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David C. Bohan

Partner
david.bohan@kattenlaw.com
Chicago Office
p+1.312.902.5566
f+1.312.902.1061
New York Office
p+1.212.940.8920
Overview

David C. Bohan is co-head of Katten's Financial Services Litigation practice and concentrates his practice in complex civil litigation, enforcement actions, administrative proceedings and governmental investigations involving the financial services industry. David has represented investment banks, broker-dealers, futures commission merchants, proprietary trading firms, mortgage lenders, securities exchanges and other market participants in a variety of federal court litigation, regulatory investigations and SRO arbitrations. He has also represented officers, directors and issuers in shareholder class actions, derivative suits and SEC investigations. A former federal prosecutor, David has conducted or participated in numerous internal corporate investigations on behalf of corporate boards and special committees.

David also represents clients in other complex litigation, including antitrust, RICO and intellectual property disputes. He has handled matters arising out of failed mergers, acquisitions, divestitures and other sophisticated financial and commercial transactions and business dissolutions. David has tried dozens of cases to judgment or verdict in state and federal courts across the country and has argued numerous appeals in the Circuit Courts of Appeal.

Upon graduation from law school, David accepted a judicial clerkship with US District Judge John F. Grady in the Northern District of Illinois. Following his clerkship, he served for five years as an Assistant US Attorney, investigating and prosecuting a wide variety of federal criminal matters, including cases involving commodities fraud, bank fraud, tax fraud and other financial crimes. He is admitted to practice in Illinois and New York and appears frequently in federal and state courts and before regulatory authorities in both jurisdictions.

Shown below is a selection of David’s engagements.

Experience
Private Civil Litigation
  • Ongoing representation of wholesale market maker and dark pool operator in putative class action challenging retail broker's order-routing practices and receipt of payment for order flow. Case was dismissed with prejudice and is now on appeal in the US Court of Appeals for the Ninth Circuit.
  • Ongoing representation of mortgage originator and RMBS sponsor in Illinois Attorney General's investigation into marketing of private-label RMBS.
  • Representation of broker-dealer and dark pool operator in consolidated class litigation alleging violations of Section 10(b) and Rule 10b-5 in connection with the broker-dealer's handling of customer order flow. Case was dismissed voluntarily.
  • Ongoing representation of international investment bank in consolidated antitrust litigation alleging industry-wide conspiracy to restrain anonymous trading of interest rate swaps on registered swap execution facilities.
  • Representation of international investment bank in consolidated antitrust litigation brought by putative class of institutional investors alleging industry-wide conspiracy to prevent credit default swaps from trading on electronic exchanges; case was settled.
  • Ongoing representation of international investment bank in action brought by special-purpose affiliates of German bank alleging fraud and other common law claims arising out of structuring and marketing of synthetic CDOs. Case was dismissed with prejudice, reversed and remanded, and is now in discovery.
  • Ongoing representation of large investment bank in action by chapter 11 trustee of mortgage originator and securitizer seeking to unwind payments to the debtor's repo counterparties and to recover damages for alleged breach of contract and improper liquidation of collateral.
  • Ongoing representation of large institutional shareholder of public company in actions by litigation trustee and individual creditors seeking to undo debtor's pre-petition transfers to shareholders pursuant to company's ill-fated LBO.
  • Successful representation of executing broker in action by introducing broker alleging breach of contract, breach of fiduciary duty, fraud, unjust enrichment and other common law claims arising from failed options commission-sharing agreement. Case was dismissed with prejudice and the dismissal was summarily affirmed by the US Court of Appeals for the Second Circuit (2014).
  • Successful representation of prime brokerage firm in action by hedge fund alleging violations of Section 10(b) of the Exchange Act, SEC margin disclosure rules and the common law. Case was dismissed with prejudice and the dismissal was affirmed by the US Court of Appeals for the Second Circuit.
  • Successful representation of large reverse mortgage lender in civil rights class action alleging predatory lending and reversing redlining in issuance of loans to borrowers on South and West sides of Chicago. Case was settled on a class-wide basis on highly favorable terms.
  • Successful representation of registered market maker firm in action by hedge fund alleging mispricing of index options during 2010 "flash crash." Case was dismissed and no appeal was taken.
  • Successful representation of international investment bank in action alleging improper refusal to transfer funds in client firm's UK trading account. Case was dismissed voluntarily following district court's denial of exchange dealer's emergency motion for temporary restraining order and other preliminary injunctive relief.
  • Successful representation of prime brokerage firm in FINRA arbitration proceeding brought by hedge funds alleging improper forced liquidation of short put and call positions during market upheaval in October 2008. Favorable settlement was reached on eve of trial.
  • Successful representation of registered national securities exchange in action by professional options trading firms alleging violations of Section 10(b) and Rule 10b-5, Section 1 of the Sherman Act, and the common law, in connection with exchange's handling of firm's high-frequency orders to buy and sell options and arbitrage between market centers. Case against Katten's client was dismissed with prejudice.
  • Ongoing representation of a financial institution in action by local government seeking damages for lost property tax revenue and increased costs alleged to arise from discriminatory lending practices and related high foreclosure rates in certain minority neighborhoods.
  • Ongoing representation of multiple options market makers in a putative class action alleging violations of Section 10(b) and Rule 10b-5 in connection with dividend capture strategy executed at PHLX options exchange. The US District Court for the Eastern District of Pennsylvania dismissed the case, finding there was no proof of unlawful conduct. Rabin v. John Doe Makers, et al.
Public Regulatory Administrative and Enforcement Proceedings
  • Successful representation of proprietary trading firm in enforcement proceeding arising out of exchange investigation into compliance with SEC market access rules. Matter was settled.
  • Successful representation of registered broker-dealer in SEC investigation into the firm's operation of broker-dealer's dark pool, development and marketing of unique order types and related issues. Matter was settled without any admission of liability or undertakings.
  • Successful representation of exchange member in enforcement action alleging disruptive trading practices resulting in price cascade in silver futures contracts. Final judgment was entered in favor of firm's client following trial before a hearing panel of the exchange's Business Conduct Committee. No appeal was taken.
  • Ongoing representation of exchange market maker and proprietary trading firm in enforcement action alleging failure to register proprietary traders.
  • Ongoing representation of exchange market maker and affiliated floor broker in enforcement actions by registered options exchange alleging violations of order book priority rules.
Non-Public Regulatory Investigations
  • Ongoing representation of investment bank in CFTC investigation into refinancing of public company's debt, subsequent credit event and settlement of related credit default swaps.
  • Ongoing representation of wholesale broker-dealer in NYAG investigation into the routing and execution of customer orders and related issues.
  • Ongoing representation of sponsor and underwriter of CMBS in NYAG investigation into credit ratings assigned to certain CMBS tranches.
  • Successful representation of registered swaps dealer in CFTC investigation into end-of-day prices reported to swaps clearinghouse and unwinding of "firm trades." Matter was closed without action.
  • Successful representation of a structurer of synthetic CDOs in SEC investigation into transfer pricing of certain collateral. Matter was closed without action against Katten's client.
  • Successful representation of an investment bank's global head of Business Unit Control in SEC investigation into timing and adequacy of bank's disclosure of mark-to-market losses on CDO portfolio. Matter was closed without action against Katten's client.
  • Successful representation of an options clearing firm's compliance officer in SEC investigation into firm's surveillance of Reg SHO violations by registered market makers. Matter was closed without action against Katten's client.

Recognition

Super Lawyers, 2007–2018
Legal 500, 2016–2018
David C. Bohan

Education

  • JD, Harvard Law School, cum laude
  • BA, Northwestern University, with distinction

Bar Admissions

  • Illinois
  • New York

Court Admissions

  • US Court of Appeals, Tenth Circuit
  • US Court of Appeals, Ninth Circuit
  • US Court of Appeals, Eighth Circuit
  • US Court of Appeals, Seventh Circuit
  • US Court of Appeals, Third Circuit
  • US Court of Appeals, Second Circuit
  • US Tax Court
  • US District Court, Northern District of Illinois
  • US District Court, Southern District of New York
  • US District Court, District of Arizona
  • US District Court, Western District of Wisconsin

Recognition

Super Lawyers
2007–2018
Legal 500
2016–2018
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