Daniel J. Delaney

daniel.delaney dbr.com
Phone: (312) 569-1175 (312) 569-1175
Fax: (312) 569-3175


Daniel J. Delaney represents clients in securities and shareholder litigation, class actions, accountants’ liability and other complex financial litigation. He also has significant experience in other complex commercial disputes as well as mass tort defense. Dan has handled such disputes in state and federal courts, at the trial and appellate levels, as well as in alternative dispute resolution proceedings and in government administrative proceedings related to securities and financial regulation.

Among other matters, Dan is currently defending a mutual fund and its officers in class actions asserting claims under Sections 11, 12(a) and 15 of the Securities Act of 1933, and defending an investment firm in a case alleging Securities Act claims concerning a tender offer. He is also currently representing tax buyers in antitrust class actions and real estate firms in commercial disputes, defending consumer class actions, and representing other clients in commercial matters. Dan also recently defended a hospital system in a major federal antitrust action challenging a merger. Dan also advises business clients, and their management and boards, in transactional settings on various issues related to potential litigation claims and risk management, SEC compliance, disclosure obligations and fiduciary duties.

Dan has extensive national experience representing companies, auditors and individuals in federal securities law claims and shareholder derivative actions. He has obtained pre-discovery dismissals for large accounting firms and multinational companies in numerous cases involving novel issues arising in securities claims and acquisition disputes, fought class certification in other cases and successfully defended these clients in other matters at trial or on appeal. Dan has also represented numerous auditors and accounting firms in proceedings initiated by the SEC and other regulators.

Dan handles commercial disputes involving contract and business tort claims and has obtained many successful outcomes through summary disposition, victories at trial and on appeal and negotiated settlements. He also regularly counsels clients in business transactions and regulatory matters. Drawing on his commercial litigation and professional liability experience, he frequently advises clients on a variety of issues related to potential litigation and risk management, fiduciary duties, regulatory compliance and financial disclosure. He has assisted many clients in negotiating resolutions to business disputes while avoiding the significant burden and expense protracted litigation might have entailed.

Dan has also worked as national counsel in developing global strategies in multidistrict mass tort cases. He represented one of the major defendants in the silicone implant litigation for many years and was a member of the trial team for the first breast implant case that went to trial for that client.


Dan has significant experience with securities litigation and accountants’ defense. His representative matters include:

  • Obtained dismissal for Ernst & Young LLP in consolidated multi-district federal securities litigation arising from Ernst & Young’s audits of a family of mutual funds and the valuation of illiquid securities.
  • Obtained dismissal of all federal securities claims asserted against Deloitte & Touche LLP concerning its audits of an insurer and the reserves recorded on the insurer’s financial statements.
  • Obtained dismissal of shareholder derivative claim asserted against Ernst & Young LLP concerning its audits of a publicly traded manufacturer.
  • Obtained summary judgment for Deloitte & Touche LLP in an accounting malpractice claim asserted by the creditors’ committee of a bankrupt real estate firm.
  • Trying to judgment and then obtaining entry of final judgment from the 3rd U.S. Circuit Court of Appeals for The Dow Chemical Company in a claim asserting misrepresentations in the financial statements and offering materials for a subsidiary sold in a private transaction.
  • Defending Deloitte & Touche LLP in litigation and administrative proceedings involving the FDIC and the OCC related to loss reserve issues during Deloitte’s audits of a failed bank, with the regulators ultimately taking no action against the client.
  • Obtained a favorable settlement in an action asserting Section 10(b) and Section 20(a) claims concerning the sale of a public company’s interest in another publicly traded entity, after obtaining summary judgment from the trial court without allowing plaintiff any discovery.
  • Successfully representing numerous auditors from multiple “Big Four” accounting firms in various SEC investigations.


Bar Admissions

  • Illinois


  • The University of Chicago Law School, J.D., 1989, with honors
  • University of Illinois at Urbana-Champaign, B.A., 1986, magna cum laude with highest distinction in political science and economics, Phi Beta Kappa

Court Admissions

  • U.S. Court of Appeals, Third Circuit
  • U.S. Court of Appeals, Seventh Circuit
  • U.S. Court of Appeals, Tenth Circuit
  • U.S. District Court, Central District of Illinois
  • U.S. District Court, Northern District of Illinois
  • U.S. District Court, Eastern District of Wisconsin