Mary K. Dulka

Mary K. Dulka

Mary K. Dulka

Mary Dulka is a partner in Goodwin’s Financial Industry and Securities Litigation practices. For more than 20 years, Ms. Dulka has represented securities issuers, underwriters, officers and directors in securities class actions and shareholder derivative suits, with a particular focus on defending mutual fund advisers and fund directors against claims brought under the Investment Company Act. She joined Goodwin in 2009.

Ms. Dulka is co-head of the New York Local Council of the Women’s Initiative at Goodwin, and her past work includes planning and moderating panel discussions on issues such as flexible work arrangements and the transition from firm to in-house counsel. Outside of the office, her volunteer work at the SPCA of Westchester includes facilitating adoption of the shelter animals and assisting in fundraising and marketing efforts.

Professional Activities

Ms. Dulka’s pro bono activities include organizing and conducting U-Visa clinics to assist domestic violence victims with obtaining legal immigration status, assisting an individual from Somalia with his political asylum claim, and ensuring that homeless children could continue attending school in their current school district.

Professional Experience

Prior to joining Goodwin, Ms. Dulka was a senior attorney in the New York office of Clifford Chance US LLP.


While attending law school, Ms. Dulka was a member of the Journal of International Law and Politics.

Areas of Practice


Ms. Dulka has extensive experience managing and conducting all aspects of securities class action and derivative litigation involving various claims such as insider trading, prospectus misrepresentations and omissions, excessive advisory fees, undisclosed revenue-sharing payments to fund brokers and unlawful redemption of auction rate securities. She also has conducted shareholder demand investigations on behalf of mutual fund boards.

Representative Matters

Mutual Fund Litigation
  • Dismissal of excessive fee claims against issuer of variable annuities in the landmark Olmsted decision, where the Second Circuit held that no implied private rights of action exist under certain sections of the Investment Company Act (ICA).
  • Successfully convinced court to reconsider earlier decision and dismiss all claims against fund adviser AllianceBernstein for allegedly undisclosed revenue-sharing payments to brokers to sell fund shares, and also defeated plaintiff's subsequent motion for leave to amend the complaint.
  • Dismissal of all claims against fund adviser Dreyfus for allegedly undisclosed revenue-sharing payments, including judgment on the pleadings regarding the ICA Section 36(b) claim for failure to bring that claim derivatively rather than as a class action.
  • Dismissal of 1933 Act/1934 Act claims against adviser of Merrill Lynch mutual funds because there was no duty to disclose that the funds invested in companies that had an investment banking relationship with affiliate of fund adviser.
  • Summary judgment dismissing action against adviser of Merrill Lynch mutual funds for alleged breaches of fiduciary duty because potential conflicts of interest in an investment advisory agreement are not a per se violation of ICA Section 36(b).
  • Dismissal of breach of fiduciary duty and contract claims by bank against BlackRock for allegedly placing unsuitable sub-prime investments into the bank’s separate account for its insurance premiums.
  • Dismissal of shareholder derivative complaint under the ICA and state law against adviser of Merrill Lynch mutual funds because pre-lawsuit demand on fund's directors was not excused as futile.
  • Represented independent trustees of the Reserve Primary Fund in various matters arising from the fund “breaking the buck.”
  • Conducted multiple investigations for Eaton Vance fund trustees in response to demand letters by the funds’ common shareholders arising from the funds’ redemption of auction rate securities. Following those investigations and the board’s rejection of those claims, the shareholders never filed a lawsuit. Also successfully dismissed class actions by other common shareholders regarding those redemptions because those claims must be brought derivatively.
  • Ongoing representation of New York Life acting as investment manager for its proprietary mutual funds in lawsuit alleging that the investment manager delegates substantially all of its responsibilities to subadvisors, and thus the advisory fees it receives from the funds are allegedly excessive in violation of Section 36(b) of the ICA.
  • Ongoing representation of mutual fund board’s Special Demand Review Committee in investigating shareholder demand alleging that the directors breached their fiduciary duties in approving the funds’ management agreement.
Securities Litigation
  • Dismissal of 1933 Act claims against underwriters of common stock offering by bio-technology company ARIAD Pharmaceuticals, Inc. for alleged failure to disclose adverse health effects of the company’s leukemia drug.
  • Dismissal of 1933 Act claims against underwriters for alleged failure to disclose negative information about the issuer's chief financial officer.
  • Dismissal of 1933 Act claims against underwriter Citigroup for alleged failure to disclose negative impact on Legg Mason from purchasing asset management business.
  • Partial dismissal of 1933 Act claims against underwriters of a bond offering by Constellation Energy for alleged failure to disclose Constellation’s relationship with Lehman Brothers.
  • Representation of former U.S.-based independent directors of a Chinese company in class action and related shareholder derivative action arising from the chairman’s fraudulent transfers of the company’s ownership interest in its subsidiary to himself; achieved partial dismissal of class action claims against directors and favorable settlement of remaining class action claims.
  • Representation of virtual data room provider in class action and two related shareholder derivative actions alleging failure to disclose the impending loss of the company’s largest client and omission of that fact in follow-on offering materials; achieved dismissal with prejudice of derivative actions and favorable settlement of class action.



J.D., 1989
New York University School of Law
B.A., 1986
University of Wisconsin-Madison

(with honors)



New York


U.S. Court of Appeals for the First Circuit
U.S. Court of Appeals for the Second Circuit
U.S. Court of Appeals for the Ninth Circuit
U.S. District Court for the Eastern District of New York
U.S. District Court for the Southern District of New York
U.S. Court of Appeals for the Fourth Circuit
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