The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Susan Saltzstein is Co-deputy of Skadden’s nationwide securities litigation group and Co-head of the complex litigation and trials group. Susan’s practice focuses on representing U.S. and global corporations (public and private), financial institutions, and individual clients embroiled in complex litigation in federal and state courts. Her litigation experience is broad-based in scope and industry and includes class and derivative actions, board representations, stockholder lawsuits and SEC investigations. Susan has been recognized by various legal industry outlets, including Chambers USA (Band 1), Law360 as a Securities MVP, and Benchmark Litigation as a Litigation Star and one of its Top 250 Women in Litigation.
Mark Foster is a partner in Skadden’s securities litigation group. He represents public companies and their officers and directors in securities fraud class actions, shareholder derivative lawsuits, and shareholder demands and related investigations, among other matters. Mark frequently defends clients against investor lawsuits, defends against breach of fiduciary duty and insider trading allegations, and counsels on disclosure issues. He has been recognized in Chambers USA for securities litigation and Benchmark Litigation as a Litigation Star, and by Lawdragon as one of the 500 Leading Litigators in America.
Describe your practice area and what it entails.
Susan: My partners and I lead teams that handle some of the most consequential cases in the securities realm: federal and state securities fraud class actions, shareholder derivative suits, high-profile corporate governance disputes, and major regulatory investigations. In practice, I help clients navigate critical, high-pressure situations that could define their future, often as markets react in real time. The work requires strategic judgment, precision, and a deep understanding of how legal issues intersect with the broader business landscape.
Mark: Our focus is on guiding clients through complex, high-stakes litigation that can have significant financial and reputational implications. We represent companies in share-holder class actions and derivative lawsuits. These matters are typically filed in the wake of negative corporate developments and often involve allegations of securities fraud or breach of fiduciary duty.
What types of clients do you represent?
Susan: My clients are incredibly varied, from global brands to innovative, high-growth businesses facing challenges for the first time. Over the past several years, I’ve led or co-led more than 50 major matters for clients, including Booz Allen Hamilton, Unilever, Nokia, Neuberger Berman, Canopy Growth, Johnson & Johnson, Grab Holdings and many others.
Mark: When a publicly traded company’s stock price drops, the entity itself, as well as members of a company’s board and C-level decision makers, often face lawsuits that relate to decisions and disclosures made in connection with a price drop. These clients typically face significant legal and reputational risks, whether due to shareholder litigation, regulatory investigations, or internal governance challenges. Examples of some of my recent clients include Visa, Five9, and ON Semiconductor.
What types of cases/deals do you work on?
Mark: Our work primarily involves shareholder class actions and derivative lawsuits, which can involve complex questions about corporate decision-making, internal controls, and the responsibilities of those in leadership positions, as well as related investigative matters that arise in parallel—all of which demand careful coordination. No two matters are alike, which keeps the work intellectually engaging and underscores the importance of adaptability.
For example, Susan and I co-led the defense of Hawaiian Electric Industries and its officers and directors in securities litigation following the 2023 Maui wildfires. I also recently secured dismissal of a securities class action and stockholder derivative actions against Visa.
Susan: Together, my colleagues and I have defended companies and executives in high-stakes securities class actions, shareholder derivative suits, corporate governance disputes, special purpose acquisition company (SPAC)-related litigation, and cases involving cross-border or parallel proceedings. We also advise boards of directors and committees on disclosure, governance, and litigation-avoidance issues.
Recently, I defended Grab Holdings in a major securities class action arising from the largest-ever de-SPAC; secured the dismissal of breach of fiduciary duty claims against the CEO of Seanergy Maritime; and on behalf of Neuberger Berman, worked on a multifront, expedited defense in federal and state courts to defeat coordinated attempts to enjoin a $12.5 billion business combination. What ties all these matters together is the need to think several steps ahead, anticipate the market and regulatory reaction, and keep the litigation strategy tightly aligned with the client’s business goals. That’s where the work becomes both art and science.
How did you choose this practice area?
Susan: I like to say securities litigation chose me as much as I chose it. I was drawn to the complexity and stayed because of the impact. I realized that the matters that energized me most were the ones sitting at the crossroads of law, business, markets, and human decision-making. Securities litigation was the one practice where all of those forces collided. The cases weren’t just legal challenges; they were stories about how companies operate, how disclosures shape the market, and how a single decision can influence investor confidence across an entire industry. Securities litigation never sits still. It shifts with market cycles, regulatory priorities, emerging technologies and geopolitical events. You have to be a student of everything: finance, governance, risk, human behavior, and more.
Mark: Similar to Susan, this practice area chose me. As a junior attorney, I was assigned to matters based on firm needs and developed an affinity for this work. I found it engaging and rewarding, so I invested my career in it. I appreciated the predictability of the legal framework combined with the novelty each new case presented. A defining moment came when I successfully persuaded a judge to reconsider a motion he had previously denied after I thoroughly researched and briefed a complex doctrinal issue. That experience confirmed that this was the work I wanted to continue doing.
What is a “typical” day like and/or what are some common tasks you perform?
Mark: My work varies by case phase. At times, I am deeply immersed in researching and writing, drafting or editing briefs, and analyzing case law. Other times, my focus is on communicating with clients, strategizing with co-counsel, or negotiating with opposing counsel. I also spend time developing the factual record, which involves reviewing documents, building chronologies, and preparing witnesses for testimony.
Susan: While no day is ever typical, I am consistently balancing strategy, people, and pressure. My days usually begin with client conversations about the risks they’re facing and what we need to do next. Some days, I might move into a strategy session with my team, a briefing discussion on a fast-moving matter, a deposition prep session, or a meeting with experts on market or accounting issues. Other days, the priority is counseling clients on disclosure questions or governance issues designed to prevent litigation before it arises. I also dedicate a meaningful part of each day to mentoring. I came up through a generation where informal mentorship was invaluable, and I try to pay that forward. Helping associates find their voice, giving them real responsibility, and supporting their development is something I consider a core part of leadership.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Susan: I encourage aspiring litigators to gain experience working on complex commercial cases, pursue a clerkship if possible, and seek out opportunities that stretch your analytical skills. Cultivate mentors who will invest in your growth and help you build your own voice.
Mark: In addition to Susan’s excellent advice, I recommend regularly reading business-focused publications, such as The Wall Street Journal and The Economist, to stay informed about trends that often influence our work. Dedicating 15–20 minutes a day to this habit can provide valuable context and insight.
What is the most challenging aspect of practicing in this area?
Susan: In securities litigation, the challenges are as complex as the stakes are high; every matter feels like its own ecosystem. One day you’re navigating cutting-edge market issues, and the next, you’re defending a Fortune 500 company in a case the entire industry is watching. That’s what keeps me energized.
Mark: The most challenging aspect is navigating the nuanced landscape shaped by the differing perspectives of judges. Just as lawyers approach cases differently, judges interpret and analyze facts and legal arguments in distinct ways. Anticipating how a particular judge will respond to a set of facts or legal theory is often the greatest variable in any case.
What do you like best about your practice area?
Susan: Securities litigation is like solving a new puzzle every day. The facts evolve, and the markets shift. That’s why I love this work: it’s intellectually demanding and strategically rich, and it has real-world impact.
Mark: I enjoy the balance between working within a stable and predictable body of law while continually applying it to new and evolving issues. Each case introduces new companies, technologies, and challenges, which keeps the work interesting and dynamic.
How do you see this practice area evolving in the future?
Mark: Securities litigation closely follows business trends. As new industries and technologies emerge, they become the focus of related litigation. For example, we are currently seeing an increase in cases involving AI-related claims. Whatever becomes the next major business trend will likely drive future securities litigation as well.
Susan: As Mark notes, the cases we work on shape industries, clarify the rules of the road, and help define how companies communicate with the world. That sense of impact is what makes securities litigation not just a career, but a calling.
How important is it for securities litigators to have a business background and understanding of corporate law, and what should junior attorneys do if they don’t?
Mark: A business background and knowledge of corporate law are important, and taking law school classes or CLEs focused on these areas will provide a good foundation. Familiarity with civil procedure is also essential. As I shared earlier, for those seeking to build their understanding, staying informed through business publications and developing a general awareness of economic and corporate trends can be very valuable.
Susan: Securities litigators need to be fluent in the languages of law and finance. If you can translate between the two, you’re already ahead. You need a deep foundation in securities law, corporate governance, and financial principles. Understanding financial statements, market dynamics, and regulatory frameworks is essential because the cases often turn on these details. Equally important are the fundamentals of litigation: precise writing, persuasive oral advocacy, strategic thinking, and sound judgment under pressure.