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Cheryl L. Haas Partner

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Atlanta T +1 404 443 5726 F fax +1 404 443 5777
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Cheryl is go-to litigation counsel for Fortune 100 companies, investment companies and advisers, broker-dealers and private individuals in high-stakes disputes in federal and state courts and a variety of arbitration forums as well as before the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority and state securities regulators across the United States.

She is known for her comprehensive understanding of her clients’ business and ability to help them achieve their goals by developing creative legal solutions – often while also avoiding regulatory scrutiny.

In addition to her commercial litigation practice, where she is ranked by Legal 500, Cheryl is ranked by Chambers USA in its Financial Services Regulation: Broker Dealer (Enforcement), Nationwide, and Litigation: Securities, Georgia, sections. She represents broker-dealer and investment advisors in securities enforcement matters and in public and private investigations. She monitors regulatory developments, advises clients on compliance matters and conducts internal investigations. In addition, she represents companies involved in regulatory investigations concerning alleged securities or accounting fraud, Ponzi schemes, insider trading, privacy, supervision and other issues.

Recognized for her acumen and leadership by the firm, Cheryl is the former chair of both its Financial Services Litigation and Complex Commercial Litigation Departments. Before joining McGuireWoods, Cheryl was a partner in an Am Law 100 law firm. She also handled securities and complex commercial litigation for a major New York firm, and clerked for then-U.S. District Judge David G. Trager of the Eastern District of New York.

“Understanding my clients’ business and helping them achieve their goals by developing creative legal solutions – often while also appeasing regulators – has been both incredibly challenging and incredibly rewarding.”

Experience

CIVIL LITIGATION

  • Defended Fortune 100 financial services company which served as lender of Paycheck Protection Program, defeating plaintiffs’ attempt to create an MDL and dismissing eight purported class actions filed around the country by “agents” claiming lender owed them fees.
  • Won summary judgment for Fortune 100 financial services company in case alleging fraud and negligence against firm and financial advisor.
  • Defeated summary judgment and achieved a favorable settlement for a financial services company that brought an action for negligence against a bank in federal court in New Jersey.
  • Defeated class certification of a financial services company in a California state action alleging negligent misrepresentation, among other things.
  • Defend broker-dealers in numerous customer arbitrations related to claims of unsuitable sales.

SECURITIES ENFORCEMENT

  • Represent a dually-registered firm in an SEC investigation into alleged reverse churning, considering proper supervision and compliance with Regulation Best Interest when clients are in fee- based programs with few transactions.
  • Represent a broker-dealer in FINRA’s review of the firm’s compliance with collecting and supervising communications held on personal devices.
  • Represent broker-dealers in FINRA’s review of compliance with firm obligations to produce and update responses in both regulatory inquiries and in discovery of FINRA arbitrations.
  • Represent a broker-dealer in response to multiple regulatory inquiry into failure to supervise and maintain proper record-keeping of a financial advisor at an independent branch.
  • Represented four senior executives in connection with an SEC investigation for failure to supervise a financial advisor, which post-Wells submission, was closed without enforcement action.
  • Represented clients on a variety of SEC and FINRA share class initiatives.
  • Represented a broker-dealer before state regulators and negotiated a settlement in a Ponzi-scheme case that not only avoided any fine or other penalty for the client, but also praised the broker-dealer for its efforts and concern for its clients.
  • Represented a broker dealer in numerous FINRA investigations, proving to regulators that adequate supervision and suitability requirements were in place and providing guidance to the broker-dealer on practice enhancements.
  • Represent broker-dealers in numerous FINRA investigations into the sales of variable annuities, including variable annuity exchanges.
  • Represented a broker-dealer in a FINRA investigation related to an alleged data breach and potential Reg S-P violations, resulting in no action.
  • Represented broker-dealers in FINRA investigations related to document retention practices and responses to regulatory and litigation requests, resulting in no action.
  • Represented broker-dealer and financial advisor in parallel DOJ and FINRA investigation related to alleged fraud, resulting in no action.
  • Represented a broker-dealer in a FINRA investigation related to alleged unsuitable share classes of 529 plans.
  • Represented financial services company in SEC investigation related to alleged Ponzi scheme, resulting in no action.
  • Represented a financial institution in SEC inquiry related to asset-backed securities.
  • Represented insurance company in SEC investigation related to variable annuities.
  • Represented a broker-dealer in a state securities investigation related to bank networking, resulting in favorable settlement.

INTERNAL INVESTIGATIONS

  • Conduct an internal investigation into a fee-based program at a broker-dealer due to allegations of reverse churning by a former employee.
  • Conduct an internal investigation for Fortune 500 company related to various securities fraud allegations by former employee.
  • Conduct an internal review of a broker-dealer’s policy and procedures.
  • Conduct an internal review for a bank related to a Ponzi scheme.

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