David T. Bules

David has more than a decade of experience defending public companies and their officers and directors in securities fraud class actions, SEC investigations, and SEC enforcement actions. He has also counseled clients regarding securities laws in connection with regulatory proceedings, corporate investigations, and whistleblower claims.

David also has extensive experience representing companies in complex corporate and transactional disputes, including mergers and acquisitions litigation. David frequently represents companies in M&A disputes and litigation, including fiduciary duty litigation such as shareholder derivative actions, contract disputes involving breaches of representations and warranties, breaches of covenants, indemnification claims, and earnout disputes.

David’s appellate practice has included cases before numerous Ohio District Courts of Appeals, several U.S. Courts of Appeals, as well as one case before the U.S. Supreme Court.

David also has deep experience defending clients across the entire spectrum of ERISA litigation, including breach of fiduciary duty, prohibited transaction, stock drop, employee stock ownership plan (ESOP), and 401(k) plan fee litigation. He has significant experience advising clients with respect to a wide variety of ESOP issues, including ESOP transactions. David also advises plan sponsors and fiduciaries regarding litigation risk associated with managing plan assets and monitoring plan investments.

David helps these clients develop and execute robust litigation strategies, thoroughly analyze and manage litigation risks and resolve disputes cost-effectively.

In addition to traditional litigation, David helps clients identify key risk areas within their business as well as develop solutions to navigate and address them.

Beyond his primary areas of litigation expertise, David represents clients in a wide variety of complex business litigation matters, including contractual disputes, as well as other business, commercial, and corporate disputes.

Chambers USA has recognized David as a Leading Lawyer in Litigation: General Commercial, Band 4 in Ohio (2026). The following feedback was provided to Chambers researchers: "David Bules is a skilled litigator who handles a wide range of matters, including complex securities litigation and contractual disputes."

David earned his J.D. from the William & Mary Law School in 2008. He earned his B.S.B.A. in Finance, summa cum laude, from Auburn University in 2004.

Honors & Recognitions

• Chambers USA, Litigation: General Commercial, Band 4, Ohio (2026)
• Benchmark Litigation, Future Star, Ohio (2025-2026); “40 & Under List," U.S. (National), Midwest and Ohio: Securities, Commercial, and ERISA Litigation (2018-2024)
• The Legal 500 US City Elite, Commercial Disputes and White-Collar Crime Law, Ohio (2026)
• The Best Lawyers in America^® "Lawyer of the Year" for Litigation - Banking and Finance in Cincinnati (2026)
• The Best Lawyers in America^®, Commercial Litigation (2021-2026); Litigation - Banking and Finance (2024-2026); Litigation - Regulatory Enforcement (SEC, Telecom, Energy) (2025-2026); Litigation - Securities (2024-2026); Litigation - ERISA (2026); Litigation - Mergers and Acquisitions (2026)
• Cincy Magazine, "Cincy Leading Lawyers," Business Litigation (2018-2023)
• Ohio Super Lawyers, Ohio Rising Stars, Securities Litigation (2013-2023)

Education

J.D., William & Mary Law School, 2008

B.S.B.A. in Finance, summa cum laude, Auburn University, 2004

Experience

• Serves as counsel to federally registered broker-dealer and investment adviser, subsidiary of Fortune 500 financial services company. Past experience includes representing company in connection with regulatory examinations, investigations, and enforcement actions conducted by the SEC, FINRA and state regulatory agencies.
• Serves as counsel to buyer in connection with post-closing M&A dispute regarding claims for indemnification arising under asset purchase agreement.
• Serves as counsel to buyer in connection with post-closing M&A dispute regarding claims for indemnification arising out of breaches of representations and warranties in equity purchase agreement.
• Served as counsel to seller in connection with post-closing M&A dispute regarding claims for indemnification arising out of breaches of representations and warranties in membership interest purchase agreement.
• Served as defense counsel to a Fortune 1000 insurance company client in a case involving a putative class that is challenging the client's practices in connection with value-based care healthcare claims from medical providers, as well as important and rather unique issues relating to whether ERISA pre-empts the Plaintiffs’ state law claims for breach of contract, fraud and Ohio's statutory Deceptive Trade Practices Act.
• Serves as defense counsel for economic development organization in ongoing litigation that has proceeded in three separate courts (trial court, intermediate appellate court, and a state supreme court) filed by real estate development company alleging breached contract relating to real estate dispute. Argued twice before First District Court of Appeals and once before the Ohio Supreme Court.
• Served as lead counsel to the Plaintiffs, former sales representatives and insurance agency owners, in a lawsuit filed against an insurance company for whom the plaintiffs sold hundreds of millions of dollars of insurance products for several decades, which sought to recover tens of millions of dollars of commissions owed to them after the insurance company terminated contracts with the Plaintiffs and wrongfully forfeited their commissions. The Court struck down the insurance company’s forfeiture provision in its contracts with the Plaintiffs, finding it was an unenforceable penalty under Ohio law. After several years of litigation, the parties reached a settlement. .
• Serves as litigation counsel to seller of a privately owned business and real property owned by the business. The buyer delayed closing on purchase of business and then failed to close the transactions. Seller brought a lawsuit against buyer alleging breach of the Share and Purchase Agreement and the Real Estate Purchase and Sale Agreement and sought specific performance to force the closing of the transaction or damages in the form of diminution in value of the business and real estate. After the parties reached a settlement to close the transactions, buyer again breached its obligations to close, and the Court issued a final judgment in favor of seller against the buyer ordering buyer to close the transactions.
• Assisting a global, publicly traded manufacturing company client with respect to certain employee benefit-related litigation and benefit claims matters: (1) Continuing assistance in negotiating plan service agreements to reduce exposure for the client and its plans; (2) Assistance in responding to participant pension benefit claims, such as ones associated with disputes concerning service crediting, benefit calculations, prior distributions, and predecessor plan provisions; (3) Assistance in responding to participants’ health plan benefit claims in the claims-review adjudication process, including through multiple administrative levels of appeal and responses to participants’ and their authorized representatives’ requests for plan documents; (4) Continued assistance in assessing plan fiduciary duties in relation to a large insurance company class action antitrust settlement; (5) Continued assistance in updating retirement and welfare plan provisions for evolving case law on claims adjudication provisions (such as with respect to equitable liens, anti-assignment provisions, claims with respect to non-network providers, breadth of claims subject to plan claims review procedures, and time and venue limits on bringing suit), and assistance with enhancing retirement plan governance procedures, as proactive measures.
• Defended a public company in an SEC enforcement action alleging violations of federal securities laws arising out of the company’s accounting treatment of a U.S. Department of Justice investigation. The SEC alleged that the company failed to timely disclose and record an accrual for the DOJ investigation under generally accepted accounting principles and federal securities laws. The parties reached a settlement after six years of investigation and litigation.
• Defended the former Chair of comScore, Inc.’s Board of Directors in federal securities class action and shareholder derivative lawsuits brought against the company and its officers and directors relating to the company’s alleged accounting practices. The parties reached settlements in each of the lawsuits.
• Represented Fifth Third Bancorp in the first ERISA stock drop case to reach the Supreme Court of the United States. In the landmark decision, Fifth Third Bancorp v. Dudenhoeffer, the Supreme Court unanimously ruled in favor of Fifth Third in establishing high pleading standards for lower courts to apply in evaluating claims against ESOP fiduciaries for breach of ERISA’s duty of prudence in relation to the ESOP’s investment in employer stock.

Professional & Community

• Pro Bono Partnership of Ohio's Grow PBPO Advisory Council, supporting the Board of Directors of the nonprofit organization that provides pro bono legal services to other nonprofit organizations. David has served as the Co-Chair of Grow PBPO since 2024.

Presentations

• Worldwide Employee Benefits Network (WEB), Northeast Ohio Chapter, Annual Legal and Regulatory Update, "ERISA Litigation Update," Cleveland, March 13, 2025