Craig A. Boneau
Craig is a partner at Reid Collins & Tsai in the Austin office. Craig appears in federal and state courts and arbitrations across the country representing plaintiffs in professional-liability litigation, including legal and audit malpractice, financial-fraud-based litigation, insolvency disputes, and cross-border financial litigation.
Craig believes there is no one-size fits all approach to the type of complex, often cross-border, commercial cases he handles, and so he works with his clients to create a strategy that puts each client in the best position to succeed. That approach means being thoughtful from the outset of a potential litigation, before anything is ever filed, and often includes weighing the benefits of initiating the lawsuit in each of the available jurisdictions before determining which one provides the client with the best chance to succeed on its claims.
Craig regularly brings professional malpractice, breach of fiduciary duty (including against directors and officers), fraud, and fraudulent transfer claims on behalf of his clients against some of the largest institutions in the world. In doing so, he often represents the victims of financial fraud, including companies, hedge funds, and private equity funds. Many of Craig’s clients are in insolvency proceedings, and so his representations include working on behalf of court-appointed trustees and receivers.
Craig has broad experience handling cross-border insolvency cases. He has represented liquidators and creditors in a variety of off-shore matters, including the Bear Stearns Feeder Funds, Ocean Rig, ICP Strategic Credit Income Fund, Fletcher Income Leveraged Fund, AJW Master Fund, CK Pearl Fund, and Trade and Commerce Bank. Craig has pursued both U.S. and foreign-law claims on behalf of liquidators in the context of a Chapter 15 proceeding, as well as in state court.
In 2020 and 2019, Craig was named as one of the 500 Leading Plaintiff Financial Lawyers by Lawdragon.
- Craig represents an E&P oil and gas company in its $100 million suit against an investment fund and its partner for misappropriating confidential information obtained under an NDA to usurp a deal for a oil and gas property. The suit also asserts claims against the seller of the property for tortious interference with contract for its knowing participation in the violation of the NDA.
- Craig represents a group of U.S. and Cayman Islands hedge funds in a fraudulent transfer action in the Republic of the Marshall Islands against individuals and entities that received the transfer of substantial assets from Ocean Rig UDW, Inc. prior to its redomicile from the Marshall Islands to the Cayman Islands, and its subsequent liquidation proceedings in the Cayman Islands.
- Craig represents the litigation trustee for the estates of a group of health-care related entities in its breach of fiduciary duty and fraudulent transfer claims against its former directors and officers.
- Craig represents the relator in a qui tam action filed in the Middle District of Florida against a compounding pharmacy and various marketing representatives for violations of the Federal False Claims Act in connection with the provision of compounded pharmaceuticals provided to TRICARE beneficiaries.
- Craig represented the litigation trustee for the estate of a bank holding company in claims against the former directors and officers for breaches of fiduciary duty and against the former auditor for audit malpractice.
- Craig represented the SEC-appointed receiver to recover assets in connection with a $475 million Ponzi scheme perpetrated by Trevor Cook, including pursuing fraudulent transfer claims against a futures commission merchant.
- Craig represented a privately held Canadian company in pursuit of a $65 million legal malpractice claim related to a major law firm’s representation of the company before the International Trade Commission.
- Craig represents a litigation trustee for a group of bankrupt funds that were part of an investment structure run out of New York. The funds include Cayman Island and Bermuda based funds. Craig is pursuing fraudulent conveyance, negligence, and fraud claims against the funds’ professional service providers.
- Craig represents the liquidators of Cayman hedge funds that invested in a group of failed CDOs. Craig is currently pursuing claims against a large, international law firm for its alleged role in a multimillion-dollar fraud on the funds. The representation also included pursuit of U.S.-law and Cayman-Island-law based fraudulent conveyance claims against a large international bank which has since been successfully settled.
- Craig represented the Texas County Retirement Systems, a governmental pension fund, in pursuit of its fraud claims against a number of international banks related to the pension fund’s investment in RMBS. The case has been resolved.
- Craig represented a group of funds in a $95 million legal malpractice case against a major international law firm arising out of its negligence representation in connection with a CLO warehouse extension. The case was successfully settled on confidential terms.
- Craig represented the Chapter 7 trustee of the bankruptcy estate of a New York investment fund that was an estimated $400-million Ponzi scheme. Craig pursued fraudulent transfers on behalf of the estate against futures commission merchants. The cases were successfully settled on confidential terms.
- Craig represented a bank in pursuit of fraud claims against an underwriter and servicer of various RMBS arising from the bank’s purchase of the fraudulent RMBS. The case was successfully settled on the eve of trial on confidential terms.