Robert Reznick

Senior Counsel

Washington, D.C.


Read full biography at www.orrick.com

Rob Reznick is a Senior Counsel in the firm’s Complex Litigation & Dispute Resolution group, focusing on the defense of industry-wide federal and state statutory claims brought against parties in multiple jurisdictions.

He currently is national coordinating counsel for a major oil company in connection with its climate change litigation. He previously served as co-lead counsel to a major international pharmaceutical manufacturer in the defense of nationwide litigation challenging industry pricing practices.

Rob’s experience includes extensive work in antitrust and False Claims Act cases, claims alleging fraud, and agency enforcement actions. His pharmaceutical industry activities include service as outside counsel to and Corporate Secretary of the Pharmaceutical Security Institute, Inc., the industry’s not-for-profit trade organization dedicated to the fight against pharmaceutical counterfeiting.

He is Managing Editor of The World in U.S. Courts, Orrick’s quarterly review of court decisions addressing personal jurisdiction over non-U.S. parties and the extraterritorial application of U.S. law to global business and cross-border activities.

Rob also served two terms on the District of Columbia Bar’s Pro Bono standing committee. Before joining Orrick, he was a partner in Hughes Hubbard & Reed LLP and Clifford & Warnke, in Washington, D.C.

Posts by: Robert Reznick

Second Circuit Ruling Creates Challenge for Securities Class Action Plaintiffs

The Second Circuit recently considered the extraterritorial application of the U.S. securities laws in the private securities class action context, bringing some clarity to an area of the law that is increasingly important given the globalization of financial markets.

In re Petrobras Securities, 862 F.3d 250 (2nd Cir. 2017), was an appeal of a class certification order in a securities class action related to an alleged multi-year money-laundering and kickback scheme involving Petróleo Brasileiro S.A. (“Petrobras”), the Brazilian state-owned oil and gas company. The district court had certified two classes of investors who purchased Petrobras American Depository Shares (ADS) and debt securities, and who brought misrepresentation claims under the Securities Act of 1933 and the Securities Exchange Act of 1934 against Petrobras, its subsidiaries, and its underwriters. Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), held that the anti-fraud provisions of the securities laws have no extraterritorial effect, and as a consequence apply only to transactions in securities that occur on a U.S.-based exchange or that are otherwise “domestic.” Petrobras ADS shares satisfied the first requirement, but the company’s debt securities are traded over-the-counter, not on a U.S. exchange. Prior decisions had limited “domestic” transactions to ones where (1) the purchaser “incurred irrevocable liability within the United States to take and pay for a security . . . or to deliver a security” or (2) “legal title to the security . . . transferred in the United States” (see, e.g., Absolute Activist Value Master Fund Ltd. v. Ficeto, 677 F.3d 60, 68 (2d Cir. 2012)), but how this test implicated the standards for class certification was not clear. READ MORE