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, shareholder derivative cases, and fiduciary duty litigation. He has also counseled clients regarding securities law issues in connection with regulatory proceedings, corporate investigations, and whistleblower claims.

David also has extensive experience representing companies in complex corporate and transactional disputes. David helps these clients develop and execute robust litigation strategies, thoroughly analyze and manage litigation risks and resolve disputes cost-effectively.  

David’s appellate practice has included cases before 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. 

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, breach of fiduciary duty litigation, employee benefits litigation, and probate litigation, as well as other business, commercial, and corporate disputes.

Honors & Recognitions

• Benchmark Litigation, Future Star, Ohio (2025); “40 & Under List," U.S. (National), Midwest, and Ohio: Securities, Commercial, and ERISA Litigation (2018-2024)
• The Best Lawyers in America^®, Commercial Litigation (2021-2025), Litigation - 
  Banking and Finance (2024-2025), Litigation - Regulatory Enforcement (SEC, Telecom, Energy) (2025), and Litigation - Securities (2024-2025)
• 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, Benjamin Rush Scholar: Excellence in Health Law and Bioethics, 2008

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

Experience

• 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.
• Representing a mutual health insurance company in several litigation matters, specifically: (1) a class action lawsuit challenging the client's practices in connection with "value-based contracting" with medical providers; (2) a class action lawsuit challenging the client's practices also in connection with "value-based contracting" by medical providers but with a larger putative class; (3) an action alleging the breach of our client's agreements with two national insurance providers.
• 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
• ArtsWave Community Campaign Cabinet, Member
• Oyler School A.P. Hampton Mentoring Program, Volunteer Mentor