Richard G. Himelrick

Shareholder

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Phone:

602.255.6021

Email:

rgh@tblaw.com

Legal Assistant:

Shelley Boettge
602.255.6025

    

RICHARD HIMELRICK is a 30-year trial lawyer. His practice centers on business litigation with an emphasis on securities cases. He chairs Tiffany & Bosco’s Civil and Commercial Litigation Department. He is listed in The Best Lawyers in America, Southwest Super Lawyers, Litigation Counsel of America, Who's Who in American Law, and is a member of Scribes—The American Society of Legal Writers and Arizona State Bar Class Actions and Derivative Suits Committee.

He represents clients in business disputes in both state and federal court. His cases often involve investment fraud including the defense of administrative actions brought by securities regulators.

Rich was lead trial counsel for the plaintiff class in an action certified on behalf of Arizona investors who purchased stocks under Olde Discount Corporation's "commission-free" programs. After a three week trial, the case settled during jury deliberations for $21 million, which represented a return to investors of over 115% of their out-of-pocket losses.

He was co-trial counsel for the plaintiffs in a class action filed on behalf of 11,000 investors who invested over $500 million with the Baptist Foundation of Arizona and its subsidiaries. During the sixth day of trial against BFA's auditor, Arthur Andersen, the case settled for $217 million. The year before he was lead class counsel in a related action that led to a $21 million settlement with BFA's outside attorneys. In another case, he represented three minority stockholders in a suit alleging shareholder oppression. For over a decade, the three plaintiffs had received only nominal dividends. The week before trial the case settled for $19.5 million.

COURT AND BAR ADMISSIONS:
Arizona (1976)
U.S. District Court, District of Arizona (1977)
U.S. Court of Appeals, Ninth Circuit (1977)

As of 2011, major cases in which Rich is counsel include the following:

• Lead counsel for a proposed class of 1,100 investors who lost $700 million in mortgage-backed note investments. The case alleges that the notes were sold in what became a Ponzi scheme. Defendants include the issuer's management, the issuer's auditors, and two national law firms that acted as securities counsel.

• Co-counsel for the plaintiffs in a proposed class action in New York federal district court against UBS Financial Services, Inc. The action alleges securities violations by UBS in selling principal-protected notes and other structured products issued by Lehman Brothers Holdings, Inc. In 2008, Lehman filed the largest bankruptcy in U.S. history. The suit alleges securities violations by UBS in selling the notes without fair risk disclosure.

• Other notable cases handled by Rich include a $1.5 million punitive damage verdict for the plaintiff in Wood v. Minnesota Title; a $795,000 verdict that included $600,000 in punitive damages in Chirnomas v. West USA Realty; and an $8.3 million verdict for the plaintiff in Rhue v. Dawson that was affirmed by the Arizona Court of Appeals, 173 Ariz. 220, 841 P.2d 215 (1992).

• A Short History of Arizona’s Securities Laws:  Wildcats, Bucket Shops, and a Radical Bunny (2012) (working paper), available at http://ssrn.com/abstract=2034013
• Turning 60:  Bud Jacobson, Earl Hastings, and Arizona’s 1951 Securities Act, Arizona Attorney, December 2011, at 22.
• The Importance of Statutory Text: from Scienter to Nonstatutory Defenses under Arizona Securities Law, 41 Ariz. St. L.J. 49 (2009).
• Arizona Securities Fraud Liability: Statutory and Common-Law Remedies (Arizona State Bar 3d ed. 2009) (co-authored with Brian Schulman) (4th edition forthcoming).
• Fighting Investment Fraud: State Securities Law and Administrative Precedent, Arizona Attorney, April 2003, at 24.
• Judicial Deference to SEC Precedent, 9 PIABA B.J. 61 (Winter 2002).
• Spreads, Markups, Sales Credits and Trading Costs, 9 PIABA B.J. 43 (Summer 2002) (co-authored with Craig McCann, Ph.D.).
• Arizona Securities Fraud Liability: Charting a Non-Federal Path, 32 Ariz. St. L. J. 203 (2000).
• Pleading Securities Fraud, 43 Md. L. Rev. 342 (1984).