Biography

Steven D. Wasserman co-chairs Sedgwick’s professional liability department. In addition to his defense of professional liability claims on behalf of attorneys, financial industry professionals such as broker dealers and insurance agents, and directors and officers, Mr. Wasserman handles complex business litigation on behalf of individuals, partnerships and corporations. He also devotes significant time to defending toxic tort claims.

A Certified Specialist in Legal Malpractice Law by the State Bar of California Board of Legal Specializations, Mr. Wasserman has handled legal malpractice cases involving business transactions, litigation related errors, tax issues, probate and family law matters, as well as RICO and conspiracy claims. His clients range from sole practitioners to national firms.

The Daily Journal recognized him in its “Top Ten Defense Verdicts of 2003” for obtaining a defense verdict after three weeks of trial. The plaintiffs sought more than $30 million in damages in this legal malpractice case involving numerous experts and extensive motion work. The jury found in favor of his client on all of the plaintiffs' claims, and awarded his client $7.5 million in fees and damages.

Mr. Wasserman has defended broker dealers against claims of negligence, breach of fiduciary duty, fraud, churning and unsuitability.  He recently obtained a defense verdict after a two-week trial on claims of breach of fiduciary duty, unsuitability and failure to supervise. He has represented insurance agents and brokers in professional liability claims alleging misrepresentation and failure to place coverage. 

Mr. Wasserman has also represented accountants in a variety of actions, including claims of negligence, breach of fiduciary duty, fraud and RICO. These claims have been made in connection with private placement of securities, loans, purchase and sale transactions, tax-related errors and failures to detect fraud.  Mr. Wasserman has also successfully defended corporate directors and officers at trial against claims of waste and mismanagement.

Litigation Matters

His results include:

• Directors and Officers:  Judgment for defendant president of factoring house after three-week bench trial.  Shareholders asserted claims of waste and mismanagement, alleging that directors’ and officers’ management of factoring house caused corporation to file for bankruptcy with attendant loss of shareholders’ capital.
• Legal Malpractice: Defense verdict after three-week trial.  Lawyer allegedly negligent in drafting agency agreement for real estate agent, allowing agent's client to terminate the agreement, purportedly costing the agent hundreds of thousands of dollars in commissions.
• Legal Malpractice: Defense verdict after two weeks of trial.  Lawyer allegedly negligent in drafting buy-sell agreement for sale of travel agency and purported ethics violations since both parties to the buy-sell agreement were clients of the attorney's firm.
• Legal Malpractice:  Defense verdict after three weeks of trial.  Clients claimed attorneys obtained insufficient award in trial of underlying insurance bad faith action. Jury in malpractice case rejected all of client's claims and awarded millions in fees and damages to the attorneys.
• Accountants Malpractice:  Defended accountants against claims of failure to detect embezzlement by client’s bookkeeper.  Accountants were engaged to perform only a review of the books and did not perform audit function.
• Broker-Dealer Defense:  Defense verdict after two weeks of trial on claims of failure to supervise, breach of fiduciary duty and unsuitability regarding investment of plaintiff’s retirement funds. 

Published decisions:

• Chamber vs. Kay (2002) 29 Cal. 4th 142:  California Supreme Court affirmed client’s position that client’s former co-counsel was not entitled to portion of contingency fee award due to failure to comply with rules of professional conduct.
• Wilmot vs. McNabb (2003) 269 F. Supp. 2d 1203: California Court of Appeal affirmed trial court enforcement of broker dealer artibution provision. 

Affiliations, Activities and Accomplishments

Mr. Wasserman currently serves as a member of the Bar Association of San Francisco Attorney-Client Fee Dispute Panel and has served as an arbitrator for the National Association of Securities Dealers, Inc.  He is a member of the American Bar Association Litigation Committee Sections on Professional Liability and Business Litigation. In 2011, Mr. Wasserman was recognized as a “Northern California Super Lawyer,” marking his fifth consecutive year receiving this honor.

Mr. Wasserman has served on the boards of the Southeast Asian Refugee Resettlement Center and Young Audiences of the Bay Area.  He is also active in many other community organizations.

Currently serving as the firmwide chair of Sedgwick’s Mentoring Program, Mr. Wasserman was the first recipient of Sedgwick’s inaugural Roger Sleight Award for Commitment and Excellence in Mentoring in recognition of his efforts in furthering the program.  He was also honored with the 2011 Wallace Sedgwick Client Service Award.  Mr. Wasserman is also an active member of Sedgwick’s Diversity Committee.

Publications

Mr. Wasserman has authored or co-authored numerous published articles, including:

• Coauthored “Evaluating Punitive Damages,” California Lawyer (June 2010);
• Coauthored "Lower the Asbestos Burden on State Courts," The Recorder (July 24, 2009);
• Coauthored, "Fair Weather Fees," San Francisco Daily Journal (March 7, 2008);
• Coauthored, "Asbestos Litigation in California: Can it Change for the Better?" Pepperdine Law Review (Summer 2007);
• Coauthored, “Financial Institutions Need to Know Elderly Customers,” Community Banker, (January 2006);
• Professional Liability Update: Developments in 2004 Affecting Attorneys, Accountants and Insurance Brokers
• Professional Liability Update: Developments in 2003 Affecting Attorneys, Accountants and Insurance Brokers;
• Professional Liability Update: Developments in 2002 Affecting Attorneys, Accountants and Insurance Brokers;
• Professional Liability Update: Developments in 2001 Affecting Attorneys, Accountants and Insurance Brokers;
• Professional Liability Update: Developments in 2000 Affecting Attorneys, Accountants and Insurance Brokers;
• Professional Liability Update: Developments in 1999 Affecting Attorneys, Accountants and Insurance Brokers;
• "Malicious Prosecution: The Disfavored Tort That Will Not Got Away," Andrews Insurance Coverage Litigation Report, (July 30, 1999);
• "Does Defense Counsel Have A Duty To Seek Coverage," Andrews Insurance Coverage Litigation Report, (March 19, 1999);
• "Does Defense Counsel Have A Duty to Seek Coverage?" Mealey’s Insurance Law Weekly, (February 16, 1999);
• Insurance Broker Liability Update: National Case Review for 1998;
• Attorney Liability Update: Developments in California Courts in 1998;
• Accountants Liability Update: Developments in California and Federal Courts in 1998;
• Attorney Liability Update: Developments in California Courts in 1997;
• Accountants Liability Update: Developments In California and Federal Courts in 1997;
• "California Court of Appeal Reaffirms Limitations on Accountant’s Liability to Non-Clients," Sedgwick by line, Vol. 6, No. 1, Winter (1997);
• "Accountants’ Liability: Recent Developments in California Courts and under US Federal Securities Law," International Insurance Law Review, Vol. 4, Issue 2, (February 1996);
• "Court Reaffirms Principle That Plaintiff Cannot Recover Emotional Distress Damages Purportedly Caused by Attorney’s Malpractice," Sedgwick Communiqué, (June 1996);
• "Attorneys’ Liability: Recent Developments in California Courts," Sedgwick Communiqué, (May 1996);
• Attorney Liability Update: Developments In California Courts in  1996;
• "Accountants’ Liability Update: 1994 Developments in California Courts and Under U.S. Federal Securities Laws," Communiqué, (April 19, 1995);
• "Professionals Should Reap Benefits of Landmark U.S. Supreme Court Securities Decision,"Journal of International Banking Law, (December 1994);
• "U.S. Supreme Court Scales Back Securities Fraud Claims -- Central Bank of Denver v. First Interstate Bank of Denver," International Insurance Law Review, Vol. 2, Issue 10, (October 1994);
• "California Courts Clarify ‘Actual Injury’ Required to Commence Legal Malpractice Statute of Limitation," Sedgwick Communiqué, (July 1993);
• "FDIC Faces Roadblocks to Claims Against Professionals in Failed Financial Institution Suits," Sedgwick by line, (May 1993); and
• "California Supreme Court Rules On Tolling Of Statute Of Limitations In Legal Malpractice Cases," Sedgwick Communiqué, (May 1992).

Presentations

Mr. Wasserman has presented seminars and participated as a lecturer in various continuing legal education courses in the areas of professional liability and business litigation, including:

• Lancer Claims Services: "Legal Ethics for the Modern Lawyer," co-presented (October 29, 2009);
• Travelers Companies: "Legal Ethics for the Modern Lawyer," co-presented (October 9, 2009);
• Lancer Claims Services: "Tales From the Trenches - Lessons Learned from Broker Dealer Trials," co-presented (August 26, 2009);
• Lancer Claims Services: "First the Crash; Then the Wave. Claims Arising from the Crash of 2008," co-presented (December 9, 2008);
• Chubb & Son: "First the Crash; Then the Wave. Claims Arising from the Crash of 2008," co-presented (November 11, 2008);
• Lancer Claims Services: "Issues in Attorney Ethics and Professional Liability Litigation," (February 7, 2008);
• Chubb Insurance: "Financial Elder Abuse - Tarnish on the Golden Years?," (March 29, 2007); 
• Fireman's Fund Insurance Company: "Financial Elder Abuse - Tarnish on the Golden Years?," (March 20, 2007); 
• Lancer Claims Services: "Financial Elder Abuse - Tarnish on the Golden Years?," (March 15, 2007);
• Brown & Brown of California: "California Fair Claims Settlement Practices Regulations,"  (October 21, 2005);
• Zurich North America, Specialties Claims: “Trends in Attorney Professional Liability Litigation,” (June 3, 2005);
• Lancer Claims Services: “Ethical Communications In Cyberspace,” (January 27, 2005);
• Liberty International Insurance: “California Fairs Claims Practices Act,” (December 9, 2004);
• Lancer Claims Services: “Conflicts, Ethics and Claims Handling,” (November 18, 2004);
• Chubb Group of Insurance Companies: “Unraveling the Mystery of NASD Arbitrations,” (September 28, 2004);
• Monitor Liability Managers: “Nip and Tuck: How to Cut a Complaint Down to Size,” (January 13, 2004);
• Lancer Claims Services: “Nip and Tuck: How to Cut a Complaint Down to Size,” (November 21, 2003);
• St. Paul Companies Presentation: "Investment Advisor Liability and Regulation," (June 10, 2002);
• AIG Presentation, "Investment Advisor Liability and Regulation," (October 3, 2002);
• Santa Clara County Bar Association: "Lawyer Professional Liability in the New Millennium," September 18, (2002);
• Santa Clara County Bar Association: "Lawyer Professional Liability in the New Millennium," June 7, (2001);
• Los Angeles County Bar Association Risk Management Seminar, "Professional Liability in the New Millennium," (September 25, 2000); 
• PLUS Northern California Chapter Meeting, "Lawyer-Accountant Marriages: The Real Thing or Brief Fling," (March 15, 2000);
• Legal Malpractice Section, Bar Association of San Francisco: "Practical Ethics," January 25, 2000;
• Los Angeles County Bar Association Risk Management Seminar: "Professional Liability in the New Millennium," (October 27, 1999);
• Los Angeles County Bar Association Risk Management Seminar: "Professional Liability in the New Millennium," (November 12, 1998);
• Defense Research Institute, Insurance Law and Litigation Conference, "Does Defense Counsel Have A Duty To Seek Coverage?" (June 1998);
• AAMGA Professional Liability Presentation, "Evaluating and Defending Professional Liability Claims," (July 27-28, 1995);
• AAMGA Professional Liability Presentation: "Defending Professional Liability Claims," (August 5-6, 1994); and
• California Mortgage Brokers Association:  "Practical Steps to Avoid and Manage Complaints and Lawsuits," (May 1994).