Thomas P. Krebs



Thomas P. Krebs is a partner and litigation attorney with Foley & Lardner LLP. His practice focuses primarily on complex securities and commodities litigation. Mr. Krebs has represented public companies, officers and directors in federal securities fraud class actions and shareholder derivative lawsuits. He also has represented a diverse group of banks, underwriters, broker-dealers, clearing firms and futures commission merchants in disputes before various self-regulatory organizations and state and federal courts. As a result of this national practice, Mr. Krebs has been admitted pro hac vice in many state and federal courts throughout the country. He is a member of the firm's Securities Enforcement & Litigation Practice.

Representative Experience 

  • Representing numerous futures commission merchants in commodities-related claims brought by the Trustee of Sentinel Management Group, Inc. 
  • Representing a prominent broker-dealer in a lawsuit alleging that its predecessor engaged in the practice of “yield burning” in connection with numerous municipal bond advance funding transactions. 
  • Obtained the dismissal of a securities fraud putative class action brought against the founder and former CEO of a prominent office supply company. 
  • Obtained the dismissal of a securities fraud putative class action brought against an energy company and all of its officers and directors. 
  • Secured a favorable settlement for a prominent broker-dealer in a securities fraud action that it brought against numerous brokers and related parties. 
  • Secured a favorable settlement for a Chicago clearing firm in a securities fraud action that it brought relating to the MJK Clearing stock loan scandal. 
  • Acted as a securities litigation consultant for a state retirement and pension system.

Pro Bono

Mr. Krebs is also committed to pro bono work. He recently obtained asylum in the United States for an Eritrean refugee who had been persecuted and tortured by the Eritrean government. Mr. Krebs currently represents two C# inmates before the Illinois Prisoner Review Board.


Mr. Krebs received his law degree from the Ohio State University School of Law (J.D., with honors, 1995) and received his bachelor's degree in economics from the University of Notre Dame (B.A., magna cum laude, Phi Beta Kappa, 1990).


Mr. Krebs is a member of the Chicago, Illinois, and American Bar Associations.

Representative Matters

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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.
Represented a Chicago-based financial advisor and investment bank who advised a large municipality in connection with the privatization of parking meters throughout the city. A resident of the city attempted to bring a class action against the financial advisor, claiming breach of contract, professional negligence, breach of fiduciary duty, and fraud. The Foley team successfully convinced the Circuit Court of Cook County Judge to dismiss the complaint with prejudice within months of the initial filing of the complaint because the city resident did not have standing to bring the lawsuit.
This case arises from the collapse and bankruptcy of Sentinel Management Group, a multi-billion dollar investment advisory firm. In this case, Mr. Bedell represents ABN AMRO Clearing, LLC, Rand Financial LLC, FCStone LLC, Crossland LLC, Velocity Futures LLC and Cadent Futures LLC in consolidated federal court litigation. He has acted as senior trial counsel for Foley & Lardner’s client group for a joint defense group in 12 futures commission merchants. Due to significant federal statutory issues at stake, these cases were withdrawn from the Bankruptcy Court several years ago, and have been pending in the U.S. District Court for the Northern District of Illinois. All of these firms have been sued by Fred Grede, the bankruptcy trustee of Sentinel Management Group, who seeks a claw back of more than $300 million in the aggregate ($200 million from our clients alone) which represents the assets distributed to these firms by Sentinel at the time of bankruptcy, or shortly before. Our clients have defended the case on the grounds that the distributed funds are customer segregated assets which are held in trust by Sentinel and which are not the property of the bankrupt estate. The Trustee claims that Sentinel’s wrongdoing vitiates the trust. The case involves conflicting statutory provisions of the Bankruptcy Code, the Commodity Exchange Act and the Investment Advisor’s Act of 1940, and raises significant and unprecedented issues pertaining to the treatment of customer segregated assets in insolvency scenarios. The case has been the focus of attention by the Commodity Futures Trading Commission, the National Futures Association and the Securities and Exchange Commission, all of whom have filed amicus briefs. The FCStone matter is currently on appeal to the Seventh Circuit, while the other matters move forward at the district court level. Mr. Bedell is lead counsel on appeal, and remains lead counsel at the district court level. The cases are being brief on appeal and in the lower court.


Stock Exchange Immunity Erodes As Biz Models Evolve
20 August 2018
VIX Manipulation Class Actions
11 May 2018
Legal News: Securities Enforcement & Litigation
Multiple Cases Filed Alleging VIX Manipulation By Traders
14 March 2018
Legal News: Securities Enforcement & Litigation
Multiple Cases Filed Alleging VIX Manipulation By Traders
14 March 2018
Legal News: Securities Enforcement & Litigation