David Fry retired from Munger, Tolles & Olson’s litigation department in May 2023.
Mr. Fry's practice focused on securities litigation. He represented issuers, officers and directors, underwriters, financial advisors and law firms in securities fraud and corporate governance class actions in both federal and state courts, as well as in securities arbitrations and governmental investigations. Mr. Fry also represented special committees and special litigation committees of boards of directors and conducted internal investigations.
Mr. Fry had an active pro bono practice. In conjunction with several public interest groups, Mr. Fry led a team of Munger Tolles lawyers that obtained a $700 million settlement from the Social Security Administration for a class of people who were wrongfully denied government benefits. The firm was one of five awarded the National Law Journal’s 2009 Pro Bono Award for its work on the case and Mr. Fry received the Wiley W. Manuel Award for Pro Bono Services from the State Bar of California.
Mr. Fry was a former Ninth Circuit Lawyer Representative for the Northern District of California, a former president of the Northern District of California chapter of the Federal Bar Association, the past president and a member of the board of directors of the Giffords Law Center to Prevent Gun Violence, and a member of the board of directors of the Justice in Aging. Mr. Fry also served on the Northern District of California’s Standing Committee on Professional Conduct.
Mr. Fry served as a lecturer in media law at the University of California at Berkeley School of Law in the 1998-1999 and 2000-2001 academic years.
Experience
Key Representations
- Wells Fargo Bank in:
- class action litigation and various other matters relating to allegedly improper sales practices; and
- a class action concerning more than 50 residential mortgage-backed securities (RMBS) offerings.
- Bank of America in:
- successfully resolving, as lead litigation counsel, a $10 billion lawsuit brought by American International Group (AIG) claiming Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors; and
- a variety of breach of contract matters relating to RMBS.
- A former executive of SunEdison in various class actions and other securities litigation relating to an initial public offering and a preferred stock offering.
- Avalanche Biotechnologies in securities litigation relating to its initial public offering.
- A group of lenders in litigation arising from the Thomas Petters Ponzi scheme.
- Wachovia Securities in:
- multiple actions, as lead litigation counsel, brought by the National Credit Union Administration as liquidator of failed credit unions; and
- bondholder litigation relating to a defunct beverage concern.
- Other financial institutions concerning threatened securities litigation relating to RMBS transactions.
- Financial institutions concerning federal and state regulatory investigations concerning RMBS issuance and sales.
- General Reinsurance in connection with the AIG securities litigation.
- Merrill Lynch & Co. in a securities class action challenging mutual fund fees.
- A special committee of the board of directors of a NASDAQ-listed technology company as lead counsel in connection with an investigation of stock option granting practices.
- Microsoft in connection with shareholder class action and derivative litigation in the Delaware Chancery Court.
- Edison International in securities class action litigation arising out of the California energy crisis.
- UBS as lead trial counsel in successfully defending the company in a securities arbitration involving multi-million dollar claims.
Education
-
Yale Law School (J.D., 1996)
-
Pomona College (B.A., cum laude, 1991)
Clerkships
- Judge Vaughn R. Walker, U.S. District Court, Northern District of California, 1996-1997
Experience
Key Representations
- Wells Fargo Bank in:
- class action litigation and various other matters relating to allegedly improper sales practices; and
- a class action concerning more than 50 residential mortgage-backed securities (RMBS) offerings.
- Bank of America in:
- successfully resolving, as lead litigation counsel, a $10 billion lawsuit brought by American International Group (AIG) claiming Bank of America and its Merrill Lynch and Countrywide Financial units misrepresented the quality of the mortgages placed in securities and sold to investors; and
- a variety of breach of contract matters relating to RMBS.
- A former executive of SunEdison in various class actions and other securities litigation relating to an initial public offering and a preferred stock offering.
- Avalanche Biotechnologies in securities litigation relating to its initial public offering.
- A group of lenders in litigation arising from the Thomas Petters Ponzi scheme.
- Wachovia Securities in:
- multiple actions, as lead litigation counsel, brought by the National Credit Union Administration as liquidator of failed credit unions; and
- bondholder litigation relating to a defunct beverage concern.
- Other financial institutions concerning threatened securities litigation relating to RMBS transactions.
- Financial institutions concerning federal and state regulatory investigations concerning RMBS issuance and sales.
- General Reinsurance in connection with the AIG securities litigation.
- Merrill Lynch & Co. in a securities class action challenging mutual fund fees.
- A special committee of the board of directors of a NASDAQ-listed technology company as lead counsel in connection with an investigation of stock option granting practices.
- Microsoft in connection with shareholder class action and derivative litigation in the Delaware Chancery Court.
- Edison International in securities class action litigation arising out of the California energy crisis.
- UBS as lead trial counsel in successfully defending the company in a securities arbitration involving multi-million dollar claims.
Education
-
Yale Law School (J.D., 1996)
-
Pomona College (B.A., cum laude, 1991)
Clerkships
- Judge Vaughn R. Walker, U.S. District Court, Northern District of California, 1996-1997