McDermott Will & Schulte, a global law firm

Steve has substantial experience in securities class and derivative actions, including cases alleging accounting irregularities, illegal trading and breaches of fiduciary duty. He regularly represents public companies and their officers and directors in merger and acquisition litigation, including class and derivative actions, across the country. He has significant experience in conducting internal investigations in numerous industries, including the real estate investment trust, healthcare, manufacturing, logistics and higher education industries, among others. He has also represented audit firms and corporate officers and directors in internal investigations.

A former attorney in the SEC’s Division of Enforcement, Steve has been appointed by three different federal judges in Chicago to serve as receiver in SEC civil enforcement proceedings. In this role, he conducted fraud investigations, prosecuted fraudulent conveyance claims, enforced judgments, marshaled and liquidated assets, and developed and implemented plans of distribution. Stemming from his work as a receiver, Steve has extensive experience in prosecuting and in defending a wide variety of fraudulent conveyance claims.

Steve frequently speaks on securities litigation and enforcement topics. He has appeared numerous times in the press and has authored various materials concerning the federal securities laws.

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• Represents the former Chief Financial Officer of a major international engineering company in an SEC investigation arising out of a restatement
• Represented Baxter International, Inc. in an SEC investigation relating to the accounting for foreign exchange transactions affecting reported net income and retained earnings
• Represented senior management of PG&E Corporation in shareholder derivative litigation arising out of the San Bruno pipeline rupture
• Represented a former partner in a private equity firm in an SEC investigation concerning related party transactions the firm entered into with its advisory clients
• Represented a private equity firm in an SEC investigation concerning the firm’s fees and expenses
• Represented a special committee of the board of directors of a publicly traded company in conducting an internal investigation regarding potential Foreign Corrupt Practices Act (FCPA) violations
• Represented a family office in an SEC insider trading investigation
• Represented the co-representatives of the Estate of Donald Flynn in an action by the bankruptcy trustee for Emerald Casino, Inc., concerning Donald Flynn’s alleged breaches of fiduciary duty as a director of Emerald Casino, Inc., in connection with various alleged violations of Illinois Gaming Board Rules and Regulations
• Represented the former CFO of Diebold, Inc., in several securities-related actions, including a derivative case, a securities class action and an Employee Retirement Income Security Act (ERISA) class action; in the SEC action, negotiated a highly favorable settlement that did not involve any injunction against any future violations of the federal securities laws
• Represented the Special Litigation Committee of the Inland American Real Estate Investment Trust, Inc., at the time the largest non-publicly traded real estate investment trust (REIT), in connection with an independent investigation of various facts and circumstances raised in derivative demands, a filed derivative action, various books and records actions, and an SEC investigation
• Served as counsel to the board of directors of Strong Financial Corporation in connection with the liquidation of the company as a result of the mutual fund market timing controversy; advised the board as to their fiduciary duties during the extended liquidation process

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• Benchmark Litigation 2008-2022
• Martindale-Hubbell, AV Peer Rating
• Chicago Magazine, Top Attorney in Illinois
• Law & Politics, Super Lawyer
• Super Lawyers, 2015-2022

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• Chicago Bar Association, past co-chair of the Securities Law Committee (2001-2002) and of the Securities Law Committee’s Subcommittee on SEC Litigation and Enforcement (1999-2000), as well as member of the Futures Law and the Financial and Investment Services committees
• Board of Advisers of the SEC Historical Society, member
• Chicago Mercantile Exchange, served on the Business Conduct Committee
• Law360, former member of the editorial board for the Securities section
• National Institute of Trial Advocacy, served as a faculty member
• Practising Law Institute, serves as co-chairman of the national program on internal investigations
• Securities Industry Association, Compliance and Legal Division
• University of Illinois College of Law, served on the Board of Visitors

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