Brad Foster represents clients in securities litigation and other complex business disputes.

His experience includes securities class actions, mergers and acquisitions (M&A) litigation, SEC and FINRA investigations and enforcement proceedings, shareholder derivative litigation, corporate governance disputes, securities arbitration proceedings, accounting malpractice claims and regulatory investigations, and general business litigation. He also has substantial federal and state appellate experience in securities cases.

Mr. Foster has been nationally recognized by The US Legal 500, repeatedly listed as a “Texas Super Lawyer” in securities litigation by Texas Monthly, and named as one of Texas’ “Top Rated” securities lawyers by American Lawyer Media. He also has been honored as a “Legal Lion” by Law360’s Weekly Verdict and as “Appellate Lawyer of the Week” by Texas Lawyer. He earned his JD from Southern Methodist University, where he was Valedictorian of the Class of 1990. Mr. Foster also is a Certified Public Accountant.

Representative Experience

• Represented an insurance industry client in a multi-billion dollar securities class action, a separate multi-billion dollar receivership claim, numerous related lawsuits filed in state and federal court, a federal multi-district litigation (MDL) proceeding, and appellate proceedings in the Fifth Circuit Court of Appeals and the United States Supreme Court. See Chadbourne & Parke LLP, et al. v. Troice, 134 S. Ct. 1058 (2014); Rishmague v. Winter, 616 Fed. Appx. 138 (5th Cir. 2015).
• Represented 100+ financial advisors in federal court litigation arising from an alleged Ponzi scheme and related appellate proceedings in the Fifth Circuit Court of Appeals and the United States Supreme Court. See Janvey v. Alguire, 539 Fed. Appx. 478 (5th Cir. 2013), denied, 134 S. Ct. 2871 (2014).?
• Represented a corporation in shareholder litigation arising from an alleged antitrust scheme. Obtained complete dismissal of all claims. See Livermore v. Engels, 2011 WL 291334 (N.D. Tex. 2011).
• Represented a corporate officer in class action and shareholder derivative litigation involving alleged accounting manipulations. Obtained complete dismissal of all class action claims. See In re ArthroCare Corp. Sec. Lit., 726 F. Supp. 2d 696 (W.D. Tex. 2010).
• Represented the officers and directors of a publicly-traded telecommunications company in federal securities litigation, related state court proceedings, and an appeal to the United States Court of Appeals for the Fifth Circuit. Obtained complete dismissal of all claims. See R2 Investments v. Phillips, 401 F.3d 648 (5th Cir. 2005); NYC 999, LLC v. Phillips, 2006 WL 3334053 (Tex. App.—Fort Worth, 2006).
• Over the last 25 years, represented numerous clients (including underwriters, auditors, public company issuers, and individual officers and directors) in various class actions and putative class actions asserting claims under the federal securities laws. Served as “panel counsel” for a leading insurance carrier on securities class actions and D&O claims. 

State Court M&A, Shareholder Derivative, and Corporate Governance Litigation

• Represented a publicly-traded technology company and its board of directors in a Delaware class action arising from a $560 million merger transaction. In re Mavenir Systems, Inc. Stockholders Lit. (Del. Ch. 2015).
• Represented two senior officers of a bankrupt manufacturing company in a multimillion-dollar lawsuit brought by the Chapter 7 trustee asserting corporate governance claims against the company’s officers and directors. Reed v. McCarten, et al. (Tex. 2018).
• Represented a publicly-traded waste management company and its board of directors in a nationwide shareholder class action arising from a $525 million merger transaction. In re WCA Waste Corp. Shareholder Lit. (Tex. 2012).
• Represented a Texas corporation and its board of directors in shareholder derivative litigation arising from a merger transaction. In re Silverleaf Resorts, Inc. Derivative Lit. (Tex. 2011).
• Represented a corporate officer in shareholder derivative litigation involving alleged antitrust violations. Obtained complete dismissal of all claims. See In re Brick, 351 S.W.3d 601 (Tex. App.—Dallas 2011, orig. proceeding).
• Represented a publicly-traded restaurant company and its board of directors in a nationwide shareholder class action arising from a $650 million merger transaction. In re Lone Star Steakhouse & Saloon, Inc. Shareholder Lit. (Kan. 2009).

SEC and Other Regulatory Investigations

• Represented various publicly-traded corporations in connection with SEC inquiries involving alleged insider trading, accounting irregularities, and other matters.
• Represented corporate officers in various SEC investigations involving alleged accounting manipulations by publicly-traded technology, construction, and health care companies.
• Represented multiple broker-dealer employees in SEC and FINRA investigations involving an alleged Ponzi scheme.
• Represented a corporate officer in an SEC investigation and related federal court proceedings involving alleged accounting manipulations by a leading wholesaler in the food industry.
• Represented a broker-dealer and its employees in SEC and FINRA investigations involving an alleged Ponzi scheme.
• Represented an employee of a leading investment bank in an SEC investigation involving mortgage-backed securities.
• Represented a corporate financial officer in connection with an investigation conducted by the Texas State Board of Public Accountancy. Obtained "no-action" letter from the TSBPA.

Broker-Dealer Litigation and Arbitration

• Represented a national broker-dealer in multiple appellate proceedings involving federal arbitration law. See Shearson Lehman Bros., Inc. v. Kilgore, 871 S.W.2d 925, Fed. Sec. L. Rep. P ¶ 98,192 (Tex.App.—Corpus Christi Feb 28, 1994); Kramer v. Smith Barney, Inc., 80 F.3d 1080 (5th Cir. 1996); In re Johnston, 2000 WL 4146 (Tex.App.—Dallas 2000, orig. proceeding).
• Represented a broker-dealer and its employees in state court litigation and a related arbitration proceeding involving an alleged Ponzi scheme.
• Represented an investment bank in a multimillion-dollar arbitration proceeding involving collateralized mortgage obligations (CMOs).
• Represented a leading investment bank in multiple arbitration proceedings involving high net worth investors.
• Represented a national wireless telecommunications company in a $100 million AAA arbitration proceeding.
• Represented numerous investment banks and broker-dealers in securities and commodities arbitration proceedings before FINRA, the New York Stock Exchange, the American Stock Exchange, the National Futures Association, and the National Association of Securities Dealers.

Bar Admissions

Education
JD, SMU Dedman School of Law, magna cum laude, Valedictorian, Law Review, Order of the Coif, 1990BA, Baylor University, cum laude, Phi Beta Kappa, National Merit Scholar, 1987

• The Dodd-Frank Earthquake, Texas Lawyer
• The Dodd-Frank Act, Texas Lawyer
• Securities Litigation in The Trump Era — Now What?, Texas Lawyer
• Securities Law: Fraud on the Market, Texas Lawyer
• The Changing Landscape of Securities and M&A Litigation, Inside the Minds: New Developments in Securities Litigation—Leading Lawyers on Adapting to Trends in Securities Litigation and Regulatory Enforcement
• U.S. Supreme Court to Review Fifth Circuit’s Controversial Loss Causation Rules for Securities Class Actions, Compliance Week
• Recent Developments in Securities and M&A Litigation, Inside the Minds: New Developments in Securities Litigation—Leading Lawyers on Adapting to Trends in Securities Litigation and Regulatory Enforcement
• AK Migration: Federal District Court Says "No" to Forum Selection Bylaws
• Securities Litigation E-Alert: The SEC, Insider Trading, and Dallas Sports
• Second Circuit Expands the Scope of SEC Aiding and Abetting Claims
• Supreme Court to Address Fraud-on-the-Market Presumption in Federal Securities Class Actions
• U.S. Supreme Court Limits Scope of Primary Liability Under Federal Securities Laws
• U.S. Supreme Court Issues Two Important Securities-Law Opinions
• AK Migration: Supreme Court Unanimously Rejects Fifth Circuit’s Loss Causation Standard
• U.S. Supreme Court Grants Certiorari to Address Federal Preemption of State-Law Securities Claims