Caroline A. Wong

Securities and Shareholder Litigation

Caroline’s recent securities and shareholder litigation matters include:

• Representing a Fortune 500 financial services company in securities and derivative litigation in the Middle District of Florida and investigation related to a US$18 billion write-down of an acquired business unit.
• Representing a 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 an audit firm in securities litigation in the Southern District of New York, Western District of Texas, and federal and state investigations related to allegations of private equity investment fraud.
• Defended a global integrated resort company and senior executives in securities and shareholder derivative litigation in the District of Nevada related to the company’s operations in Singapore. Won motion for reconsideration of a motion-to-dismiss ruling after presenting oral argument, resulting in dismissal of claims.
• Defended a global retail pharmacy company in securities and derivative litigation in the Northern District of Illinois related to missed financial projections for multi-billion-dollar international merger. Won summary judgment on all forward-looking statements in the securities case.
• Secured dismissal of shareholder derivative litigation filed against an energy holding company and its board of directors in the District of Delaware and the Delaware Court of Chancery.
• Secured dismissal of a shareholder derivative suit filed against a global retail pharmacy company and its board of directors in the Delaware Court of Chancery, and won affirmance on appeal to the Delaware Supreme Court.

ERISA Litigation

Caroline’s recent ERISA matters include:

• Defending a trustee in ERISA fiduciary litigation relating to ESOP stock valuation.
• Defending an investment advisory firm in an arbitration arising from a pension plan investment dispute.
• Secured dismissal for an investment advisory firm in class action litigation challenging 401(k) investment options and fees, after leading briefing and presenting oral argument in the Northern District of California.
• Defended a health services provider and its board of directors through summary judgment in a class action asserting claims related to 401(k) plan investment options and fees in the Middle District of Tennessee. 
• Defeated class certification for a global automotive supplier in litigation challenging 401(k) plan investment options and fees, after leading briefing and presenting oral argument in the Eastern District of Michigan.
• Defended business services company in district court, Sixth Circuit, and U.S. Supreme Court proceedings related to arbitrability of ERISA fiduciary duty claims.
• Won dismissal of ERISA class action for health system in the Middle District of North Carolina.
• Secured trial victory for an insurance company in a class action challenging rates for a stable value option, and won affirmance on appeal to the Eighth Circuit.

Appellate Litigation

Clients also turn to Caroline for advice on appeals across a wide range of areas, and trust her to collaborate effectively with trial teams and leverage the record they build to develop winning strategies. In addition to the matters noted above, Caroline’s notable appellate experience includes:

• Securing affirmance on appeal to the Federal Circuit for medical manufacturing company involving novel trademark issues.
• Securing affirmance of dismissal and summary judgment orders in an appeal on behalf of an investment advisory firm in a federal class action involving challenges to 403(b) retirement plan investment options and fees. Led the appellate briefing and presented oral argument in the Second Circuit.
• Winning reversal and remand in a criminal appeal involving novel issues relating to federal sentencing statutes. Led the appellate briefing and presented oral argument in the Seventh Circuit.
• Securing a merits-stage victory in the U.S. Supreme Court for a medical technology company in Minerva Surgical, Inc. v. Hologic, Inc., involving the doctrine of assignor estoppel.

Other Experience

Caroline clerked for the Honorable Frank H. Easterbrook of the United States Court of Appeals for the Seventh Circuit, and the Honorable John Z. Lee of the United States District Court for the Northern District of Illinois. She earned her law degree with high honors from the University of Chicago Law School, where she was a David M. Rubenstein Scholar and served as the executive editor of The University of Chicago Law Review.

Caroline is a civic leader at Sidley and in the Chicago community. At Sidley, Caroline has served as a Chicago associate co-leader of the Inclusion Committee and co-chair of Sidley’s Chicago Associate Inclusion Council (2021–2025), and a member of the Summer Associate Program Committee (2022–2024). She is also a recipient of Sidley’s “Thomas H. Morsch Award” (2022), which recognizes lawyers who have demonstrated exceptional commitment to pro bono matters.

Outside the Firm, Caroline serves on the Board of Directors of the National Flute Association (2025–2028), the University of Chicago Law School Reunion Committee (Co-Chair, 2025–2026), the Advisory Board of the Hispanic National Bar Foundation (2025), the Associate Board of the Chicago Committee on Minorities in Large Law Firms (2022–2025), and the Associate Board of Cabrini Green Legal Aid (2019–2025).