Andrew R. Dunlap is a founding partner of Selendy Gay.
Andrew is an experienced trial and appellate litigator who has been named a leading securities litigator by The Legal 500 and is ranked among the nation’s “Leading Plaintiff Financial Lawyers” by Lawdragon.
He has successfully represented clients in securities, contract, healthcare, antitrust, mass tort, RICO, ERISA, and constitutional matters, among others. Andrew was a key member of the team that represented the Federal Housing Finance Agency, as conservator for Fannie Mae and Freddie Mac, in recovering $25 billion from the world’s leading banks over the sale of residential mortgage-backed securities (RMBS), including the trial team that obtained an $800 million judgment from Nomura and RBS. In that litigation, Andrew obtained a summary judgment decision that banks did not act with reasonable care in creating the RMBS they sold to investors during the run-up to the financial crisis.
Representative Matters
- Save On SP: Represents SaveOnSP, which offers cost-saving strategies for self-funded employers, in defending against a $100 million suit brought by Johnson & Johnson for tortious interference and violations of New York’s General Business law, concerning copay assistance strategies.
- Kingate Global Fund and Kingate Euro Fund: Represented the Joint Liquidators of two BVI-based Kingate Funds in defending against claims brought by Deutsche Bank Securities Inc. relating to DBSI’s alleged purchase from the Funds of more than $1.6 billion of claims against the Bernard Madoff estate. The parties reached a mediated settlement.
- Leibowitz et al. v. iFinex Inc. et al.: Represents a putative class of cryptocurrency investors in an antitrust, commodities act, and fraud suit alleging that various defendants falsely represented that Tether, a purported “stablecoin,” was fully backed by U.S. dollars as part of a market-manipulation scheme that inflated the price of Bitcoin and other cryptocurrencies, costing investors hundreds of billions of dollars.
- Drivetrain as trustee for the Commonwealth Avoidance Actions Trust, seeking, among other things, recovery of hundreds of millions of dollars of underwriting fees and swap termination fees from 13 major Wall Street banks for their role in deepening Puerto Rico’s debt crisis.
- National Public Finance Guarantee Corp.: Represented National Public Finance Guarantee and MBIA, who insured numerous bonds issued by Puerto Rico and its agencies, in a suit against eight major Wall Street banks to hold them accountable for inequitable conduct that contributed to Puerto Rico’s economic collapse.
- U.S. Bank: Represents plaintiff in a breach-of-warranty suit against Credit Suisse and Ameriquest regarding warranties in a residential mortgage-backed securities trust.
- Audax Credit Opportunities Offshore Ltd., et al. v. TMK Haw Parent, Corp., et al.: Represented an ad hoc group of term lenders in New York Supreme Court in alleging that the defendants, TriMark, its equity sponsors, and several of its other lenders, violated the governing credit agreement by issuing new senior debt that effectively turned plaintiffs’ first-lien debt into third-lien debt and also issuing new “super senior” debt without inviting the plaintiffs to participate. The plaintiffs alleged that the credit agreement did not allow the defendants to amend it without their consent or to strip them of their pro rata and priority payment rights. In August 2021, the court rejected the defendants’ motions to dismiss the plaintiffs’ contract claims. In January 2022, the parties settled the case with TriMark allowing the former first-lien lenders to exchange their debt for new “super senior” debt and to pay all lenders’ attorneys’ fees.
- U.S. Bank: In a one-month trial in the Southern District of New York, represented plaintiff in a breach-of-warranty suit regarding three residential mortgage-backed securities trusts. Following trial, the trustee’s suit was settled for $850 million, the largest recovery in such a trustee action.
- U.S. Bank: In New York Supreme Court, Commercial Division, represented plaintiff in obtaining a $540 million settlement in a breach-of-warranty suit over a defective residential mortgage-backed securities trust.
- CIGNA Healthcare: Represented CIGNA in defense against a $100 million ERISA, RICO suit, and breach-of-contract suit. Won a summary judgment dismissing all claims brought by the North Cypress Medical Center alleging the underpayment of network reimbursements.
- CIGNA Healthcare: Represented CIGNA in defense against an over $1 billion ERISA, antitrust, and RICO suit. Won rulings dismissing provider plaintiffs and refusing class certification for subscribers alleging misuse of database for reimbursement of out-of-network claims.
- CRC Credit Fund Ltd.: Represented CRC Credit Fund Ltd. against Deutsche Bank AG Frankfurt in a federal interpleader action asserted by Bank of New York Mellon in the District Court for the Southern District of New York.
- Computershare: Represented plaintiff in a $500 million breach-of-warranty action regarding a residential mortgage-backed securities trust. Among other things, obtained a decision from New York’s Appellate Division, First Department, in an issue of first impression that a non-trustee could assert claims on behalf of a trust against the trust sponsor.
- Union Theological Seminary in the City of New York: Represented Union in a lawsuit with the Riverside Church in the City of New York regarding the sale of a residential building.
- Board of Directors for an educational non-profit: Represented client in an internal investigation in response to security concerns and allegations of racial discrimination.
- Board of Directors for an environmental non-profit: Represented the client in an internal investigation in response to allegations of misuse of funds, mismanagement, and racial discrimination.
In his public interest practice, Andrew successfully defended New York City charter schools against suits challenging their ability to co-locate in Department of Education school buildings and demanding they pay rent to the DOE, obtaining denials of preliminary injunctions in both instances. Andrew also successfully defended a consent decree governing the delivery of medical services to Medicaid-eligible children in Tennessee in the U.S. Court of Appeals for the Sixth Circuit.
Affiliations & Community Involvement
Andrew earned his J.D., magna cum laude, from Georgetown Law School, where he published a note in the Georgetown Law Journal and was an editor of the American Criminal Law Review. He serves on the board of the National Center for Law and Economic Justice and is a barrister of the American Inn of Court.
