Securities litigation: plaintiff in United States

Bernstein Litowitz Berger & Grossmann LLP

Top-notch, best-in-class‘, say clients of Bernstein Litowitz Berger & Grossmann LLP‘s securities litigation practice, noting that its lawyers are ‘highly skilled and knowledgeable, professional and easy to deal with, while being tenacious for their clients‘. The firm has been involved in some of the most significant shareholder actions in US history. It recently recovered $175m for Louisiana Sheriffs’ Pension & Relief Fund in a securities fraud class action against Chinese company Luckin Coffee. Gerald Silk , Hannah Ross (who is ‘very personable and informative‘) and Salvatore Graziano , who led the Luckin Coffee case, lead the practice. All are based in New York, as is founding partner Max Berger, one of many heavyweight plaintiff lawyers at the firm. Among the others are others being securities fraud experts John Browne and John Rizio-Hamilton , and corporate governance specialist Jeroen van Kwawegen . Rebecca Boon, a key player in MeToo cases, and Katherine Sinderson, are up-and-coming partners in this area of law.

Practice head(s):

Salvatore Graziano; Hannah Ross; Gerald Silk

Other key lawyers:

Jeroen van Kwawegen; Max Berger; John Browne; Hannah Ross; John Rizio-Hamilton; Rebecca Boon; Katherine Sinderson

Testimonials

‘The attorneys with Bernstein Litowitz Berger & Grossmann have been a pleasure to deal with. They are very knowledgeable and are constantly providing updates to keep us in the look regarding the status of our matters.’

‘Hannah Ross has been my main point of contact. She has been very personable and informative, providing constant updates, throughout the entire litigation.’

‘Top notch. Best in class.’

‘Highly skilled and knowledgeable; professional and easy to deal with while being tenacious for their clients. Practical in judgement born of experience.’

Work highlights

  • In re Luckin Coffee Inc. Securities Litigation, No. 1:20-cv-01293-LJL (U.S.D.C. for the Southern District of New York): Represented lead plaintiff in this suit, which ultimately recovered $175m for defrauded investors, a result which sends a strong message to the market about the price of fraudulent behavior.
  • In re Allergan Generic Drug Pricing Securities Litigation, No. 16-cv-9449 (U.S.D.C. for the District of New Jersey): Represented lead plaintiff in this suit, which ultimately recovered $130m for defrauded investors, the largest settlement thus far in a securities class action involving antitrust claims against generic drug producers.
  • Hollywood Firefighters’ Pension Fund, et al. v. Malone, et al., No. 2020-0880-SG (Delaware Court of Chancery): Represented lead plaintiff in a suit that successfully stopped GCI Liberty’s and Liberty Broadband’s controlling stockholders from consolidating their voting power at the expense of stockholders while securing a $110m cash settlement.

Labaton Sucharow LLP

The securities litigation practice at Labaton Sucharow LLP is known for its ‘broad experience, strong business sense and a deep bench of talent‘. The firm has a roster of more than 200 institutional investor clients with a combined total of $2.5 trillion in assets under management, for whom it monitors portfolios to identify potential class actions. The firm has a strong track record of success, a key example being its recent success for West Virginia Investment Management Board in a case against SCANA Corp, in which the firm secured a $192.5m settlement. Chairman Christopher Keller and head of litigation Jonathan Gardner , who is praised as ‘a terrific leader‘, lead the New York-based practice, in which Thomas Dubbs is a recognized expert in representing institutional investors in both domestic and multinational securities cases. Carol C. Villegas, who secured a $39m settlement from World Wresting Entertainment, and James Johnson, who led the SCANA case, are also recommended for complex securities fraud matters.

Practice head(s):

Christopher Keller; Jonathan Gardner

Other key lawyers:

Thomas Dubbs; Carol Villegas; James Johnson; Thomas Hoffman; Michael Canty; Alfred Fatale

Testimonials

‘Skills of the lawyers is outstanding.’

‘Expert at law and arguments. Great understanding of technical issues.’

‘Broad experience, strong business sense and a deep bench of talent.’

‘Jonathan Gardner is a terrific leader. He know how to get results.’

‘Very deep bench of strong litigators.’

‘Tom Dubbs, Jim Johnson, Michael Canty, Tom Hoffman and Al Fatale all standout as top notch lawyers. As compared with many other lawyers in their space, they stand out for their high integrity and consistently strong quality.’

Key clients

Ohio Public Employees Retirement System

Teacher Retirement System of Texas

Firefighters’ Pension System of the City of Kansas City, Missouri Trust

Rhode Island State Investment Commission

West Virginia Investment Management Board

Indiana Public Retirement System

Utah Retirement Systems

City of Dearborn Retirement Systems

Public Employees’ Retirement System of Mississippi

Oklahoma Firefighters Pension & Retirement System

Work highlights

  • Representing the Firefighters’ Pension System in a securities class action against World Wrestling Entertainment (“WWE”), the sports-entertainment company primarily known for its brand of professional wrestling, and certain of its executives, the firm obtained a $39m settlement for investors.
  • Representing West Virginia Investment Management Board in a securities class action against SCANA Corp, the firm obtained a $192.5m settlement for investors—one of the 100 largest securities class action recoveries in history.
  • Representing Dell’s minority investors in a breach of fiduciary duty lawsuit challenging the conduct of Michael Dell in connection with a $14bn share exchange transaction.

Pomerantz LLP

Pomerantz LLP has a strong record in investment recovery, recouping more than $168.9m for institutional investors in 2021. The firm has particular strength in cases involving foreign-traded securities, and currently involved in matters in Germany, Denmark, Italy and many other foreign jurisdictions. Managing partner Jeremy Lieberman leads the practice from New York and is ‘so approachable and knowledgeable in the law and litigation strategies’. The New York office is also home to Michael Wernke, who is leading individual actions against pharmaceutical giant Teva concerning illegal pricing strategies; Emma Gilmore, who scored a significant victory in Howard v. Arconic when the district judge sustained the majority of claims in a putative securities class action; Austin Van, who is handling a complaint against Mylan in one of the largest pending securities class actions in the US; and Matthew L. Tuccillo, who is pursuing a case against BP in a rare matter seeking recovery for losses in a foreign company’s foreign-traded securities. Jennifer Pafiti in Los Angeles is ‘always willing to ensure that matters are addressed timely and fully’.

Practice head(s):

Jeremy Lieberman

Other key lawyers:

Michael Wernke; Jennifer Pafiti; Emma Gilmore; Austin Van; Matthew L. Tuccillo

Testimonials

‘Pomerantz LLP delivers a professional yet friendly service. One unique trait that Pomerantz has over similar firms is that they have invested the time to understand the Scheme’s (as their client) needs including its complex structure which has helped to ensure that their advice and recommendations are relevant and appropriate, and focus on the areas that of most interest to the Scheme.’

‘Jennifer Pafiti ensures that the service provided by her team is of a high standard and that reporting is accurate and on time. Additionally, Jennifer is very accommodating and responsive (despite the time differences between our firms) and is always willing to ensure that matters are addressed timely and fully.’

‘The clarity of the firm’s monitoring reports and replies to litigation questions makes dealing with Pomerantz a straightforward, hassle free experience, which in the fast-paced world of today is most welcome.’

‘Jennifer Pafiti and Jeremy Lieberman have outstanding communication skills and a patient understanding when discussing aspects of class actions to all levels.’

‘The Pomerantz team has gone above and beyond to make the litigation process easy for the fund. They help guide you through the process. The team is friendly and always there to answer any questions you have along the way. There monthly monitoring report is easy to read and laid out in a efficient manner.’

‘Jennifer Pafiti has been a pleasure to work with. She is attentive to any issues we need and always goes above and beyond to make sure you get every penny you deserve. Jeremy Lieberman is so approachable and is knowledgeable in the laws and litigation strategies.’

Key clients

Atudot Pension Fund for Employees and Independent Workers

Caisse des Dépôts et Consignations

Clal finance Betucha Investment Management

Employees’ Retirement System of the State of Hawaii

Iron Workers Locals 40, 361 & 417 Union Security Funds

Iron Workers Local 580 Joint Funds

Meitav Dash Investments. Ltd.

Menorah Mivtachim Insurance Group

Migdal Insurance Co.

Phoenix Insurance Company Ltd.

Work highlights

  • Represented nearly 3 dozen institutional investors in re BP plc Securities Litigation.
  • Represented Pelletier in Pelletier v. Endo International plc and achieved a $63.4m settlement for the class, pending final approval.
  • Represented the CDC in litigation in the U.K. against Tesco PLC related to the company’s 2014 accounting scandal, achieving a settlement of €1,278,810 for the CDC.

Robbins Geller Rudman & Dowd LLP

Robbins Geller Rudman & Dowd LLP has a huge team of securities litigators, with a deep bench devoting some part of their practice to this area of law. Its track record includes the largest securities class action recovery of $7.2bn in a case against Enron, and the firm continues to be involved in high-profile cases. The firm recently secured a £1.21bn settlement, currently under appeal, against a major pharmaceutical manufacturer. Darren Robbins, who led the case, and Michael Dowd in San Diego, Paul Geller in Boca Raton and Samuel Rudman in Melville lead the nationwide practice. Geller recently obtained a $650m settlement – the largest all-cash privacy settlement ever – for a class of Illinois Facebook users in a case concerning the use of facial recognition technology to extract and store users’ biometric identifiers without consent required by the Illinois Biometric Information Privacy Act. Rudman plays a key role in recovering $62.5m from mining company Sociedad Química y Minera de Chile in a case that alleged the company’s failure to disclose that money had been channeled illegally to electoral campaigns for Chilean politicians and political parties. San Diego-based Danielle Myers, and up-and-coming Chicago-based partner Brian Cochran are among the firm’s many talented litigators.

Practice head(s):

Darren Robbins; Paul Geller; Samuel Rudman; Michael Dowd

Other key lawyers:

Danielle Myers; Brian Cochran

Cohen Milstein Sellers & Toll PLLC

The lawyers at Cohen Milstein Sellers & Toll PLLC are ‘strong opponents, but professional and courteous, and they appear to have cornered the market on shareholder suits related to gender and race diversity and workplace conduct issues‘. The firm has a strong track record against large corporates and financial institutions, notably in cases concerning sexual harassment, gender discrimination, and related retaliation claims. Lead partners Steven Toll (who is ‘a senior statesman of the class action bar‘) and Julie Reiser, ‘deserve special mention in securities cases for their depth of experience and subject matter expertise‘. Reiser recently achieved a precedent-setting $310m settlement in In re Alphabet Shareholder Derivative Litigation to fund diversity, equity and inclusion initiatives in Alphabet companies, institute sweeping employment policy and corporate governance reforms to ensure workplace equity and improve board oversight. Up-and-coming partner Michael Eisenkraft is co-leading Iowa Public Employees Retirement System et al. v. Bank of America Corp, a ground-breaking securities anti-competition putative class action.

Practice head(s):

Steven Toll; Julie Reiser

Other key lawyers:

Michael Eisenkraft

Testimonials

‘I’ve had several cases opposite the CMST team. They were representing shareholders suing technology companies. They were strong opponents, but professional and courteous. They appear to have cornered the market on shareholder suits related to gender and race diversity and workplace conduct issues.’

‘Julie Reiser is the dominant lawyer in this field. She is held in high regard both by her colleagues on the plaintiff side and by her opponents on the company side.’

‘Steve Toll is one of the senior states people in the class action bar and exceptionally equipped to represent a wide variety of plaintiffs in the most sophisticated and complicated cases.’

‘Great team with considerable experience. I have seen them get consistently good results for clients.’

‘Depth of experience and subject matter expertise. Steve Toll and Julie Reiser deserve special mention in securities cases.’

Work highlights

  • Represented Northern California Pipe Trades Pension Plan and Teamsters Local 272 Labor Management Pension Fund in re Alphabet Shareholder Derivative Litigation (Sup. Crt. Cal., Santa Clara Cnty.); the Court granted final approval to a precedent-setting $310m settlement to fund diversity, equity and inclusion (DEI) initiatives in Alphabet companies, institute sweeping employment policy and corporate governance reforms to ensure workplace equity and improve board oversight.
  • Represented the State of Oregon and the Oregon Public Employees Retirement Fund in L Brands, Inc. Derivative Litigation (S.D. Ohio); following a Delaware General Corporate Law Section 220 books-and-records demand and an extensive, proprietary investigation, L Brands, Inc. and the now-standalone company Victoria’s Secret have agreed to holistic workplace reforms that include investing $45m each, for a total $90m, in diversity, equity and inclusion initiatives and forming DEI Advisory Councils.
  • Represented Woodbridge investors in re Woodbridge Investments Litigation (C.D. Cal.); the Court granted preliminary approval of a $54.2m settlement between Woodbridge investors and Comerica Bank for allegedly violating California statutory law and breaching its fiduciary duties by aiding and abetting an elaborate multi-billion-dollar Ponzi-scheme fraud committed by Robert H. Shapiro and the Woodbridge Group of Companies, a real estate investment company, which transacted the scheme through Comerica bank accounts.

Grant & Eisenhofer P.A.

Grant & Eisenhofer P.A. in New York remains one of the few firms to have successfully taken a securities case through to trial and it has a strong record of recoveries in securities class actions over the last 15 years. The firm is currently acting as counsel for Public Employees’ Retirement System of Mississippi in a class action attains against Portland General Electric concerning a trading loss of $127m due to entering into an increasing number of non-retail trades in the second and third quarters of 2020. A $6.75m settlement is pending approval in that case, which was led by practice heads Jay Eisenhofer and Daniel Berger. The eight-partner practice also includes Barbara Hart who is is highly recommended for securities and antitrust cases. She is working with Eisenhofer and Berger as co-lead counsel in a securities class action against oil and gas company ExxonMobil Corp. alleging that the company made false and/or misleading statements concerning the valuation and output potential of its Permian Basin oilfield assets.

Practice head(s):

Jay Eisenhofer; Daniel Berger

 

Other key lawyers:

Barbara Hart

Work highlights

  • Representing the lead plaintiff in a securities class action alleging that Synchronoss Technologies, Inc. implemented a fraudulent scheme to conceal the company’s deteriorating financial condition and falsify its true revenues.
  • Serving as co-lead counsel in a securities class action against oilfield services company ProPetro Holding Corp. and certain of its senior executives. Motion to dismiss was defeated in Sept 2021.
  • Representing in securities opt out litigation, filing several complaints against Celgene alleging that Celgene executives misled investors about the efficacy of one late-stage developmental drug which was subsequently abandoned by the company.

Kasowitz Benson Torres LLP

The New York office of Kasowitz Benson Torres LLP is home to a deep bench of securities litigators who handle both defense and plaintiff work but focus predominantly on the latter. The firm handles both direct securities fraud and opt-out cases, frequently acting for prominent hedge funds, mutual funds and pension funds in high-profile cases. It continues to be involved in cases concerning residential mortgage-backed securities, acting for trustees of RMBS transactions, and it is a key adviser to investment funds in disputes arising from the trillions of dollars in complex financial assets held in securitization trusts. Sheron Korpus, Michael Hanin and Stephen Tountas (who is ‘a talented securities lawyer – very knowledgeable and strategic and experienced‘) are the lead partners. Leading trial lawyer Marc Kasowitz, who scored a major victory for MBIA Insurance Corporation in an RMBS case by securing a $600m payout from Credit Suisse in 2020, also plays a central role in the practice. Uri Itkin left the firm in May 2022.

Practice head(s):

Sheron Korpus; Michael Hanin; Stephen Tountas

Other key lawyers:

Marc Kasowitz

Testimonials

‘Steve Tountas is a talented securities lawyer – very knowledgeable and strategic and experienced.’

Key clients

U.S. Bank

MBIA Insurance

Astra Asset Management

Gotham Asset Management

Royal Bank of Canada

Federal National Mortgage Association (“Fannie Mae”)

Comcast Corporation

Public Employees’ Retirement System of Mississippi

Federal Housing Finance Agency

MF Global

Davidson Kempner Asset Management

Loreley Financing

Waterfall Asset Management

Angelo Gordon & Co.

ACA Financial Guaranty

UniCredit Bank

Axon Capital

Serengeti Asset Management

Bracebridge Capital

HBK Capital Management

Axonic Capital

Kawa Capital Management

Work highlights

  • Represented MBIA in a decade-long put-back action against Credit Suisse in which MBIA sought to recover for breaches of representations and warranties related to RMBS insured by MBIA.
  • Represented holders of $1.4bn-plus in notes issued by the National Collegiate Student Loan Trusts, the largest student loan securitizations ever, in groundbreaking litigation against the Trusts’ equity owners concerning the management and control of the Trusts.
  • Represented Davidson Kempner Capital Management, Cowell & Lee, Autonomy Capital, Hutch Capital, and other holders of $550m in senior notes issued by China Fishery Group in resolving disputes arising from the bankruptcy of certain entities related to China Fishery Group, one of the world’s largest fishing companies.

Kessler Topaz Meltzer & Check, LLP

Kessler Topaz Meltzer & Check, LLP in Radnor has ‘brilliant team, very proactive and capable‘. The firm has built up a strong record in high-stakes and complex litigation, with securities cases a key pillar of its work, and has recovered billions of dollars for its clients. It frequently acts for municipalities, state agencies, mutual fund managers, sovereign wealth funds, and multi-employer welfare funds. The firm is currently acting for Sjunde AP-Fonden and Louisiana Sheriffs’ Pension & Relief Fund in a securities class action alleging misrepresentations and omissions concerning the financial status of the Chinese coffee company Luckin Coffee, Inc. leading up to its IPO in 2019, with Sharan Nirmul and Richard Russo, Jr. leading that matter. Practice head David Kessler leads a large team of securities litigators in which ‘excellent counsel‘ Darren Check and new matter development specialist Naumon Amjed play central roles. Kessler and Check, along with Matthew Mustokoff in San Francisco, are leading a case against Allergan alleging participation in an industry-wide conspiracy to fix the prices of generic drugs.

Practice head(s):

David Kessler

Other key lawyers:

Darren Check; Naumon A. Amjed; Sharan Nirmul; Richard Russo, Jr.; Matthew Mustokoff

Testimonials

‘Brilliant team, very proactive and capable.’

‘Darren Check is an excellent counsel.’

Key clients

AP7 – Seventh Swedish National Pension Fund

SEB Investment Management AB

Industriens Pensionsforsikring A/S

Principal Global Financial Group

Franklin Templeton Investments

Nationwide Investment Funds

Nordea Investment Funds (Luxembourg)

Arkansas Teacher Retirement System

Equity-League Pension & Health Trust Funds

United Food & Commercial Workers 464(a) Benefit Funds

Lebanon County Employees’ Retirement Fund

Teamsters Local Union No. 142 Pension Fund

Laborers Joint Pension Trust for Southern Nevada

Work highlights

  • Representing Sjunde AP-Fonden and Louisiana Sheriffs’ Pension & Relief Fund in a securities fraud class action lawsuit against Luckin Coffe Inc.
  • Representing a putative class of investors in consolidated actions in the United States District Court for the District of New Jersey against pharmaceutical giant Celgene and several of its executive officers.
  • Representing in a class action in the United States District Court for the Northern District of Illinois on behalf of persons or entities who purchased or otherwise acquired securities of The Kraft Heinz Company.

MoloLamken LLP

The quality of the lawyering is incredibly high and consistent throughout the firm‘, says a client of MoloLamken LLP. As a national boutique law firm, it handles litigation and arbitration, IP litigation, and white collar defense and investigations for corporations, hedge funds, private equity firms, investors, inventors, executives, and foreign sovereigns. The firm continues to boost its client base for securities cases, as shown by its work for Contrarian Capital in a case arising from the state of Venezuela’s failure to pay principal and interest on nine series of bonds held by Contrarian. The firm continues to be involved in pending cases relating to mortgage-backed securities. New York-based practice head Steven Molo is ‘at the top tier of litigators in the country – just an excellent lawyer and person‘. ‘They are seasoned litigators with excellent judgment and a wealth of experience‘, says a client of the team that includes Justin Ellis in New York and, in Washington DC, Robert Kry and Lauren Weinstein.

Practice head(s):

Steven Molo

Other key lawyers:

Justin Ellis; Robert Kry; Lauren Weinstein

Testimonials

‘The quality of the lawyering is incredibly high and consistent throughout the firm, which is a firm trait that Steve Molo works hard to foster. They are seasoned litigators with excellent judgment and a wealth of experience. And they are very easy to work with.’

‘I have worked most closely with Steve Molo. He is at the top tier of litigators in the country – just an excellent lawyer and person.’

Key clients

Contrarian Capital Management LLC

Vertellus

The Silverfern Group

Axonic Capital LLC

U.S. Bank, solely in its capacity as Trustee

Deutsche Bank National Trust Company as Trustee for the MSAC 2007-NC4 Trust

Jon Gruber as class representative

Angelo Baio as lead plaintiff and class representative for Nikola Corp. investors

Interfaith Center on Corporate Responsibility, James McRitchie, and As You Sow

Asia Research & Capital Management Andres Antonius

Tilden Park Capital Management LP

Ambac Assurance Corp.

Work highlights

  • Representing Contrarian Capital Management in its high-stakes suit against Venezuela over defaulted sovereign debt.

Selendy Gay Elsberg PLLC

Selendy Gay Elsberg PLLC, which changed its name from Selendy & Gay in 2022, has a securities and structured finance group based in New York that has amassed significant expertise in the financial services sector. The firm has in-depth understanding of structured finance and related insurance matters, including mortgage-backed obligations, synthetic and asset-backed collateralized debt obligations, credit default swaps, credit-linked notes, financial guaranty insurance, reinsurance, and other complex financial structures. As counsel to plaintiffs, the firm has secured recoveries from numerous investment banks, and ongoing work includes a case for MBIA & National Public Finance Group, representing the client in holding major Wall Street banks accountable for inequitable conduct that contributed to Puerto Rico’s economic collapse. Lead partner Philippe Selendy is currently acting for classes of investors in multiple digital tokens and other crypto-assets against crypto-asset exchanges. Andrew Dunlap and Sean Baldwin also play key roles in the practice.

Practice head(s):

Philippe Selendy

Other key lawyers:

Andrew Dunlap; Sean Baldwin

Key clients

Proposed class of cryptocurrency investors

Cerberus Capital Management

Classes of investors in multiple digital tokens and other crypto-assets

MBIA & National Public Finance Group

U.S. Bank

Christofferson Robb & Co.

Investigative Committee Composed of Independent Board Members of WeWork

Computershare

Fortis Property Group

Fortis Advisors

Kingate Funds

Bersin

Fortress Investment Group LLC and DBD AMAC LLC

AMERRA Capital Management

Work highlights

  • Representing a proposed class of cryptocurrency investors alleging that the controllers of the cryptocurrency exchange Bitfinex falsely represented that their purportedly “stable” cryptocurrency Tether was backed by U.S. Dollars in order to control the price of Bitcoin and other cryptocurrencies in an elaborate market-manipulation scheme that cost investors hundreds of billions of dollars.
  • Representing National Public Finance Guarantee and MBIA Insurance Corporation, a monoline insurer, in a lawsuit to hold major Wall Street banks accountable for inequitable conduct that contributed to Puerto Rico’s economic collapse.
  • Representing Cerberus Capital Management, L.P., a private equity firm with more than US$40bn under management, as plaintiff in a US$950m breach of contract action against the Canadian Imperial Bank of Commerce, (“CIBC”) one of Canada’s largest banks.

Berman Tabacco

Berman Tabacco‘s securities practice group has a large roster of institutional investor clients for which it handles a broad range of complex litigation. The team punches above its weight in handling high-value cases, a recent example being its work recovery of almost $25m in a shareholder derivative action against Sinclair Broadcast Group. Boston-based partner Leslie Stern led that case and is co-head of the practice along with managing partner of the San Francisco office Nicole Lavallee. Founding partner Joseph Tabacco also plays a key role in the practice.

Practice head(s):

Nicole Lavallee; Leslie Stern

Other key lawyers:

Joseph Tabacco

Key clients

California Public Employees’ Retirement System

California State Teachers’ Retirement System

Alameda County Employees’ Retirement Association

Oklahoma Police Pension and Retirement System

Oklahoma Firefighters’ Pension & Retirement System

San Antonio Fire & Police Pension Fund

Employees’ Retirement System of the City of Rhode Island

Utah Retirement Systems

Orange County Employees Retirement System

Wyoming State Treasurer

Norfolk County Retirement System

Employee Retirement System of the City of Providence

Work highlights

  • Representing plaintiff Norfolk County Retirement System in Norfolk County Retirement System v. Smith (Sinclair Broadcast Group Derivative Action), No. 18-cv-03952 (D. Md.), a shareholder derivative action which recently settled and provided far-reaching benefits to Sinclair and its shareholders, including substantial corporate governance reforms, comprised of, among other things, the creation of two new board committees, as well as cash recovery to the company of nearly $25 million.
  • Represented Oklahoma Police Pension & Retirement System in v. Sterling Bancorp, Inc, et al., No. 5:20-cv-10490-JEL-EAS (E.D. Mich.), and the class for $12.5m.
  • Representing plaintiff San Antonio Fire & Police Pension Fund in Teamsters Local 443 Health Services & Ins. Plan, et al. v. Chou (AmerisourceBergen Corp.), No. 2019-0816 (Del. Ch.), a shareholder derivative action that seeks to hold the company’s officers and directors liable for their serious misconduct in the sale of adulterated and mislabeled cancer and dialysis drugs that led to the guilty plea and significant fines for the company.

Bernstein Liebhard LLP

Bernstein Liebhard LLP has a strong record in representing institutional and individual investors in securities fraud class actions. The firm’s portfolio monitoring team is made up of lawyers who personally litigate cases, with extensive experience of the trial process. The firm’s institutional investor client base consists of numerous pension funds, with high-profile litigation including fraud allegations and issues relating to IT systems. Practice head Stanley Bernstein and up-and-coming partner Michael Bigin led on that matter. Emerging talent Stephanie Beige is also noted for their developing practice and success in litigation.

Practice head(s):

Stanley D. Bernstein

Other key lawyers:

Michael Bigin; Stephanie Beige

Key clients

Houston Municipal Employees Pension System

Oklahoma Firefighters Pension and Retirement System

City of Atlanta Firefighters Pension Plan

Work highlights

  • Represented the lead plaintiff, Houston Municipal Employees Pension System (“HMEPS”), in In re REV Group, Inc. Securities Litigation, Lead Case No. 2:18-cv-1268-LA (E.D. Wis.) in a securities fraud class action. After successfully opposing defendants’ motions to dismiss, the firm negotiated a global $14.25m cash settlement on behalf of investors, which the court preliminarily approved in August 2021.

Gibbs & Bruns LLP

Gibbs & Bruns LLP in Houston is a litigation boutique focused on high-stakes commercial litigation, particularly in the banking, energy, technology, and financial services sectors. The firm, which handles both plaintiff and defense work, has a strong record of success in securities cases against banks relating to mortgage-backed securities, some of which remain pending. It is currently pursuing a $242m settlement for a legacy RMBS deal sponsored by First Franklin / Merrill Lynch. Kathy Patrick and up-and-coming partner David Sheeren , who jointly lead the practice, are handling the case for investment managers PIMCO and TCW. They are also handling disputes on behalf of financial institutions arising from the distribution of a $2.4bn settlement awarded against Lehman Brothers for its role in RMBS transactions.

Practice head(s):

David Sheeren; Kathy Patrick

Key clients

Pacific Investment Management Company (PIMCO)

BlackRock Financial Management Inc. (Blackrock)

Kore Advisors LP

Fannie Mae

The TCW Group, Inc.

Trustmark National Bank

Work highlights

  • Representing 20+ of the world’s largest institutional investors in disputes with JPMorgan, Bank of America, Citigroup, Lehman Brothers, and ResCap concerning thousands of RMBS trusts created prior to the financial crisis.  These suits have resulted in over $16 billion in recoveries to investors and have reformed mortgage servicing practices for hundreds of thousands of loans.
  • Representing PIMCO and TCW as investment managers for funds and accounts holding over $200m of certificates issued by a legacy RMBS deal sponsored by First Franklin / Merrill Lynch (FFMER 2007-2).
  • Representing Trustmark National Bank in three lawsuits related to the collapse of the Stanford Financial Group, headed by convicted financial fraudster R. Allen Stanford. Trustmark provided routine banking services for Stanford International Bank, Ltd. (SIBL).