Karim Basaria
- Accountants and Professional Liability
- Securities Enforcement and Regulatory
- White Collar: Government Litigation and Investigations
KARIM BASARIA is an associate in the Litigation group of the firm’s Chicago office. His practice involves representing individual and corporate clients in white collar and securities enforcement matters, internal investigations, and complex civil litigation. Karim has represented registrants, governing bodies, public accounting firms, as well as individuals in enforcement actions by the U.S. Securities and Exchange Commission and internal investigations involving a variety of issues. Karim also represents individuals and public accounting firms in actions by the Public Company Accounting Oversight Board and state agencies charged with regulating the accounting profession.
In the civil litigation context, Karim has represented clients in matters involving professional negligence claims, claims against auditors under the Securities Act of 1933, business tort and consumer fraud claims, and claims of defamation. Karim also has experience investigating misconduct complaints and bringing cases against jurists on behalf of the Illinois Judicial Inquiry Board, the sole disciplinary entity responsible for inquiring into allegations of misconduct or physical or mental incapacity of Illinois judicial officers.
Karim’s experience includes conducting fact investigation; preparing witnesses to testify in depositions, at trial, and in regulatory proceedings; working with expert witnesses; writing dispositive motions; preparing offensive and defensive discovery; managing substantial electronic reviews and productions; and trial, including the examination of witnesses and delivery of statements.
Prior to law school, Karim was a Certified Public Accountant in Illinois, where his practice focused on financial statement audits of public entities and forensic accounting matters.
Experience
- Representative Matters
- Pro Bono
- Memberships and Activities
- Representing a major accounting firm in federal securities class action in the Southern District of New York and related direct action and derivative lawsuits involving, among others, claims under Section 11 of the Securities Act of 1933
- Representing the Big Four and other major professional services firms in connection with numerous investigations initiated by the SEC’s Division of Enforcement into matters involving revenue and expense recognition, public disclosure obligations, and goodwill impairment
- Conducted an internal investigation for the special committee of the board of a publicly traded company in connection with whistleblower allegations against senior management
- Obtained favorable decisions in state court and state licensing board actions against a large public accounting firm and individual auditors alleging breach of contract, professional negligence, and violations of professional auditing standards
- Represented a Fortune 500 company in internal investigations involving allegations of price fixing, fraud, and potential violation of environmental regulations
- Successfully represented an individual auditor before the Public Company Accounting Oversight Board
- Represented a Fortune 100 company in SEC enforcement matter involving accounting for goodwill impairment
- Prosecuted judicial officers before the Illinois Courts Commission on behalf of the Illinois Judicial Inquiry Board, including the examination of witnesses and the delivery of opening statements and closing arguments
Karim maintains an active pro bono practice. He is involved in Ms. J.P. v. Barr, a lawsuit in which Sidley has partnered with Public Counsel to represent a class of parents who were forcibly separated from their children due to the family separation policy implemented by the government in 2017. Sidley was honored with the 2019 Public Counsel Pro Bono Award in connection with the firm’s work in the Ms. J.P. litigation. Karim is also assisting in the firm’s representation of a putative class of immigrant visa applicants challenging Presidential Proclamation 9945, an order requiring applicants to prove they will be covered by adequate health insurance or able to pay for reasonably foreseeable medical costs. In addition, Karim represents an inmate in a federal lawsuit alleging constitutional and other claims stemming from the improper use of solitary confinement.
Karim co-chairs the Chicago Associates Committee and is a member of the firm’s Associate Diversity Council in Chicago. He has been involved in various firm-sponsored diversity initiatives, including the 1L Diversity Mentorship Program and other pipeline programs. Karim is also actively involved in the firm’s recruiting efforts and serves on the Summer Committee for the Chicago office.
Capabilities
- Accountants and Professional Liability
- Securities Enforcement and Regulatory
- White Collar: Government Litigation and Investigations
- Financial Reporting and Disclosures
- Government and Regulatory Investigations Concerning Accountants
- Internal Investigations
- Private Securities Litigation
- Professional Liability Litigation Against Accountants
- Public Company Accounting Oversight Board
- Securities Litigation Against Accountants
News & Insights
Credentials
Admissions & Certifications
- Illinois
Education
- Northwestern School of Law, J.D., 2012 (cum laude)
- University of Illinois - Chicago, B.S., 2006 (cum laude)
Clerkships
- Virginia M. Kendall, U.S. District Court, N.D. of Illinois (2012 - 2013)