W. Scott Porterfield

Scott is the head of the firm’s litigation practice group and a member of the financial institution group.  Scott focuses his practice on general commercial litigation, including: bank regulatory and enforcement matters; commodities and securities regulatory enforcement and civil actions; professional liability claims; directors and officers liability insurance matters; and employment and restrictive covenant matters. Scott also has experience in contract, trademark and telecommunications cases.

Scott coordinates the firm’s financial institutions related litigation and enforcement work. He has litigated enforcement actions brought by the FDIC, the OCC and state bank regulators. Scott has also defended banks in appraisal and valuation cases.

Scott advises corporate boards on internal investigations and conducts such investigations. He also works with corporate boards to ensure that claims are covered by directors and officers liability insurance.

Scott is currently serving as a court-appointed receiver at the request of the SEC in a case of fraud by a private equity firm. Securities and Exchange Commission v. AA Capital Partners, Inc.

Representative Matters

• In re marchFIRST, Inc.
  

  Represented the bankruptcy trustee of marchFIRST in a breach of fiduciary duty claim filed against the former directors and officers of the company, and in declaratory judgment claims against the directors’ and officers’ liability insurers; after successfully staying a prior pending class action that would have depleted the insurance coverage, we successfully settled the case for $6 million

• Porterfield v. Orecchio, et al.
  

  As the receiver for AA Capital Partners, Scott brought suit in the U.S. District Court for the Northern District of Illinois against the directors and officers of AA Capital, an SEC registered investment advisor, on a $60 million claim for violations of ERISA, breach of fiduciary duty, fraud and conversion arising out of the alleged misappropriation and misuse of investor funds.

Professional Activities and Honors

• Member, American Bar Association's Section of Litigation
• Served as an arbitrator for the National Futures Association and the Chicago Mercantile Exchange
• Phi Beta Kappa

Publications

• Co-author of chapter on Contract Performance in Contract Law (Illinois Institute of Continuing Legal Education, 1982 and 1986, 2006 and 2008)
• Co-author of chapter in "Contracts and Sale of Goods" (Illinois Institute of Continuing Legal Education 1990)
• Notes and Comments Editor, Northwestern University Journal of International Law and Business (1978-1979)

Events & Speaking Engagements

• “Insight on Oversight,” Bank Director Magazine's 2009 Bank Audit Committee Conference, Chicago, IL, June 2009
• Featured speaker at webinar on corporate fraud control sponsored by Corporate Board Magazine, May 29, 2008
• "What Audit Committee Members Need to Know About Emerging Boardroom Liabilities", workshop presentation on June 15, 2007. Bank Audit Committee Conference, Chicago, IL