How They Won It: Ropes & Gray LLP

Law360, New York (May 11, 2011, 8:14 PM EDT) -- With mutual fund shareholders attacking State Street Corp.’s marketing disclosures, Ropes & Gray LLP’s John Donovan didn’t just parry the plaintiffs' claims but advanced a watershed argument against loss causation, recasting mutual fund liability in securities litigation.

Donovan led a team of five Ropes & Gray lawyers that faced down a putative class action alleging State Street was liable for tens of millions of dollars in investor losses because the prospectus for the mutual fund misrepresented the fund’s subprime exposures.

While Donovan had some success challenging...
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