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You’ve heard about those lawyers who swarm all over a company at the first scent of trouble with allegations of securities fraud and accounting violations. Scott Schreiber is how the company fires back. In his 33 years at Arnold & Porter, Schreiber has represented a litany of major corporations in securities and accounting fraud litigation: Enron, Halliburton, KPMG, RenaissanceRe Holdings, Royal Ahold/U.S. Foodservice, and Freddie Mac, to name a few. In a particularly apt statement, he notes that he has had “a lot of experience with a lot of big alleged frauds over the years.” Arthur Andersen relied on Schreiber, 58, in nearly 20 different securities class actions filed in 2004 against the accounting firm relating to its work for Qwest Communications. The suits by shareholders and pensioners were brought in federal and state courts. Schreiber won dismissal of the “scheme liability” claims and otherwise managed to narrow the claims against Andersen. Many of the suits have since settled, but a few are awaiting trial in state courts. Of the billions of dollars at stake, Schreiber says, “Our client ended up paying out only a very, very tiny share.” “He understood our business, so he was able to bring more to the table when determining our defense strategy,” says Melissa Widen, associate general counsel for Andersen. “He gets so deeply involved in a case that he becomes invaluable. Internal counsel can change and people can come and go, but he’s been a mainstay.” In another stockholder suit, Schreiber defended board members and advisers to CNL Hotels & Resorts Inc., one of the country’s largest real estate investment trusts. In 2005, stockholders claimed that CNL properties were overvalued, and a fight over knotty accounting issues ensued. Eventually, the case was settled before trial, and Schreiber’s clients were exempted from the $40 million settlement payout. “He is very much attuned to the needs of the client,” says Tim Manor, general counsel for CNL Financial Group. Manor adds that despite the complexity of the case, the multitude of witnesses, and the reams of documents, Schreiber “was able to get his arms around that and focus on the right issues and facts.” A 1973 graduate of Columbia Law School, Schreiber traces his interest in litigation back to a trial-practice class he took with White House counsel-to-be Bernard Nussbaum. “That really led me down the path of litigation rather than corporate work,” Schreiber says. After clerking for Judge William Timbers of the U.S. Court of Appeals for the 2nd Circuit, he joined Arnold & Porter, where today he co-chairs the firm’s securities enforcement and litigation practice. Schreiber represents clients in both private suits and public enforcement proceedings. And sometimes he does something completely different. For instance, Schreiber has handled litigation for George Washington University involving real estate, faculty tenure, and the acquisition of Mount Vernon College. Dennis Blumer, the former general counsel for GW, describes Schreiber’s work as “superlative” and adds, “There may be people as good, but there’s nobody better.” “He’s really our go-to guy for complex litigation,” concurs William Howard, the current general counsel. “He’s been very supportive of us both in the four corners of litigation and beyond that.” Plus, Howard adds, “he’s a good basketball fan.”

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