Dispute resolution: Stock market litigation in France

Bredin Prat

Bredin Prat is one of the few market’s references when it comes to public take over and tender offer disputes, while also regularly defending companies or their employees in AMF-led market-abuse and insider trading investigations. Parallelly, the firm is also regularly entrusted to assist with governance and shareholders’ conflicts relating to leading publicly listed companies. Key names in the team include Florian Bouaziz  and white-collar experts Eric Dezeuze and Guillaume Pellegrin .

Responsables de la pratique:

Didier Martin; Jean-Daniel Bretzner; Florian Bouaziz; Eric Dezeuze; Guillaume Pellegrin; Sébastien Prat; Ève Duminy; Martin Horion; Tom Vauthier


Les références

‘Top-notch team, responsiveness, professionalism.’

Principaux clients

NJJ press


Air Liquide


Altarea


Groupe Atlantic


Arverne Group


Danone


TCV


EQT


Denis Ladegaillerie


Imerys


Principaux dossiers


  • Assisting NJJ press in connection with the composition of the capital of the controlling holding company of Le Monde group.
  • Assisting Air Liquide in the context of a litigation between shareholders and their investment in the largest fleet of hydrogen taxis in the world, Hype.
  • Assisting Altarea in the context of a litigation initiated by the shareholders of the holding company of the Primonial group and several individual investors following the failure of the proposed acquisition of Primonial by Altarea.

Cleary Gottlieb Steen & Hamilton

Thanks to its in-depth knowledge and involvement alongside leading publicly listed companies, Cleary Gottlieb Steen & Hamilton’s team is regularly retained by leading investors and corporations to assist with public tender offer-related litigation and AMF-led investigations relating to breach of securities rules. The practice is co-headed by Jean-Yves Garaud and Delphine Michot.

Responsables de la pratique:

Jean-Yves Garaud; Delphine Michot


Principaux clients

ArcelorMittal


French State


Veolia


Principaux dossiers


  • Representing SARPI in interim proceedings brought by Lafarge Ciments in connection with the sale of SARPI’s stake to Nouveau Suez.
  • Representing ArcelorMittal in proceedings before the Paris Civil Court against the Association d’Actionnaires d’Arcelor (AAA) acting on behalf of several hedge funds, claiming that the exchange ratio of the 2007 merger between MittalSteel and Arcelor that led to the creation of ArcelorMittal was unfair.
  • Representing multiple clients in several ongoing or recent investigations conducted by the AMF.

Darrois Villey Maillot Brochier

Darrois Villey Maillot Brochier ranks among the undisputed leaders in the field with a prominent client base comprising many CAC 40 and large French companies and investors, that entrust the firm with their most sensitive matters starting with public tender offer litigation. The team also provides strategic guidance on securities rules and assists companies facing AMF investigations for securities law breaches. The practice is co-headed by Matthieu Brochier and Nicolas Mennesson. They are supported by key associate Wenceslas Le Chevalier.

Responsables de la pratique:

Matthieu Brochier; Nicolas Mennesson


Autres avocats clés:

Wenceslas Le Chevalier


Les références

‘The best litigation team in Paris: very responsive, excellent understanding of business and legal issues.’

‘Cyril Bonan: exceptional advice, both professionally and personally. A true business partner with exceptional legal expertise, Cyril offers his clients recommendations that are best suited to their interests. Wenceslas Le Chevalier: fast and precise, Wenceslas’ advice is always relevant and covers a multitude of legal subjects.’

‘A team that has a perfect command of stock market law issues, follows cases efficiently and anticipates.’

Principaux clients

Bouygues SA


BPCE


Capgemini


Crédit Agricole


Elior


Europcar


Lagardère SA


Rubis


Safran


Suez


Tullett Prebon


Unibail-Rodamco Westfield


Vivendi


XPO Logistics


Principaux dossiers


  • Advised successfully Atos SE in three disputes that have been initiated in 2023 by minority shareholders and a shareholder association.
  • Advised successfully several entities of the Credit Agricole Group (CAC 40) in a collective action brought by the ADAM (“Association de défense des actionnaires minoritaires”).
  • Advised successfully Vivendi in a French class action before the Paris commercial court for compensation for a stock market loss of more than 2 billion euros claimed by a hundred of investment funds and institutional investors.

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel A.A.R.P.I. has a strong involvement alongside major asset management firms which the firm assists with all their AMF regulatory compliance investigations and related disputes with investors. Additionally, the team also defends CEOs and companies facing AMF investigations bases on securities law breach allegations (market manipulation, insider trading). Jean-Philippe Pons-Henry is the key name in the practice, with asset management and financial regulation expert Benjamin Delaunay also contributing. Counsel Marie Robert-Schmid is also noted.

Responsables de la pratique:

Jean-Philippe Pons-Henry; Bruno Quentin; Benjamin Delaunay; Stéphane Puel


Autres avocats clés:

Marie Robert-Schmid


Les références

‘Mastery of exotic stock-market and financial mechanisms which ensures a detailed and incisive analysis.’

‘Technical capabilities.’

‘Strong expertise and very good quality of advice.’

‘Jean-Philippe Pons-Henry is very competent, astute and creative. He is available, very clear and trustworthy. He manages an excellent team.’

‘A very experienced team that has excellent knowledge of AMF proceedings. Remarkable support to clients, high responsivity, great anticipation of defense strategies. Jean-Philippe Pons-Henry has extensive experience.’

Principaux clients

Sofidy


Amundi


Principaux dossiers


  • Represented the CEO of a media group in the context of a sanction proceeding initiated by the French Financial Markets Authority (AMF).
  • Assisted a French investment broker with investigations launched by the French Financial Markets Authority (AMF) and later referred to the French National Financial Prosecutor’s Office (PNF), pertaining to allegations of market manipulation of a stock listed on Euronext Access.
     
  • Assisted the Alternative Investment Fund Manager (AIFM) Sofidy with an investigation and control proceeding carried out by the French Financial Markets Authority (AMF) on the compliance of the client’s professional duties.

Viguié Schmidt & Associés

Viguié Schmidt & Associés ' excellent public M&A expertise regularly provides the firm with stock-market litigation mandates. The practice is mainly retained by top companies’ executives and board members to assist with AMF investigations led into market-abuse offenses, such as insider dealing. The practice is co-headed by Yves Schmidt , Nicolas Viguié and Daniel Villey .

Responsables de la pratique:

Yves Schmidt; Nicolas Viguié; Daniel Villey


Les références

‘Excellent and extensive experience in financial and stock market litigation.’

Principaux clients

AB Science


H2O LLP


Rallye


Principaux dossiers


  • Defending AB Science’s CEO in proceeding before the AMF for insider trading.
  • Defending H2O LLP’s CIO in proceeding before the AMF and the Conseil d’Etat for failure to comply with professional rules.
  • Assisting the former executive and shareholder of the listed company against CSSF (Luxembourg financial markets authority) before appeal courts regarding an administrative sanction.

Cohen & Gresser LLP

Cohen & Gresser LLP‘s  Muriel Goldberg-Darmon is regularly entrusted by CEOs, high ranking executives, board members and employees of major publicly listed companies facing AMF investigations into breaches of securities rules such as insider trading practices. Among her recent achievements, she obtained a non-liability decision for a client from the AMF Enforcement Committee. The Parisian practice also advises financial institutions monitored by the AMF, while the access to the firm's US platform is another plus. The team also includes counsels Guillaume Guérin and Pierre Wolman .

Responsables de la pratique:

Muriel Goldberg-Darmon


Autres avocats clés:

Guillaume Guérin; Pierre Wolman


Les références

‘Very good skills and experience in financial litigation or regulation.’

‘Cross-border agility and expertise with the US.’

‘Beyond her technical expertise, Muriel Goldberg-Darmon is particularly empathetic.’

‘A good knowledge of the procedure before the AMF sanctions commission and of the regulations relating to insider trading.’

‘The team is dynamic, with good cooperation between its members and a fluid mode of collaboration. A healthy management style and a spirit of mutual assistance.’

‘Muriel Goldberg-Darmon is a lawyer with a practical vision who puts herself in her clients’ shoes, she has an accessible speech and offers concrete solutions with kindness and clarity.’

‘Small, very responsive and high-level team.’

Principaux clients

Lionel Rozenberg


Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP's Arthur Dethomas has extensive experience advising public companies and their investors, notably on governance issues and in shareholders conflicts. He also regularly defends investment funds, companies and senior executives in AMF’s securities breach investigations (insider trading notably).

Responsables de la pratique:

Arthur Dethomas


Principaux clients

CBRE


Nextstone Capital & Matt Immo Beaune


Claranova SE


Board of directors of Gascogne SA


Pizzorno Environnement


Principaux dossiers


  • Representing the interests of CBRE in several proceedings before the commercial court and the court of appeals in connection with the collapse of Dynamique Hotels, an investment fund created by CBRE which is being sued by its investors for mismanagement and alleged violation of French securities laws on the public issuance of shares and convertible bonds.
  • Represented Orpea’s largest single shareholder in several proceedings before courts in connection with the restructuring of the Orpea Group.
  • Represented Claranova SE in proceedings initiated by minority activist shareholders seeking to suspend Claranova SE’s capital increase on the stock market.

Jeantet

Jeantet 's Frank Martin Laprade   has a wealth of experience assisting CEOs, senior executives and financial firms facing AMF’s investigations regarding securities law breach or relating to public tender offers. He also assists investors with shareholders’ conflicts and public M&A related disputes. Counsel Marie Robin  also contributes.

Responsables de la pratique:

Frank Martin Laprade


Autres avocats clés:

Marie Robin


Les références

‘Very attentive to customers, professionalism, trust.’

‘Frank Martin Laprade: absolute dedication.’

‘Remarkable responsiveness of the team. A pragmatic approach and a remarkable knowledge of practices and market issues that make it an essential team.’

“In-depth knowledge and very good listening skills’


Principaux clients

GLOBAL DERIVATE TRADING GMBH


DIANA HOLDING


GROUPE COGIA


PROLOGUE


CANDEL & PARTNERS


DOM FINANCE


NIPPON STEEL CORPORATION


BLAST


TYLIA


Linklaters

Linklaters is mandated by companies, investment funds and financial newspapers to assist with AMF investigations regarding stock-market rules offenses, notably pertaining to financial communication issues. The firm also assists clients with takeover disputes involving the AMF. Arnaud de La Cotardière and Jean-Charles Jaïs are the key names.

Responsables de la pratique:

Arnaud de La Cotardière


Autres avocats clés:

Jean-Charles Jaïs


Rossi Bordes AARPI

Rossi Bordes AARPI 's Eric Boillot cumulates a wealth of experience advising asset management firms as well as traders and senior executives in their dealing with AMF investigations regarding public tender offers and other stock-market breach accusations (price manipulation, insider dealing). He also assists asset management firms with AMF-led regulatory compliance investigations. Dominique Bordes also contributes.

Responsables de la pratique:

Eric Boillot; Dominique Bordes


Simmons & Simmons

Simmons & Simmons‘  Thierry Gontard ‘s notoriety is second to none in the field and owes him mandates from leading asset management firms and investment banks to advise on highly sensitive AMF-led investigations linked to public tender offers, restructuring of public companies and securities law breaches. His expertise also encompasses advising asset management firms on AMF’s regulatory compliance investigations and litigation.

Responsables de la pratique:

Thierry Gontard; Louis-Marie Pillebout


Les références

‘Very competent team.’

Principaux clients

Rothschild & Co.


Moody’s


Perella Weinberg


Credit du Nord (and Société Générale)


Natixis / BPCE


UBS


Deutsche Bank


Principaux dossiers


  • Advising Société Générale (Crédit du Nord) in a class action regarding the bank’s breach of duty to control activities of a seller of financial products.
  • Representing two Baccarat executives sued by a former shareholder for failing to provide transparent information and misconduct during the public offer on the company’s shares.

White & Case LLP

White & Case LLP houses a strong team that was further enhanced with the arrival of all rounded litigator Kami Haeri  from Quinn Emanuel Urquhart & Sullivan, LLP in January 2024. Under the leadership of the excellent  Diane Lamarche, the team acts for leading financial institutions, investment funds and some publicly listed companies and executives, which it regularly defends in AMF’s stock-market breach investigations as well as in the context of shareholders’ activism campaigns and debt restructuring of listed companies. The practice also provides guidance to listed companies on governance issues. Félix Thillaye , who was promoted to partner in 2024, also contributes.

Responsables de la pratique:

Diane Lamarche


Autres avocats clés:

Kami Haeri; Félix Thillaye


Principaux clients

Orpea


VusionGroup (ex SES Imagotag)


Société Générale


Goldman Sachs Bank Europe


SMCP (Sandro, Maje, Claudie Pierlot)


Elliott Advisors (UK) Limited


Principaux dossiers


  • Represented Orpea in various litigation matters related to shareholders activism or stock markets issues.
  • Representing VusionGroup (formerly SES-Imagotag) in the context of an activist campaign led by Gotham City against the company.
     
  • Representing Société Générale and Goldman Sachs Bank Europe in relation to the French State’s tender offer on EDF shares.

Morgan, Lewis & Bockius LLP

Following the closure of Kramer Levin Naftalis & Frankel in Paris, financial regulatory experts Hubert de Vauplane and Hugues Bouchetemble and their team joined Morgan, Lewis & Bockius LLP in early 2025. The team is mostly entrusted by financial services and asset management fields in assisting with AMF and banking and financial regulators’ compliance investigations.

A&O Shearman

A&O Shearman ’s strong litigation and financial services know-how earns the firm mandates to assist financial institutions with AMF investigations led in relation to stock-market breach and follow-on disputes. The practice, which also represents some corporations, also assists client with regulatory, compliance and internal investigations. Dan Benguigui and Erwan Poisson are in charge.

Responsables de la pratique:

Erwan Poisson; Dan Benguigui


Principaux clients

BCP (Banque Centrale Populaire)


Citigroup


Alcatel (Nokia)


Natixis


Ecobank


Worldpay


BNP Paribas


Natixis Investment Managers


Nomura International PLC


Weinberg Capital Partner


Solutions 30


EDF


BNP Paribas securities services


Goldman Sachs


Adare – Davidson Kempner Capital Management Group


De Pardieu Brocas Maffei

At De Pardieu Brocas Maffei, corporate partner Patrick Jaïs has strong expertise defending CEOs and shareholders facing AMF investigations for breach of securities law, including advising them before the agency’s Enforcement Committee. The firm, which has a strong presence among leading real estate companies, also assists client with AMF compliance investigations. Counsel  Alice Gaillard is another key name in the practice.

Responsables de la pratique:

Patrick Jaïs


Autres avocats clés:

Alice Gaillard


Principaux clients

Dôm Finance


THD


Principaux dossiers


  • Defended Belfius Bank in a civil liability claim by an individual who was the victim of a financial fraud perpetrated by one of the bank’s customers.
  • Assisting 57 French banks, creditors of French nursing home group Orpea, in the monitoring of the numerous claims filed against the €9.7 billion restructuring of the debtor, listed on the regulated market of the Paris stock exchange.

Mirieu Sauty

Launched in 20212, boutique firm Mirieu Sauty ranks among the few rare firms in France that are entirely specialised in dealing with AMF-related work. The team notably assists executives in dealing with AMF stock market offenses investigations, while its area of strength lies in advising leading asset management firms. crowdfunding platforms and banks facing AMF compliance and monitoring audits. The firm is co-headed by Claire Sauty de Chalon and Caroline Mirieu de Labarre  .

Responsables de la pratique:

Claire Sauty de Chalon; Caroline Mirieu de Labarre


Les références

‘Great versatility of its teams and unfailing listening.’

‘Beyond his great expertise and his undeniable knowledge of financial litigation, Maitre Sauty de Chalon is an extremely invested person, attentive and empathetic towards her clients. Her kindness and investment in the defense of her clients are particularly.’

‘Efficient, available.’

Visconti, Grundler & Artuphel

Julien Visconti, at Visconti, Grundler & Artuphel, focuses at advising minority shareholders (hedge funds) launching activist campaign and litigation proceedings involving France’s most high-profile publicly listed companies, often in relation with high-profile public tender offers. He also assists individuals and other stakeholders facing AMF’s securities law breach investigations.

Responsables de la pratique:

Julien Visconti


Principaux clients

CIAM


Financière de l’Echiquier


Wyser-Pratte Management


Matignon Finances


Principaux dossiers


  • Advised CIAM hedge fund) in the hostile bid project of Véolia on Suez.
  • Advising two shareholders of Esso in challenging the governance of this French subsidiary of ExxonMobil.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP's all-rounded litigator Didier Malka has experience defending companies facing AMF’s investigations for securities law breaches (based on financial communications or insider dealing issues notably). He also advises public companies in shareholders disputes.

Responsables de la pratique:

Didier Malka


Principaux clients

L’Oréal


Esso


Altarea


Atos


Casino


Hilton


Rallye


Vivendi


Principaux dossiers


  • Represented Rallye in an AMF investigation for misleading information.
  • Representing Casino in an AMF investigation for stock price manipulation.
  • Representing Altarea in proceedings related to the acquisition of Primonial initiated by Primonial’s shareholders.