Linda Chatman Thomsen
Ms. Thomsen, who was the first woman to serve as the Director of the Division of Enforcement at the Securities and Exchange Commission, is counsel in Davis Polk’s Litigation Department and practices in the Washington DC office. Her practice concentrates in matters related to the enforcement of the federal securities laws.
She has represented clients in SEC enforcement investigations and inquiries, in enforcement matters before other agencies, including the Department of Justice (various U.S. Attorneys Offices) and the Commodity Futures Trading Commission, in investigations and inquiries from self-regulatory agencies, including FINRA, and in internal investigations.
These matters, which are typically nonpublic, have covered a broad range of securities-related subject matters, including insider trading, foreign corrupt practices, financial reporting, manipulation and regulatory compliance. Her clients have included major financial institutions, regulated entities, public companies and senior executives.
Ms. Thomsen returned to Davis Polk in 2009 after 14 years of public service at the SEC. While there she held a variety of positions and ultimately served as the Director of Enforcement from 2005 through February 2009. During her tenure as the Director of Enforcement, she led the Enron investigation, the auction rate securities settlements, the stock options backdating cases and the expansion of the enforcement of the Foreign Corrupt Practices Act.
Ms. Thomsen has been at the forefront of high-profile matters relating to:
- High-frequency trading
- Mortgage-backed securities
- The "princelings" investigations
- Analyst surveys and alpha-capture programs
- Trading-surveillance policies and procedures
- Market disruptions
- FCPA violations
- The sovereign wealth fund business
Her recent public representations include:
- Liquidnet, a dark pool, in connection with an SEC investigation into the use of confidential customer data, in a matter resolved with a non-fraud settlement
- MF Global's independent directors in connection with all litigation and investigations surrounding MF Global's well-publicized failure and bankruptcy
- A major financial institution in connection with inquiries by the SEC related to a $3.7 billion capital-reporting error
- Fortune Global 100 corporation in an SEC investigation related to business with a state-owned company in South Africa
- The board of directors of Direct Edge in connection with an SEC multidisciplinary inquiry relating to potential violations concerning technology, information security, securities compliance and governance
- McGraw Hill Financial, Inc. and Standard & Poor's Financial Services LLC in connection with lawsuits brought by the SEC, DOJ and Attorneys General of numerous states concerning the ratings of residential mortgage-backed securities
- Two stock exchanges, EDGA and EDGX, formerly owned by Direct Edge Holdings and since acquired by BATS Global Markets in connection with an investigation by the SEC related to high-frequency trading
Many of Ms. Thomsen's most successful matters have not resulted in public charges and therefore remain confidential.
Ms. Thomsen is consistently recognized as a leading lawyer in various industry publications:
- Chambers USA
- Benchmark Litigation
- Global Investigations Review – "Women in Investigations," 2018
- Law360 – “The 25 Most Influential Women In Securities Law,” 2016
- Securities Docket – “Enforcement 40,” 2013, 2017
- The Burton Awards for Legal Achievement – “Distinguished Legal Writing Award,” 2012
- Washington Business Journal – “Women Who Mean Business,” 2010
- Ethisphere – “100 Most Influential People in Business Ethics,” 2009
- Wall Street Journal – “The 50 Women to Watch,” 2005, 2006
- Counsel, 2019-present
- Partner, Davis Polk, 2009-2019
- Enforcement Division, Securities and Exchange Commission
- Director, 2005-2009
- Deputy Director, 2002-2005
- Associate Director, 2000-2002
- Assistant Director, 1997-2000
- Assistant Chief Litigation Counsel, 1995-1997
- Counsel, Davis Polk, 1989-1995
- Associate, Davis Polk, 1979-1983 and 1985-1989
Articles and Books
Tough Tone at the Top of the SEC
Financial Fraud Law Report | Matthew Bender & Company, Inc.
Enron: 10 Years Later
The Expanding Role of Judges in Settlement and Beyond | 1918 PLI/Corp 487 (2011)