Alan Ira Raylesberg

Of Counsel
Norton Rose Fulbright US LLP

New York
United States
T:+1 212 408 5198
New York
United States
T:+1 212 408 5198
Alan Ira Raylesberg

Alan Ira Raylesberg

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Biography

Alan Raylesberg has extensive experience in commercial litigation matters of all kinds, with a number of sub-specialties, including securities litigation and accountants’ liability. Mr. Raylesberg also has a practice in alternative dispute resolution, including serving as a mediator in a broad variety of commercial disputes. Mr. Raylesberg has handled lawsuits, including both trials and appeals, in federal and state courts in New York and elsewhere, as well as numerous arbitrations. Mr. Raylesberg has been involved in cases covering a wide range of substantive areas, including securities fraud, accountants’ liability, banking, RICO claims, cases alleging breaches of fiduciary duty, employment discrimination and other employment related claims, real estate, tax, fidelity bond claims and other insurance matters. He has also had extensive experience defending both individuals and entities in white-collar criminal matters and in regulatory proceedings before the Securities and Exchange Commission, New York Stock Exchange and other agencies.

Mr. Raylesberg is recognized as one of The Best Lawyers in America® in the areas of commercial, securities and regulatory enforcement litigation. Client feedback in Best Lawyers includes comments that Mr. Raylesberg is a "superb lawyer" with "great oral advocacy skills" and "an adept counselor possessed with mature judgment" who is "without peer in working through difficult legal/business issues." Clients also praise Mr. Raylesberg's "technical expertise, experience, attentive service, effective communications and skillful negotiating."


Professional experience

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JD, cum laude, Editor, Boston University Law Review, Boston University School of Law, 1975
BA, New York University, 1972

  • New York State Bar
  • Representation of an accounting firm in a Rule 10b-5 securities fraud class action (D. N.J.) arising out of the sale of IPO shares in a computer software company. 
  • Representation of an accounting firm in claim by bankruptcy trustee and others (E.D. N.Y.) relating to alleged accounting fraud perpetrated by directors and officers of a public company. 
  • Representation of an investment bank in a Rule 10b-5 securities fraud class action (D. Fla.) arising out of the sale of interests in a portfolio of sub-prime automobile loan receivables. 
  • Representation of a hedge fund in a Section 16(b) "short swing profits" action (D. Del.) involving derivative securities. 
  • Representation of an accounting firm in a class and shareholder derivative action (Sup. Ct. N.Y. Co.) alleging corporate waste, mismanagement and improper financial reporting. 
  • Representation of an accounting firm in a Rule 10b-5 securities fraud action (S.D. N.Y.) arising out of the accountants’ role assisting in the acquiring company’s "due diligence" of the target company. 
  • Representation of an accounting firm in a class action securities fraud case (S.D. N.Y.) arising out of allegations of improper revenue recognition by a public company. 
  • Representation of an accounting firm in a Rule 10b-5 securities fraud action (S.D. N.Y.) arising out of the firm’s issuance of a fairness opinion. 
  • Representation of an accounting firm in connection with malpractice action (Sup. Ct. Kings Co.) relating to audit of a health care facility. 
  • Representation of an accounting firm in a New Jersey state court accountants’ malpractice action. 
  • Representation of an accounting firm in connection with state and federal securities fraud actions, including class action, involving a physician practice management business. 
  • Representation of a major accounting firm in an action for aiding and abetting breach of fiduciary duty (Sup. Ct. N.Y. Co.). 
  • Representation of a sub-prime mortgage loan originator in a federal court action (S.D. N.Y.) brought against it by the purchaser of a loan portfolio. 
  • Representation of an investment advisor in a suit alleging theft of trade secrets (Sup. Ct. N.Y. Co.). 
  • Representation of a well known hedge fund manager in claims against the securities exchange (D. Ill.). 
  • Representation of a mid-size brokerage firm in a series of arbitrations brought by other brokerage firms who purchased securities from the client as part of what turned out to be a Ponzi scheme (NASD, NYSE). 
  • Representation of a mid-size brokerage firm in a securities fraud action (D. Mass.) that resulted in summary judgment in the client’s favor and the establishment of a "new" law on the issue of "reasonable reliance" (Kennedy v. Josephthal). 
  • Representation of a mid-size brokerage firm in a securities fraud action (D. Mass.) that resulted in dismissal in the client’s favor and the establishment of a "new" law on the issue of "inquiry notice for statute of limitations purposes. 
  • Representation of a manufacturer of computer printers (a subsidiary of a Fortune 500 company) in a multimillion dollar contractual dispute brought by a purchaser of printers (AAA). 
  • Representation of a national food services company in litigation (Sup. Ct. N.Y. Co.) with a national movie theatre chain arising out of a contractual dispute relating to its movie theatre concession business. 
  • Representation of a Fortune 500 manufacturing company in various tax litigations, including litigation of unitary tax issues in Illinois, New Hampshire, California and Maryland. 
  • Representation of a major investment bank in an SEC enforcement action (NY) involving tender offer practices. 
  • Representation of numerous individuals and entities in various Securities and Exchange Commission (SEC), New York Stock Exchange (NYSE), NASD and Commodity Futures Trading Commission (CFTC) proceedings. 
  • Representation of an NYSE floor broker on a successful appeal to the SEC reversing NYSE suspension of the broker. 
  • Representation of numerous individuals and entities in various white-collar criminal proceedings, including representation of defendants in the Abscam investigations, U.S. v. Scotto, labor racketeering cases and tax fraud cases. 
  • Representation of a major investment bank (Drexel Burnham Lambert) in a US$500 million fidelity bond claim against numerous insurance companies arising out of the activities of Michael Milken and Dennis Levine (Sup. Ct. N.Y. Co., S.D. N.Y.). 
  • Representation of a Fortune 500 company in a fidelity bond claim against an insurance company arising out of the theft of computer memory "SIMMS" in Scotland (Super. Ct. N.J.). 
  • Representation of a major financial services company in connection with "business interruption" insurance claims arising out of the September 11 attack. 
  • Representation of a midsize brokerage firm in a fidelity bond claim and claims against the securities exchange resulting from trading losses. 
  • Representation of various brokerage firms in securities arbitrations involving customer claims of all kinds, including churning, suitability and breach of fiduciary duty. 
  • Representation of a midsize brokerage firm in an employment discrimination claim based on "disability" (NYSE). 
  • On behalf of a midsize brokerage firm, obtained a decision from the New York State Appellate Division, in a case of first impression, holding that state law disability discrimination claims are arbitrable. 
  • On behalf of a New York investment advisor, obtained a decision in a case of first impression before the New York Supreme Court Appellate Division First Department that the failure of a purported limited partnership to file its certificate of limited partnership rendered it nonexistent, and thus without capacity to sue for damages relating to the breach of a contract entered into by such a non-existent entity. 
  • Representation of an accounting firm in a commercial lease dispute (Sup. Ct. N.Y. Co.). 
  • Representation of a major insurance company in a commercial lease dispute (Sup. Ct. N.Y. Co.). 
  • Representation of a subsidiary of a publicly held health services company (nursing home chain) in a complex commercial lease dispute (Super. Ct. N.J.). 
  • Representation of a major insurance company in a fraud action (S.D. N.Y.) involving denial of no-fault insurance benefits to medical providers. 
  • Representation of a major insurance company in a class action brought on behalf of a person seeking no fault benefits from insurance companies (Sup. Ct. Bronx. Co. and App. Div. 1st Dept.). 
  • Representation of a major insurance company in a libel and unfair business practices action arising out of the denial of health insurance claims. 
  • Representation of a major mutual fund management company in an action (S.D. N.Y.) for excessive advisory fees under the Investment Company Act. 
  • Representation of a major mutual fund management company in an action (S.D. N.Y.) arising out of a breach of agreement concerning the sale of a business. 
  • Representation of a hedge fund manager in state and federal court actions alleging breach of fiduciary duty and other misconduct (S.D. N.Y., Sup. Ct. N.Y. Co., Del Ch. Ct.). 
  • Representation of a real estate investor in a multimillion dollar dispute with the IRS concerning the special estate tax lien (D. N.J.) (Tax Court). 
  • Representation of a British company in a fraud action brought against the company and individual officers, relating to major environmental clean-up costs and corporate looting (D. Idaho). 
  • Representation of various clients in trademark infringement matters of various kinds, including relating to the use of Internet domain names.
  • The Best Lawyers in America, commercial, securities and regulatory enforcement litigation, Best Lawyers, 2010 - 2021
  • Best Lawyers - Commercial Litigation, Best Lawyers, 2022
  • Best Lawyers - Litigation – Securities, Best Lawyers, 2022
  • Legal Elite Litigation List, AVENUE magazine, 2017
  • New York Metro Super Lawyers, securities and business litigation, Thomson Reuters, 2006 - 2020
  • Peer review rating of "AV" - the highest legal ability and ethical standards ratings accorded to lawyers in the publication, Martindale-Hubbell
  • Leading Lawyer, commercial litigation and securities, Benchmark: Litigation, Euromoney PLC
  • Who’s Who in the World, Marquis
  • Who’s Who in America, Marquis
  • Who’s Who in American Law, Marquis
  • Who’s Who in Finance and Industry, Marquis
  • Humanitarian Award, Award of Courage Corporation at its annual dinner benefiting the Memorial Sloan-Kettering Cancer Center in New York, 2006
  • "Project Finance and Infrastructure," Chapter 146, Business and Commercial Litigation in Federal Courts, Fourth Edition (Robert L. Haig ed.) West & ABA, 2017
  • "Supreme Court Limits—But Does Not Foreclose—Section 11 Liability for Statements of Opinion, Leaving Investors With a Steep Climb," Client alert, March 30, 2015
  • "Notes from the Bench," Capital Markets NewsWire, Winter 2014
  • "United States v. Newman: Second Circuit Sets Limits With Respect to Insider Trading Liability," March 2015
  • "Case Evaluation," Chapter 5, Commercial Litigation in New York State Courts, Fourth Edition (Robert L. Haig ed.), West & NYCLA, 2015
  • "Supreme Court Reaffirms Basic’s Fraud-on-the-Market Presumption, but Holds Defendants Can Challenge Price Impact of Misrepresentations Prior to Certifying a Securities Fraud Class Action," Client alert, July 8, 2014
  • "Appeals Court Dismisses Fraudulent Inducement Suit Due to Lack of Justifiable Reliance on Misrepresentations," Financial Services Litigation NewsWire, July 2013
  • "Ten Years After Andersen’s Demise: The State Of Accountants’ Liability Issues," INSIDE Public Accounting, June 2012
  • "Project Finance and Infrastructure," Chapter 124, Business and Commercial Litigation in Federal Courts, Third Edition (Robert L. Haig ed.), West & ABA, 2011
  • "NY Court: Investors Cannot Pursue Fraud Claims Against Accounting Firm For Purely Derivative Damages," VCExperts, October 29, 2010
  • "New York’s Top Court Endorses Broad Scope For In Pari Delicto Defense When Outside Professionals Are Sued In Connection With Corporate Frauds," Client alert, October 25, 2010
  • "New York’s Top Court Affirms That Hedge Fund Investors Cannot Pursue Fraud Claims Against Accounting Firm For Purely Derivative Damages," Client alert, July 13, 2010
  • "New Rules Limit Circumstances Under Which Inadvertent Disclosure Waives Attorney-Client Privilege," Client alert, October 2, 2008
  • "DOJ Revises Guidelines to Limit Demands that Corporations Waive Attorney-Client Privilege or Not Advance Employees’ Legal Fees as a Condition of 'Cooperating' with a Government Investigation," Client alert, September 8, 2008
  • "Responding to Auditors Without Waiving Attorney Work-Product Protection," Law.com, American Lawyer Media, July 14, 2008
  • "US Supreme Court Significantly Expands Discretion of District Courts under Sentencing Guidelines," Client alert, December 18, 2007
  • "Tellabs Decision Should Reduce Frivolous Fraud Suits," Securities Law360, July 5, 2007
  • "Second Circuit Holds That Mere Auditor 'Review' Of Quarterly Financials Will Not Give Rise To Liability Under The Federal Securities Laws," Client alert, March 14, 2007
  • "Second Circuit Confirms That Auditors Can Have A 'Duty To Correct' Their Own Prior Misstatements Under The Federal Securities Laws," Client alert, March 6, 2007
  • Securities Litigation and Enforcement NewsWire, October 2005
  • Securities Litigation and Enforcement NewsWire, April 2005
  • "Chapter 5: Case Evaluation," Commercial Litigation in New York State Courts, Second Edition (Robert L. Haig ed.), West & NYCLA, 2005
  • "Once the Cat is Out of the Bag: Whether the Doctrine of Selective Waiver Applies to Preserve Privilege When Information is Voluntarily Disclosed to the SEC or Other Government Agencies," The Journal of Investment Compliance Fall 2003
  • "Amgen and the Demise of Fraud on the Market," 2013 Professional Risk Preferred Securities Panel Counsel Meeting, Philadelphia, PA, June 5, 2013
  • "Pleadings," New York State Bar Association's Commercial Litigation Academy, New York, NY, October 18, 2012
  • "Advice from the Experts: Successful Strategies for Winning Commercial Cases in New York State Courts," New York County Lawyers' Association, New York, NY, May 4, 2012
  • "Case Evaluation for In-House Counsel: Developing the Appropriate Strategy," Navigant's New York Corporate Counsel Roundtable Series, New York, NY, June 9, 2011
  • "Pleadings," New York State Bar Association's Commercial Litigation Academy, New York, NY, May 5, 2011
  • "What You and Your Company Need to Know About D & O Insurance Policies," New York, NY, June 23, 2009
  • "A Day in the Life of an E-Discovery Case," T3 Trial Tactics & Technology Conference, New York, NY, November 27-28, 2007
  • "Touro Law School Presentation, Case Evaluation," Central Islip, NY, August 23, 2007
  • "Ethical Considerations of an In-House Lawyer," Securities Industry Association Legal and Compliance Division Conference, Hollywood, FL, March 2006
  • "The Do's and Don'ts of Internal Investigations," Gateway to Opportunities Compliance/Ethics Marathon, New York, NY, June 27, 2005
  • "Internal Investigations," Securities Industry Association Legal and Compliance Division Conference, April 2003
  • Member, The Association of the Bar of the City of New York
  • Member, New York County Lawyers Association, Federal Courts and Appellate Courts Committee
  • Member, American Bar Association
  • Member, Federal Bar Council
  • Member, Securities Industry Association, Legal and Compliance Division
  • Member, New York State Bar Association House of Delegates, 1996 – 2000
  • Chair, Appellate Courts Committee: New York County Lawyers’ Association, 1993 – 1996
  • Board of Directors, New York County Lawyers’ Association, 1995 – 1998, 1999 – 2002
  • Fund for Modern Courts, 1994 – 2015
  • Advisory Group, New York State Supreme Court Commercial Division Advisory Panel to the Chief Administrative Judge on Alternative Dispute Resolution and related issues
  • Panel, CPR International Institute for Conflict Prevention and Resolution, New York City Panel of Distinguished Neutrals
  • Panel of neutrals, New York State Supreme Court, Commercial Division, New York County Mediation and Arbitration Program
  • Member, Lawyers Committee: National Center for State Courts, 2010– 2015
  • Instructor, National Institute of Trial Advocacy Programs
  • Judge, National Moot Court Competition
  • Adjunct instructor, New York Law School, 1980 – 1983