Cole is a versatile litigator in the securities litigation group of Ropes & Gray. Cole advises headline asset managers, mutual fund complexes, broker-dealers, and public companies on complex civil litigation, SEC and FINRA investigations, and regulatory matters. Cole has particularly deep experience litigating leading issues facing the mutual fund industry, including excessive fee and disclosure matters.
Through his regular representation of asset management clients, Cole has developed significant exposure to, and a practical understanding of, legal issues associated with fees and expenses, valuation, affiliate transactions, portfolio management, risk management, and disclosure. Cole collaborates regularly with colleagues in the firm’s corporate practice groups, including asset management, as a member of cross-practice teams focused on providing comprehensive solutions to clients.
Cole maintains an active pro bono practice highlighted by his being a member of a Ropes & Gray team that obtained an exoneration for an individual wrongfully imprisoned for 35 years and his ongoing work to combat antisemitism alongside the Louis D. Brandeis Center for Human Rights, the Anti-Defamation League, and StandWithUs.
Experience
- Represents leading mutual fund complex and independent trustees in class action brought under the Securities Act of 1933 challenging accounting disclosures related to the calculation of net asset value.
- Represents leading mutual fund adviser and transfer agent and underwriter affiliates in case brought by state tax assessor challenging the basis for calculating tax liability.
- Represents sovereign wealth fund in arbitration concerning contractual rights related to ownership of farmland in Brazil.
- Represents U.S.-based electrical transformer manufacturer in dispute related to development of large-scale solar and battery storage powerplants.
- Represents four investment advisers and broker-dealers in the SEC’s ongoing enforcement sweep concerning off-channel electronic communications.
- Counsel to global private equity firm in connection with SEC investigation concerning fund fee and expense matters.
- Obtained walk-away for private equity firm in an insider trading investigation initiated by state securities regulator.
- Obtained pre-testimony walk-away for public company in SEC accounting investigation focused on multiple financial restatements and related material weaknesses.
- Reached favorable settlement with no required undertakings for U.S.-based broker dealer of large Latin American investment bank in connection with multi-year FINRA enforcement action related to AML policies and procedures.
- Obtained pre-testimony walk-away for mutual fund adviser in SEC investigation focused on disclosures related to performance fees.
- Represented publicly traded company, board members, and officer defendants in shareholder class action concerning alleged misrepresentations in connection with IPO.
- Obtained favorable resolution for several mutual funds in an SEC enforcement action related to Rule 18f-3 under the Investment Company Act of 1940, which guards against improper cross-subsidies between share classes.
- Counsel to global asset manager in connection with several dozen lawsuits brought by institutional investors seeking billions of dollars in recoveries and major SEC enforcement action related to the underperformance, and eventual liquidation of, several large hedge funds that underperformed significantly during the COVID-19 market downturn.
- Represented in-house investment adviser to large institution in connection with SEC enforcement matter related to Section 13(f) of the Exchange Act.
- Represented multiple mutual fund advisers against claims of excessive fees under the Investment Company Act of 1940 (PIMCO, Metropolitan West Asset Management, T. Rowe Price, and State Farm), including successfully serving as counsel to Metropolitan West Asset Management in 2018 bench trial.
- Advises several large venture capital funds and hedge funds in connection with comprehensive SEC exams focused on issues under the Investment Advisers Act of 1940.
- Served as counsel to special committee of publicly-traded oil and gas company for an investigation into potential self-dealing transactions that preceded company’s filing for bankruptcy.