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Firms To Watch: Dispute resolution: Stock market litigation

Dispute resolution: Stock market litigation in France

Pledge avocats

At financial services and corporate firm Pledge avocats, which was launched in 2023, Dominique Stucki is regularly appointed by minority shareholders and investors launching mismanagement and financial communication damage proceedings against listed companies.

Bredin Prat

Bredin Prat is a go-to-firm for leading listed companies facing public takeover litigation, as well as shareholder and governance conflicts. The team is often mandated to act in the market’s most prominent cases in that area, while its range of expertise also extend to AMF and PNF securities investigations, such as insider dealing accusations. Florian Bouaziz and white-collar experts Eric Dezeuze and  Martin Horion are the key names in the team.

Responsables de la pratique:

Didier Martin; Jean-Daniel Bretzner; Florian Bouaziz; Eric Dezeuze; Guillaume Pellegrin; Sébastien Prat; Eve Duminy; Martin Horion; Tom Vauthier


Les références

‘Florian Bouaziz is an excellent strategist with a highly pragmatic approach, and great responsiveness.’

Principaux clients

Altarea


Arverne Group


Danone


Exxon Mobil


Exxon Mobil Corporation


LVMH


Orpea


Principaux dossiers


  • Represented Danone in its defence against claims brought by three NGOs—Surfrider Foundation Europe, Zero Waste France, and ClientEarth—before the Paris Judicial Court.
  • Represented Exxon Mobil France and Exxon Mobil Corporation in connection with a derivative action introduced against them and Esso SAF directors by CIAM FUND, acting on behalf of and for the account of Esso SA.
  • Represented LVMH in the context of the claim brought against it relating to the “disappearance” of Hermès shares held by Nicolas Puech representing 5.7% of the company’s capital.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is geared to handle public M&A, public tender offers, and governance litigation. The firm, which acts for prominent listed companies, manages a prominent caseload in that area. It is also retained by companies and individuals facing AMF proceedings for breaching stock-market rules, notably on the grounds of insider dealing accusations. The practice is co-headed by Jean-Yves Garaud and Delphine Michot.

Responsables de la pratique:

Jean-Yves Garaud; Delphine Michot


Principaux clients

ArcelorMittal


French State


Veolia


Principaux dossiers


  • Representing Veolia/SARPI in interim proceedings brought by Lafarge Ciments in connection with the sale of SARPI’s stake to Nouveau Suez in the context of the remedies to the Veolia-Suez merger ordered by the European Commission.
  • Representing the French state in the challenge against, and the motion for a suspension of, its acquisition of Electricité de France (EDF) through a friendly simplified public tender.
  • Representing Arcelor Mittal in numerous proceedings initiated simultaneously by activist funds in connection with the financial communication relating to the merger between MittalSteel and Arcelor.

Darrois Villey Maillot Brochier

Darrois Villey Maillot Brochier assists on governance and shareholders’ activism issues as well as strategic litigation, notably in the context of public tender and public M&A deals. The range of expertise also extends to stock-market offenses brought by the AMF and high-stake civil liability damage claims where the firm defends leading auditing and asset management firms. The practice is co-headed by Matthieu Brochier and Nicolas Mennesson. They are supported by key associate Wenceslas Le Chevalier.

Responsables de la pratique:

Matthieu Brochier; Nicolas Mennesson


Autres avocats clés:

Wenceslas Le Chevalier


Les références

‘The team has mastered all aspects of stock market litigation.’

‘Wenceslas Lechevalier is a future star in his field. He is competent, committed, and a very pleasant person.’

‘The securities litigation team at the firm Darrois Villey Maillot Brochier is an essential reference in its field.’

Principaux clients

Bouygues SA


BPCE


Capgemini


Crédit Agricole


Deloitte


Natixis


RSM


Safran


Sanofi


Société Générale


Tullett Prebon


Principaux dossiers


  • Represented Natixis Investment Managers (NIM), Natixis, and BPCE in the largest financial class action ever brought in France.
  • Successfully represented several entities of the Credit Agricole Group (CAC 40) in a collective action brought by the ADAM (“Association de défense des actionnaires minoritaires”).
  • Represented Deloitte in a collective action brought early 2025 before the Paris Commercial Court by hundreds of shareholders against Emeis (formerly Orpea), its directors, and its auditors.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I. runs a comprehensive practice in the field covering AMF compliance and stock-market breach investigations. The firm assists a prominent client base, with a strong following among asset management firms and banks, while also advising a number of prominent corporations. The team was recently appointed on a landmark AMF case in relation to a company’s financial communications. Jean-Philippe Pons-Henry is the key name within the practice, with criminal law partner Bruno Quentin and asset management and financial regulation expert Benjamin Delaunay also contributing. Counsel Marie Robert-Schmid provides support.

Responsables de la pratique:

Jean-Philippe Pons-Henry; Bruno Quentin; Benjamin Delaunay


Autres avocats clés:

Marie Robert-Schmid


Les références

‘A very efficient team. They find solutions to even the most complicated disputes.’

‘A very pragmatic approach due to a very detailed knowledge of the procedures applicable in the context of regulatory investigations.’

‘Jean-Philippe Pons-Henry has a very detailed knowledge of AMF procedures.’

‘A very solid team, both in terms of pure legal expertise, but also in regulatory matters and in its relations with the regulator.’

‘Jean-Philippe Pons-Henry and Marie Robert-Schmid are two excellent advisers: competent, responsive, and efficient.’

‘A dynamic, responsive, and readily available team with excellent case knowledge.’

‘Jean-Philippe Pons-Henry has an excellent understanding of how financial markets operate, financial regulations concerning market abuse, and extensive experience in managing complex cases.’

‘The teams were extremely responsive and accessible. When needed, they knew how to call upon experts on topics tangential to the initial problem. The quality of service provided met our expectations, with a significant level of advice.’

Principaux clients

CACEIS Bank


Keys REIM


Principaux dossiers


  • Represented CACEIS Bank, acting as depositary, in a high-profile litigation initiated by H2O funds’ investors seeking access to confidential documents and financial damages.
  • Represented Keys REIM during an AMF investigation into alleged breaches of professional duties, covering conflict of interest, valuation, KYC/AML, and investor communications.

Cohen & Gresser LLP

Led by the highly recognised Muriel Goldberg-DarmonCohen & Gresser LLP‘s practice is entrusted by individuals, such as traders and members of financial institutions to assist with AMF and regulatory investigations linked to insider dealings and other securities breaches accusations. The team is also recognised for its ability to assist client facing regulatory compliance audits from regulators and disciplinary investigations. Counsels Guillaume Guérin and Pierre Wolman are other key team members.

Responsables de la pratique:

Muriel Goldberg-Darmon


Autres avocats clés:

Guillaume Guérin; Pierre Wolman


Les références

‘Good team to assist individual clients in AMF investigations.’

‘Very responsive team.’

‘Excellent team with outstanding expertise and a strong client relationship.’

‘Muriel Glodberg Darmon has always shown excellent technical skills and great professionalism.’

‘Very good and experienced team.’

‘Muriel Goldberg supports her clients with professionalism but also with psychological insight, particularly when it comes to assisting them during AMF hearings. And she’s very good at it.’

De Pardieu Brocas Maffei

De Pardieu Brocas Maffei provides a solid coverage with the firm regularly defending companies and high-ranking executives facing AMF and PNF investigations in relation to stock-market offenses. The team also provides strategic guidance to a number of major listed companies, notably on ESG reports. Additionally, its range of expertise also extends to AMF-led financial regulation compliance audits and investigations by the statutory audit authority. Key names in the practice include senior partner Patrick Jaïs, M&A partner Etienne BOURSICAN, and counsel Alice Gaillard .

Responsables de la pratique:

Patrick Jaïs


Autres avocats clés:

Etienne Boursican; Alice Gaillard


Les références

‘The team is very responsive, available, and offers tailored solutions.’

Principaux clients

Groupe Burrus


Dôm Finance


THD


Société de la Tour Eiffel


Gad AIACH


Principaux dossiers


  • Representing M. Christian Burrus and his insurance companies before the Court of appeal.
  • Representing M. Thierry Decré and his company T.H.D. before the Enforcement Committee of the AMF for insider trading on TERREIS, a listed company.
  • Representing Mr. Aiach in connection with an investigation and subsequent AMF sanction proceedings relating to a potential insider trading network in the shares of Lysogène, a listed biotech company.

Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP‘s Arthur Dethomas has a wealth of experience advising investment funds, corporate officers, individuals, and listed companies on governance issues and shareholders conflicts. Dethomas also has experience defending clients in AMF-led stock-market investigations.

Responsables de la pratique:

Arthur Dethomas


Les références

‘Arthur De Thomas: technique, communication, and dexterity.’

Principaux clients

CBRE


Hélène Bourbouloux


Frédéric Abitbol


Claranova SE


Board of directors of Gascogne SA


The former CEO of Medicrea


Principaux dossiers


  • Representing the interests of CBRE in several proceedings on alleged violation of public offering regulations.
  • Representing Rallye and Casino’s former judicial administrators, Hélène Bourbouloux (FHBX) and Frédéric Abitbol (Abitbol & Rousselet) in proceedings in connection with the restructuring of these companies.
  • Representing Claranova SE in various proceedings initiated by minority activist shareholders seeking to suspend Claranova SE’s capital increase.

Jeantet

Led by the highly experienced Frank Martin Laprade, Jeantet‘s practice is retained by CEOs, shareholders, and high-ranking executives to assist with AMF-led investigations into stock-market and financial regulation breaches, including acting before France’s highest courts. He also assists investors with shareholders’ conflicts pertaining to listed companies. Support is provided by counsel Marie Robin.

Responsables de la pratique:

Frank Martin Laprade


Autres avocats clés:

Marie Robin


Les références

‘Excellent listening skills and very effective follow-up, very professional in its approach.’

‘Martin Laprade and Marie Robin are always attentive.’

‘Cutting-edge technical expertise; mastery of the complexities of financial law and in-depth knowledge of market practices’ ability to support clients with their most sensitive issues.’

‘Marie Robin’s  expertise, responsiveness, and listening skills make her a remarkable colleague. The team demonstrates genuine innovation in its approach to cases, offering creative solutions tailored to each situation. This customised approach, combined with their mastery of new technologies and modern collaboration methods, positions Jeantet at the forefront of the profession.’

Principaux clients

Pharnext


Neovacs


Global Derivate Trading GmbH


Diana Holding


Groupe Cogia


Prologue


Candel & Partners


Dom Finance


Nippon Steel Corporation


Blast


Tylia


Linklaters

Linklaters assists companies, investment funds, and financial outlets on issues linked to AMF investigations: public tenders, stock-market offenses, regulatory compliance, and disciplinary investigations. The team is involved in a landmark case concerning the diffusion of financial news information.  Jean-Charles Jaïs is recommended.

Autres avocats clés:

Jean-Charles Jaïs


Rossi Bordes AARPI

Rossi Bordes AARPI is retained by a large client base of asset management and financial firms to deal with AMF led investigations, mainly in connection to stock-market breaches accusations. The team also represents executive officers and individual investors, while its range of expertise also extends to assisting financial firms with AMF regulatory compliance audits. Eric Boillot and Dominique Bordes co-lead the team.

Responsables de la pratique:

Eric Boillot; Dominique Bordes


Viguié Schmidt & Associés

Viguié Schmidt & Associés houses a highly recognised duo of experts in the field in Yves Schmidt and Nicolas Viguié, who assist high-ranking executives in dealing with high-stake AMF’s securities breach and financial investigations,  including lodging appeal proceedings before Supreme courts.

Responsables de la pratique:

Yves Schmidt; Nicolas Viguié; Daniel Villey


Les références

‘Yves Schmidt is one of the most experienced Parisian business lawyers advising large groups, particularly listed ones.’

Principaux clients

AB Science


H2O LLP


Rallye


Principaux dossiers


  • Defending H2O LLP’s CIO in proceeding before the AMF and Conseil d’Etat for failure to comply with professional rules.
  • Represented the former executive and shareholder of the listed company against CSSF (Luxembourg financial markets authority) and appeal courts for an administrative sanction.
  • Represented an executive of a listed company during the course of an AMF inquiry and following receipt of a lettre circonstanciée.

Visconti

At Visconti, Julien Visconti is sought after by leading hedge funds and minority shareholders to assist with high-profile shareholder activism campaigns and high-stakes proceedings linked to CAC 40 and leading listed companies. He was recently involved in the landmark Vivendi/Bolloré case, also assisting individuals and other stakeholders facing AMF-led into securities breaches.

Responsables de la pratique:

Julien Visconti


Principaux clients

CIAM


Tweedy Brown


Wyser-Pratte Management


Matignon Finances


Principaux dossiers


  • Represented activist hedge fund CIAM in the Vivendi/Bolloré case.
  • Filed a request for annulment of the 10bn€ Vivendi spin-off for fraud.

White & Case LLP

White & Case LLP assists both leading French banks and financial institutions on securities issues including governance and shareholder activism cases. The team also regularly represents clients facing AMF investigations linked to stock market regulation breaches such as financial communications issues, short selling, and insider trading. Diane Lamarche stands out among the key team members, while Kami Haeri and Félix Thillaye also contribute.

Responsables de la pratique:

Diane Lamarche


Autres avocats clés:

Kami Haeri; Félix Thillaye


Principaux clients

Elliott Advisors


Emeis


Goldman Sachs Bank Europe


SMCP


Société Générale


VusionGroup


A&O Shearman

A&O Shearman is a key port of call for banks and asset management firms, and represent clients facing AMF-led compliance audits into financial regulation, and financial related civil liability damages proceedings. The team is co-led by Erwan Poisson, Dan Benguigui, and Denis Chemla.

Responsables de la pratique:

Erwan Poisson; Dan Benguigui; Denis Chemla


Principaux clients

Alcatel


BNP Paribas


Natixis Investment Managers


Natixis Investment Managers International


Société Générale


Principaux dossiers


  • Represented Natixis Investment Managers International in a class action launched by French consumer association on behalf of thousands of investors in French UCITS following from a major decision of the AMF Enforcement Committee.
  • Represented Natixis Investment Managers in litigation against investors in UCITS funds managed by H2O AM, in the wake of the largest sanction ever issued by the AMF Enforcement Committee.
  • Represented Alcatel Lucent in an unprecedented litigation initiated by a former American depositary holder claiming for subscription preferential rights on the ground that American depositary holders should be assimilated to shareholders.

Lissowski Avocats

Headed by Johann Lissowski, the eponymous boutique Lissowski Avocats specialises in securities and financial regulations, acting for minority and individual shareholders, as well as financial institutions. The firm is particularly well-versed in assisting minority shareholders launching civil damage proceedings against listed companies, including top listed corporations based on miscommunication of their financial situation. The firm also handles disputes linked to financial products and assists regulated financial entities when audited by the AMF.

Responsables de la pratique:

Johann Lissowski


Mirieu Sauty

Specialising in banking, financial, and stock market litigation, Mirieu Sauty assists a large base of asset management firms, as well as banks and corporate officers in dealing with AMF-led investigations linked to financial and ESG regulations. The firm is co-headed by Claire Sauty de Chalon and Caroline Mirieu de Labarre.

Responsables de la pratique:

Claire Sauty de Chalon; Caroline Mirieu de Labarre


Les références

‘Claire Sauty de Chalon is a dedicated and committed individual.’

‘It is an extremely responsive and motivated team that knows AMF litigation perfectly.’

‘Caroline Mirieu de Labarre is an excellent professional. She is both pragmatic and innovative.’

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP assists financial services and asset management firms with regulatory compliance audits led by regulators and stock-market breach investigations. Additionally, the team also provides regulatory advice and guidance support and has recently been retained to handle investigations linked to high-frequency trading accusations. The practice is co-headed by Hubert de Vauplane and Hugues Bouchetemble.

Responsables de la pratique:

Hubert de Vauplane; Hugues Bouchetemble


Les références

‘A very responsive team.’

‘Hugues Bouchetemble, a true professional, knows his subject matter very well. Highly recommended.’

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP‘s Didier Malka represents leading listed companies and their board members on challenging proceedings linked to AMF’s investigations into securities breaches.

Responsables de la pratique:

Didier Malka


Principaux clients

L’Oréal


Orange


Altarea


Atos


Casino


Hilton


Rallye


Vivendi


Principaux dossiers


  • Representing Casino in a €30m claim for misinformation brought by shareholders before the Commercial Court of Paris.
  • Representing the former directors of Emeis in several claims brought by shareholders before the Commercial Court of Paris.
  • Representing Altarea, a public real estate company, in proceedings related to the acquisition of Primonial initiated by Primonial’s shareholders.