Guin, David J.
Address: 300 Richard Arrington Jr Blvd N Suite 600, Birmingham, AL 35203
Lawyer Firm: Guin, Stokes & Evans, LLC
|Areas of Practice||Securities Fraud Litigation & Arbitration, Antitrust Litigation, Complex Litigation, Financial Litigation, Accounting Fraud, Business Valuation Litigation, Derivative Securities Litigation, Class Action Litigation, Institutional Investors, Anti-Competitive Conduct, Price-Fixing Cases, Bond Default Litigation, Municipal Bond Litigation, Multi-District Litigation, Construction Product Defects and Price-Fixing, Discriminatory Interstate Taxation Litigation, Environmental Law, Consumer Class Actions|
David Guin’s law practice emphasizes complex class action, business and financial litigation, including securities, municipal bond defaults, derivative, antitrust and consumer fraud cases. Guin has held an“AV Preeminent” peer-review rating from Martindale-Hubbell for many years. He has been listed in Birmingham Magazine’s listing of “Top Attorneys” in the area of Civil Litigation, and in The Best Lawyers in America© (2013-2018) for Commercial Litigation and Securities Litigation and Super Lawyers© (2012-2017) for Antitrust Litigation, Class Actions, and Securities Litigation. He was named the 2018 Birmingham Securities Litigation "Lawyer of the Year" by Best Lawyers in American. Guin serves as an arbitrator for FINRA (Financial Industry Regulatory Authority).
Guin’s class action or similarly large or complex cases have included (among many others):
• HealthSouth Bondholder Litigation ~ Liaison Counsel for The Retirement Systems of Alabama and a class of institutional bond purchasers. Settlements of approximately $230 million were obtained for the bond investors. Total settlements, including the consolidated stock and derivative litigation, exceed $900 million.
• Regions Morgan Keegan Subprime Mutual Funds Governmental Task Force ~ Guin was appointed Deputy Attorney General by the State of Alabama to represent the Alabama Securities Commission who, along with the SEC, FINRA and a multi-state task force, pursued restitution actions against Regions/Morgan Keegan related to their sales of “bond” mutual funds that were overloaded with subprime mortgage securities. The actions resulted in a combined $210 million recovery, plus fines, penalties and a permanent industry bar against the funds’ manager.
• Pilot/Flying J Diesel Fuel Rebate Litigation ~ Guin was one of Class Counsel in this $85 million class action settlement. Pilot Flying J, a truck stop chain was alleged to have conducted a scheme to shortchange its trucking customers on negotiated fuel discounts.
• Creditline Credit Monitoring ~ Class Counsel in this settled case against a credit monitoring company.
• Blue Cross/Blue Shield Antitrust Litigation (MDL No. 2406) ~ Class action challenging the agreements among the 37 Blue Cross/Blue Shield insurance companies across the United States not to compete against one another in their home states. Guin was court-appointed to serve as the Chair of the Written Submissions (Briefs) Committee.
• OSB Antitrust Litigation ~ Class Counsel in this case alleging price-fixing by the manufacturers of “oriented strand board,” a plywood substitute. The case settled for $125 million.
• Corporate America Credit Union v. Herbst, 397 Fed. Appx. 540, 2010 WL 3705914 (11th Cir. 2010) ~ Action on behalf of multi-billion dollar credit union regarding valuation of mortgage-backed securities held during the financial crisis by U.S. Central Corporate Credit Union.
• MedPartners Threshold Appreciation Price Securities Litigation ~ Liaison Counsel; $65 million settlement.
• The Managers Funds Mutual Fund Litigation ~ Co-Lead Class Counsel for purchasers of bond mutual funds falsely represented to be “government” bond funds when they instead held primarily exotic and highly leveraged derivatives; $7 million settlement.
• Comptronix Securities Litigation ~ Lead Class Counsel; settled for approximately $30 million. See “Behind a Small Alabama Company’s Sudden Fall,” The New York Times, December 4, 1992, “Comptronix Can Do No Wrong, Can It? Guntersville Asks,” The Wall Street Journal, December 4, 1992; and numerous other newspaper articles. See also In re Comptronix Securities Litigation, 831 F.Supp. 1563 (N.D. Ala. 1993).
• Patriots Point Municipal Bond Litigation ~ Lead Class Counsel representing a mutual fund, bondholder committee members, and others in this class action filed on behalf of purchasers of defaulted tax-exempt municipal bonds. See 772 F. Supp. 1565 (D. S.C. 1991). $12.7 million settlement.
• National Healthcare Securities Litigation, 684 F. Supp. 679 (M.D. Ala. 1988) ~ Class Counsel for a class of stock and debenture investors. See additional published opinion at 684 F. Supp. 660 and related article at The Wall Street Journal, p. 2, col. 1, Sept. 4, 1987). $17+ million settlement.
• First Humanics Municipal Bond Litigation ~ Class counsel in this RICO and securities fraud class action brought on behalf of purchasers of 21 separate municipal bond issues over a 32 year period to finance the acquisition of nursing homes, and which operated as a massive Ponzi scheme; jury verdict on liability against Deloitte & Touche accounting firm and other defendants after a seven week trial for twelve counts each of securities fraud, RICO and common law fraud; one of the first cases to use novel “paperless trial” techniques to display all documentary exhibits, transcripts and videotaped testimony on computers throughout the courtroom. See “Reach for the Sky,” Forbes, (August 17, 1992). $42 million settlement after liability trial).
• South Carolina National Bank v. Stone (D. S.C.) ~ Class Counsel representing indenture trustee and bondholder committee members on behalf of a class of holders of defaulted municipal bonds used to finance construction of a failed retirement center; settled; later aided federal prosecutors to put the principals behind bars.
• PFRI (Phenolic Foam Roof Insulation) Litigation ~ Class Counsel in this case involving a defective commercial roof insulation; settled for over $200 million in roof repairs. See 18 F.Supp.2d 70 (D. Mass. 1998).
• Roof Shingles Litigation ~ Class Counsel in case involving a defective roof material.
• Telectronics Atrial “J” Lead Products Liability Litigation ~ Appointed to Plaintiffs’ Steering Committee in multi-district litigation involving defective pacemaker wires. See published opinions at 953 F. Supp. 909 (S.D Ohio 1997); 172 F.R.D. 271; 168 F.R.D. 203 (1996); 164 F.R.D. 222 (1995).
• Contaminated Albuterol Product Liability Litigation ~ Appointed to Plaintiffs’ Steering Committee in this case involving a contaminated asthma medication; $150 million settlement during trial. See opinions at 158 F.R.D. 485 (W.D. Wy.1994); 161 F.R.D. 485 (1995).
• Hardboard Siding Litigation ~ Co-Lead Plaintiffs’ Class Counsel in several cases involving defective construction product.
• Pearson v. Keller (W.D. Ark.) ~ Trial Class Counsel in this securities class action tried to a judgment in U.S. District Court in Arkansas. Obtained full classwide relief (including attorney fees) at trial.
• Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson, 501 U.S. 350, 111 S.Ct. 2773, 115 L.Ed.2d 321, 59 USLW 4688, Fed. Sec. L. Rep. P 96,034 (1991) ~ Represented the Bond Investors’ Association as amicus in this Supreme Court case determining the limitations period appropriate for claims brought pursuant to Rule 10b-5 and Section 10(b) of the Securities Exchange Act.
• Dept. of Rev. of Kentucky v. Davis, 553 U.S. 328, 128 S.Ct. 1801 (2008) ~ Class counsel for certified class of taxpayers challenging the constitutionality of states charging income tax on interest earned by its citizens on out-of-state municipal bonds while exempting interest earned on in-state bonds from taxation.
• Freeman v. Laventhol & Horwath, 34 F.3d 333, 63 USLW 2132, Blue Sky L. Rep. P 74,059, Fed. Sec. L. Rep. P 98,326, 1994 Fed.App. 258P (6th Cir. 1994) ~ Municipal bond default litigation.
• In re Silicone Gel Breast Implants Products Liability Litig. (MDL 926) ~ While a partner with Ritchie & Rediker, from 1992-1995, Guin worked for the Class Plaintiffs’ Co-Liaison Counsel, handling much of the day-to-day management of the class action side of the case.
• In re Kenbee Securities Litigation, Civ. No. 3-91-0492-15 (D. N.J.) ~ Settled securities class action involving limited partnerships set up to build shopping centers anchored by Wal-Mart
• In re Vesta Securities Litigation (N.D. Ala.) (Successfully defended the Principal Accounting Officer in this securities class action).
• Premature Corporate Bond Redemption ~ Guin represented a major insurance company/institutional investor with a substantial investment in corporate bonds that were prematurely redeemed.
• In re “Just For Feet” Securities Litigation (N.D. Ala.) (Represented large individual shareholder).
Guin served for many years on the Editorial Board of Class Action Reports, a bi-monthly Thomson/West publication reporting on all aspects of class action litigation. From 1993-96, he served on the Executive Committee of the Board of Directors of NASCAT (National Association of Shareholder and Consumer Attorneys). He served from 2010-2014 as the Alabama Chapter President of the International Network of Boutique Law Firms (INBLF), a network of highly credentialed single-discipline boutique law firms around the world.
Guin has taken an active role in developing and commenting upon legislation that affects securities and class action litigation. For example, he was actively involved in the crafting of the Private Securities Litigation Reform Act of 1995 (PSLRA), including testifying before the Senate Banking Committee regarding securities class action litigation and the potential effects of the proposed litigation. Similarly, he and his municipal bondholder clients in South Carolina National Bank v. Stone provided comments and testimony at the request of the Senate that aided in the drafting of Section 27A of the Securities Exchange Act, which revived claims that had been time-barred by Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson, 501 U.S. 350 (1991) (a case in which Mr. Guin represented the Bond Investors Association as amicus).
Guin attended David Lipscomb College (now, Lipscomb University) as a National Merit Scholar and graduated in 1982 (cum laude) with a degree in Applied Economics. Guin graduated from the University of Alabama School of Law where he served as an editor of the Alabama Law Review. During law school, Mr. Guin was a member of the Bench and Bar Legal Honor Society and was the recipient of the Hugo Black Scholar award. He received several “Best Paper/AmJur” awards. After graduation from law school, Guin served for one year as law clerk to United States District Judge Truman Hobbs, Chief Judge of the Middle District of Alabama, before beginning his securities litigation practice with the Birmingham law firm of Ritchie & Rediker.
Mr. Guin comes from a family of lawyers and judges. His grandfather (J. Foy Guin, Sr.) practiced as a country lawyer, representing both plaintiffs and defendants, in Russellville, Alabama for over 50 years, and his father (Hon. J. Foy Guin, Jr.) served as a United States District Judge for the Northern District of Alabama (Birmingham). His son, John Guin, the fourth generation of Guin attorneys (all graduates of the University of Alabama School of Law), now practices law with the firm of Campbell Guin in Birmingham (along with his uncle and cousin).
Mr. Guin also is active in community and charitable causes. He has served in many leadership roles at Brookwood Baptist Church (Deacon; Chair of Finance Committee; Adult Sunday School Teacher; Church Coordinating Council; Building Community Task Force; Parking Committee; Chair of Building Finance Committee), and before that, at Meadowood Church, and Homewood Church of Christ. He also has served as the President of the Board of Cahaba Riverkeeper, and as a member of the Board and Advisory Board of 10/40 Connections. He and the entire firm also have been actively involved with Make Way Partners and their “Character in Service” program.
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