C. Neil Gray


  • C. Neil Gray
  • Phone: +1 212 692 1061

    Import to Address Book

  • Duane Morris LLP
    1540 Broadway
    New York, NY 10036-4086

C. Neil Gray has successfully guided a broad range of global financial institutions and other companies and individuals through complex litigations, including derivative and class actions, contract disputes, and business torts and shareholders litigation stemming from various business combinations. Neil’s clients include Fortune 100 companies, financial institutions, investment managers, private equity firms, technology companies, industrial companies, entertainment companies, insurance companies, pharmaceutical companies and other entities.

Neil’s primary practice area includes financial services litigation. He represents financial institutions, issuers and individuals in connection with federal and state actions under the securities laws as well as regulatory and enforcement matters. This includes actions under the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940 and the Investment Advisers Act of 1940. Neil has particular experience working with investment advisers and their affiliates on corporate governance, compliance, regulatory, litigation and enforcement matters, has developed a unique practice area representing indenture trustees in litigation and dispute resolution and has extensive experience representing private funds in the liquidation and wind-down process.

Neil is a thought leader in the Fintech area, and represents clients in connection with blockchain and digital asset regulatory and contested matters. Neil advises and represents industry participants in pre-transaction legal and risk analysis, private litigation, and enforcement matters.

In addition, Neil has worked with a diverse array of industries in connection with his antitrust and competition practice, including generic pharmaceuticals, heavy-duty trucks, medical devices and supplies, home and commercial security and safety solutions, and petroleum.


  • New York
  • U.S. District Court for the Southern District of New York
  • U.S. District Court for the Eastern District of New York
  • U.S. District Court for the District of Colorado
  • U.S. Court of Appeals for the Second Circuit
  • U.S. Court of Appeals for the Eighth Circuit
  • U.S. Court of Appeals for the Ninth Circuit
  • U.S. Court of Appeals for the Eleventh Circuit
  • Supreme Court of the United States


  • Albany Law School of Union University, J.D., magna cum laude, 1999
    - Executive Editor for Business, Albany Law Review
  • St. Lawrence University, B.A., cum laude, 1994


  • Duane Morris LLP
    - Partner, 2021-present
  • Reed Smith LLP
    - Partner, 2011-2021
  • Milbank LLP
    - Associate, 2004-2011
  • Clifford Chance LLP
    - Associate, 1999-2004

Professional Activities

  • American Bar Association

  • New York State Bar Association

Civic and Charitable Activities

  • New Rochelle Lightning Hockey
    - Director and Treasurer, August 2018-present

Selected Publications

  • Co-author, "U.S. Supreme Court Offers Guidance on Rebutting Presumption of Reliance in Certification of Securities Class Actions," Duane Morris Alert, July 1, 2021
  • "An Introduction to Dogecoin, The Meme Cryptocurrency," Forbes, April 20, 2021
  • “Blockchain - Distributed ledger technology and designing the future,” November 19, 2019

  • “SEC Obtains TRO against Telegram Group Inc.,” FinTech Update, October 18, 2019

  • “SEC Files ICO-Related Enforcement Action Against ICOBox,” FinTech Update, September 24, 2019

  • “FINRA Issues First Litigated Enforcement Action Against Crowdfunding Portal,” FinTech Update, June 21, 2019

  • “New SEC guidance provides some clarity for digital asset issuers,” Technology Law Dispatch, April 9, 2019

  • “SEC Releases Commentary Applying Howey Test to Digital Assets,” FinTech Update, April 8, 2019

  • “Ringgold II: Court Reverses Course on Preliminary Injunction of Digital Token,” FinTech Update, March 13, 2019

  • “Court changes course in enforcement action against cryptocurrency company,” Technology Law Dispatch, March 13, 2019

  • “Federal Court denies SEC Injunction in Blockvest ICO,” FinTech Update, December 3, 2018

  • “Federal Court deals SEC a setback in Blockvest ICO litigation,” Technology Law Dispatch, December 3, 2018

  • “SEC settlement of two ICOs based on sales of unregistered securities: No fraud claims asserted,” FinTech Update, November 27, 2018

  • “SEC settles two ICO enforcement actions,” Technology Law Dispatch, November 27, 2018

  • “SEC in First Enforcement Action Against Token Exchange,” FinTech Update, November 9, 2018

  • “SEC Issues Guidance On Issuance of Digital Assets,” Reed Smith Client Alert, April 8, 2019

  • “Coin Toss Future of ICO Litigation Depends on Evolution of Howey Test,” TABB Forum, September 28, 2018

  • “Applying Howey, Court Concludes that Centra Token Likely a Security,” FinTech Update, July 2, 2018

  • “Digital token ruled a security under the Howey Test, for now,” Technology Law Dispatch, July 2, 2018

  • “Ninth Circuit Affirms Dismissal of '40 Act Section 36(b) Excessive Fee Action Against Davis,” Reed Smith Client Alert, October 13, 2015

  • “Court Dismisses in Part a Mutual Fund Excessive Fee Action Against SEI,” Reed Smith Client Alert, July 17, 2015

Media Hits

Selected Speaking Engagements

  • Speaker, "Regulatory/Sanctions and Cryptocurrency Litigation," Duane Morris Fintech General Counsel Roundtable, Webinar, December 2, 2022
  • “Digital Token Investment – What institutional investors need to know about ICOs,” October 16, 2018

  • “Is Your Asset Management Firm Prepared When Things Go Wrong?,” April 4, 2016