John Skakun

JOHN SKAKUN advises companies, boards of directors, and executives in high-stakes litigation and corporate crises, with a focus on securities and shareholder matters, investigations, M&A disputes, and complex commercial and bankruptcy litigation. John’s creative and bold strategies have delivered winning results for clients including Walgreens Boots Alliance, Johnson & Johnson, Apollo Global Management, United Airlines, JP Morgan Chase, CMG Media, Wanxiang America, Herc Rentals, and Phoenix International Publications.

John is a seasoned trial lawyer and trusted counselor who has achieved major victories at all stages of disputes and in forums across the country. He has led some of the largest securities class actions and fiduciary duty cases in the nation, with tens of billions of dollars in potential exposure. He has first-chaired and won trials in complex bankruptcy and commercial cases. He has been lead counsel in board and internal investigations. He has defended government investigations and achieved declinations for companies and individuals. And he has successfully resolved many M&A and post-closing disputes around the world, both before and through litigation. John also counsels boards and companies on risk management, compliance, and D&O insurance.

Recent examples of John’s work include:

• Leading defense of Fortune 50 pharmacy company and board of directors in shareholder derivative litigation in the Northern District of Ohio and investigation regarding alleged breaches of fiduciary duty related to opioids and government settlements.
• Defending board of directors of healthcare company in securities class action and derivative litigation involving allegations of False Claims Act violations, including both Exchange Act and Securities Act claims related to IPO and secondary offerings by private equity sponsors, pending in the Northern District of Illinois.
• Defending financial services company in securities and derivative litigation in the Middle District of Florida related to US$18 billion write-down of acquired business unit, with damages exposure of up to US$9 billion.
• Leading defense of Fortune 50 life sciences company and individual officers in US$11 billion securities litigation pending in the District of New Jersey related to sensationalized media coverage about alleged product safety issues and one of the largest product liability multi-district litigation (MDL) in the country. Retained after the motion to dismiss stage, and devised novel and aggressive strategy to challenge class certification, which remains pending.
• Led defense of Fortune 50 healthcare company in US$2 billion securities and derivative litigation in the Northern District of Illinois, as well as SEC investigation, related to missed financial projections for multi-billion-dollar international merger and defamation suit by the former CFO, which received weeks of front-page news coverage. Won summary judgment on all forward-looking statements in the securities case. Settled SEC investigation for negligence-only claims.
• Won M&A litigation for private equity firm and portfolio media company in the Northern District of Illinois and the Seventh Circuit related to US$3 billion acquisition. Retained after a temporary restraining order was entered, then won 9 straight motions culminating in defeating the motion for a preliminary injunction on the merits, and winning interlocutory appeal of that decision.
• First chair trial counsel for publishing company in M&A dispute in New York state court. Investigated and brought multi-million-dollar claims for fraud and for post-closing indemnification relating to international bankruptcy and regulatory matters. Recovered more than 70 percent of amount claimed.
• Lead litigation counsel providing commercial and government litigation-risk counseling, and related transaction-structuring advice, for private equity firm in US$9 billion media acquisition.
• Lead counsel for board investigation into alleged wrongdoing by former executives for bankrupt financial services company. Resulted in favorable pre-litigation settlement with former executives.
• Led Audit Committee investigation for fintech company relating to whistleblower complaint alleging CEO pressured finance and accounting personnel to improperly adjust non-GAAP financial measures. Complaint was not substantiated.

John is an engaged leader in civic life and the Firm. He has a very active pro bono practice, and has won numerous trials and appeals in asylum cases, including the landmark WGA v. Sessions decision in the Seventh Circuit. 

He is co-chairing the National Immigrant Justice Center’s 2023 Human Rights Awards, and is on the NIJC’s Leadership Board. He is the Vice Chair of Horizons for Youth. He is a Class of 2022 Leadership Greater Chicago Fellow.

Additionally, John heads the Firm’s Political Asylum & Immigrants’ Rights Pro Bono Project, and serves on the Firm’s Technology Committee and its Recruiting Committee.

OTHER REPRESENTATIVE MATTERS

Other representative matters include: 

• First chair trial counsel in mass-tort bankruptcy of industrial company in the Bankruptcy Court for the District of Delaware. Won contested appointment of a future claimants representative as well as contested confirmation of plan of reorganization for creation of an asbestos-victims trust.
• Represented spun-off construction company in crisis involving DOJ, SEC, and foreign regulator investigations, securities class action, multiple shareholder derivative suits, and clawback litigation against former officers, arising from multi-year financial restatement by the former parent company and FCPA whistleblower report. Securities and derivative cases were dismissed, DOJ and foreign regulators declined to press charges, and SEC settled without charging spun-off company.
• Represented healthcare company in more than a dozen shareholder derivative matters in federal and state courts in New Jersey, including two special committee investigations, primarily related to OTC product recalls and FDA consent decree. Won dismissal of demand-futility litigation and summary judgment on demand-made litigation. Also won dismissal of books and records litigation.
• Represented CEO of bankrupt consumer goods company in securities litigation in the Southern District of Ohio and the Sixth Circuit, as well as SEC investigation. Won dismissal of all claims and affirmance on appeal, and closure of the SEC investigation without charges.
• Lead counsel for private equity sponsor and the board of healthcare company against creditor derivative claims of fraud and breach of fiduciary duty in the Bankruptcy Court for the Southern District of New York. After successful first motion to dismiss, achieved favorable settlement below D&O insurance limits while motion to dismiss amended complaint was pending.
• Conducted internal investigation for Big Four accounting firm concerning allegations of fraud in international practice group.
• Trial counsel for bank in three-week trial in complex commercial litigation in the Eastern District of Michigan related to syndicated financing dispute. Won US$50 million judgment.
• Represented public company and individuals in SEC investigation regarding Reg FD and hedge fund “wolf packs.” SEC declined to pursue any charges.