Zimmerman Reed LLP
Carolyn Anderson is Co-Chair of the firm’s Public Client practice and leads the firm’s Securities & Financial Fraud practice group. Carolyn has successfully represented small investors, institutional clients, and states in individual and nationwide consumer fraud, securities fraud, ERISA, and antitrust actions. She has served in a leadership role in obtaining numerous significant awards in both individual actions and multi-state actions.
ONGOING LITIGATION HIGHLIGHTS
Working with a coalition of four attorneys general and leading the legal team representing the State of Mississippi, asserting consumer fraud and antitrust claims in an action against LCD display manufacturers. During the course of litigation, the State’s claims were removed to federal court. The legal team successfully opposed this removal at the District Court and presented oral argument in a parallel MDL that resulted in a favorable order preserving the State’s claims. After Defendants’ successful appeal to the Fifth Circuit, the State petitioned the U.S. Supreme Court regarding a Circuit split on the removal standard. The Supreme Court ruled unanimously in favor of Mississippi, reversing the Fifth Circuit’s decision and clarifying the standard for removal of state actions under the Class Action Fairness Act (CAFA). Mississippi ex rel. Hood v. AU Optronics, 571 U.S. 161 (2014).
Carolyn also led a legal team in a case brought by investors against American Express Financial Advisors, challenging that company’s practices and breaches of fiduciary duty with its investing customers. The case, brought under the Investment Advisor Act, resulted in a $100 million settlement. In prior representation, Carolyn represented large groups of investors with significant losses involving Merrill Lynch, AIG, and Lehman Brothers. Carolyn successfully represented Midwest farmers/shareholders who challenged an ethanol plant’s merger with Archer Daniels Midland; she was appointed Class Counsel in that matter. The case was resolved weeks prior to trial.
In addition to serving in positions of leadership in ongoing litigation, Carolyn represents pro bono one hundred faith-based not-for-profit organizations related to their losses from the $3.6 billion Petters Ponzi scheme. She was appointed by the federal judge to serve as Assistant Liquidating Trustee under the supervision of the Court and the Liquidating Trustee for assets being distributed to some of those investors. In United States v. Petters, No. 08-cv-05348 (D. Minn.), the Firm worked with the Department of Justice and the court-appointed receiver, to successfully recover and distribute millions of dollars to these victims pursuant to a settlement with Petters’ financier, Frank Vennes.
Carolyn maintains strong ties with the National Association of Attorneys General, individual state Attorneys General, state pension fund officers, and other institutional investors. She is a frequent lecturer at colleges and law schools and has served as a legal education faculty member on the topics of complex litigation, legal ethics, and securities law.
Carolyn graduated from Trinity College, where she received a Bachelor of Arts degree, cum laude, in Psychology. She received her law degree cum laude from Hamline University School of Law where she was a Dean’s Scholar, received the Cali Award for Excellence in Constitutional Law, and served on Hamline Law Review, where her case note article was selected for publication. Carolyn also studied law at Hebrew University in Jerusalem, Israel in course-work focusing on Law, Religion, & Ethics. Carolyn was previously honored as Rising Star of Law and, from 2014 to 2020, has been recognized as a Super Lawyer by her peers in Minnesota.
Carolyn is admitted to practice before, and is a member in good standing of, the Bar of the State of Minnesota, the United States District Court for the District of Minnesota, the Court of Appeals for the Eighth Circuit, First Circuit, Fifth Circuit, and the U.S. Supreme Court. In addition to these courts, Carolyn works on cases with local counsel nationwide.