Ray is a veteran trial lawyer who represents business clients in high-stakes commercial litigation and arbitration. Board Certified as a Specialist in Civil Trial Law by the Texas Board of Legal Specialization, Ray has for decades tried and arbitrated complex disputes before state and federal courts and arbitration panels in the United States and overseas. His experience includes cases involving banking and finance; private equity; energy; fraud, fiduciary duty, and bad faith; partnership disputes; and class actions and securities litigation.
Ray has also argued dozens of cases before United States and Texas state Courts of Appeals, three cases before the Texas Supreme Court, and panel and en banc arguments before the Delaware Supreme Court.
Rayโs expertise and standing among trial lawyers have been recognized by many legal publications, including Best Lawyers in America (in the fields of Commercial Litigation, Banking and Finance Litigation, and Securities Litigation); D Magazineโs Best Lawyers in Dallas; and Texas Monthlyโs Super Lawyers. He was profiled as one of the โLions of the Texas Barโ by Texas Lawbook and has been named to the list of โDefenders,โ the top 15 business defense lawyers in Dallas-Fort Worth.
The Best Lawyers in Americaยฎ: Commercial Litigation, 2006-2024, Litigation โ Banking and Finance, 2011-2024, “Lawyer of the Year”, 2019; Litigation โ Securities, 2011-2024,ย “Lawyer of the Year,” 2015, 2017
Won landmark holding from the Texas Supreme Court that a Texas bank did not owe a duty of good faith and fair dealing in a commercial lending transaction.ย ย Seeย FDIC v. Coleman, 795 S.W.2d 706 (Tex. 1990).
Member of trial team that successfully defended, at trial, a multi-billion-dollar fraudulent transfer suit arising out of a spinoff transaction.
Represented the Federal Deposit Insurance Corporation in multiple bank-failure-related lawsuits and appeals.
Obtained two separate multi-million-dollar purchase price adjustments arising out of sponsor clientโs purchase of portfolio companies.
Led prosecution and defense of multiple suits and arbitrations on behalf of private equity sponsorsโ portfolio companies.
Won, after trial in the Court of Chancery of Delaware, a judgment (affirmed on appeal) denying a shareholderโs demand for clientโs books and records under Section 220 of the Delaware General Corporation Law.
Won, after trial in Texas state court, a judgment overturning a $750 million Texas statutory assessment against paging companies as violative of state constitution.
Prevailed on summary judgment dismissing a partnerโs $80 million claim against limited partnership, including affirmance on appeal.
Represented a Texas District Judge in litigation against her former employer, the City of Dallas, including successful appeals through the Supreme Court of Texas.
Successfully opposed motion for class certification, in a case asserting $24 billion in damages against bank defendant, in federal court.
Defeated motion for class certification in a โvanishing premiumโ case against life insurer in state court in Texas.
Defeated motion for class certification sought by customers of paging company in California Superior Court; thereafter defeated motion for Section 17200 representative status in a separate suit in another California Superior Court.
Argued to a panel of the Delaware Supreme Court, and thereafter the en banc Court, winning affirmation of the Court of Chanceryโs judgmentโwon at trialโdenying a books and records demand under Section 220 of the Delaware General Corporation Law.ย Highland Select Equity Fund, L.P.. v. Motient Corp., No. 355-2006 (Del. 2007) (audio ofย en banc argument, beginning at 18:05).
Obtained reversal, after briefing and argument before the Fifth Circuit Court of Appeals, of a United States District Court ruling that would have imperiled the FDICโs recovery on hundreds of millions of dollars in guaranties owed to a failed bank.
Obtained reversal, after court appointment by and briefing and argument before the Fifth Circuit Court of Appeals, of an indigent defendantโs conviction.
Briefed and argued to, and won reversal from, the Texas Supreme Court of a lower court ruling imposing a duty of good faith and fair dealing on a bank in a commercial lending transaction, obtaining a holding that no such duty was owed in Texas.
Briefed and argued dozens of other appeals and mandamus proceedings before Texas appellate courts and the United States Courts of Appeals for the Fourth and Fifth Circuits.
Won on behalf of a United States seed producer, after two contested evidentiary hearings before an arbitration panel in Geneva, an award dismissing a 100 million euro claim by the clientโs distributor in Greece.
Won, on behalf of trustees of a charitable foundation, award in a FINRA arbitration denying a co-trusteeโs claims for control over foundationโs grants.
Obtained favorable settlement of a dispute involving a third partyโs attempted access to clientโs proprietary software installed on mutual customersโ systems, following contested evidentiary hearings before the panel.
Won, on behalf of the former majority owner of a National Hockey League franchise, an arbitration before the NHL Commissioner against a former minority owner.
Won several court orders compelling arbitration over opponentsโ objections and confirming awards obtained in arbitration.
Represented clients in multiple other arbitrations.
Arbitrator, Commercial Arbitration Panel, American Arbitration Association.
University of Texas School of Law, J.D.,1976, high honors
Grand Chancellor โ Highest Ranking Graduate
University of Texas B.S.M.E., 1973, highest honors
Highest Ranking Graduate
Schreiner University. A.A., 1971, highest honors
Honorable Thomas Gibbs Gee of the United States Court of Appeals for the Fifth Circuit
Texas State Courts
New York State Courts
U.S. Courts of Appeals: 3rd, 4th, and 5thย Circuits
U.S. District Courts:ย Northern, Western, Southern & Eastern Districts of Texas
Southern District of New York
Named to D Magazineโs list of The Best Lawyers in Dallas, 2018
Profiled as a โLion of the Texas Barโ by The Texas Lawbook, 2017
The Best Lawyers in Americaยฎ, Commercial Litigation, 2006-2023; Litigation – Banking & Finance, 2011-2023; Litigation – Securities, 2011-2022; Dallas Litigation – Securities Law “Lawyer of the Year,” 2015, 2017; Dallas Litigation Banking and Finance Law “Lawyer of the Year,” 2019
Named by Benchmark Litigation as a โLocal Litigation Starโ in Texas for General Commercial Litigation, 2014-2019
Repeatedly recognized as a โSuper Lawyerโ for Business Litigation by Texas Super Lawyers, 2003-2023
Recognized as a recommended lawyer for Commercial Litigation nationally by Legal 500, 2015
Recognized by Dallas Business Journal and the Association of Corporate Counsel as one of the โDefendersโ โ the top 15 business defense attorneys in Dallas-Fort Worth โin 2007.
American Bar Association
State Bar of Texas
Dallas Bar Association
University of Texas School of Law, Visiting Lecturer, Civil Procedure
Frequent lecturer at national and state trial practice continuing education programs
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
Ethics Committee, former Member
Author, โWhither โSurrounding Circumstancesโ: Contract interpretation after Barrow-Shaver v. Carrizo,โย Texas Bar Journal, Vol. 83, No. 11 (December 2020)
Author, โEmail Messages at Trial,โ Dallas Bar Association Newsletter, pg. 22 (October 2020)
Author, โGood Faith Revisited Extra-contractual duties in Texas,โย Texas Bar Journal, Vol. 81, No. 8 (September 2018)
Contributing author,ย The Jury Charge in Texas Civil Litigation, 2003 ed. (Vol. 34, Texas Practice Series), Thomson West
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