Thomas Skelton

Thomas Skelton

Partner

914-733-7225
tskelton@lowey.com
Office

about Thomas Skelton

Mr. Skelton is a Shareholder of the Firm with over 25 years of experience. He specializes in complex litigation, with a primary emphasis on securities fraud, commodities fraud and antitrust cases.

Practice Areas:

Securities litigation, antitrust litigation, commodities litigation

Noteworthy Cases & Achievements:

Mr. Skelton has tried over two dozen matters to verdict or award, including jury and bench trials in various federal and state courts, and arbitrations before various arbitral bodies, in addition to cases that settled during trial. This includes a three-week trial in the Southern District of New York, a bench trial in the Doft v. Travelocity matter (a statutory appraisal case in Delaware Chancery Court that resulted in an award of $30.43 per share plus compounded prejudgment interest, for a transaction in which the public shareholders who did not seek appraisal were cashed out at $28 per share). Doft & Co. v. Travelocity.com Inc., 2004 WL 1152338 (Del. Ch., May 20, 2004, modified June, 2004). In the New York Stock Exchange/Archipelago Merger Litigation (N.Y. Sup. Ct.), Mr. Skelton was lead trial counsel for the firm in a case that settled two days into a week-long preliminary injunction trial, and immediately after Mr. Skelton completed his examination of a member of the board of directors of the New York Stock Exchange. Mr. Skelton has also tried numerous arbitrations before various tribunals, including the New York Stock Exchange and the National Association of Securities Dealers, and other arbitral bodies.

Mr. Skelton’s recent work includes In re: London Silver Fixing Ltd. Antitrust Litigation, Case No. 1:14-md-02573 (S.D.N.Y.), an action alleging that some of the world’s largest financial institutions engaged in illegal price fixing of silver futures in violation of the Sherman Antitrust Act and the Commodities Exchange Act. Lowey Dannenberg was appointed as Co-Lead Counsel in this matter in November 2014.

Mr. Skelton along with senior partner Barbara Hart served as Court-appointed Lead Class Counsel for the Beacon Classes in In re Beacon Associates Litig., 09 Civ. 0777 (LBS) (AJP) (S.D.N.Y.), and Lead Securities and Derivative Counsel in In re J.P. Jeanneret Associates Litig., 09 Civ. 3907 (CM) (AJP) (S.D.N.Y.). The team also served as Court-appointed Liaison Counsel with the United States Department of Labor in the actions, coordinating the private and regulatory actions, and leading the settlement negotiations with the Settling Defendants. Following the multi-party, multi-day mediation process (involving two mediators) at which the parties agreed in principle to settle, Mr. Skelton led the negotiation of the complex settlement papers to memorialize the settlement (a process which took seven months) involving: (a) multiple groups of private plaintiffs (class, derivative and individual); (b) the U.S. Department of Labor; (c) the Office of the New York Attorney General; (d) multiple groups of defendants; and (e) the Bankruptcy Trustee.

On March 15, 2013, the Honorable Colleen McMahon of the United States District Court for the Southern District of New York granted final approval of the $219 million settlement of Madoff feeder-fund litigation encompassing the In re Beacon and In re Jeanneret class actions. The settlement covers several additional lawsuits in Federal and New York state court against the Settling Defendants, including suits brought by the United States Secretary of Labor and the New York Attorney General. Plaintiffs in these cases asserted claims under the federal securities laws, ERISA and state laws arising out of hundreds of millions of investment losses sustained by unions and other investors in Bernard Madoff feeder funds.

Lowey Dannenberg was retained by Federated Investors to challenge the merger between Xerox Corporation and Affiliated Computer Services, Inc. in an action in Delaware Chancery Court. Mr. Skelton helped to achieve a $69,000,000 settlement on the eve of trial. Besides the substantial monetary recovery, Lowey achieved structural protections for the class, including implementation of a majority of the minority vote.

Mr. Skelton represented Federated Investors in opt-out securities litigation against Tyco International, Ltd., asserting claims unavailable to the class, including claims for Section 18 of the Securities Exchange Act of 1934 and New Jersey RICO claims, and achieving a recovery substantially greater than that received by the class. Federated American Leaders Fund, Inc. v. Tyco International, Ltd., 05 Civ. 4566 (S.D.N.Y.).

Similarly, he led the prosecution of an opt-out action in MMI Investments, L.P. v. NDC Health Corp., 05 Civ. 4566 (S.D.N.Y.). Hedge fund MMI Investments asserted claims for violations of the federal securities laws and the common law, including claims not available to the class, most notably a claim for violation of Section 18 of the Exchange Act, and a claim for common law fraud. After aggressively litigating the client’s claims, Mr. Skelton obtained a substantial settlement, although the class claims were dismissed.

Mr. Skelton has worked on several other high-profile cases, including In re WorldCom Securities Litigation, In re HealthSouth Securities Litigation, and In re DaimlerChrysler AG Securities Litigation. In the DaimlerChrysler AG Securities Litigation, Mr. Skelton’s work helped to secure a highly favorable settlement on behalf of Glickenhaus & Co., a registered investment advisor and the second largest stockholder of Chrysler, in a non-class securities lawsuit. Successful implementation of the firm’s opt-out strategy led to a recovery far exceeding that received by class members.

From 2007 to 2011, Mr. Skelton was an Adjunct Professor of Law at Pace University School of Law where he taught Advanced Appellate Advocacy from 2007 through 2009, and Securities Litigation and Enforcement in 2011. He has also lectured at various conferences on topics involving securities litigation.

Education:

B. A. Providence College (1987), magna cum laude

J.D. Fordham University School of Law (1991); member of the Fordham Law Review.

Bar/Court Admissions:

New York, the U.S. District Courts for the Southern and Eastern Districts of New York