Sharon L. Nelles

Selected Civil Cases

• Trial counsel for Rocket Companies’ majority shareholder, Rock Holdings, and their founder and Chairman in Delaware insider trading action. Obtained the first-ever victory on price impact in the Sixth Circuit after the Court denied class certification in a related securities fraud and insider trading action.
• Lead and national coordinating counsel for Volkswagen in numerous federal and state actions, including a multidistrict litigation in San Francisco, as well as regulatory investigations, regarding allegations that its diesel vehicles emitted nitrogen oxides in excess of the limits imposed by applicable U.S. law. Advised on the $14.7 billion resolution with the DOJ, FTC and the multi-district consumer plaintiff committee. Also advised Volkswagen on its 3-liter class action and regulatory settlements; dealership settlements; and criminal and FIRREA settlements.

• Trial Counsel for Volkswagen in achieving favorable results after a three-week bench and two-phase jury trial in federal court in San Francisco, California. Following 11 days of trial, the jury rejected bellwether consumers seeking millions of dollars in damages after opting out of the landmark consumer class action settlements arising out of Volkswagen’s sale of diesel cars that violated emissions laws.
• Lead counsel to Moody’s Corporation in achieving a $864 million FIRREA settlement with the DOJ and 21 states regarding Moody’s financial crisis-era ratings of residential mortgage-backed securities and collateralized debt obligations, ending a multi-year government investigation.
• Lead counsel to Moody’s Corporation and its officers and directors in consolidated shareholder class action litigation concerning the company’s rating of mortgage-backed securities. Defeated class certification in trial court and U.S. Court of Appeals and obtained full dismissal on summary judgment in parallel civil litigation. Achieved non-monetary settlement of related derivative litigation.
• Advised JPMorgan Chase through its $13 billion settlement with the DOJ and various government entities bringing claims in the wake of the financial crisis. Served as coordinating counsel, lead counsel and/or settlement counsel to JPMorgan Chase in its defense of dozens of other litigations, including class litigation brought by, among others, investors in residential mortgage-backed securities.
• Represented RPM International Inc. in a disclosure and accounting fraud action filed by the Securities and Exchange Commission in the United States District Court for the District of Columbia in which the Staff challenged the timing of RPM’s accrual under ASC 450 for a contingent legal liability, which concluded in favorable settlement.
• Counsel, coordinating counsel and/or settlement counsel to Microsoft in its defense of hundreds of consumer class actions brought around the country by end-users of Microsoft software and direct purchasers of Microsoft software following the DOJ’s antitrust case United States v. Microsoft.
• Trial counsel for Microsoft in its defense of more than a dozen consumer class actions alleging anti-trust damages and business fraud claims, including a seven-week jury trial in Minneapolis, Minnesota and a sixteen-week jury trial in Des Moines, Iowa. Both cases settled on terms favorable to Microsoft.
• Trial counsel for Microsoft in Novell v. Microsoft, an eight-week jury trial in Salt Lake City. Successfully defended against any award in favor of hometown plaintiff Novell. Obtained post-trial judgment as a matter of law that was unanimously affirmed by the U.S. Court of Appeals.

Selected Investigations Matters

• Representing board of global financial institution in conducting and reporting on internal investigation involving allegations of sexual harassment and other improprieties by a senior executive.
• Representing audit committee of public technology company in investigating and reporting on alleged financial improprieties and CIFIUS violations, including advising on public disclosures, as well as coordination with the SEC and Department of Treasury.
• Representing a major financial services provider in joint company and audit committee investigation of cross-border violation of company sales reporting practices.
• Representing the board of major industrial manufacturer during investigation of high-profile allegations that company was falsely certifying safety compliance to federal regulators.
• Representing multiple financial institutions in multiyear investigations by the SEC and DOJ related to the valuation of mortgage-backed securities and subprime mortgage instruments.
• Representing multiple corporations, including a global software provider and commercial beverage distributor, in DOJ and SEC investigations concerning books and records improprieties and “channel stuffing” allegations.