Stephen P. Bedell



Stephen P. Bedell is a partner and securities litigation lawyer with Foley & Lardner LLP, where he counsels clients on regulatory issues arising in the securities, options, commodities, financial futures and other derivatives markets, as well as the municipal and fixed income markets. Mr. Bedell is a member of the Securities Enforcement & Litigation Practice.

In his 36 years of practice, he has represented a diverse array of clearing firms, futures commission merchants, hedge funds, banks, broker-dealers, investment advisors and specialists in every industry arbitration forum and numerous state and federal trial and appellate courts, including the United States Supreme Court. Mr. Bedell has regularly represented these clients in significant SEC and SRO investigations and enforcement proceedings.

A seasoned securities litigator in the securities, futures and derivatives markets, Mr. Bedell was chair of the Securities and Financial Markets Litigation practice at Gardner Carton & Douglas before joining Foley.


Mr. Bedell has spoken regularly at securities and futures industry programs on issues relating financial and sales practice compliance, and has published articles on these topics.

Professional Memberships

He has served on the advisory committees of the Chicago Board Options Exchange and National Futures Association relating to financial markets litigation issues. Between 1985 and 1995, Mr. Bedell served as a member of the Attorney Registration and Disciplinary Commission.


In recognition of his experience, Mr. Bedell has been Peer Review Rated as AV® Preeminent™, the highest performance rating in Martindale-Hubbell's peer review rating system. He has also been recognized by Best Lawyers in America© since 2013 for his work in securities regulation and was named Chicago’s 2014 Lawyer of the Year - securities regulation. In 2014 - 2016, Mr. Bedell was selected for inclusion in the Illinois Super Lawyers® lists.*


Mr. Bedell received his J.D. from the Northwestern University School of Law and earned an H.A.B. with honors from Xavier University.

*The Illinois Supreme Court does not recognize certifications of specialties in the practice of law and no award or recognition is a requirement to practice law in Illinois.

Representative Matters

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Foley is representing a group of specialist firms, including Citadel Securities LLC, Susquehanna Investment Group LLC, Ronin Capital LLC and Group One Trading LLC in a suit filed against the Chicago Board Options Exchange and four other listed options exchanges alleging improper charges in relation to millions of options trades over the last seven years. The suit alleges that the exchanges owe the plaintiffs for improper fees assessed on them as market makers. The plaintiffs alleged that they were charged excess fees in the amount of millions of dollars. The exchanges became aware that a certain firm had for seven years been mismarking its options orders as coming from its customers when they were not. Although that firm has since paid the exchanges nearly $6.39 million in penalties and millions of dollars in disgorged rebates, the exchanges have taken the position that they are not liable, under various theories of immunity. Our clients’ complaint asserts that the exchanges are liable for a) the overcharges, which violate their own rules or fee schedules and 2) improperly assessed PFOF (payment for order flow) fees assessed on the market makers were. Our clients also request an accounting to determine the amount owed in PFOF fees. Citadel Securities LLC, et al, v. Chicago Board Options Exchange Inc, et al, Circuit Court of Cook County, Illinois, No. 13CH13246. This case has, for the time being, been removed to the U.S. District Court for the Northern District of Illinois.
We represent Ameriprise Financial Services, Inc. in a putative class action alleging that Ameriprise failed in its fiduciary duties by supposedly failing to engage in due diligence and by misrepresenting certain aspects of the operations and finances of the Inland Western/Retail Properties of America, Inc. REIT. These included client fees, products risks, and share valuations. The plaintiff class representative purportedly represents the interests of more than 30,000 purchasers and is suing for unspecified millions of dollars. Currently, the case has been consolidated with two other similar class actions in the Northern District of Illinois. Ameriprise and other defendants have filed motions to dismiss which are being briefed.
Foley’s clients – a nationally known clearing company and a high powered high frequency trading company – were sued by a commodities trading company whose trader made a "fat finger" mistake during off-market trading of crude oil futures contracts, resulting in substantial losses to the trading company. The trading company sued our client, its clearing company, for refusing to cover the loss. The trading company also sued our client, the high frequency trading company, who subsequently purchased the crude oil futures contracts sold by the trading company and who declined to adjust or "bust" the trades, claiming a violation of the equitable principles of trading. The NYMEX arbitration rejected all of the claims of the claimant and issued an award in favor of Respondents on all counts.