Tom serves as Managing Partner of the Nashville Office and Vice-Chair of Litigation for the firm. His practice focuses on securities, corporate and intellectual property disputes. His securities litigation experience covers multi-district mutual-fund class-actions to state-court jury trials on derivatives contracts, constitutional challenges to municipal securities rules to customer arbitrations. Tom’s IP litigation experience includes music copyright litigation over several multi-platinum rock and hip-hop albums, product-configuration trademark, and software interface infringement.
Tom is licensed to practice in Tennessee, Louisiana and Texas. He is admitted before all United States District Courts in Tennessee and Louisiana, the Southern District of Texas, and the United States Courts of Appeals for the Fourth, Fifth, Sixth and Ninth Circuits.
Tom speaks and writes frequently on his interests. Tom recently spoke on New Issues in FINRA, SEC and State Examinations and Enforcement Proceedings at the 2010 Southern Regional Meeting of the National Society of Compliance Professionals in Atlanta, GA. He spoke on pay-to-play issues for broker-dealers at the 2009 National meeting of the National Society of Compliance Professionals in Philadelphia, PA. He recently authored, What the SEC Learned From the Coast Guard: Red Flags Command Attention, Compel Action, Practical Compliance & Risk Management For the Securities Industry at 5 (July-Aug. 2008).
Tom has been recognized in The Best Lawyers in America for six consecutive years in the area of Business/Commercial Litigation, and was recognized in Louisiana Super Lawyers 2007. Tom is on the Advisory Board of the RICO Law Reporter and is a certified arbitrator and panel chairman for FINRA Dispute Resolution. He is a member of the Tennessee, Louisiana and Texas State Bar Associations, the American Bar Association, the Securities Industry and Financial Markets Association, the National Society of Compliance Professionals and the International Trademark Association.
Summary judgment dismissing music copyright-infringement suit over reggaetton hit, Gasolina. Mills v. Ayala, No. 2:08-cv-05168 (USDC, E.D. La. Mar. 5, 2010).
Defended broker-dealer and MFP against NASD charges they had engaged in 21 prohibited municipal securities transactions totaling $1.1 billion. Termed by The Bond Buyer “the largest involving G-37 ever brought by the NASD,” the case involved issues of first impression on the relation of MSRB’s “pay to play” prohibition in Rule G37 to elected officials serving on Louisiana’s Bond Commission, which oversees municipal-bond issues throughout the state. NASD’s Enforcement Division sought over $2.3 million in fines and a 2-year suspension from all municipal bond business in the state. The SEC reversed NASD’s National Adjudicatory Council and rejected the G37 charges entirely, but fined the BD $20,000 for “good faith, but erroneous” record-keeping and reporting violations. Dept. of Enforcement v. Sisung Securities Corp., No. C05030036-AWH (NASD Office of Hearing Officers, Nov. 19, 2004), aff’d and rev’d in part, (NASD National Adjudicatory Council, Aug. 28, 2006), aff’d and vacated in part, ‘34 Act Rel. No. 56741 (SEC Nov. 5, 2007). See MSRB Press Release (Nov. 5, 2007); SEC Overturns Findings on Pay-to-Play by Louisiana Bond Dealer, Bloomberg (Nov. 5, 2007); SEC Partly Overturns NASD In Louisiana Muni-Bond Case, Dow Jones Newswires (Nov. 6, 2007); SEC Reverses Part of NASD’s G-37 Ruling, 362 The Bond Buyer 1 (Nov. 6, 2007); MSRB to Weigh Tightening Pay-to-Play Rule After SEC Raises Matter in Ruling on Appeal, 39 Sec. Reg. L. Rep. 1735 (Nov. 12, 2007); MSRB Notice 2008-12 (Mar. 4, 2008); MSRB Sticks by Rule G-37 in Wake of SEC Decision on Sisung, 363 The Bond Buyer 4 (Mar. 5, 2008); MSRB Won’t Change Political Payment Rule? Compliance Reporter at 3 (Mar. 10, 2008).
Summary judgment dismissing fraud and unsuitability action by multiple purchasers of variable annuities. Greening v. Western Reserve Life Assurance CCo. of Ohio, No. 3:05-cv-01328-FJP (USDC, M.D. La., July 20, 2006).
Dismissal of $1.3 Million (plus punitive damages and fees) action for unsuitability, misrepresentation, negligence, fraud in NYSE arbitration against broker-dealer brought by widow and her charitable remainder trust. Doris Eakes Family L.P. et al. v. Legg Mason Wood Walker, Inc., et al., No. 2005-016004 (NYSE — heard at Charlotte, NC - May 24, 2006), op. at http://www.nyse.com/arbitration/1152612415519.html .
Dismissal of claims against broker-dealer in investor securities and shareholder-derivative class-actions in multi-district litigation over mutual-fund timing and late-trading. In re Mutual Fund Investment Litig., 384 F. Supp. 2d 845 (D. Md. Aug. 23, 2005)(Investor Class Op.) and 384 F. Supp. 2d 873 (D. Md. Aug. 23, 2005)(Fund Derivative Op.)(MDL-1586)(and subsequent mem ops applying rulings to sub-tracks). See also 2005 U.S. Dist. LEXIS 3464 (D. Md. Mar. 3, 2005).
Dismissal of claims against record labels and national distribution company in multimillion-dollar music infringement case. Burkitt v. Flawless Records, Inc., et al., 2005 U.S. Dist. LEXIS 11986, No. 03-2483(I)(5)(USDC - E.D. La. June 13, 2005).
Denial of class certification in shareholder action over merger of software company. Galjour v. Bank One Equity Investors-Bidco, Inc., et al., No. 2004-6553(J)(Civil Dist. Ct, Parish of Orleans, LA May 27, 2005), aff’d, No. 2005-CA-1360, 2006 La. App. LEXIS 1468 (La. App. 4th Cir., June 21, 2006).
Dismissal of a securities-fraud mass action, in which an issuer alleged over 100 broker-dealers and financial institutions engaged in a short-sale market-manipulation scheme in connection with the “death spiral” convertible debenture financing of JAGNotes.com. JAG Media Holdings, Inc. v. A.G. Edwards & Sons, Inc., et al., No. H-02-2867 (USDC - S.D. Tex. Sept. 6, 2004).
Defense jury verdict dismissing all claims in $39MM music copyright-infringement action against record label and international distribution company. Positive Black Talk, Inc., et al. v. Cash Money Records, Inc., et al., No. 02-0425(A)(2)(USDC - E.D. La., May 19, 2003), aff’d, 394 F. 3d 357 (5th Cir. 2004). See also “Hook, Line & Singer,” Texas Lawyer at 5 (Jan. 24, 2005).
Dismissal of ‘33 Act ?11 putative class action against lead underwriters. Kapps v. Torch Offshore, Inc., et al., No. 02-582(F)(USDC - E.D. La., Dec. 19, 2002), aff’d, 379 F. 3d 207, Fed. Sec. L. Rep (CCH) 92,873 (5th Cir. 2004).
Defending a brokerage firm and its officer against fraud and fraudulent-conveyance claims about a reverse repurchase transaction to provide bridge financing for the LBO acquisition of a company subsequently looted by its purchasers. In re Hamilton-Taft & Co. (Wyle v. Howard Weil, Labouisse, Friedrichs, Inc.), 176 Bankr. 895 (Bankr., N.D. Cal. 1995)(granting summary judgment for defendants), aff’d, 196 Bankr. 532 (N.D. Cal. 1995), aff’d, 114 F. 3d 991, [Current] Bankr. L. Rep. (CCH) 77,405, 30 Bankr. Ct. Dec. 1236 (9th Cir. 1997)(No. 95-17058).