Overview

Larry Heftman is a trial lawyer and commercial litigator. Larry has litigated high stakes complex commercial disputes throughout the country with a strong record of success in jury and bench trials. Larry has a diverse practice involving commercial disputes, including fiduciary litigation, shareholder disputes, director and officer liability, audit malpractice, trust and estate litigation, class actions, real estate and consumer claims, with a particular focus on financial institutions and telecommunications companies. 

Among other significant accomplishments, Larry was recently co-counsel in a federal bench trial over audit malpractice claims leading to a $625 million damages award. 

  • Experience

    • Prosecuted claims against auditor resulting in $625 million damages award, the largest ever auditing malpractice damages award, after five-week bench trial.
    • Represented a Fortune 500 financial institution in four-week jury trial resulting in a complete trial victory, successfully defeating claims for more than $65 million in damages and obtaining a judgment for more than $1.2 million for his client.
    • Prosecuted director & officer claims leading to multimillion dollar verdict after several week jury trial in California.
    • Represented a real estate seller in multi-week bench trial, defeating claims of breach of contract and for specific performance, achieving a complete victory resulting in full recovery to client on counterclaim.
    • Won summary judgment defending trustee of $150+ million trust against breach of fiduciary duty claims brought by a state attorney general and contingent beneficiaries.
    • Defeated multimillion dollar fraud and breach of fiduciary duty claim on behalf of Fortune 100 financial institution. Won motion to dismiss with prejudice, avoiding any discovery cost to his client.
    • Defended corporate directors against shareholder class action resulting in summary judgment ruling upheld by Delaware Supreme Court.
    • Represented plaintiff in fidelity bond lawsuit involving fraud and conflict of interest in loan approval resulting in favorable settlement.
    • Prosecuted trust construction claim and achieved summary judgment for beneficiary compelling trust distribution. Affirmed on appeal.
    • Prosecuted claims for breach of fiduciary duty and legal malpractice claim against individual trustee and law firm involving hundreds of millions of dollars in damages, leading to favorable settlement.
    • Bench trial in commercial landlord­tenant dispute resulting in complete verdict in client’s favor for possession and damages.
    • Tried multi-day arbitration regarding contingent attorney fee and legal ethics dispute leading to favorable settlement during arbitration.
    • Conduct investigation of claims for improper lending and underwriting violations.
  • Credentials

    Education

    • Harvard Law School, J.D., 2004, magna cum laude
      Harvard Civil Rights - Civil Liberties Law Review, Solicited Content Editor
      Ames Moot Court Competition, Semifinalist
    • Emory University, B.A., Political Science, 2000, summa cum laude
      Phi Beta Kappa

    Bar Admissions

    • Illinois
    • U.S. Court of Appeals for the Fifth Circuit
    • U.S. Court of Appeals for the Sixth Circuit
    • U.S. Court of Appeals for the Seventh Circuit
    • U.S. Court of Appeals for the Eleventh Circuit
    • U.S. District Court for the Northern District of Florida
    • U.S. District Court for the Central District of Illinois
    • U.S. District Court for the Northern District of Illinois (Trial Bar)
    • U.S. District Court for the Southern District of Indiana
    • U.S. District Court for the Eastern District of Michigan
    • U.S. District Court for the Eastern District of Wisconsin
      • Insights

        TITLE
        News Release

        Schiff Announces New Litigation and Environmental Practice Group Leadership

        Schiff Hardin LLP is pleased to announce new leadership teams for two of the firm’s prominent practice groups, Litigation and Dispute Resolution and Environmental.

        News Release

        Schiff Advises Altaris on its Agreement to Acquire $1.55 Billion Perrigo’s Prescription Pharmaceuticals Business

        Schiff Hardin LLP represented Altaris Capital Partners, LLC, a private investment firm focused on the healthcare industry, in its agreement to acquire Perrigo Company plc’s prescription pharmaceuticals business (Rx) for $1.55 billion.

        News Release

        Eighty-One Attorneys Named to 2021 Leading Lawyers

        Schiff Hardin LLP is pleased to have 81 attorneys named to the 2021 Leading Lawyers list.

        News Release

        Schiff Hardin Advises Kimball International, Inc. in the Acquisition of Poppin, Inc. for $110 Million

        Schiff Hardin LLP is advising Kimball International, Inc., a leading design driven furniture manufacturer, in the acquisition of Poppin, Inc., a tech-enabled B2B commercial furniture design company, for $110 million with potential for additional contingent payments equal to $70 million.

        News Release

        Best Lawyers Recognizes 59 Schiff Attorneys, Six “Lawyers of the Year,” and 21 Ones to Watch

        Schiff Hardin LLP is pleased to announce that 59 attorneys have been listed in the 2021 edition of The Best Lawyers in America, with six attorneys also being named a “Lawyer of the Year” in their respective areas of practice and location.

        News Release

        Eighty-Eight Attorneys Named to 2020 Leading Lawyers

        Schiff Hardin LLP is pleased to announce that 88 attorneys have been named to the 2020 Leading Lawyers list.

        Alert

        Risks Remain for Banks Servicing the Hemp Industry

        While the latest guidance on regulating financial services for hemp businesses may feel like a turning point, current banking regulations will likely continue to inhibit hemp businesses from integrating into the mainstream financial system.

        News Release

        Emerging Lawyers Lists 14 Schiff Attorneys in Illinois

        Fourteen Schiff Hardin attorneys have been named to the 2019 Emerging Lawyers Network.

        News Release

        18 Schiff Hardin Attorneys Named to 2018 Emerging Lawyers List

        Schiff Hardin is pleased to announce that 18 of the firm’s attorneys have been named to the 2018 Emerging Lawyers Network.

        News Release

        Nineteen Schiff Hardin Attorneys Named Emerging Lawyers

        Schiff Hardin is pleased to announce that 19 of the firm’s attorneys have been named to the 2017 Emerging Lawyers Network.

        Speeches & Presentations

        • “Witness Preparation,” Pincus Professional Education’s Mastering the Deposition (Apr. 13, 2017)
        • “Cain v. Abel, Dealing with Sibling Rivalries in Family Owned Businesses,” American Bar Association Webinar (Apr. 19, 2016)
      • Citizenship

        Pro Bono Activities

        Larry devotes hundreds of hours every year to pro bono work. He regularly represents indigent clients at the Chicago Volunteer Legal Services clinic addressing their critical needs in bankruptcy, divorce, and child custody.

         

        Larry has also taken on significant and complex pro bono litigation. Larry has litigated two related federal lawsuits, including a federal jury trial, on behalf of an individual falsely accused and detained after the 9/11 attacks. He also represented an inmate on Georgia’s death row in state habeas evidentiary proceedings.