Jack  B. Cobetto pittsburgh

Jack B. Cobetto

Member

Overview

Jack Cobetto focuses his practice in the areas of financial services and complex commercial litigation.  He has 30 years of experience representing major financial institutions and other business clients in complex litigation. He has represented clients in class actions, derivative actions and individual actions across the United States in the securities, banking, investment management, insurance, energy, and software and technology industries. In addition, Jack has represented clients in connection with SEC and other federal and state regulatory investigations.  Jack has also represented educational institutions in complex litigation, including False Claims Act and scientific misconduct cases.

Jack also has extensive experience in the areas of restrictive covenant and trade secret litigation, insurance coverage disputes, contract disputes, and real estate and construction litigation.  He has served as lead counsel in numerous jury and non-jury trials in state and federal courts and also in AAA and FINRA arbitrations. 

Representative Matters

  • Represented one of the country’s largest banks in five class actions involving Lender Placed Insurance (LPI) from 2013 to 2016. The complaints asserted similar claims, inter alia, for breach contract and unjust enrichment, and implicated hundreds of millions of dollars in LPI premiums that were charged back to borrowers who failed to maintain the required insurance on their properties. Of those cases, four were dismissed and one was settled.
  • Represented financial services company and conducted an internal investigation to respond to New York Attorney General and SEC investigations and to defend client in class actions involving allegations regarding “market timing” and “late trading.” Representation began in 2003 and continued through October 2010, when the class actions settled and the settlement was approved.
  • Served as lead counsel in representation of major financial services company in securities class action that arose out of the collapse of the auction rate securities (ARS) market in 2008. The class action complaint alleged that the funds’ shareholders were injured because the funds paid more than fair market for the ARS that they redeemed. In the first decision in the nation on this issue, the Judge accepted our argument that claims could not be asserted as a direct class action by shareholders of the funds, but only derivatively on behalf of the funds. The complaint was dismissed in June 2010.

Professional Affiliations

  • American Bar Association
  • Allegheny County Bar Association