Billy Marsh

Shareholder and Securities Litigation

• Obtained complete defense verdict denying all claims in arbitration brought by a bankruptcy litigation trustee alleging claims of breach of fiduciary duty and seeking over USD600 million in damages.
• Defended Twitter in shareholder class actions arising from $44 billion acquisition by Elon Musk and secured dismissal of action in Delaware Chancery Court seeking to enjoin the transaction.
• Obtained partial dismissal of securities class action and full dismissal of derivative action filed against an online real estate services company, its directors and officers, and Chamath Palihapitiya, among others, relating to de-SPAC merger between the company and SPAC entity backed by Social Capital.
• Defended a financial services company focused on alternative assets in a securities class action and an adversary proceeding brought by a bankruptcy litigation trustee.
• Defended the directors and officers of Kalera in an adversary proceeding brought by a bankruptcy litigation trustee asserting claims for breach of fiduciary duty.
• Defended Huntsman against parallel putative class actions pending in federal and Texas state court alleging violations of the Securities Act and Exchange Act in connection with two public stock offerings.
• Defense of underwriting syndicate in parallel, putative securities class actions pending in federal court and Pennsylvania state court alleging violations of the Securities Act in connection with multiple public stock offerings.
• Obtained dismissal of securities class action and related derivative actions filed against Tenet Healthcare and its directors and officers, arising from a regulatory proceeding, and successfully defended dismissal of derivative actions on appeal.
• Defended an oilfield services company against securities class actions in Colorado state and federal courts that alleged misstatements in connection with the company’s initial public offering.
• Successfully defended T. Boone Pickens, BP Capital Management, and related defendants in securities case alleging misrepresentations regarding hedge fund strategy.
• Defended consumer finance company and its directors and officers in two securities class actions challenging disclosures related to compliance with the Federal Reserve’s CCAR program and alleged accounting misstatements.
• Obtained dismissal of several shareholder derivative suits filed against the board of directors of AT&T.
• Represented Sanchez Resources, LLC (a privately held oil and gas exploration company) and its president in shareholder derivative litigation before the Delaware Court of Chancery.
• Counsel for Washington Legal Foundation in submission of amicus curiae briefs to Supreme Court of the United States on several significant securities litigation matters, including Macquarie Infrastructure Corp. v. Moab Partners, L. P., 601 U.S. 257 (2024).

Mass Tort and Product Liability Litigation

• Secured dismissal of litigation brought by the State of Maine seeking to hold a global chemical company liable for environmental contamination from per- and polyfluoroalkyl substances (PFAS) throughout the state.
• Defeated class certification in lawsuit alleging claims of breach of contract and fraud against the NFL and the Dallas Cowboys for allegedly not providing prescribed seats to Super Bowl XLV ticketholders. Defeated individual plaintiffs’ fraud claims at jury trial.
• Defeated class action bid for AT&T in a suit brought by property owners alleging that AT&T telephone cable buried underneath their properties were causing contamination.
• Secured dismissal of wrongful death claims brought against Dow allegedly arising from exposure to PFAS.
• Defense of Dow in numerous PFAS-related lawsuits consolidated in the aqueous fire-fighting foam (AFFF) multi-district litigation in South Carolina.
• Defended PolyPipe/Dura-Line, one of the nation’s largest manufacturers of the plastic pipes used by utilities and operators in their natural gas distribution networks, in the investigation and disclosure of a manufacturing issue and in related litigation matters.
• Defended manufacturer of water filtration systems in nationwide consumer class action relating to alleged breaches of warranty and false advertising.
• Served as national coordinating counsel in product liability lawsuits asserted throughout the United States against a major manufacturer of highway products.
• Advised car parts manufacturer on reporting obligations and risks relating to potential product defect.
• Defense of global manufacturing company in a federal class action and numerous state mass actions alleging manufacturing and design defects in domestic plumbing products.
• Representation of publicly traded chemicals company in internal assessment of global use of PFAS and associated risks.
• Representation of mining company in declaratory action regarding requirements for Clean Water Act permit. 

Other Complex Litigation

• Trial counsel for a global media and entertainment company and Simon & Schuster in DOJ action to enjoin $2.2 billion sale of Simon & Schuster to Penguin Random House.
• Trial counsel for The Williams Companies in bankruptcy adversary proceeding to uphold gas gathering agreements involving $895 million in MVC deficiency payments.
• Trial counsel for group of intervening energy companies in bankruptcy adversary proceeding relating to validity of $1.1 billion in payments made pursuant to ERCOT pricing orders during Winter Storm Uri.
• Defense of Foxconn in adversary proceeding seeking up to $1 billion in damages in connection with joint venture with Lordstown Motors and in related appeal to Third Circuit.
• Defended medical billing company in consumer class action alleging statutory and common law claims regarding the company’s billing practices.
• Defended contractors and shipbuilders in putative antitrust class action alleging unlawful agreements not to “poach” employees.
• Defense of medical billing company in consumer class action alleging statutory and common law claims regarding the company’s billing practices.
• Defense of European-based construction and logistics conglomerate and CEO in defamation action brought by short-seller activist.

Government Investigations, Regulatory Counseling, and Compliance

• Internal investigation of alleged misconduct on part of Founder and Chairman of multi-billion dollar private company and provide recommendations on fiduciary duties and corporate governance.
• Internal investigation of alleged accounting fraud involving public company and preparation of report for audit committee regarding findings and disclosure obligations.
• Internal investigation of whistleblower allegations regarding healthcare fraud and advised special committee on findings and recommendations.
• Internal investigation of compliance with FHWA regulations and prepare report and presentation on findings for FHWA.
• Representation of Plastics Executive in Criminal Antitrust Investigation.
• Representation of Financial Services Executives in CFPB Investigation.
• Representation of Fund Manager in SEC Investigation.
• Counseled large industry organization on compliance with FinCEN regulations.
• Counseled government contractor on compliance with gifting and ethics laws.
• Counseled large beverage distributor on antitrust compliance.
• Represented high-level university administrator in connection with internal investigation of admissions fraud and alleged discriminatory practices.