BIOGRAPHY
Rich is a trial lawyer who in recent years has handled a number of high profile securities cases. He is listed in The Best Lawyers in America, Southwest Super Lawyers, Litigation Counsel of America, and Who's Who in American Law. He represents clients in business disputes in both state and federal court including cases involving securities violations. He prosecutes and defends individual suits and class actions. He has also arbitrated numerous cases between customers and stockbrokers before the National Association of Securities Dealers, New York Stock Exchange and American Arbitration Association.
During 2001 Rich was lead 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.
During 2002-03 he was lead 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. Settlements in the BFA litigation exceeded $235 million. 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 $2.1 million settlement with BFA's outside attorneys.
In 2006, 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.
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).
Rich's publications include:
- The Importance of Statutory Text: from Scienter to Nonstatutory Defenses under Arizona Securities Law, 41 ARIZ. ST. L.J. (2009) (forthcoming)
- Arizona Securities Fraud Liability: Statutory and Common-Law Remedies (Arizona State Bar 2d ed. 2006) (co-authored with Brian Shulman).
- Arizona's Economic Loss Rule: Is it a Defense to Fraud?, E-Common Defense (Ariz. Assoc. of Def. Counsel, Phoenix, Ariz.),May 2007, at 7.
- 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).
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