Paul A. Reynolds

I provide a strategic, incisive, and pragmatic approach to litigation and counseling; I do not fight every battle just to fight it but, rather, focus tactically on those issues that are truly important to achieving the client’s desired result. This approach, in other words, is intelligently aggressive rather than blindly aggressive; among its many benefits over the ‘scorched earth’ approach are significant cost savings and, ultimately, better results.

Paul Reynolds specializes in securities and complex business litigation. He has substantial experience in the following areas:

Securities class action litigation
Shareholder derivative litigation
Corporate control disputes
FINRA arbitrations and compliance proceedings
Defense of SEC investigations and litigation
Internal corporate investigations
Actions under California Business and Professions Code section 17200
Consumer class actions
Civil RICO litigation
Business litigation of many other varieties including contract and business tort claims, trade secret claims, claims involving franchise laws, and claims involving insurance and insurance brokers

He has litigated in trial and appellate courts throughout California and the United States. Many of his cases have resulted in published opinions, including the California Supreme Court's important opinion on shareholder derivative standing, Grossett v. Wenaas, 42 Cal. 4th 1100 (2008), where he was the primary author of the prevailing parties' briefs. He was previously a partner at DLA Piper and its predecessor, Gray Cary Ware & Friedenrich.

Since joining Solomon Ward in 2009, matters he has handled, as lead or co-lead counsel, include:

Represented a publicly traded company in two FINRA arbitration proceedings concerning nearly $100 million in frozen auction rate securities. Both proceedings settled favorably during their respective hearings.
Represented a New York investment banker and broker-dealer in shareholder derivative action brought on behalf of then-publicly traded company which, following its bankruptcy, converted to a direct action by bankruptcy trustee.
Represented high-profile individual in SEC insider trading investigation.
Represented multiple registered representatives and broker-dealers in FINRA inquiries and investigations.
Represented nationwide merchant funder in class action lawsuit claiming that its purchases of future credit card receivables were disguised loans subject to usury laws.
Represented publicly traded company in consumer class action under California Business and Professions Code section 17200 arising out of allegedly misleading designation of origin of consumer product.
Represented high net-worth investors in multi-million dollar FINRA arbitration arising out of flawed options trading strategy.
Represented the national association of franchisees of major fast food franchise in two separate class action lawsuits concerning franchisee rights under their franchise agreements.
Represented partner of large Japanese conglomerate in lawsuit seeking sums owed client arising out of merger and acquisition activity between conglomerate and another company that was facilitated by client.
Represented successor in interest to claims of bankrupt formerly publicly traded company in action alleging RICO and breach of fiduciary duty claims against former officers, directors, and advisors.
Represented issuer of securities in state court action brought by investor alleging claims of fraud and failure to qualify under the California securities laws.

Noteworth Experience

Securities and Related Litigation

Represented numerous defendant public companies and their officers and directors in federal securities fraud class actions under both the '33 and '34 Acts, in trial courts and courts of appeal; also represented several plaintiff public and private companies in '34 Act securities fraud claims arising out of their acquisitions of other companies.
Represented numerous public companies and their officers and directors in shareholder derivative actions, often arising out of allegations in parallel federal securities fraud actions, in trial courts and courts of appeal.
Represented public companies and officers/directors in actions alleging breach of fiduciary duties in connection with approving mergers and in other merger-related contexts.
Represented public companies and directors/officers in SEC regulatory investigations and related proceedings, including in civil litigation against the SEC.
Represented numerous broker/dealers and their representatives, as well as investors, in FINRA arbitration proceedings.

Unfair Business Practices Litigation and Other Consumer Class Actions

Represented numerous public and private companies in defending class action, quasi-class action, and individual claims arising under California Business and Professions Code section 17200 and the California Consumer Legal Remedies Act and analogous laws of other states, including in coordinated statewide proceedings and federal Multi-District Litigation proceedings, as well as in multiple arbitral fora.
Represented numerous public and private companies in consumer class action litigations concerning, among other various topics, franchise claims, claims of deception, claims involving allegedly excessive late fees, insurance-related claims, tobacco claims, and the like.

Other Complex Business Litigation

Represent public and private companies and individuals in a wide array of contract and business tort litigations, both as defendants and plaintiffs, including interference, royalty, finder's fee, unfair competition, indemnity, partnership disputes and dissolutions, franchise disputes, etc.
Represent public and private companies and individuals in litigation, including injunctive relief proceedings, concerning alleged misappropriation of trade secrets.
Represent insurance companies and brokers in a variety of contract and tort litigations, including coverage matters and insurance broker malpractice claims.
Represent large law firms and other clients in complex malpractice and malicious prosecution actions.

Practice Areas

Securities Litigation and Arbitrations
Business Litigation
Corporate and Business Law
Class Actions and Unfair Competition

Education

California Western School of Law, summa cum laude, J.D. 1995, valedictorian, first in class, full academic scholarship; served on Law Review Executive Board; member of National Moot Court Team
University of Arizona, B.A. 1991.

Professional Affiliations and Admissions

Member of the California State Bar Association
Member of the San Diego County Bar Association
Member of the Federal Bar Association
Association of Business Trial Lawyers
American Inns of Court, Chapter No. 9, Louis M. Welsh Chapter

Published Opinions

Osher v. JNI Corp., 256 F. Supp. 2d 1145 (S.D. Cal. 2003), dismissing complaint; 302 F. Supp. 2d 1145 (S.D. Cal. 2003), dismissing complaint; 308 F. Supp. 2d 1168, (S.D. Cal. 2004), dismissing complaint with prejudice, aff'd in part rev'd in part, 2006 WL 1307902 (9th Cir. May 12, 2006), affirming dismissal; remanding for further analysis on whether leave to amend should be granted; Slip Opinion (S.D. Cal. Aug. 24, 2006), reaffirming denial of leave to amend, not appealed.
In re REMEC, Inc. Sec. Litig., 388 F. Supp. 2d 1170 (S.D. Cal. 2005), dismissing complaint; 4156 F. Supp. 2d 1106 (S.D. Cal. 2006), dismissing complaint.
Grossett v. Wenaas, 35 Cal. Rptr. 3d 58 (Cal. Ct. App. 2005), dismissing derivative claim for lack of standing, aff'd, 42 Cal. 4th 1100 (2008), Supreme Court opinion establishing that "continuous ownership rule" in shareholder derivative actions applies under California law.
In re NextCard, Inc. Sec. Litig., 2003 WL 23142199 (N.D. Cal. Sept. 17, 2003); 2006 WL 708663 (N.D. Cal. March 20 2006).
Miller v. NTN Communications, Inc., 1999 WL 817217 (S.D. Cal. May 21, 1999).
ASI Acquisition, LLC v. Rayman, 2002 WL 335311 (N.D. Ill. Feb. 28, 2002); Sauder v. Rayman, 800 So. 2d 355 (Fl. Ct. App. 2001).
National Franchisee Association v. Burger King Corp., 715 F. Supp. 2d 1232 (S.D. Fla. 2010) (first decision to recognize associational standing for franchisee association).

Media Appearances

In-studio panelist on KPBS's These Days discussing proposed reforms to federal class action rules and procedures
Interviewed by California Lawyer magazine concerning perceived abuses of California Business and Professions Code section 17200, et seq.

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