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Ray concentrates his practice on the trial and supervision of civil litigation in federal and state courts and in arbitration. For more than four decades he has represented a wide range of clients in complex cases, including securities, private equity, and hedge fund litigation; class actions; energy; fiduciary duty and partnership disputes; technology litigation; fraud, and bad faith litigation; and constitutional law.

Ray is Board Certified as a Specialist in Civil Trial Law by the Texas Board of Legal Specialization.

He also has substantial appellate experience, having argued dozens of cases before the United States and Texas Courts of Appeals, three cases before the Texas Supreme Court, and panel and en banc arguments before the Delaware Supreme Court — and significant experience in national and international arbitration.

Other Info About Ray


Legal Work Highlights

Successful trial defense of a multi-billion-dollar fraudulent transfer suit arising out of a corporate spinoff.

Defense of a limited partnership against $80 million claim by one limited partner, prevailing by summary judgment.

Arbitration among co-trustees of a foundation, prevailing in an award—judicially confirmed—in favor of clients against former co-trustee.

Representation of a bank in successfully opposing class certification in a case in which the plaintiffs sought $24 billion in damages on behalf of the supposed class.

Representation of a Texas District Judge in litigation against the City of Dallas, including successful defense of the City’s appeal of pretrial rulings through the Supreme Court of Texas.

Successful arbitration of a dispute between co-owners of a major professional sports franchise.

Representation of a corporation in the successful defense of a Section 220 trial in the Delaware Court of Chancery, obtaining a judgment denying the shareholder’s demand for production of books and records, and successfully arguing for affirmance before the en banc Delaware Supreme Court.

Representation of a U.S. company in an international arbitration in Geneva against the company’s Greece distributor, obtaining an award that the distribution agreement had been breached and denying the distributor’s 100 million euro claim in its entirety.

A successful constitutional attack, on behalf of a consortium of paging companies, on a $750 million Texas statutory assessment, overturning the statute.

A landmark appeal, argued before the Texas Supreme Court, establishing that Texas banks do not owe a duty of good faith and fair dealing in a commercial lending transaction.

A successful appeal to and argument before the United States Court of Appeals for the Fifth Circuit, overturning a trial court decision that invalidated a bank’s guaranties and imperiled the FDIC’s recovery on loans made by the failed bank.


Law School

University of Texas School of Law, J.D.,1976, high honors
Grand Chancellor – Highest Ranking Graduate

Undergraduate School

University of Texas B.S.M.E., 1973, highest honors
Highest Ranking Graduate

Other Education

Schreiner University. A.A., 1971, highest honors


Ray served as a clerk for the court and judge below:

Honorable Thomas Gibbs Gee of the United States Court of Appeals for the Fifth Circuit

Bar Membership

Ray is licensed to practice in the following states:


New York


Ray is admitted to practice before the following courts:

US Court of Appeals 3rd Circuit

US Court of Appeals 4th Circuit

US Court of Appeals 5th Circuit

Texas State Courts

Eastern District Texas

Northern District Texas

Southern District Texas

Western District Texas

US Tax Court

Southern District New York

New York State Courts


Local & National Recognition

Named to D Magazine’s list of The Best Lawyers in Dallas, 2018

Profiled as a “Lion of the Texas Bar” by The Texas Lawbook, 2017

Recognized by Best Lawyers in America*, including for General Commercial Litigation, Banking & Finance Litigation, and Securities Litigation, 2006-2019

“Lawyer of the Year” for Securities in 2017 and for Litigation – Banking and Finance in 2019.

Named by Benchmark Litigation as a “Local Litigation Star” in Texas for General Commercial Litigation, 2014-2019

Repeatedly recognized as a “Super Lawyer” for Business Litigation by Texas Super Lawyers.

Recognized as a recommended lawyer for Commercial Litigation nationally by Legal 500, 2015

Dallas Business Journal and the Association of Corporate Counsel named Ray one of the “Defenders” – the top 15 business defense attorneys in Dallas-Fort Worth, 2007

Civic Activities

Civic & Charitable Organizations

Former member of the Advisory Board of the Bridge transition assistance center

Former member of the Board of Directors of ActBeyond, a Christian mission organization

Deacon and past chair of the Deacon Council at First Baptist Church of Richardson

Major Publications

Ray is an author of the following publications:

“Email Messages at Trial,” Dallas Bar Association Newsletter, October 2020 (pg. 22)

Firm Committees

Ray serves on the following committee at Frost Brown Todd:

Ethics Committee, Member

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