David Fry's practice focuses on securities litigation. Mr. Fry has 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 has also represented special committees and special litigation committees of boards of directors and conducted internal investigations.
Over the past several years, Mr. Fry has represented several major financial institutions in litigation, investigations, and pre-litigation counseling relating to residential mortgage-backed securities, including:
- Serving as lead litigation counsel to Wells Fargo Bank in a class action concerning over 50 RMBS offerings.
- Serving as lead litigation counsel to Bank of America in successfully resolving 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.
- Serving as lead litigation counsel to Wachovia Securities in multiple actions brought by the National Credit Union Administration as liquidator of failed credit unions.
- Advising other financial institutions concerning threatened securities litigation relating to RMBS transactions.
- Representing Bank of America Corporation in connection with a variety of breach of contract matters relating to RMBS.
- Advising financial institutions concerning federal and state regulatory investigations concerning RMBS issuance and sales.
In addition to these mortgage-related matters, Mr. Fry’s practice has included:
- Representing Wells Fargo Bank, N.A. in various matters relating to allegedly improper sales practices.
- Representing a group of lenders in litigation arising from the Thomas Petters Ponzi scheme.
- Representing General Reinsurance Corp. in connection with the American International Group, Inc. Securities Litigation.
- Representing Wachovia Securities in bondholder litigation relating to a defunct beverage concern.
- Representing Merrill Lynch & Co. in a securities class action challenging mutual fund fees.
- Serving as lead counsel for a special committee of the board of directors of a NASDAQ-listed technology company in connection with an investigation of stock option granting practices.
- Representing Microsoft in connection with shareholder class action and derivative litigation in the Delaware Chancery Court.
- Representing Edison International in securities class action litigation arising out of the California energy crisis. As lead trial counsel, successfully defending UBS in a securities arbitration involving multi-million dollar claims.
Mr. Fry has 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 is 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 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 National Senior Citizens Law Center. Mr. Fry also serves 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.