Peter A. Wald

Peter has extensive experience representing corporations and their officers and directors, financial services, professional services, and accounting firms in financial fraud cases. Select matters include:

Trials and Injunctions

• Prevailed at trial for Larry Ellison, founder, Chairman and CTO of Oracle Corporation, and Safra Catz, Oracle’s CEO, in a shareholder derivative suit alleging that defendants breached their fiduciary duties and committed fraud by causing Oracle to overpay in its US$9.3 billion 2016 acquisition of NetSuite. The case was one of the largest acquisitions ever to face stockholder challenge through trial in the Delaware Court of Chancery. Following a two-week trial (2022), the court ruled in favor of Ellison and Catz on all claims. On appeal, the Delaware Supreme Court unanimously affirmed the Court of Chancery’s ruling (2025). Recognized by The American Lawyer's "Litigator of the Week" column following both the trial court (2022) and Supreme Court (2025) victories.    
• Won a complete defense jury verdict on behalf of NextGen Healthcare in the first U.S. holder’s claim to be tried over the past 90 years. Named by the Daily Journal as a Top Defense Verdict and by The American Lawyer as Litigator of the Week. (2021) 
• Groundbreaking defense of Allergan in a US$53 billion hostile takeover attempt by Valeant Pharmaceuticals International and Pershing Square Capital Management that convinced the court to endorse a legal rule impacting future takeover battles. The transaction was named The American Lawyer’s Global M&A Deal of the Year: US and Law360 named Peter as a Securities MVP. (2015)
• Secured a defense verdict for Ernst & Young following a three-week federal court jury trial in a securities fraud class action involving Clarent Corporation – only the third such case to reach a verdict under the PSLRA. Named by The Daily Journal as Defense Verdict of the Year. (2005)
• Secured an US$18.5 million federal court jury verdict (including US$9 million in punitive damages) plus US$6 million in attorneys’ fees on behalf of Tyco Electronics against a former electronics distributor for theft of trade secrets and interference with contract and successfully defended the distributor’s US$1 billion monopolization claim. Secured affirmance by the 9th Circuit. (2003)
• Successfully defended PriceWaterhouse against professional malpractice and breach of contract claims brought by its audit client, the City of San Jose. Following a seven-month federal court trial during which the plaintiff sought US$54 million in damages, the jury returned a verdict against PriceWaterhouse for $517,000. On appeal to the 9th Circuit, the award was reduced to US$72,000. (1993)
• Secured a complete defense verdict for Sperry Corporation following a six-week federal court jury trial on breach of contract and theft of trade secrets claims. (1985)

Arbitrations

• Secured a net recovery of US$65 million on behalf of claimant utilities in an ICC arbitration against Mitsubishi Heavy Industries relating to the manufacture of defective nuclear steam generators. (2016)
• Successfully defended a national accounting firm against claims of professional malpractice and aiding and abetting breaches of fiduciary duty in a US$1.6 billion lawsuit. Following a two-week hearing but before any award was rendered, Claimant settled the case for a nominal payment. (2011)
• Successfully defended a national accounting firm against claims of professional malpractice, breach of contract, and negligent misrepresentation in a US$300 million lawsuit. Following a three-week hearing, the panel rendered a defense award. (2010)
• Successfully defended a national accounting firm against claims of professional malpractice and breach of contract in a US$500 million lawsuit. Following an eight-day hearing, the panel rendered a defense award. (2008)
• Successfully represented Chevron Technologies Ventures in an arbitration with its joint venture partner concerning the funding and future of Cobasys, at that time the sole US manufacturer of hybrid car batteries. (2008)
• Successfully defended a national accounting firm against claims of malpractice and breach of contract in a US$300 million lawsuit. Following a two-week hearing, the panel rendered a defense award. (2007)
• Successfully defended a national accounting firm against claims of malpractice and breach of contract in a US$75 million lawsuit. Following a three-week hearing, the panel rendered a defense award. (2006)
• Successfully defended a national professional services firm against claims of malpractice and breach of contract in a US$30 million lawsuit. Following a three-week hearing, the panel rendered a defense award. (2006)
• Successfully defended a national grocery chain in a five-week arbitration with a warehouse logistics operator over claims to reimbursement for certain costs. (2002)
• Successfully defended a professional services firm against claims of malpractice and breach of contract in a US$300 million lawsuit arising from the implementation of an Enterprise Resource Planning (ERP) software platform. Following a three-week hearing, the panel rendered a defense award. (2001)
• Successfully defended a national accounting firm against claims of fraud, malpractice, and breach of contract in a US$200 million lawsuit. Following a two week hearing, the panel rendered a defense award. (2001)

Motions for Summary Judgment

• Secured summary judgment for Larry Ellison and Oracle in a US$3 billion securities fraud class action, and secured affirmance by the 9th Circuit. (2010)
• Secured summary judgment for John Wren and Omnicom in a US$3 billion securities fraud class action, and secured affirmance by the 2nd Circuit. (2010)
• Secured summary judgment for Ernst & Young in a US$2 billion securities fraud class action relating to Williams Communications. (2007)

Dismissals

• Secured dismissal of a US$2 billion securities fraud class action against Weatherford International and certain individuals alleging defendants’ misrepresentations concerning the Company’s debt, its plan for addressing that debt, and its plan to seek chapter 11 bankruptcy protection. (2021)
• Secured dismissal of a securities fraud class action against Walmart, Walmex, and certain individuals alleging their failure to disclose bribery activities in Mexico, and secured affirmance by the 2nd Circuit. (2018)
• Secured dismissal of an action brought by Fannie Mae shareholders against Deloitte & Touche relating to alleged defective audit work. (2017)
• Secured dismissal of a securities fraud class action against Alphatec, and secured affirmance by the 9th Circuit. Named by The Daily Journal as a Top Defense Verdict. (2015)
• Secured dismissal of a securities fraud class action against Gold Resources, and secured affirmance by the 10th Circuit. (2015)
• Secured dismissal of a securities fraud class action against Stereotaxis. (2014)
• Secured dismissal of a securities fraud class action against United Western Bancorp, and secured affirmance by the 10th Circuit. (2014)
• Secured dismissal of a securities fraud class action against Ubiquiti Networks, and secured partial affirmance by the 9th Circuit. (2014)
• Secured dismissal of a securities fraud class action against Ernst & Young stemming from the collapse of IndyMac Bank. (2014)
• Secured dismissal of a securities fraud class action against JP Morgan Securities, Goldman Sachs, Deutsche Bank Securities, and RBC Capital Markets Corporation relating to Motricity. (2013) 
• Secured dismissal of a securities fraud class action against Deloitte & Touche arising from the failure of First Regional Bank, and secured affirmance by the 9th Circuit. (2012)
• Secured dismissal of all Section 11 and most Section 10(b) claims against Ernst & Young arising from the collapse of Lehman Brothers. (2011)
• Secured dismissal of a securities fraud class action against Deloitte & Touche arising from the failure of Franklin Bank, and secured affirmance by the 5th Circuit. (2011)
• Secured dismissal of a securities fraud class action against The9 (Chinese licensor of multiplayer online video game “World of Warcraft"). (2011)
• Secured dismissal of a securities fraud class action against Ernst & Young stemming from the Refco fraud. (2009)
• Secured dismissal of federal and state court complaints alleging civil RICO violations against The London Pacific Group arising from its management of a high-yield investment portfolio and recovered attorneys’ fees in both proceedings. (1998) 

Settlements

• Represented Omnicom Group Inc., its board of directors, and fiduciaries of its employee retirement plans in a class-action lawsuit alleging that defendants violated their fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”) by investing plan assets in actively managed funds, funds that allegedly underperformed certain benchmarks, and funds that allegedly charged excessive fees. (2023) 
• Represented Navient Corporation, a successor to Sallie Mae and the nation’s largest servicer of student loans, and certain individuals in two securities fraud class actions covering different class periods and pending in different federal district courts. (2022) 
• Represented Nissan Motor Co., Ltd. and certain individuals in a securities fraud class action alleging that Nissan failed to disclose millions of dollars in executive compensation paid to Carlos Ghosn, Nissan’s former CEO and Chairman. (2022)
• Represented TechnipFMC plc, a UK-based global oil and gas company, and certain individuals in a securities fraud class action arising from the Company’s restatement of its financial statements due to alleged errors in accounting for temporary gains and losses on naturally hedged currency positions. (2021)
• Represented Daimler AG and certain individuals in a securities fraud class action alleging misrepresentations regarding the Company’s compliance with diesel emissions regulations. (2020)
• Represented Walmart Stores and certain individuals in a securities fraud class action alleging the failure to disclose alleged bribery activities in Mexico. (2019)
• Represented Deloitte & Touche LLP in a securities fraud class action and five separate “mass actions” alleging that Deloitte “participated in or materially aided” certain securities sales by Oregon-based Aequitas Capital Management, in violation of Oregon Securities Laws. (2019)
• Represented Deloitte & Touche against allegations of professional negligence made by the Department of Justice and Department of Housing and Urban Development arising from the failure of mortgage originator Taylor, Bean, and Whitaker. (2017)
• Represented Deloitte & Touche against a professional negligence claim brought by Freddie Mac arising from the failure of mortgage originator Taylor, Bean and Whitaker. (2016)
• Represented certain officers and directors of Frontier Financial Corporation and its banking subsidiary, Frontier Bank, in a breach of fiduciary duty case brought by the FDIC following the bank’s failure. (2016)
• Represented a Swedish refrigerator manufacturer in products liability class actions brought in California and Florida federal courts. Secured transfer of the California case to Florida, where the case was dismissed under favorable 11th Circuit law. (2015)
• Represented OSI Systems and certain individuals in a securities fraud class action and related derivative lawsuits related to airport screening devices. (2015)
• Represented Questcor and certain individuals in a securities fraud class action. (2015)
• Represented Bernard Duroc-Danner and Weatherford International in securities fraud class actions related to the Company’s restatement of certain financial statements due to tax accounting errors. (2015)
• Represented Medicis Pharmaceutical and its board of directors in litigation seeking to enjoin a US$2.6 billion merger. (2014)
• Represented Quest Software and its board of directors in litigation seeking to enjoin a US$2.4 billion “go-private” transaction. (2013)
• Represented SLM, the world’s largest student lending company, in a securities fraud class action. (2012)
• Represented Deloitte & Touche in a securities fraud class action stemming from the failure of Washington Mutual, Inc., the largest bank failure in United States history. (2011)
• Represented Arthur Andersen in various civil and regulatory proceedings arising out of Enron Corporation’s collapse. (2010)
• Represented the officers and directors of Power Integrations in stock options backdating litigation. (2008)