An Orrick white collar and securities litigation team has secured a rare voluntary dismissal of an SEC enforcement action, resolving litigation against our client Keith Metzler, the City Manager of Victorville, California.
As part of a broader settlement finalized in late July, the SEC agreed to dismiss with prejudice its claims against Mr. Metzler arising from allegations that the local airport authority made misleading claims to investors in connection with a 2008 bond offering. The SEC’s suit, filed in 2013, had alleged that Mr. Metzler had knowingly aided and abetted the alleged misstatements.
Orrick mounted a vigorous defense for Mr. Metzler, who insisted throughout the case that he had committed no wrongdoing. With a trial date looming, the SEC agreed to the dismissal of the claims against Mr. Metzler, along with a settlement in which it dropped its scienter-based fraud claims against the city and airport authority.
The Victorville Daily Press
covered the SEC’s decision to drop the claims against Mr. Metzler, who was elevated to the City Manager post this spring.
The Orrick team was led by partner Jim Kramer
, and included senior counsel George Greer
, of counsel Charles Ha, and associates Kevin Askew
, Stephanie Albrecht
, Lacey Bangle
and Natalie Nahabet