Dispute resolution: Stock market litigation in France

Bredin Prat

Bredin Prat is able to provide a full range of litigation expertise when it comes to publicly listed companies. The firm is one of the few references in France for public takeover battles and also provides strategic advice on top governance issues and acts for leading companies and individuals facing AMF investigations concerning market abuse allegations (insider trading, financial communications). The team includes litigators Jean-Daniel BretznerFlorian Bouaziz  and Ève Duminy; as well as white-collar experts Eric Dezeuze and Guillaume Pellegrin. Corporate partners Sébastien Prat and Didier Martin are also top names in the field.

Responsables de la pratique:

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

Autres avocats clés:

Martin Horion

Les références

Excellence, experience, availability, technological capacity.’

‘Eric Dezeuze is fantastically reassuring. His collaborator Martin Horion is excellent and also tech savvy which is rare among lawyers.’

Principaux clients

Experimental Group



Rothschild & Co


Schneider Electric

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton’s dispute resolution team is regularly retained by leading French and international corporations and financial institutions facing AMF investigations. Drawing on the firm's leading public M&A practice, the team is also a go-to-name for related stock-market battles, as demonstrated recently by its key role in the landmark Veolia-Suez takeover dispute. The practice is co-headed by Jean-Yves Garaud and Delphine Michot.

Responsables de la pratique:

Jean-Yves Garaud; Delphine Michot

Les références

‘Consistent high-quality advice and excellent judgement.’

Principaux clients

Veolia Environnement







Principaux dossiers

  • Represented Veolia Environnement in several emergency and injunction proceedings relating to its €12.9bn hostile bid for rival company Suez.
  • Representing multiple clients in several ongoing or recent investigations conducted by the AMF.

Darrois Villey Maillot Brochier

Darrois Villey Maillot Brochier is the go-to-firm for disputes concerning publicly listed companies. Many CAC 40 companies are clients and turn to the firm for their most pressing issues such as governance and shareholders’ activism matters. The team is also top-notch for public takeover disputes, while it is also able to assist companies and investment funds facing AMF stock-market-abuse investigations. It recently earned a major victory on behalf of Vivendi in a high-profile and rare stock market class action case. The team includes several prominent names in the field in Cyril Bonan, who heads the litigation practice, Jean-Michel DarroisEmmanuel BrochierMatthieu Brochier and Nicolas Mennesson.

Responsables de la pratique:

Cyril Bonan

Autres avocats clés:

Jean-Michel Darrois; Emmanuel Brochier; Matthieu Brochier; Nicolas Mennesson; Wenceslas Le Chevalier

Les références

‘Extraordinary team; in-depth knowledge and legal technicality, innovative, finds solutions to concrete problems and has a strategic vision over situations. The quality and availability of partners and collaborators and invoicing is very positive.’

‘The team maintains a strategic vision, offers concrete answers and advice and engages with the client.’

‘A leading stock market litigation practice in Paris. It has exceptional in depth strength and unrivalled expertise.’

Principaux clients



Crédit Agricole




Lagardère SA




Tullett Prebon

Unibail-Rodamco Westfield


XPO Logistics

Principaux dossiers

  • Acted for Suez in various commercial and stock-market disputes relating to the famous takeover of Veolia.
  • Successfully advised Vivendi in a French class action launched by a hundred investment funds and institutional investors before the Paris commercial court for compensation for a stock market loss of more than 2 billion euros.
  • Advised several entities of the Credit Agricole Group (CAC 40) in a collective action brought by the ADAM (“Association de défense des actionnaires minoritaires”).

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

Gide Loyrette Nouel A.A.R.P.I. stands out for its ability to combine top litigation, regulatory and financial services expertise. The practice is well-placed to act for leading asset management and financial services companies and top investment banks, while also regularly defending individuals including financial brokers and top executives. The team manages a large and prominent caseload featuring AMF investigations into stock market abuse offences (price manipulation, insider dealing or financial communication issues). It is also involved in highly complex matters such as cases featuring cross-border investigations or involving parallel investigations from the French criminal prosecutor (PNF) in addition to the AMF regulator. Jean-Philippe Pons-Henry is a key name in the field and co-heads the practice alongside litigator Bruno Quentin, asset management experts Stéphane Puel and Benjamin Delaunay, and M&A partner Olivier Diaz. Associate Marie Robert-Schmid also deserves a mention. Of note, the hire of Stéphanie Philippe, a financial forensics and accounting expert in January 2022 – a rare move on the market - adds further technical competence to the practice.

Responsables de la pratique:

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

Autres avocats clés:

Marie Robert-Schmid

Les références

‘Availability, relevance, analytical capacity.’

‘Impeccable quality of advice. Ability to anticipate the way stock-market authorities will look at a file, perceive it and precede with it. Ability to interact with the stock-market authorities, formally and informally. Perfect balance between professional competence and empathy.’

‘Does not hesitate to delve into subjects that are relatively new to them.’

‘Excellent team, with a clear vision of strengths and weaknesses of a case. Nothing is left to chance. In-depth knowledge of their files. Highly reliable and available team.’

‘Jean-Philippe Pons-Henry is excellent. He knows his files perfectly and can identify critical points. Marie Robert-Schmid is another asset to the practice.’

Principaux clients




Principaux dossiers

  • Assisted a leading European asset management firm with AMF enforcement proceedings for breach of conduct committed by two former employees.
  • Represented an employee’s savings plan accounts holder in the first ever ACPR proceedings brought in this area, in relation to the Eckert Law on inactive accounts.

Simmons & Simmons

Simmons & Simmons' practice head Thierry Gontard has extensive experience acting for leading financial institutions facing AMF investigations, notably in the context of high-end public takeover bids. He is also assisting a client facing a request from the US SEC authority. In addition, the arrival of litigator Louis-Marie Pillebout from Villey Girard Grolleaud in 2022 adds further strength in the field.

Responsables de la pratique:

Thierry Gontard

Autres avocats clés:

Louis-Marie Pillebout

Principaux clients

Rothschild & Co.


Perella Weinberg

Credit du Nord

Société Générale

Natixis / BPCE


Deutsche Bank

Principaux dossiers

  • Representing two executives of Baccarat who are being sued by a former shareholder, mainly for failing to provide transparent information and committing misconduct during the public offer on the company’s shares.

Viguié Schmidt & Associés

Viguié Schmidt & Associés’ co-heads of practice Nicolas Viguié and Yves Schmidt have excellent knowledge of issues concerning publicly listed companies. The duo, who stand out for their ability to handle M&A deals and litigation, is often retained to assist in the context of public takeover disputes and AMF investigations relating to stock market abuse allegations. The team represents companies, boards and senior executives.

Responsables de la pratique:

Yves Schmidt; Nicolas Viguié

Principaux clients




Principaux dossiers

  • Advising the board of directors of Suez SA in multiple legal proceedings initiated in the context of the hostile public takeover offer of Veolia.
  • Successfully represented Alain Moussy, CEO of AB Sciences, who was investigated by the AMF sanctions commission for insider trading.

Cohen & Gresser LLP

Cohen & Gresser LLP has strong expertise handling stock market abuse cases, such as inside trading and financing communication issues, regularly involving the stock market authority (AMF) and the criminal prosecutor. The firm often defends companies’ executives and private investors. It recently obtained a major decision before the EUCJ regarding evidence admissibility in a high-profile insider dealing case, and has been retained to assist with a major AMF investigation concerning a possible network of insider dealers. Muriel Goldberg-Darmon and Loïc Henriot co-head the practice, which also includes counsel Guillaume Guérin.

Responsables de la pratique:

Muriel Goldberg-Darmon; Loïc Henriot

Autres avocats clés:

Guillaume Guérin

Les références

‘ Muriel Goldberg-Darmon has strong experience handling proceedings before the AMF sanctions commission in relation to market abuse offenses.’

Principaux clients

Alexis Kuperfis

Ackermans & van Haaren NV

Tordjmans family

Employee of Jefferies International

De Pardieu Brocas Maffei

De Pardieu Brocas Maffei manages a prominent caseload in the field of stock market abuse cases. The firm is defending investment funds, companies and individuals facing AMF investigations regarding insider trading and market price manipulation allegations. It is also defending several clients prosecuted by the AMF enforcement committee. In addition, the team’s strong knowledge of publicly listed companies mean that it regularly earns mandates to assist with governance and shareholder conflicts. The practice is headed by Patrick Jaïs, and was further strengthened by the hires in November 2021 of counsel Alice Gaillard, who previously worked for French regulatory agencies, and Alexandre Vermynck, who joined from Davis Polk & Wardwell at the end of 2022.

Responsables de la pratique:

Patrick Jaïs

Autres avocats clés:

Alice Gaillard; Alexandre Vermynck

Principaux clients




Principaux dossiers

  • Advising MAZARS in a shareholder dispute initiated by minority shareholders against ARCELOR MITTAL.

Hogan Lovells (Paris) LLP

Hogan Lovells (Paris) LLP's practice head Arthur Dethomas handles several stock market abuse cases on behalf of investment funds which are subject to AMF-led investigations, notably on the basis of insider trading allegations. He also handles a wide range of disputes concerning securities issues.

Responsables de la pratique:

Arthur Dethomas

Principaux clients


Louvois SICAV

High Co

Principaux dossiers

  • Representing CBRE in several proceedings 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.


Jeantet's Frank Martin Laprade is a leading name in the field. He has extensive experience advising companies, financial institutions, investment firms as well as CEOs and executives on dealing with AMF investigations and proceedings. He acts for clients facing stock market abuse allegations, sanction proceedings, as well as investigations into complex securities transactions and public tenders. Associate Marie Robin also contributes.

Responsables de la pratique:

Frank Martin Laprade

Autres avocats clés:

Marie Robin

Les références

‘Perfect knowledge of regulations and other practice subtleties.’

‘Frank Martin Laprade and Marie Robin have great listening skills and fully understand the needs of clients.’

‘Frank Martin Laprade and Marie Robin are excellent.’

Principaux clients


Diana Holding



Groupe Burrus


Linklaters has recently been involved in several landmark cases before the AMF regarding stock market abuse matters. The team notably acted in two matters raising high-stakes issues concerning financial communications. The firm defends companies, investment funds and financial newspapers. Litigators 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

Peltier Juvigny Marpeau & Associés

Peltier Juvigny Marpeau & Associés has extensive expertise advising on AMF stock market abuse investigations. The team is notably assisting a leading auditing firm as well as executives facing such types of investigations, in relation to financial communication issues and insider dealing accusations. The practice is also well-versed in shareholder conflicts and activism issues, acting for asset management firms. The highly experienced Frédéric Peltier and Clément Wierre are the practice heads.

Responsables de la pratique:

Frédéric Peltier; Clément Wierre

Principaux clients


Jekiti Mar Capital



Principaux dossiers

  • Assisting Altamir, a listed private equity investor, in dealing with several litigation proceedings against Moneta Asset Management, one of its main minority shareholders, following a memo published on Moneta’s website.
  • Assisting Cira in the definition of its shareholders’ activism strategy in relation to the company CS Group.

Rossi Bordes AARPI

Rossi Bordes AARPI  has a strong expertise in the field of financial and securities regulations. The firm is retained by asset management funds to handle AMF compliance investigations as well as AMF sanctions proceedings. The practice is also instructed by traders, CEOs and financial investors to assist during AMF stock market abuse investigations and sanctions proceedings concerning insider trading and financial communications issues. Eric Boillot has extensive experience in the field. Dominique Bordes is another key name.

Responsables de la pratique:

Eric Boillot

Autres avocats clés:

Dominique Bordes

White & Case LLP

White & Case LLP’s practice has a strong focus on corporate governance and stock market activism issues. The practice regularly acts on behalf of leading publicly listed companies, as well as investment funds in that area. It also manages mandates concerning stock market battles and stock market abuse investigations. Diane Lamarche heads the team.

Responsables de la pratique:

Diane Lamarche

Principaux clients

Amber Capital

Paul de Brancion & Co

Davidson Kempner European Partners

Farallon Capital

SMCP (Sandro, Maje, Claudie Pierlot)

Principaux dossiers

  • Assisting Amber Capital with the management of its minority stakes in listed company Lagardère and the implementation of its shareholder rights since 2016.
  • Representing four shareholders of the holding company EJ Barbier, a family-owned company holding a majority stake in the listed company EPC, in proceedings launched by the activist fund Candel & Partners.
  • Assisted SMCP (Sandro, Maje, Claudie Pierlot), a French listed company, in a conflict concerning its former majority shareholder and its new majority shareholder.

Allen & Overy LLP

Allen & Overy LLP represents several leading banks and investment funds in AMF regulatory and stock market abuse cases. The firm also acts in France’s sole class action launched following an AMF condemnation, and also assists various banks with managing civil and criminal liability litigation linked to various securities products and notes issuance. The team is also expert in the field of financial service regulation. Dan Benguigui and Erwan Poisson are in charge.

Responsables de la pratique:

Erwan Poisson; Dan Benguigui

Principaux clients

BCP (Banque Centrale Populaire)


Ecobank and Banque Atlantique Côte d’Ivoire


Natixis Investment Managers

Nomura International PLC

Solutions 30

Principaux dossiers

  • Representing Natixis in a class action initiated before French Courts by consumer association UFC-Que Choisir.
  • Representing the Moroccan bank BCP in a dispute regarding the acquisition of a bank in Cameroon.
  • Representing French T&T company Alcatel Lucent in the context of proceedings launched regarding a capital increase.

BDGS Associés

BDGS Associés is recommended for its knowledge of publicly listed companies. Kyum Lee regularly assists board members of public companies with managing top governance conflicts, while also regularly acting in shareholders’ conflicts pertaining to public companies.

Responsables de la pratique:

Kyum Lee

Les références

‘The BDGS team is certainly one of the best litigation teams in Paris. It combines a perfect mastery of the law with an in-depth knowledge of cases and a real sense of strategy.’

‘Kyum Lee is an outstanding litigation lawyer, very available and responsive. His collaborator, Florian Dessault, is also to be recommended.’

‘The team is really very available and responsive. They have great experience and their advice is always very pragmatic and oriented towards the interests of their clients. They will not recommend going into litigation if they consider it is not in their client’s interest. It is clearly the interest of the client that takes precedence.’

‘Kyum Lee and Florian Dessault are exceptional lawyers. They have an excellent strategic vision over their files.’

Principaux clients


Morgan Stanley


MBDA France

Société Générale

Crédit Agricole Assurances (Predica)

Crédit Agricole



Clifford Chance

Clifford Chance assists rating agency Standard & Poor’s in several AMF-led investigations, while also defending a former banker in an insider trading case. The practice also acted for the banks in the high-profile Suez-Veolia takeover battle. The practice is co-headed by  Thomas BaudessonDiego de Lammerville and Charles-Henri Boeringer

Responsables de la pratique:

Thomas Baudesson; Diego de Lammerville; Charles-Henri Boeringer

Principaux clients

Standard & Poor’s



Principaux dossiers

  • Representing the banks in the context of Veolia’s hostile tender offer on Suez.

Herbert Smith Freehills LLP

Herbert Smith Freehills LLP is regularly entrusted by investment funds and investment banks, while also representing companies. The team represents several clients before the AMF enforcement committee in a number of stock market manipulation cases. The practice also has strong investment fund AMF regulatory expertise and is notably involved in a matter concerning financial communication into allegedly sustainable development sectors. Antoine Juaristi and Clément Dupoirier head the practice, with Martin Le Touzé also a key contributor.

Responsables de la pratique:

Antoine Juaristi; Clément Dupoirier

Autres avocats clés:

Martin Le Touzé

Les références

‘Very responsive team and attentive to needs. Very good technical analyses. Constructive and innovative approach. Very rich, pleasant and constructive collaboration. Also demonstrates agility.’

Principaux clients

Tullett Prebon


Crédit Agricole Brie Picardie

Principaux dossiers

  • Representing TPICAP before the Enforcement Committee of the AMF in sanction proceedings for market manipulation.
  • Representing Nyenburgh in enforcement proceedings before the Enforcement Committee of the AMF, for alleged price manipulation on Euronext Paris.

Kramer Levin Naftalis & Frankel LLP

Kramer Levin Naftalis & Frankel LLP is retained by financial services institutions to assist with AMF regulatory audits and disciplinary investigations. The team’s high-level expertise in the field of financial service regulation also extends beyond AMF work and covers inquiries from various other French regulatory agencies active in the financial service industry. The practice is co-headed by Hubert de Vauplane and Hugues Bouchetemble.

Responsables de la pratique:

Hubert de Vauplane; Hugues Bouchetemble

Principaux clients















Principaux dossiers

  • Acted on behalf of LCL in a French class action concerning the issuance of loan insurance products.
  • Advised Crédit Mutuel Arkéa in disciplinary proceedings relating to the duty to advise on the distribution of savings products.
  • Advising Tilborg Trading on an AMF market price manipulation investigations on the Eurostoxx market.

Visconti & Grundler

Visconti & Grundler's Julien Visconti is regularly retained by US hedge funds and family offices to assist with public tender offer disputes as well as shareholders’ activism cases concerning the governance of leading publicly listed companies. The practice has been involved in many of France’s high-profile shareholders’ activism campaigns recently in relation to CAC 40 companies. The team also handles stock market abuse cases.

Responsables de la pratique:

Julien Visconti

Principaux clients


Financière de l’Echiquier

Wyser-Pratte Management

Matignon Finances

Principaux dossiers

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

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP is often called upon by large publicly listed companies to assist with sensitive shareholders’ conflicts and matters relating to takeover bid AMF investigations and litigation. The firm is also assisting several companies facing AMF investigations concerning insider trading and financial communication issues. The practice is headed by Didier Malka.

Responsables de la pratique:

Didier Malka

Principaux clients






Principaux dossiers

  • Representing Altarea in proceedings initiated by Primonial’s shareholders relating to the acquisition of Primonial.
  • Assist the board of directors of Orpea in managing a crisis caused by mistreatment allegations.