The Legal 500

Bernstein Litowitz Berger & Grossmann LLP remains a dominant force in securities class actions with around 90% of the firm’s lawyers dedicated to securities and related practice areas, including securities recoveries, derivative litigation and shareholder rights litigation. The firm has represented institutional investors as lead counsel in a number of major securities class actions arising from the sub-prime mortgage crisis. In one such matter, the firm achieved a $125m settlement on behalf of the New York State Teachers’ Retirement System in litigation against New Century Financial. Other successes include obtaining up to $189.5m in additional recoveries on behalf of RH Capital Associates in In re Refco Inc Securities Litigation, bringing the total recovered amount to over $380m. The firm also continues to serve as co-lead counsel in securities class actions against heavyweights such as Lehman Brothers Holdings and Citigroup. The firm has its flagship office in New York, with other offices in Louisiana, California and New Jersey. Max Berger , Steven Singer and Salvatore Graziano are all recommended.

Labaton Sucharow LLP remains a formidable force representing institutional investors in securities class action litigation, having secured recovery settlements of $1.8bn in 2010 alone. The firm has had a pivotal role in actions against significant players such as Goldman Sachs, Bear Stearns and Morgan Stanley, alleging fraudulent activity or irresponsible practices. In another significant matter, Joel Bernstein led the firm as sole lead counsel for the plaintiffs in In re Countrywide Financial Corporation Securities Litigation. The group negotiated a $624m settlement with Countrywide, which is awaiting approval from the US District Court for the Central District of California. If approved, this settlement will be among the largest securities class action settlements under the Private Securities Litigation Reform Act. The team also acted for New Mexico State Investment Council and the Public Employees Retirement Association of New Mexico in achieving a $200m settlement with WellCare Health Plans in Eastwood Enterprises, LLC v Farha et al. The case involved allegations that WellCare overcharged state Medicaid programs. Thomas Dubbs, who led the team, ‘combines tenacity and objectivity in a way that makes him a formidable adversary of the defense bar’. Practice chair Lawrence Sucharow is another well-respected figure, while Christopher Keller, Mark Arisohn, Eric Belfi and Javier Bleichmar are also recommended.

Barroway Topaz Kessler Meltzer & Check, LLP has a well-earned reputation for prosecuting complex litigation. It has a practice focusing on shareholder representation, predominantly in relation to securities fraud cases against public companies, directors and officers; ERISA; and consumer and antitrust litigation. The firm has a broad client base encompassing public pension funds, mutual fund managers, hedge funds and other investment entities. It acted for Erie County Employees’ Retirement System in a class action brought by institutional investor plaintiffs against BankAtlantic. The firm and its co-counsel won millions of dollars in damages following a jury verdict of securities fraud after it was determined that the investors overpaid by $2.40 per share between April 2007 and October 2007. The firm is also representing a number of US pension funds in a shareholder class action in federal court against Bank of America relating to the defendant’s acquisition of Merrill Lynch. David Kessler and Marc Topaz are recommended.

Bernstein Liebhard LLP’s successes in securities class action litigation include the high-profile $400m settlement in In re Marsh & McLennan Securities Litigation and also the $586m settlement in In re Initial Public Offering Securities Litigation. The firm’s demonstrable expertise in this field means that it is regularly appointed to significant roles in complex or bellwether cases. The firm served as lead counsel in one of the consolidated actions in the securities MDL In re Mutual Funds Investment Litigation, which received the US District Court for the District of Maryland’s final approval of the proposed settlements in October 2010. The case involved allegations that Canary Capital Partners had market-timed and late-traded in certain mutual fund families. The highly respected Stanley Bernstein is recommended along with Jeffrey Haber, Rebecca Katz and U Seth Ottensoser. The class action practice is underpinned by a Supreme Court and appellate practice group, which includes five former clerks of the US Courts of Appeals for the Second and Ninth Circuits, and the US District Courts for the Southern District of New York, the District of New Jersey, and the Eastern District of Pennsylvania.

The Delaware litigation practice of Grant & Eisenhofer P.A. specializes in securities and derivative litigation as well as corporate governance on behalf of investing institutions. The firm has incrementally built up a sterling reputation in this field under the guidance of its co-founder and joint managing director, Jay Eisenhofer. Significant achievements include the $2.8bn settlement on behalf of the Teachers’ Retirement System of Louisiana and the Louisiana State Employees’ Retirement System against Tyco International in a case involving acquisition accounting fraud by the company’s former directors and officers. The firm also represented Pacific Investment Management Company in the securities class action in the US District Court for the Southern District of New York against officers and directors of Refco, among other defendants, a case in which settlements have totaled over $140m. Eisenhofer’s fellow co-founder and joint managing director Stuart Grant is also recommended.

Kaplan Fox & Kilsheimer is resoundingly recognized for its expertise in the field of securities litigation, where its six-partner team has been selected as counsel by a number of pension funds in individual representation as well as class actions. The firm is serving as co-lead counsel for two Ohio public pension funds in a securities class action against Bank of America, which has been brought in the US District Court for the Southern District of New York. The consolidated amended class action complaint (CAC) arises from the merger between Bank of America and Merrill Lynch and alleges the defendant violated federal securities laws by making a series of highly material false statements and omissions on a number of issues. In 2010, the Court denied the defendant’s motion to dismiss and upheld the lead plaintiffs’ claims, allowing the case to proceed to discovery. Name partners Robert Kaplan and Frederic Fox are the practice’s key figures.

Robbins Geller Rudman & Dowd LLP is a sizeable firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington DC, Philadelphia and Atlanta. It has 180 fee-earners who engage in complex litigation in a number of practice areas in addition to securities fraud, including corporate governance and shareholder derivative litigation. The firm has developed a significant practice representing institutional investors, including public and multi-employer pension funds, brings standalone cases as well as filing class actions. The firm’s reputation was bolstered by its achievement in In re Enron Corp Securities Litigation, where it served as sole lead counsel for Enron investors and obtained a settlement of more than $7.3bn. The firm has recently filed a series of complaints alleging violations of the federal laws against entities including Bank of America, American Apparel, The Washington Post and Wilmington Trust. Name partner Darren Robbins is recommended.