Thomas Skelton, Partner

Phone: 914-733-7225
Fax: 914-997-0035
E-mail: tskelton@lowey.com
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New York Office
White Plains Plaza
One North Broadway
White Plains, NY 10601-2310

Mr. Skelton is a Shareholder of the Firm and specializes in complex litigation, with a primary emphasis on securities fraud, merger litigation, corporate governance and statutory appraisal cases.  Mr. Skelton also represents clients in arbitrations before the Financial Industry Regulatory Authority.

Mr. Skelton has represented or is representing the following clients:  New York City Pension Funds; New York State Common Retirement Fund; Federated Investors; Glickenhaus & Co.; Millennium Partners; MMI Investments, LP; Dolphin Limited Partners; Robeco Investment Management; M.D. Sass Investor Services, Inc.; and Doft & Co

Mr. Skelton is prosecuting actions involving Madoff Feeder Funds including Beacon Associates and Income Plus.  Plaintiffs allege that defendants failed to perform the necessary due diligence as investment advisors, managers and fiduciaries, and proximately caused millions of dollars in losses invested with entities managed by Madoff.  On October 5, 2010, the Court denied defendants’ motions to dismiss the securities and ERISA claims, holding that the complaint alleged strong circumstantial evidence of conscious misbehavior or recklessness with respect to feeder fund investments with Madoff.  In re Beacon Assoc. Litig., 745 F. Supp. 2d 386 (S.D.N.Y.).  On December 7, 2010, the Court denied defendants’ motion for reconsideration in all respects.

 Mr. Skelton is also a key member of the Lowey team serving as Lead Securities Counsel on behalf of several unions in In re J.P. Jeanneret Associates, Inc., et al., 09-cv-3907 (S.D.N.Y.).  Plaintiffs allege that defendants failed to perform the required due diligence as investment advisors, managers and fiduciaries, and caused millions of dollars in losses invested with entities managed by Madoff.  On January 31, 2011, the Court sustained plaintiffs’ claims for violations of the federal securities laws.  In re J. P. Jeanneret Assoc., Inc., 2011 WL 335594 (S.D.N.Y. Jan. 31, 2011). 

 Mr. Skelton also serves as Lead Counsel prosecuting a complaint in intervention in a related Beacon action challenging, under ERISA, Beacon Associates Management Corp.’s use of a reserve out of the remaining assets of the Beacon Fund to pay certain expenses, including legal expenses related to the defense of the Beacon principals.  On December 14, 2009, the Court denied defendants’ motion to dismiss, holding that indemnification and advancement provisions were unenforceable at this stage of litigation.  Rounds v. Beacon Associates Management Corp., 2009 WL 4857622 (S.D.N.Y. Dec. 14, 2009).

 Mr. Skelton helped to achieve a $69,000,000 settlement in an action in Delaware Chancery Court challenging the merger between Xerox Corporation and Affiliated Computer Services, Inc., as well as structural protections for the class, including implementation of a majority of the minority vote. 

 Previously, Mr. Skelton has worked on a number of high-profile cases, including Federated American Leaders Fund, Inc., et al. v. Tyco International, Ltd. et al., In re WorldCom Securities Litigation, In re HealthSouth Securities Litigation, In re DaimlerChrysler AG Securities Litigation, In re Bayer AG Securities Litigation, and The New York Stock Exchange/Archipelago Merger Litigation. 

 Mr. Skelton has tried numerous matters to verdict or award.  Mr. Skelton acted as lead trial counsel for the firm in the New York Stock Exchange/Archipelago Merger Litigation and Doft v. Travelocity matters, as well as numerous arbitrations.  In connection with In re DaimlerChrysler AG Securities Litigation, Mr. Skelton’s work was instrumental in securing a highly favorable settlement on behalf of Glickenhaus & Co., a major registered investment advisor and, at the time, the second largest stockholder of Chrysler, in a non-class securities lawsuit against DaimlerChrysler AG.  Successful implementation of the firm’s opt-out strategy led to a recovery far exceeding that received by class members. 

 Mr. Skelton’s other reported decisions include Higgins v. New York Stock Exchange, Inc., 806 N.Y.S.2d 339 (Sup. Ct. N.Y. 2005); In re DaimlerChrysler AG Securities Litigation, 216 F.R.D. 291, (D. Del., Jun 11, 2003); In re DaimlerChrysler AG Securities Litigation, 247 F. Supp. 2d 579 (D. Del., Mar. 5, 2003); Tracinda Corp. v. DaimlerChrysler AG, 197 F. Supp. 2d 42 (D. Del., Mar 22, 2002); Doft & Co. v. Travelocity.com Inc., 2004 WL 1152338 (Del. Ch., May 20, 2004, modified June, 2004); and Lewy 1990 Trust ex rel. Lewy v. Investment Advisors, Inc., 650 N.W.2d 445 (Minn. App. 2002). 

 Mr. Skelton is a 1991 graduate of the Fordham University School of Law, where he was a member of the Fordham Law Review, and a 1987 graduate of Providence College, where he received a Bachelor of Arts in Mathematics (magna cum laude). 

 From 2007 through 2009, Mr. Skelton was an Adjunct Professor of Law at Pace University School of Law, where he taught Advanced Appellate Advocacy.  Beginning in September 2011, Mr. Skelton will be teaching Securities Litigation and Enforcement at Pace.  Mr. Skelton has also lectured on topics involving securities litigation.