Tom Kidera, a partner 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 matters representing issuers and mortgage loan servicers in an array of litigations from securities fraud and loan repurchase disputes to ERISA and consumer class actions, also consulting and advising on the interpretation of securitization documents and servicer events of default. In addition, Tom has significant internal investigation experience, representing the Big Four (member firms and individual auditors) in several regulatory investigations and proceedings initiated by the SEC and the PCAOB.
Tom 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.
Tom maintains an active pro bono practice representing U.S. veterans seeking discharge
status upgrades and is active in firm recruiting efforts, serving on the hiring and
summer program committees in New York. He was a summer associate in the firm’s New York office in 2009.
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