVO, has awarded him a rating of “superb” (10.0), its highest level.
Mr. Steckman’s practice areas include securities and derivatives private and class suits, including Rule 10b-5 litigation, complex federal and state commercial litigation, prosecuting and defending civil RICO private and class suits, merger and acquisition litigation, bond, arbitrage and real estate fraud litigation, corporate, contract, and commercial litigation, international commercial arbitration, broker-dealer and broker-customer securities arbitration, including, municipal arbitrage fraud arbitration, securities regulatory matters and professional liability and D&O litigation.
He has represented mutual, hedge and private equity funds, insurance companies, accounting and audit firms, real estate/mortgage companies, technology companies, a financial strength rating company, officers of domestic and foreign companies, investment bankers, brokers, law firms, lawyers and entrepreneurs.
Mr. Steckman has published book chapters and articles on federal procedure, attorney client privilege, constitutional law, securities fraud pleading, loss causation and causal modeling, insider trading, risk arbitrage, securities arbitration, class certification and preparation of expert reports, government contract law, and damage computation. He has published on civil RICO, including articles on RICO predicate acts, RICO enterprise theory, RICO standing and direct injury, RICO claims accrual and statute of limitations, RICO causation and the PSLRA RICO Amendment. Mr. Steckman has published, as well, on public policy matters ranging from international terrorism and impeachment to application of the Sixth Amendment right to counsel.
HONORS & AWARDS
- Super Lawyers Magazine – business and securities litigation
- AVVO Rating – “superb”
REPRESENTATIVE LITIGATION MATTERS
CMG Holdings Group v. Wagner, 2016 WL 4688865 (September 7, 2016) (Oetken, J.) (plaintiff counsel to advertising company suing several companies and former officers and employees for $60 million RICO damages arising from looting of company over a five year period, destroying hard copy and computer files and establishing, by theft and otherwise, a competing entity. The court refused to dismiss plaintiff’s RICO claims, noting the “comprehensive” scheme and “extensive” concealment efforts. He sustained CMG’s claim for ten times compensatory damages for all damages arising from non-RICO predicate criminal acts: “Based on CMG’s allegations, this case may present a rare occasion where punitive damages may be potentially justified.”).
Hanson v. Frazer, LLP, 2015 WL 4561707 (July 17, 2015) (Rakoff, J.) (defense counsel to audit firm in Rule 10b-5 class suit seeking in excess of $45 million. This Order set forth the court’s reasons for dismissing with prejudice plaintiffs’ amended class complaint which had alleged that the auditor defendant recklessly failed to include a subsequent events disclosure regarding alleged improper, related-party loans rendering the auditor’s GAAP and PCAOB compliance opinion fraudulent under Rule 10b-5, holding plaintiffs failed to plead a strong inference of scienter).
REPRESENTATIVE PUBLICATIONS AND CITATIONS
Loss Causation, Economic Loss Rules and Offset Defenses – Dismissal Motion Practice After Acticon A.G. v. China N.E. Petroleum Holdings Ltd., 31 Touro Law Review 501 (No. 3, 2015) (co-authors Robert E. Conner and Kris Steckman-Taylor), reprinted in expanded form from 37 Private Securities Litigation Reform Act Reporter, (No. 5 at 53, August, 2014).
Multiple Regression Modeling -- the Importance of Modular Theories of Damage Causation in Antitrust Class Certification Motion Practice After Comcast v. Behrens, 30 Touro Law Review 127 (2014) (co-authors R. Conner and S. Rosenthal).
Litigating Offset Arguments in Compensatory Damage Litigation and Lead Plaintiff Motion Practice in Class Cases: Are Apparently Inconsistent Outcomes Reconcilable?, 3 Journal of Securities Law, Regulation & Compliance 150-179 (No. 2, April, 2010) (co-author R. Conner).
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