Thomas Kidera

Senior Associate

New York

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Tom Kidera, a senior associate in Orrick's New York office, is a member the firm's Complex Litigation and Dispute Resolution group.  He represents auditing firms, financial institutions, and energy and infrastructure companies in complex commercial litigation, internal investigations, and regulatory enforcement actions.

Tom has represented clients in federal appeals court, federal district court, and numerous state courts throughout the United States at every stage of litigation from preliminary investigation through trial and appeals. 

He has substantial experience in RMBS-related litigation representing both issuers and mortgage loan servicers in securities fraud and loan repurchase cases.  He is also a member of the Orrick team representing Hemlock Semiconductor (a leading producer of solar-grade polycrystalline silicon) in commercial proceedings throughout the U.S. and around the globe, and previously represented PriceWaterhouseCoopers LLP in a high-profile jury trial in New York State court.

In addition, Tom has substantial internal investigation experience and has represented the Big Four and individual auditors in several regulatory investigations and proceedings initiated by the SEC and the PCAOB.

Prior to joining Orrick, Thomas served as Special Assistant Corporation Counsel to the City of New York where he represented the City’s construction agencies and authorities.  He was a summer associate in the firm’s New York office in 2009.

Posts by: Thomas Kidera

D.C. Circuit Holds PCAOB Improperly Denied Target of Investigation Access to Expert Assistance

A D.C. Circuit panel unanimously ruled that the Public Company Accounting Oversight Board (“PCAOB”) acted unlawfully by denying former Ernst & Young partner Marc Laccetti his right to bring an accounting expert to an investigative interview. The March 23rd decision in Laccetti v. Securities & Exchange Commission potentially throws the validity of many pending PCAOB investigations into question and provides important procedural rights to the subjects of those investigations.

Laccetti was investigated and sanctioned by the PCAOB in connection with Ernst & Young’s audit of Taro Pharmaceutical Industries, Ltd.’s 2004 financial statements. The PCAOB’s rules provide witnesses interviewed by the PCAOB the right to be represented by counsel. However, the PCAOB had interpreted that rule as limited to lawyers only. Accordingly, when Laccetti was interviewed during the PCAOB’s investigation, the PCAOB permitted Lacetti to be accompanied by an in-house Ernst & Young lawyer but refused his request that an Ernst & Young accounting expert also be present. The PCAOB advised Laccetti that he and his counsel could consult with an expert before or after testifying, but that the presence of any technical expert was “not appropriate” at the interview. Following that interview, in a decision subsequently affirmed by the Securities and Exchange Commission (“SEC”), the PCAOB fined Laccetti $85,000 and suspended him from the accounting profession for two years. READ MORE