Eben Colby’s practice includes advising on a wide range of complex securities, corporate and regulatory matters. He has litigated in trial and appellate courts, state and federal, around the United States — including jury and bench trials — as well as regulatory investigations, administrative proceedings, and private arbitrations and mediations.
Colby focuses on counseling clients in the asset management industry, having represented the largest firms in the sector on their most significant issues for more than two decades. His experience spans from the market timing investigations and litigation of the early 2000s to excessive fee litigation under Section 36(b) of the Investment Company Act, "proprietary funds" cases under the Employee Retirement Income Security Act (ERISA) and defending funds and their boards from attacks by activist investors. This experience includes successful outcomes on billions of dollars of claims after bench and jury trials, as well as at the summary judgment and pleading stages.
Lawdragon Honors
| Honor | Year | Practice |
|---|---|---|
| The 2026 Lawdragon 500 Leading Global Litigators | 2026 | Litigation, Asset Management, Investigations |
| The 2026 Lawdragon 500 Leading Lawyers in America | 2026 | Litigation, Financial |
| The 2026 Lawdragon 500 Leading Litigators in America | 2026 | Complex Securities, Regulatory & Financial Litigation |
| The 2025 Lawdragon 500 Leading Global Litigators | 2025 | Securities Litigation & International Investigations |
| The 2025 Lawdragon 500 Leading Litigators in America | 2025 | Complex Securities, Regulatory & Financial Litigation |
| The 2024 Lawdragon 500 Leading Global Litigators | 2024 | Securities Litigation & International Investigations |
| The 2024 Lawdragon 500 Leading Litigators in America | 2024 | Complex Securities, Regulatory & Financial Litigation |
| Lawdragon 500 Leading Litigators in America | 2022 | Complex Securities, Regulatory & Financial Litigation |
Colby has extensive experience defending against activist investors. This includes litigating and advising boards on proxy voting, governance, anti-takeover defenses, board elections and fiduciary duties.
In the civil litigation area, Colby’s notable asset management matters include:
- securing dismissal of putative class action claims brought under Sections 11 and 12 of the Securities Act of 1933 against one of the industry’s largest managers of ETFs for alleged misstatements and omissions in offering documents related to the risks of so-called “flash crashes”
- securing summary judgment dismissal of a $440 million claim alleging Rule 10b-5 fraud claims against one of the nation’s largest mutual fund advisers in an MDL proceeding consolidating more than 80 putative class actions
- representing an institutional money manager in the successful defense of $360 million fraud, RICO, breach of contract and other claims brought by a corporate pension plan in a private arbitration
In the regulatory arena, Colby also has defended asset managers in dozens of investigations by the SEC, the DOJ, and state and self-regulatory agencies relating to a wide range of business and compliance issues, including conflicts of interest, sales and distribution, portfolio management, trading, code of ethics and back office issues. Some examples include:
- representing a special committee of the board of directors of a large custody bank in an independent investigation of pay-to-play allegations
- defending and negotiating the successful resolution of a SEC investigation into certain fixed income trading practices, as well as conducting several internal investigations into a range of other trading issues at multiple advisers
Colby’s practice is not limited to the asset management industry. He also has represented high-tech, life science, accounting and other firms in matters involving alleged fraud and securities law violations; theft of confidential information and trade secrets; covenants not to compete and “employee raiding” litigation; SEC and other regulatory investigations; and Delaware litigation arising from mergers and acquisitions. Colby led a team in three trial wins that obtained permanent and injunctive relief from the Delaware Chancery Court in a dispute over a developing technology, as well as related dismissals of two bankruptcy filings as bad faith litigation tactics.
Colby is active in various pro bono matters and has been recognized for his work in domestic abuse prevention cases. Colby led a Skadden team as part of a consortium of firms in obtaining a historic settlement valued at over $20 million for Indian welders and pipefitters brought to the Gulf Coast after Hurricanes Katrina and Rita in the nation’s largest-ever labor trafficking suit.