Scott Fletcher and Kenneth Held were hot young trial lawyers at Vinson & Elkins at the same time. Both were in the securities litigation practice. In fact, Fletcher loaned Held an office couch and chair when Held became a partner in 2003. Seven years later, Held replaced Fletcher as V&E’s co-chair of the securities litigation section.
Both trained under great Texas trial lawyers such as Harry Reasoner and Paula Hinton, and each achieved courtroom successes early in their careers.
Fletcher left V&E to be a partner at Cleveland-based Jones Day in 2010, while Held later became a partner at New York-headquartered Skadden Arps.
Now both in their 50s, Fletcher and Held are partners again – this time at their own Houston securities litigation boutique, appropriately named Fletcher Held.
Fletcher opened his new office right at the start of the pandemic during the last week March 2020. Held joined the firm last week.
“I obviously didn’t need to do very much due diligence on Kenneth,” Fletcher told The Texas Lawbook, adding that he and Held remained good friends after leaving V&E. “Kenneth is a Yale graduate and I’m a Harvard guy. So, it is a good balance.”
Fletcher’s father was a criminal defense lawyer in Lake Charles, Louisiana.
“Growing up, I would go to his office and see his name on the door,” Fletcher said. “I’ve always had a dream of having my own law firm with my own name on the door.”
Houston has probably not had two veteran securities litigators with such rich pedigrees join forces before to start their own law firm.
“Skadden is a world class securities litigation law firm, but this is an opportunity to be at a small law firm [that] allows me to take on sophisticated cases, especially representing officers and directors, that I would not have been able to handle at Skadden because of client conflicts,” Held said.
“This is like starting over to find a difference space in the securities litigation market – but now we have more than 50 years of combined experience in these kinds of cases,” Held said.
The duo has leased office space in the Niels Esperson Building at 808 Travis Street, which is just a few blocks from the courthouse.
Fletcher, who is married to U.S. Congresswoman Lizzie Fletcher of Houston, said he and Held are representing clients involved in various matters, including shareholder derivative lawsuits and enforcement actions pending before the U.S. Securities and Exchange Commission. They are also conducting an internal investigation for an energy company.
Despite all the years practicing together and knowing each other, Fletcher and Held have never tried a case together.
“When Harry Reasoner called needing support and backup, he usually only needed one of us,” Fletcher said. “It will be fun combining our experience and expertise representing our clients for our own firm.”
During his three-decade career, Fletcher has handled several high-profile matters including:
- Defended the former CEO of energy services company in multiple securities fraud class actions relating to company’s restatements of tax accounting disclosures – a case that settled after fact discovery at no cost to client;
- Obtained the dismissal of securities fraud class action against telecommunication company and its senior officers premised on underlying RICO claims; and
- Defended a former CEO of renewable energy company in securities fraud class action alleging false statements concerning renewable product and plant construction – another case that settled at no cost to client.
Held also has scored numerous courtroom victories, including:
- Successfully obtaining dismissals of class action lawsuits filed against numerous companies and their officers and directors, including Block- buster, a hospice care network, a mobile phone service provider and a Big Four accounting firm;
- Successfully defended an Oklahoma oil and gas company and its officers and directors in Section 11 class action and related claims filed by creditor trustee;
- Represented the conflicts committee of pipeline MLP in lawsuit challenging acquisition of MLP by its general partner – a case that settled on terms favorable to his client;
- Defended private equity fund and related entities in shareholder oppression lawsuit related to acquisition and management of bank – a case in which the plaintiffs later voluntarily dismissed all claims.