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Steven L. Bashwiner was recognized in the 2010 and 2011 editions of Benchmark: America’s Leading Litigation Firms and Attorneys published by Institutional Investor, as a “Litigation Star,” for his representation of clients like American Airlines and Morgan Stanley. He has also been recognized in Illinois Super Lawyers (2007–2012) for his expertise in securities litigation. He is a Director of the Constitutional Rights Foundation Chicago and a Director of the Seventh Circuit Bar Association Foundation. He is currently listed in Who’s Who in America, Who’s Who in the World and Who’s Who in American Law.
Steven Bashwiner’s practice focuses on complex litigation and arbitration with an emphasis on class actions and complex commercial disputes. Included among Mr. Bashwiner’s extensive trial and arbitration experience are the following cases:
- He was senior trial counsel for Morgan Stanley in litigation in federal court in Chicago, Illinois, in which plaintiffs asserted claims of securities violations arising out of options trading on the Chicago Board Options Exchange, Amex, Philadelphia and Pacific Stock Exchanges. Morgan Stanley was dismissed as a defendant.
- He is senior trial counsel for American Airlines in qui tam litigation in the Circuit Court of Cook County, Illinois.
- He was senior trial counsel for Morgan Stanley & Co., Inc., Banc of America Securities LLC, and Credit Suisse First Boston in the CMS Energy class action securities litigation pending in the federal court in the Eastern District of Michigan. Plaintiffs' claims against these Underwriters were dismissed with prejudice.
- He was senior trial counsel for Morgan Stanley in a complicated arbitration proceeding before the NASD that questioned the fairness and suitability of an investment strategy involving derivative instruments. After an eight day hearing, the NASD panel ruled in favor of Morgan Stanley and the individual account representative on all issues. The claimant was awarded zero of the $10 million claimed. LMP v. Morgan Stanley & Company, Inc, et al., NASD No. 00-01449.
- He was senior trial counsel for Fruit of the Loom and certain of its officers and directors in two separate class action securities cases relating to the reorganization of Fruit of the Loom and the transfer of its production operations offshore during the 1990's. The District Court in Bowling Green, Kentucky dismissed a companion derivative case as to all defendants. Case settled. New England Health Care Employees Pension Fund v. Fruit of the Loom, et al., 1:98 CV 99M; Fidel, et al. v. Farley, et al., 1:00V-48-M.
- He was lead trial counsel for American Airlines in a lengthy bench trial arising out of the bankruptcy of Midway Airlines that resulted in a complete victory for American Airlines as to all issues in the case. In re Midway Airlines, 221 B.R. 411 (1998).
- He was senior trial counsel for Motorola/General Instrument Corporation in class action securities litigation in the federal courts in Chicago and Philadelphia arising out of General Instrument’s development of sophisticated technology for utilization in cable television. In re General Instrument Corporation Securities Litigation, 96 C 1129. Case settled prior to trial.
- He was senior trial counsel for the outside directors of State Farm Mutual Automobile Insurance Company in derivative litigation arising out of State Farm’s non-OEM parts and "peace of mind" programs. The case was dismissed prior to trial. Nemeth, et al. v. Rust, et al., 99 CH 18498.
- He was lead trial counsel for the outside directors of Dayton Power & Light Company in complex securities and derivative litigation raising issues under Sarbanes/Oxley, the Private Securities Litigation Reform Act, the Securities Litigation Uniform Standards Act and Ohio common law. The first case, In re DPL, Inc. Securities Litigation, No. C-3-02-355, settled prior to trial. The second case, DPL v. Forster, et al., settled after a several week jury trial.
- He was lead trial counsel for Balcor Film Investors, Lehman Brothers, Inc. and American Express Company in class action securities litigation arising out of the sale of limited partnership interests in a partnership formed to distribute movies. That representation resulted in the termination of all federal claims against all defendants. Eckstein v. Balcor Film Investors. 8 F.3d 1121 (7th Cir. 1993); 58 F.3d 1162 (7th Cir. 1995).
- He was lead trial counsel for Ball Corporation in an arbitration tried before the International Chamber of Commerce. The claimant, Onex Corporation, was represented by Cravath, Swaine & Moore, and sought in excess of $45 million in a dispute over the value of preference shares in a Canadian corporation. After an evidentiary hearing, the Panel on August 3, 1995 ruled in favor of Ball on all issues. Onex Corporation v. Ball Corporation, Arbitration before the International Chamber of Commerce (1995).
- He was lead trial counsel for the officers and directors of Information Resources, Inc. in a seven week class action fraud on the market jury trial that involved allegations of insider trading and securities manipulation. The jury returned a verdict in favor of all defendants which was affirmed on appeal. Grassi v. Information Resources, 63 F.3d 596 (7th Cir. 1995).
Steven Bashwiner received an A.B. Degree from Holy Cross College in 1963 and a law degree from the University of Chicago in 1966. He is a member of the bar of the U.S. District Court for the Northern and Central Districts of Illinois, the Eastern District of Wisconsin, the Eastern District of Michigan, the Northern District of California, the Fourth Circuit, the Seventh Circuit, and the U.S. Supreme Court. He is a member of the Federal Trial Bar and Chair of the Administration of Justice Committee of the Seventh Circuit Bar Association.
News & Publications
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October 2010
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Firm News
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October 7, 2009
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Firm News
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August 20, 2008
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Firm News
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Education
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A.B., Holy Cross College, 1963
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J.D., University of Chicago Law School, 1966
Court Admissions
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U.S. Supreme Court
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U.S. Court of Appeals, 4th Circuit
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U.S. Court of Appeals, 7th Circuit
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U.S. District Court, Northern District of Illinois
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U.S. District Court, Central District of Illinois
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U.S. District Court, Eastern District of Wisconsin
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U.S. District Court, Eastern District of Michigan
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U.S. District Court, Northern District of California
Memberships
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Federal Trial Bar, N.D. Ill.
- American Bar Association
- Chicago Bar Association
- Chicago Inns of Court, President 2004-2005
- Seventh Circuit Bar Association - Chair, Committee on Administration of Justice 2004-Present
- Board of Trustees, Constitutional Rights Foundation of Chicago, 2006-Present
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