About David C. Bohan
When facing high-stakes civil litigation, enforcement actions and government investigations, major players in the financial markets turn to David Bohan for his deep understanding of the highly regulated environment in which they operate. David pairs his knowledge of derivative products and exchange and over-the-counter markets with the experience of a seasoned litigator who has successfully defended financial firms and their employees in numerous federal district and appellate courts and administrative and regulatory tribunals. He began his career as an Assistant US Attorney specializing in financial fraud and other white-collar crimes and has focused his practice on the financial services sector ever since.
Advocacy powered by industry knowledge
David has represented a wide range of market participants and financial services providers, including investment banks, securities and commodities brokerage firms, proprietary trading firms and securities exchanges. He represents them in private civil litigation, enforcement actions, administrative proceedings and regulatory investigations. Many of his victories have come in cases alleging securities fraud, market manipulation and breach of statutory, regulatory and common law duties. David has also first-chaired the defense of antitrust, RICO and intellectual property disputes.
David knows his clients' businesses, and the regulations that govern them, in depth. He has spent most of his career focusing on financial markets, derivative instruments and other complex traded products, trading strategies and market structure. That background allows him to craft effective arguments regarding the application of financial and state laws and regulations to his clients' businesses. David also assists corporate boards and special committees in conducting internal investigations.
To his industry knowledge, David adds decades of experience in the courtroom. He has tried dozens of cases to judgment or verdict, has appeared in federal and state courts throughout the country and has argued in several federal circuit courts of appeal.
- Defense of federal class actions and other large-scale federal civil litigation
- Enforcement actions and administrative proceedings brought by the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), and registered securities and commodities exchanges
- Government investigations, including investigations by the Department of Justice and state attorneys general
- Internal investigations for boards of directors and special board committees
Private civil litigation
- Represented wholesale market maker and dark pool operator in putative class action challenging retail broker's order-routing practices and receipt of payment for order flow. Case was dismissed with prejudice and the dismissal was affirmed by the US Court of Appeals for the Ninth Circuit.
- Represented broker-dealer and dark pool operator in consolidated class litigation alleging violations of Section 10(b) and Rule 10b-5 in connection with the broker-dealer's handling of customer order flow. Case was dismissed voluntarily.
- Ongoing representation of international investment bank in consolidated antitrust litigation alleging industry-wide conspiracy to restrain anonymous trading of interest rate swaps on registered swap execution facilities.
- Represented international investment bank in consolidated antitrust litigation brought by putative class of institutional investors alleging industry-wide conspiracy to prevent credit default swaps from trading on electronic exchanges; case was settled.
- Ongoing representation of international investment bank in action by chapter 11 trustee of mortgage originator and securitizer seeking to unwind payments to the debtor's repo counterparties and to recover damages for alleged breach of contract and improper liquidation of collateral.
- Represented executing broker in action by introducing broker alleging breach of contract, breach of fiduciary duty, fraud, unjust enrichment and other common law claims arising from failed options commission-sharing agreement. Case was dismissed with prejudice and the dismissal was summarily affirmed by the US Court of Appeals for the Second Circuit.
- Represented prime brokerage firm in action by hedge fund alleging violations of Section 10(b) of the Exchange Act, SEC margin disclosure rules and the common law. Case was dismissed with prejudice and the dismissal was affirmed by the US Court of Appeals for the Second Circuit.
- Represented registered market maker firm in action by hedge fund alleging mispricing of index options. Case was dismissed and no appeal was taken.
- Represented international investment bank in action alleging improper refusal to transfer funds in client firm's UK trading account. Case was dismissed voluntarily following district court's denial of exchange dealer's emergency motion for temporary restraining order and other preliminary injunctive relief.
- Represented prime brokerage firm in FINRA arbitration proceeding brought by hedge funds alleging improper forced liquidation of short put and call positions.
- Represented registered national securities exchange in action by professional options trading firms alleging violations of Section 10(b) and Rule 10b-5, Section 1 of the Sherman Act, and the common law, in connection with exchange's handling of firm's high-frequency orders to buy and sell options and arbitrage between market centers. Case against our client was dismissed with prejudice and no appeal was taken.
- Represented multiple options market makers in a putative class action alleging violations of Section 10(b) and Rule 10b-5 in connection with dividend capture strategy executed at PHLX options exchange. Case was dismissed with prejudice and the dismissal was affirmed on appeal to the Third Circuit.
Public regulatory administrative and enforcement proceedings
- Represented registered broker-dealer in SEC investigation into the firm's operation of registered dark pool, development and marketing of unique order types and related issues. Matter was settled without any admission of liability or undertakings.
- Represented exchange member in enforcement action alleging disruptive trading practices resulting in price cascade in silver futures contracts. Final judgment was entered in favor of our client following trial before a hearing panel of the exchange's Business Conduct Committee. No appeal was taken.
Non-public regulatory investigations
- Represented international investment bank in CFTC investigation into refinancing of public company's debt, subsequent credit event and settlement of related credit default swaps. Matter was closed without action.
- Represented wholesale broker-dealer in NYAG investigation into the routing and execution of customer orders and related issues. Matter was closed without action.
- Represented registered swaps dealer in CFTC investigation into end-of-day prices reported to swaps clearinghouse and unwinding of "firm trades." Matter was closed without action.
- Represented structurer of synthetic CDOs in SEC investigation into transfer pricing of certain collateral. Matter was closed without as to our client.
- Represented international investment bank's global head of Business Unit Control in SEC investigation into timing and adequacy of bank's writedown of CDO portfolio. Matter was closed without action.
- Represented options clearing firm's compliance officer in SEC investigation into firm's surveillance of Reg SHO violations by registered market makers. Matter was closed without action against our client.
June 11, 2019
January 24, 2019
June 14, 2018
January 25, 2018
May 31, 2017
January 13, 2017
June 17, 2016
April 21, 2016
January 8, 2016
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The SEC's Heightened Scrutiny of Broker-Dealer Municipal Securities Underwriting and Public Entity Sales PracticesFebruary 29, 2012
November 18, 2008
Presentations and Events
October 27, 2016
October 6, 2015
October 16, 2014