Firms To Watch: Securities litigation: plaintiff

Kirby McInerney LLP houses a team of ‘creative’ litigators with extensive experience helping institutional clients to monitor, identify, and act to recover fraud-related losses in their investment portfolios.

Securities litigation: plaintiff in United States

Bernstein Litowitz Berger & Grossmann LLP

A very strong practice that is at the top of the game’Bernstein Litowitz Berger & Grossmann LLP has a stellar track record in securities litigation that includes some of the largest and most influential most shareholder actions in US history. New York-based partners Salvatore Graziano, Hannah Ross and Gerald Silk lead the practice. Ross worked with Max Berger  (who is ‘a senior statesman of the securities litigation bar’) and Chicago-based Avi Josefson in representing more than 20 investors in matters arising from a proprietary investigation in the wake of the collapse of the Allianz Structured Alpha Funds during the beginning of the pandemic. They shaped the case strategy on behalf of the entire plaintiff group, for which they ultimately secured almost $2bn. Graziano and John Rizio-Hamilton in New York handled In re Luckin Coffee Inc. Securities Litigation, securing a $175m settlement having alleged that the company fabricated sales revenue in advance of its 2019 IPO. The firm has a large group of highly regarded securities fraud experts, among them John Browne and John Rizio-Hamilton, as well as corporate governance specialists such as Jeroen van Kwawegen. Up-and-coming New York partners Rebecca Boon, who is a leading figure in MeToo-related cases, and Katherine Sinderson are recognised as emerging talents for the next generation.

Practice head(s):

Salvatore Graziano; Hannah Ross; Gerald Silk


Other key lawyers:

Jeroen van Kwawegen; Max Berger; John Browne; Avi Josefson; John Rizio-Hamilton; Rebecca Boon; Katherine Sinderson


Work highlights


  • Arkansas Teacher Retirement System v. Allianz Global Investors U.S. LLC, No. 1:20-cv-5615 (U.S.D.C., Southern District of New York), among others, recovering nearly $2 billion on behalf of its clients.
  • Represented lead plaintiff in this suit, which ultimately recovered $130 million for defrauded investors, the largest settlement thus far in a securities class action involving antitrust claims against generic drug producers (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 a suit, which ultimately recovered $175 million for defrauded investors, a result which sends a strong message to the market about the price of fraudulent behavior (in re Luckin Coffee Inc. Securities Litigation, No. 1:20-cv-01293-LJL (U.S.D.C. for the Southern District of New York).

Labaton Keller Sucharow LLP

Labaton Keller Sucharow LLP in New York has a 21-partner practice that is ‘very knowledgeable and experienced’, and clients remark that the firm is ‘superb in their securities litigation’. It represents more than 220 institutional investors, among them 130 public pension plans, with collective assets under management in excess of $2.5 trillion. Over the years, the firm has recovered more than $18bn for investors, among its key victories being In re SCANA Corporation Securities Litigation, in which it recovered $192.5m. ‘The people I have worked with are very personable and knowledgeable’, remarks one client, noting that ‘not every firm has the ability to encompass both’. Chairman Christopher Keller and head of litigation Jonathan Gardner oversee the practice, which includes standout partner Thomas Dubbs. Dubbs and James Johnson are acting as co-lead counsel in a high-profile case based on Goldman Sachs’s concealment of misconduct related to multiple collateralized debt obligations shorting the mortgage market leading up to the 2008 financial crisis. Carol Villegas, who secured a $73m settlement in a securities class action against data analytics company Nielsen, is one of the most prominent women in the securities litigation field. Clients also single out Michael Rogers and up-and-coming partner James Christie for praise. Both are key to a securities class action against EV company Nikola Corporation.

Practice head(s):

Christopher Keller; Jonathan Gardner


Other key lawyers:

Thomas Dubbs; Carol Villegas; James Christie; Michael Rogers; James Johnson


Testimonials

‘The team is very knowledgeable and experienced. I was very impressed with James Johnson, Michael Rogers, and James Christie.’

‘The Labaton team is superb in their securities litigation. I recently was in a mediation that included another firm on the plaintiff’s side and the Labaton team was much more effective and were able to work around some of the extraneous comments to get to the heart of the issue. Labaton has a very diverse workforce with whom I enjoy working.’

‘The people I have worked with are very personable and knowledgeable. Not every firm has the ability to encompass both.’

Key clients

Wayne County 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


Public Employee Retirement System of Idaho


Public Employees’ Retirement System of Mississippi


Oklahoma Firefighters Pension & Retirement System


Work highlights


  • Representing Steamfitters Local 449 Pension Plan in a historic class-action victory, the firm reached an agreement for a historic $1 billion cash settlement on behalf of shareholders in Dell Technologies Inc. The agreement comes as the shareholders’ lawsuit – In re: Dell Technologies Inc. Class V Stockholders Litigation – was scheduled to go to trial next month in the Delaware Court of Chancery. The settlement, if approved by the court, will end the dispute arising from a $23.9 billion conversion of Dell stock in a controversial 2018 deal
  • Acting as co-lead counsel in a securities class action against SCANA Corp representing West Virginia Investment Management Board, the firm obtained a $192.5 million settlement for investors.
  • Acting as lead counsel representing Public Employees Retirement System of Mississippi in a securities class action against Nielsen Holdings plc (“Nielsen”), the data analytics company that provides its customers with detailed information about consumer preferences as well as what programming consumers watch and listen to, and certain of its executives, that alleges the company misrepresented (i) the strength of its Buy business, (ii) the value of its goodwill, and (iii) the impact of the EU’s privacy law, the GDPR.

Pomerantz LLP

Pomerantz LLP in New York has ‘a strong team that provides high-quality reporting and goes the extra mile to make sure they are getting every penny owed’. Practice head Jeremy Lieberman  (who is ‘a powerhouse in the courtroom’) and key partner Austin Van are leading a high-profile case against Metal Platforms, formerly known as Facebook, alleging that the company misled the market regarding its mitigation efforts to counteract changes that Apple made to the iOS operating system, which impacted Meta’s advertising business model. Lieberman and Michael Wernke secured $90m for investors in Altria Group, having alleged that the company purposely misled investors when advocating for the purchase of vape business JUUL. Emma Gilmore led the prosecution in Karimi v. Deutsche Bank AG, securing preliminary approval of a $26.3m settlement in a securities class action brought in response to the bank’s failure to remediate deficiencies in its anti-money laundering protocols. The recovery represents 49.4% of the likely recoverable damages in the case, far above the median recovery of 1.8% of estimated damages for all securities class actions settled in 2021. Clients of Los Angeles-based Jennifer Pafiti note that ‘her knowledge is first-rate, and she is clear and concise’. She plays a key role in In re Emergent Biosolutions Inc., which alleges that the company had manufacturing and quality control issues with the production of vaccines. Matthew Tuccillo is the firm’s lead litigator on high-stakes securities class action lawsuits in courts nationwide.

Practice head(s):

Jeremy Lieberman


Other key lawyers:

Michael Wernke; Jennifer Pafiti; Emma Gilmore; Austin Van; Mathew Tuccillo


Testimonials

‘The Pomerantz team are professional is their engagement. They have a strong team to allow multiple people to respond to queries and provide high quality reporting and advice when questing their opinions on class actions.’

‘Jennifer Pafiti and Jeremy Lieberman’s knowledge is first rate. They are clear and concise on their reporting and communications helping us make decisions.’

‘A strong team that provides high-quality reporting and goes the extra mile to make sure they are getting every penny owed. Their current monitoring system gets checked by their team to make you not only did you file your claim, but verifies you were paid the entire amount you were owed.’

‘I have dealt with Jennifer Pafiti for many years. Her kind personality and vast experience has many times made dealing with the litigation process much easier. Her great communication skills help keep you up to date on all the progress of any claims or litigation. Jeremy Lieberman is such a powerhouse in the courtroom. His experience and skill makes his the perfect leader to the firm.’

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 Lead Plaintiff Gabby Klein and the Class of defrauded investors in a securities class action alleging that tobacco giant Altria was aware, when it invested in e-cigarette maker JUUL, that JUUL’s marketing scheme was directed to minors. Pomerantz achieved a $90 million settlement with defendants in 2022 (Klein, et al. v. Altria Group, et al).
  • Acting as lead counsel, received preliminary approval of a $26.3 million settlement for investors, in this class action brought against the Bank concerning deficiencies in its anti-money laundering and know-your-customer controls (Karimi v. Deutsche Bank AG).
  • Appointed lead counsel on behalf of its clients, some of the largest and most influential institutional investors in Israel, that are lead plaintiffs in this case against the vast media complex formerly known as Facebook (Plumbers and Steamfitters Local 60 Pension Trust v. Meta Platforms, Inc).

Robbins Geller Rudman & Dowd LLP

Robbins Geller Rudman & Dowd LLP in San Diego has a stellar track record that includes the largest securities class action recovery of $7.2bn against Enron, and a substantial recovery at trial in a securities class action, $1.575bn against HSBC and Household International. It also achieved the largest recovery against a pharmaceutical company, when it secured £1.21bn from Valeant. Likewise, it maintains its presence in the market to this day, recording landmark settlements such as the $809.5m secured from Twitter in 2022 following allegations that the company concealed stagnant user growth and declining user engagement from investors. Daniel Drosman and Tor Gronborg led this matter. In a rare instance of a securities class action going to trial, Jason Forge reached a settlement of $54.25m after a jury found that Alan H. Auerbach, CEO of Puma, committed securities fraud by misrepresenting the results of a drug trial of the company’s sole product. Darren Robbins leads the practice along with Paul GellerSamuel Rudman and Michael Dowd. Over the last two decades, Robbins has served as lead counsel in more than 100 securities class actions and has recovered billions of dollars for investors. Danielle Myers, who oversees the firm’s innovative portfolio monitoring program, and Brian Cochran also play pivotal roles in the practice. Patrick Coughlin left the team in March 2023 to join Scott + Scott.

Practice head(s):

Darren Robbins; Paul Geller; Samuel Rudman; Michael Dowd


Other key lawyers:

Danielle Myers; Brian Cochran; Daniel Drosman; Jason Forge; Tor Gronborg


Cohen Milstein Sellers & Toll PLLC

Cohen Milstein Sellers & Toll PLLC is known for ‘high-quality legal representation and an innovative approach to cases that is driven by what is right for their clients’. The firm has a strong track record in prevailing against well-funded corporate and Wall Street defendants in securities class actions and establishing new legal frameworks. Since 2018, the firm has negotiated shareholder derivative settlements to address #MeToo and other claims about systemic discrimination and harassment at Alphabet ($310m), Wynn Resorts ($90m) and L Brands/Victoria’s Secret ($90m) and Pinterest ($50m). The last two matters settled in 2022. Managing partner Steven Toll (who is ‘a class act and a senior statesman in the plaintiffs bar’) and Julie Reiser, who played a key role in the MeToo cases, lead the securities litigation and investor protection practice. Toll secured a $180m settlement for Massachusetts Laborers Pension Fund and other shareholders of FirstEnergy Corp. in derivative suits alleging the company orchestrated one of Ohio’s largest public bribery schemes by paying more than $60m in illegal contributions to an elected official. Reiser and up-and-coming partner Michael Eisenkraft secured preliminary approval of an $81m settlement in Iowa Public Employees Retirement System et al. v. Bank of America Corp., which alleged investment banks colluded to prevent the modernization of the $1.7 trillion stock loan market.

Practice head(s):

Steven Toll; Julie Reiser


Other key lawyers:

Michael Eisenkraft


Testimonials

‘Genuinely nice folks at the forefront of the plaintiffs industry bringing important cases. High-quality legal representation and an innovative approach to cases that is driven by what is right for their clients rather than a payday.’

‘Steve Toll is a class act and a senior statesman in the plaintiffs bar.’

Work highlights


  • Represented the Massachusetts Laborers Pension Fund in two shareholder derivative actions against certain current and former officers and directors and nominal defendant FirstEnergy related to the Company’s involvement in Ohio’s largest public bribery schemes. On August 23, 2022, the Court granted final approval of a $180 million global settlement of all shareholder derivative cases.
  • In partnership with the State of Oregon, the Oregon Public Employees Retirement Fund, and other shareholders, helped resolve allegations that officers and directors of L Brands, Inc., previous owners of Victoria’s Secret, breached their fiduciary duties by maintaining ties with alleged sex offender and pedophile Jeffrey Epstein and fostering a culture of discrimination and misogyny at the company.
  • Acting as Interim Lead Counsel, representing the Employees Retirement System of Rhode Island and other Pinterest shareholders in a consolidated shareholder derivative complaint against certain current officers and directors of Pinterest, including its Board Chairman and CEO, for breaches of fiduciary duty and other violations of Section 14(a) of the Exchange Act, relating to their alleged personal engagement in and facilitation of a systematic practice of illegal discrimination of employees on the basis of race and sex, from at least February 2018 through the present.

Grant & Eisenhofer P.A.

Grant & Eisenhofer P.A. has a stellar track record in securities litigation and remains a key player in both class action and opt-out cases on behalf of public and private institutional investors across the world. Over the last 15 years, the firm has recovered more than $29bn for its clients in securities litigation and other practice areas, and has secured some of the largest securities class action recoveries in US history, including a $3.2bn recovery from Tyco International and $486m from Pfizer Inc. Jay Eisenhofer and Daniel Berger, whose track record includes trying two securities fraud class actions to jury verdicts, are the lead partners. In 2022, they acted for Oklahoma Law Enforcement Retirement System and other pension fund investors in defeating a motion to dismiss in a securities class action against oilfield services company ProPetro Holding Corp., alleging that the company made false and/or misleading statements concerning its compliance and ethics while failing to disclose that it lacked internal controls over its financial reporting. They also secured a $6.75m settlement for Public Employees’ Retirement System of Mississippi in a class action against utility company Portland General Electric for losses incurred through non-retail energy trades. The vastly experienced Barbara Hart also plays a pivotal role in the practice.

Practice head(s):

Jay Eisenhofer; Daniel Berger


Other key lawyers:

Barbara Hart


Work highlights


  • Acting as co-lead counsel on behalf of Oklahoma Firefighters Pension and Retirement System, Oklahoma Law Enforcement Retirement System in a section 20A case where plaintiffs accuse Goldman Sachs and Morgan Stanley of insider trading right before the 2021 collapse of Archegos Capital Management.
  • Acting as co-lead counsel on behalf of Oklahoma Law Enforcement Retirement System, Oklahoma Firefighters Pension and Retirement System, Oklahoma Police Pension and Retirement System, and Oklahoma City Employee Retirement System in a securities class action against oilfield services company ProPetro Holding Corp. and certain of its senior executives.
  • Filed several complaints on behalf of institutional investors 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

Kasowitz Benson Torres LLP in New York is one of few firms that handles both plaintiff and defense work in the securities litigation arena, giving it a rare perspective on what it takes to settle successfully resolve a case. It frequently handles bet-the-company matters on behalf of institutional investors such as hedge funds, international banks and foreign sovereigns, against major financial institutions. Renowned litigator Marc Kasowitz  ‘has a great reputation in securities litigation’ and continues to be involved in high-profile matters. A prime example is his work for MBIA Insurance Corporation in matters against RMBS securitization trusts concerning breaches of representations and warranties made by the sellers and loan originators with respect to defective mortgage loans pooled in these mortgage-backed securitizations. The other key partners in the practice are Sheron Korpus and Michael Hanin, who both acted for investors in Student National Collegiate Student Loan Trusts – securitizations of student loans worth more than $2bn – and Stephen Tountas who is leading the firm’s work for Public Employees’ Retirement System of the State of Mississippi against Valeant Pharmaceuticals, claiming that the company misled shareholders regarding its core business model and improperly accounted for the sales of certain unreported subsidiaries due to the ‘improper conduct’ of certain former officers.

Practice head(s):

Sheron Korpus; Michael Hanin; Stephen Tountas


Other key lawyers:

Marc Kasowitz


Key clients

U.S. Bank


MBIA Insurance


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


Carl Icahn


Work highlights


  • Acting as counsel to Cascade Funding, LP-Series 6, an affiliate of asset manager Waterfall Asset Management, in securing summary judgment on Cascade’s breach of contract claim against The Bancorp Bank relating to Cascade’s valid exercise of a “market out” clause in connection with the purchase of a pool of $900 million in mortgage loan assets for securitization in a CRE CLO.
  • Representing a group of noteholders in the multi-billion dollar National Collegiate Student Loan Trusts, including Angelo Gordon, Waterfall Asset Management, One William Street Capital Management, and Libremax Capital, in litigations nationwide concerning the management and control of the Trusts, and as interested parties in CFPB enforcement proceedings against the Trusts.
  • Pursuing direct securities fraud claims, on behalf of several mutual funds, a public pension plan, and other institutional investors, arising from Valeant’s improper accounting and billions of dollars of fraud-related losses. Kasowitz confidentially resolved the claims that were asserted by the public pension plan due to, in part, our unique winning legal strategy to pursue opt-out claims under the N.J. RICO Act.

Kessler Topaz Meltzer & Check, LLP

The team is very strong in litigation and takes good care of its clients’, says a client of Kessler Topaz Meltzer & Check, LLP in Radnor, Pennsylvania. The firm has a 28-partner practice, one of the largest in this area of law. David Kessler and Darren Check are the most prominent partners in the practice, though there is a deep bench of experienced litigators, among them Gregory CastaldoSharan Nirmul and Richard Russo, Jr., who are assisting Check and Kessler in a lead counsel role for Sjunde AP-Fonden and Cleveland Bakers and Teamsters Pension Fund in a securities fraud class action concerning alleged misrepresentations made by General Electric and its former Chief Financial Officer regarding the use of factoring to conceal cash flow problems that existed within GE Power. Jennifer Joost also helped Sjunde AP-Fonden in a major case against Kraft Heinz Company, while Matthew Mustokoff and Andrew Zivitz is handling a case for AMF Pensionsförsäkring AB concerning Celgene’s misrepresentations and omissions about two billion-dollar drugs, Otezla and Ozanimod. Emerging partner talent Naumon Amjed focuses on new matter developments with a focus on analyzing securities class action lawsuits, opt-out actions, SEC whistleblower actions, breach of fiduciary duty cases, data breach actions and oil and gas litigation.

Practice head(s):

Darren Check; David Kessler; Gregory Castaldo; Andrew Zivitz; Sharan Nirmul; Jennifer Joost; Matthew Mustokoff


Other key lawyers:

Naumon Amjed; Richard Russo


Testimonials

‘The team is very strong in litigation and takes good care of us as clients.’

Key clients

AP7 – Seventh Swedish National Pension Fund


British Airways Pension Trustees Limited


SEB Investment Management AB


Industriens Pensionsforsikring A/S


AMF Pensionsförsäkring AB


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


Iron Workers District Council (Philadelphia & Vicinity) Retirement and Pension Plan


Cleveland Bakers


Work highlights


  • Representing Sjunde AP-Fonden (“AP7”), the firm was appointed sole lead counsel to represent a putative class of investors in consolidated actions in the United States District Court for the Southern District of New York against General Electric and several of its executive officers.
  • Representing Sjunde AP-Fonden (“AP7”), the firm was appointed sole lead counsel is this securities fraud class action case arising out of Goldman Sachs’ role in the 1Malaysia Development Berhad (“1MDB”) money laundering scandal, one of the largest financial frauds in recent memory.
  • Representing Industriens Pensionsforsikring A/S, the firm was appointed lead counsel in this securities fraud class action arising out of Defendants’ representations and omissions regarding Walgreen’s highly publicized earnings target of $9 billion to $9.5 billion for fiscal year 2016 and the negative impact of hyperinflation in generic drug prices combined with unfavorable reimbursement contracts that caused significant reductions in Walgreen’s gross margins and earnings.

MoloLamken LLP

National litigation boutique MoloLamken LLP is ‘lean and mean’, according to one client who notes that ‘you’re getting the best at every level — from junior associate to partner’. ‘They’re entrepreneurial and creative in devising ways to solve your problems and execute on a legal strategy’, says a client of the complex litigation practice led by Steven Molo in New York, which handles a range of business disputes including IP cases, white-collar defense and investigations, as well as securities litigation. ‘Molo and his other senior partners know that promoting more junior talent is a recipe for success’, hence the strength of emerging partner talent such as Lauren Weinstein in Washington DC, who worked with Molo on a $250m case for U.S. Bank as Trustee of a series of Residential Mortgage Backed Securitization (RMBS) Trusts in New York Supreme Court against various sponsors of mortgage-backed securitizations. New York-based Justin Ellis is a key part of the team representing Contrarian Capital Management LLC in a case against Venezuela regarding the non-payment of sovereign debt obligations. Robert Kry in DC was also involved in a 10b5 trial against a co-founder of Dakota Plains Holdings, securing $40m for the class.


Practice head(s):

Steven Molo


Other key lawyers:

Justin Ellis; Robert Kry; Lauren Weinstein


Testimonials

‘MoloLamken is lean and mean. Steve Molo does an amazing job hire extremely talented lawyers, and avoiding any kind of deadweight at his firm. You’re getting the best at every level – from junior associate to partner.’

‘They’re entrepreneurial and creative in devising ways to solve your problems and execute on a legal strategy. They’re big enough that they can throw resources at a significant matter, but also happy staffing matters with smaller teams if that’s all that is required. They make sure the best people for a particular project are front and center, and Molo and his other senior partners know that promoting more junior talent is a recipe for success.’

Key clients

Jon Gruber as class representative


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


Contrarian Capital Management LLC


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


Deutsche Bank National Trust Co. and U.S. Bank N.A. as trustees for various RMBS trusts


Axonic Capital LLC


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


Nadia Shash and Amjad Khan as class representatives


Work highlights


  • Represented the plaintiff class of investors in Dakota Plains Holdings Inc. in a rare securities class action trial in the Southern District of New York, winning a jury verdict worth over $40 million.
  • Represented Deutsche Bank National Trust Co. and U.S. Bank as trustees of a series of residential mortgage-backed securitization (RMBS) trusts in New York Supreme Court against various sponsors and responsible parties of mortgage-backed securitizations.
  • Representing Contrarian Capital Management in its high-stakes suit against Venezuela over defaulted sovereign debt.

Quinn Emanuel Urquhart & Sullivan, LLP

Quinn Emanuel Urquhart & Sullivan, LLP ‘handles some of the most sophisticated cases in the market, as well as a high volume of matters’, remarks one market source, adding that the practice has ‘very smart people and an aggressive approach’. The firm handles both plaintiff and defense work, giving it a unique perspective on securities cases. Harry Olivar and emerging partner talent Jeremy Andersen are the key practitioners in Los Angeles. Olivar and LA-based John Quinn are currently representing Dr. Patrick Soon-Shiong, ImmunityBio, NantCell, NantPharma, and NANTibody in direct and derivative actions against Sorrento Therapeutics, Inc. and its CEO Dr. Henry Ji, asserting fraud, securities fraud, breach of contract, and other claims arising from development of a would-be cancer drug. The claims seek more than $1bn in damages. Andersen and New York-based Daniel Brockett are key players in a case brought on behalf of The City of Philadelphia and a proposed class of issuers of variable rate demand obligations (VRDOs), alleging that banks failed to re-market the bonds at low interest rates as they were obliged to by the contracts, thereby collecting excessing fees. In New York, Andrew Rossman and Jonathan Pickhardt are also standout partners. Pickhardt is pursuing a billion-dollar claim for Cayman Islands fund CWCapital Cobalt Vr, Ltd. against investment adviser CWCapital Investments LLC for self-dealing and related misconduct in managing Cobalt’s CMBS investment portfolio.

Practice head(s):

Harry Olivar; Jeremy Andersen; Andrew Rossman; Jonathan Pickhardt; Daniel Brockett


Key clients

Altor BioScience, LLC, NantCell, Inc., Dr. Patrick Soon-Shiong


The City of Philadelphia, and proposed class of VRDO issuers


ResCap Liquidating Trust.


Public School Teachers’ Pension and Retirement Fund of Chicago, the Los Angeles County Employees Retirement Association, the Mayor and City Council of Baltimore, and Genesee County Employees’ Retirement System; and proposed class of investors in interest rate swaps.


Dr. Patrick Soon-Shiong, NantCell, Inc., NantPharma LLC, and Immunotherapy NANTibody LLC


Torus Capital, LLC


Mammoth Energy Services, Inc.


Edmar Financial Company, LLC Irish Blue & Gold, Inc., XTX Markets Limited


Sequoia Capital Operations, LLC; Citadel Securities


CWCapital Cobalt Vr Ltd.


Compañía Minera Dayton and class of investors in gold and gold-related instruments


Hound Partners


U.S. Bank, N.A.; Computershare Trust Company, N.A.; Ambac Assurance Corporation


Allianz, Anchorage Capital, AP2 Pension Fund, BlackRock, BlueCrest, Brevan Howard, CalSTRS, PFA Pension, PIMCO, Portigon, Mass PRIM, SEI Trust Company


Sequoia Capital


Allergan plc


Create Music Group, Inc.


C3.ai, Inc.


SVF Endurance (Cayman) Ltd., SVF Excalibur (Cayman) Ltd., Softbank Vision Fund (AIV M1) LP


Coatue US 19, LLC


Work highlights


  • Representing Dr. Patrick Soon-Shiong, ImmunityBio, NantCell, NantPharma, and NANTibody in direct and derivative actions and arbitrations against Sorrento Therapeutics, Inc. and its CEO Dr. Henry Ji; the actions assert fraud, securities fraud, breach of contract, and other claims arising from development of a would-be cancer drug and antibodies for use in combination therapies to cure cancer.
  • Filed a complaint alleging that some of the world’s largest banks conspired to thwart competition and boycott innovative trading platforms in the IRS market.
  • Brought an antitrust action against over a dozen Wall Street banks on behalf of major institutional investors who had “opted-out” of a related class action, alleging the banks conspired for a decade to manipulate prices on a wide range of foreign exchange instruments.

Selendy Gay PLLC

Selendy Gay PLLC in New York is a highly regarded litigation boutique that formed five years ago around a core group of pioneering litigators experienced in representing both plaintiffs and defendants in high-profile matters. The firm’s partners built their track record on cases involving mortgage-backed securities, and they continue to be involved in such cases. Practice head Philippe Selendy, who is ‘a phenomenal lawyer’, Sean Baldwin, who was involved in two of the largest RMBS recoveries for trustees in history, Andrew Dunlap and Lena Konanova are all acting for US Bank in seeking recovery of hundreds of millions of dollars from DLJ Mortgage Capital, Inc. and Ameriquest Mortgage Company for alleged misconduct in originating and securitizing mortgage-backed securities that played a substantial role in causing the global financial crisis of 2008. The firm is now playing a prominent role in emerging areas of securities litigation and is currently co-counsel to multiple classes of crypto-asset investors in blockbuster litigations alleging violations of state and federal securities laws. Selendy is leading a team pursuing a putative class action on behalf of investors who purchased stablecoin USDT on Tether and Bitfinex alleging that USDT was not backed 1:1 with fiat currency reserves as had been claimed. Jordan Goldstein is also heavily involved in cryptocurrency cases.

Practice head(s):

Philippe Selendy


Other key lawyers:

Sean Baldwin; Andrew Dunlap; Jordan Goldstein


Key clients

Fortis Advisors


Cerberus Capital Management


U.S. Bank


A proposed class of investors who purchased “stablecoin” USTD on Tether and Bitfinex.


A proposed class of investors who traded on Coinbase


A proposed class of investors who traded on Binance


A proposed class of investors who traded on BitMEX


A proposed class of investors who purchased the digital token “TRX”


Work highlights


  • Representing Fortis Advisors, as representative to the Former Stockholders of Auris Health, in its suit against Ethicon, Johnson & Johnson and several of Johnson & Johnson’s senior executives for damages stemming from Ethicon’s merger with Auris, a ground-breaking surgical robotics company.
  • Representing Cerberus Capital Management, L.P., a private equity firm with more than US$40 billion under management, as plaintiff in a US$1 billion breach of contract action against the Canadian Imperial Bank of Commerce (CIBC), one of Canada’s largest banks.
  • Representing U.S. Bank in an action seeking recovery of hundreds of millions of dollars from DLJ Mortgage Capital, Inc. (DLJ) and Ameriquest Mortgage Company for their misconduct in originating and securitizing mortgage-backed securities that played a substantial role in causing the global financial crisis of 2008.

Berman Tabacco

Berman Tabacco has a national presence with offices in San Francisco, California, and Boston, Massachusetts, from which it handles a broad range of securities and antitrust litigation on behalf of a large roster of institutional clients. Among its prominent public pension fund clients are California Public Employees’ Retirement System, California State Teachers’ Retirement System, Alameda County Employees’ Retirement Association and Oklahoma Police Pension and Retirement System. Known for its selective approach to pursuing cases and for its success in achieving settlements, having recovered more than $10bn for class members over the years, the firm has 12 partners, the most prominent being managing partner Nicole Lavallee in San Francisco and Leslie Stern in Boston. Lavallee took the lead counsel role for Utah Retirement Systems in a class action against Healthcare Services Group, Inc., alleging that defendants issued materially false and misleading statements that allowed the company to consistently meet or beat earnings per share estimates and artificially inflate its stock price. Joseph Tabacco in San Francisco also plays a key role in the practice, working with Lavallee to achieve a settlement in In re Aegean Marine Petroleum Network, Inc. Securities Litigation.

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


Plymouth County Retirement Association


San Bernardino County Employees’ Retirement Association


Orange County Employees Retirement System


West Palm Beach Firefighters’ Pension Fund


Work highlights


  • Settled a securities fraud class action for $17.5 million on behalf of Lead Plaintiff Alameda County Employees’ Retirement Association and the class in Hayden v. Portola Pharmaceuticals Inc., et al., No. 3:20-cv-00367-VC (N.D. Cal.) (subject to court approval).
  • Settled a securities fraud class action for $12.5 million on behalf of Lead Plaintiff Oklahoma Police Pension & Retirement System and the class in Oklahoma Police Pension & Retirement System v. Sterling Bancorp, Inc, et al., No. 5:20-cv-10490-JEL-EAS (E.D. Mich.).
  • Settled a securities fraud class action for $16.8 million on behalf of Lead Plaintiff Utah Retirement Systems and the class in Koch v. Healthcare Services Group, Inc., No.19-cv-1227-ER (E.D. Pa.).

Bernstein Liebhard LLP

Bernstein Liebhard LLP in New York monitors the investment portfolios of more than 30 public pension funds across the US, with experienced trial lawyers taking a central role in identifying possible instances of securities fraud. As a result, the firm is known for pursuing a high proportion of meritorious cases. Practice head Stanley Bernstein has successfully represented plaintiffs in complex commercial litigation, securities fraud litigation, shareholder litigation, and antitrust litigation for more than 30 years, and is one of the most experienced practitioners in this area of law. He successfully settled and secured significant corporate governance reforms in a derivative action for shareholders of L Brands, Inc., the parent company of Victoria’s Secret, alleging that the company was plagued for decades by a toxic and misogynistic culture of sexual harassment, retaliation, and hostile work environment. Up-and-coming partners Stephanie Beige and Michael Bigin play pivotal roles in the practice. Beige was key to the success of the L Brands case, while Bigin is acting for Oklahoma Firefighters Pension and Retirement System in a claim against Conduent, alleging that the company misled the market about problems with its legacy IT infrastructure and IT vendors.

Practice head(s):

Stanley Bernstein


Other key lawyers:

Michael Bigin; Stephanie Beige


Key clients

City of Atlanta Firefighters Pension Plan


Oklahoma Firefighters Pension and Retirement System


Work highlights


  • Represented shareholders in a derivative action against L Brands (parent company of Victoria’s Secret) entitled John Giarratano v. L Brands, Inc., Case No. 2020-0437-JRS (Del. Ch.), alleging that a “culture of sexual harassment and misogyny” had “plagued the company and Victoria’s Secret for decades.”
  • Acting as co-lead counsel, representing co-lead plaintiffs in Ferreira v. Funko, Inc., et al., No. 2:20-cv-02319-VAP-PJW (C.D. Cal.). Plaintiffs allege that the defendant toy company and its executives misled its shareholders by issuing false earnings guidance and downplaying the company’s excess inventory condition, to the detriment of investors.
  • Acting as lead counsel in Vitiello v. Bed Bath and Beyond Inc., et al., No. 2:20-cv-04240-MCA-MAH (D.N.J.). Plaintiffs allege that the Company and certain top executives failed to disclose to investors that: due to “aggressive disposition of inventory,” the Company lacked sufficient inventory in key categories to support holiday sales; the Company’s internal control over inventory levels and financial reporting was not effective; and the Company was likely to experience reduced sales.

Bleichmar Fonti & Auld LLP

Bleichmar Fonti & Auld LLP in New York is ‘a top-notch law firm that truly understands how to strategize and win the battles in high-stakes litigation’. Joseph Fonti and Javier Bleichmar, who are both ‘highly experienced and able to give really sound advice’, are the lead lawyers in a nine-partner practice that focuses on high-vale securities litigation and has secured more than $1bn in recoveries since the firm was founded in 2014. Both partners, working closely with the ‘strategic, smart, caring and brave’ Evan Kubota and associate Benjamin Burry, took the sole lead counsel role for Ontario Teachers’ Pension Plan Board and Anchorage Police and Fire Retirement System in a class action alleging misstatements and omissions about generic drug price increases by pharmaceutical company Teva, ultimately securing a $420m settlement. Bleichmar also led a team including partner Ross Shikowitz that secured a $129m settlement for Police Retirement System of St. Louis in a class action against Granite Construction for misrepresentations regarding several of the company’s largest joint venture projects.

Practice head(s):

Joseph Fonti; Javier Bleichmar


Other key lawyers:

Evan Kubota; Benjamin Burry; Ross Shikowitz


Testimonials

‘This is a top-notch law firm that truly understands how to strategize and win the battles in high-stakes litigation.’

‘Evan Kubota and Javier Bleichmar are the partners on our matter. They are strategic, smart, caring and brave, efficient, scholarly and great writers.’

‘They are fully devoted to the case they are working on.’

Key clients

Alberta Investment Management Corporation


Anchorage Police and Fire Retirement System


Arkansas Teacher Retirement System


International Brotherhood of Electrical Workers Local No. 38


Macomb County Employees’ Retirement System


Metropolitan Transportation Authority


Miami Fire Fighters’ Relief & Pension Fund


New Mexico Office of the Attorney General, on behalf of New Mexico State Investment Council


Ontario Teachers’ Pension Plan Board


Park Employees’ and Retirement Board Employees’ Annuity and Benefit Fund of Chicago


Police and Fire Retirement System of the City of Detroit


Police Retirement System of St. Louis


Public Sector Pension Investment Board


San Antonio Fire & Police Pension Fund


Southeastern Pennsylvania Transportation Authority


The City of Miami Fire Fighters’ and Police Officers’ Retirement Trust


Work highlights


  • Representing Class Representatives Ontario Teachers’ Pension Plan Board and Anchorage Police and Fire Retirement System and the class in this securities action arising from alleged misstatements and omissions about Teva’s generic drug price increases. Secured the $420 million settlement after five years of hard-fought litigation, including class certification, completing intensive fact and expert discovery, and preparing a summary judgment motion.
  • Representing Lead Plaintiff the Police Retirement System of St. Louis and the class in this securities class action arising from misrepresentations regarding several of the company’s largest joint venture construction projects, including cost overruns, schedule delays, and their impact on Granite’s financial statements.
  • Represented the Metropolitan Transportation Authority (“MTA”) in this direct action against Allianz Global Investors (“AllianzGI”). Since 2008, the MTA invested nearly $200 million in AllianzGI’s Structured Alpha funds. Due to AllianzGI’s improper and concealed trading strategies and its failure to implement adequate risk management procedures, despite its commitment to do so, the MTA lost over 97% of its investment.

Gibbs & Bruns LLP

Gibbs & Bruns LLP in Houston became a prominent player in the securities litigation having brought many successful claims relating to mortgage-backed securities, and the firm continues to handle some long-running matters arising from the global financial crisis. Key partner David Sheeren, who has ‘excellent industry knowledge of securitization litigation issues’, worked with newly promoted partner Denise Lambert Drake to bring a case for PIMCO and BlackRock concerning 156 Countrywide RMBS trusts, ultimately securing a $266m settlement. Sheeren and highly regarded Kathy Patrick, who together lead the practice, acted for 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., which were pursued for selling loans into the Trust that breached a variety of representations and warranties, leading to significant losses. Approval of a $242m settlement is currently pending. Partner Sam Cruse also plays a key role in the practice, notably for clients in the financial services and energy sectors.

Practice head(s):

David Sheeren; Kathy Patrick


Other key lawyers:

Denise Lambert Drake; Sam Cruse


Testimonials

‘David Sheeren has excellent industry knowledge of securitization litigation issues.’

Key clients

BlackRock, Inc.


Pacific Investment Management Company (PIMCO)


Trustmark National Bank


Goldman Sachs Asset Management (GSAM)


Fannie Mae


The TCW Group, Inc.


Kore Advisors LP


BlackRock Financial Management


MetLife


Work highlights


  • Secured a total victory for Institutional Investor clients PIMCO, Blackrock and others in $266 million RMBS IO payment dispute.
  • Representing PIMCO in four trust instruction proceedings, three in New York and one in California, involving treatment of deferred principal recoveries by trusts holding residential mortgage-backed securities.
  • Representing Trustmark National Bank in three lawsuits related to the collapse of the Stanford Financial Group, headed by convicted financial fraudster R. Allen Stanford.

Lieff Cabraser Heimann & Bernstein, LLP

With offices from New York to San Francisco, Lieff Cabraser Heimann & Bernstein, LLP represents investors across the US in class actions, as well as opt-out, derivative and other securities and financial fraud cases. Among its clients are large pension and union funds, including the New York State Common Retirement Fund and the Colorado Fire and Police Pension Association, as well as non-public institutional investors including mutual funds, as well as high-net-worth and individual investors. The firm is one of few to have tried a federal securities class action to jury verdict, having done so twice, prevailing both times. Working with co-counsel, the firm has achieved verdicts, judgments and settlements in excess of $2.1bn for its clients. Skilled trial lawyer Richard Heimann in San Francisco leads the practice. He secured a $237.5m settlement in New York State Common Retirement Fund and the Fire and Police Pension Association of Colorado et at. v. The Boeing Company, which alleged breaches of fiduciary duties by Boeing’s board and senior officers in connection with their oversight of the 737 MAX’s design and development. New York-based Steven Fineman, who prevailed in Houston Municipal Employees Pension System v. BofI Holding, Inc., et al., is also highly regarded.


Practice head(s):

Richard Heimann


Other key lawyers:

Steven Fineman


Key clients

Houston Municipal Employees


Institutional investors BlackRock and Senzar


New York State Common Retirement Fund and the Colorado Fire and Police Pension Association


Certain funds and accounts of BlackRock


Shareholders of Emergent Biosolutions stock


Shareholders of MFS Series Trust stock


Shareholders of Brighthouse Funds Trust II – MFS Value Portfolio and Brighthouse Funds Trust II – MFS Total Return Portfolio stock


The Charles Schwab Corporation and several of The Charles Schwab Family of Funds and the Bay Area Toll Authority


Motley Rice LLC

Motley Rice LLC has been moving more prominently into securities fraud work since 2005 and has built up an impressive track record, culminating in the final settlement of a landmark case against Twitter in 2022. In re: Twitter Securities Fraud Litigation in the Northern District of California, which saw a settlement of $809.5m was handled by practice head William Narwold in Hartford and, in Mount Pleasant, Lance Oliver and Gregg Levin. The settlement is one of the 20 largest securities fraud settlements in US history. Levin is also currently pursuing a matter against pharmaceutical company AbbVie alleging that the company made misstatements by misrepresenting and/or failing to disclose that its strategy to maintain and increase the sales growth of its best-selling product Humira relied in part upon systematic illegal kickbacks and unlawful sales and marketing tactics. The firm is also acting as liaison counsel for SCANA shareholders who lost funds due to the company’s failed Nuclear Project in South Carolina. Marlon Simpson, William Norton and Joshua Littlejohn, all based in Mount Pleasant, are leading that matter.

Practice head(s):

William Narwold


Other key lawyers:

Lance Oliver; Gregg Levin; Marlon Simpson; William Norton; Joshua Littlejohn


Work highlights


  • Acting as co-class counsel for Twitter shareholders and led negotiations for a proposed $809.5 million settlement.
  • Representing lead plaintiffs for the litigation in the Western District of Washington (Joyce v. Amazon.com Inc et al.)
  • Representing the lead plaintiff in the litigation, filed in the Northern District of California (Leventhal v. Chegg, Inc. et al.)

Saxena White

Saxena White ‘does excellent work and exhibits a high level of professionalism’, remark its peers. Founded in 2006 as a small firm of four attorneys, the firm has since become a highly regarded national firm that provides monitoring and advisory services to more than 160 institutional investors, with a combined $3.5 trillion in assets under management. The firm is one of the country’s few women- and minority-owned securities class action firms representing institutional investors. Maya Saxena and Joseph White in Boca Raton and Steve Singer in White Plains are the key partners. White and Singer secured $180m from FirstEnergy Corp in a hard-fought derivative litigation concerning the role of management in a massive bribery scandal involving Ohio politicians. Director Lester Hooker secured $79.5m – one of the largest derivative recoveries in the history of the Second Circuit – for Fulton County Employees’ Retirement System in a case that also resulted in corporate governance reforms designed to improve Goldman Sachs’s compliance systems. ‘Brilliant, personable, nose to the grindstone and totally dedicated to the benefit and welfare of their clients’ reports one client.

Practice head(s):

Maya Saxena; Joseph White; Steve Singer


Other key lawyers:

Lester Hooker


Testimonials

‘Outstanding group of professionals:brilliant, personable, nose to the grindstone and totally dedicated to the benefit and welfare of their clients.’

‘We have been clients of the firm from their beginning so Maya Saxena and Joe White understand our fund and the trustees’ approach to litigation in their speciality practice. In addition, it is actively involved in many community and professional projects that are of particular interest to the trustees who themselves are volunteers.’

Key clients

City of Baltimore Fire & Police Employees’ Retirement System


City of Miami Fire Fighters’ and Police Officers’ Retirement Trust


City of Philadelphia Board of Pensions and Retirement


Commonwealth of Pennsylvania Public School Employees’ Retirement Board


Commonwealth of Pennsylvania State Employees’ Retirement Board


Connecticut Retirement Plans and Trust Funds


Employees Retirement System of the State of Rhode Island


Illinois State Board of Investment


Maryland State Retirement and Pension System


New York State Common Retirement Fund


New York State Teachers’ Retirement System


Ohio Police & Fire Pension Fund


Ohio Public Employees Retirement System


Ohio School Employees Retirement System


Oklahoma Firefighters Pension and Retirement System


Oklahoma Municipal Retirement Fund


Oklahoma Police Pension and Retirement System


Oregon Department of Justice


Peace Officers’ Annuity and Benefit Fund of Georgia


Public Employees’ Retirement System of Mississippi


State of New Jersey Division of Investment


State Teachers Retirement System of Ohio


Teacher Retirement System of Texas


Work highlights


  • Represented Employees Retirement System of the City of St. Louis and Electrical Workers Pension Fund in a hard-fought derivative litigation against the management of Ohio energy giant FirstEnergy Corp holding company leaders accountable for their roles in a massive bribery scandal involving Ohio politicians. Obtained $180 million recovery as well as major governance reforms.
  • Representing Fulton County Employees’ Retirement System, obtained a $79.5 million monetary recovery and critical corporate governance reforms designed to improve Goldman Sachs’s compliance systems. Derivative litigation was filed against Goldman to hold company leaders accountable for oversight failures resulting in a massive foreign kickback scheme, whereby the bank raised $6.5 billion in three bond offerings for Malaysian fund 1MDB, much of which was fraudulently diverted to bribing public officials, purchasing yachts and other luxury goods, and even financing the film “The Wolf of Wall Street.”
  • Representing Boca Raton General Employees’ Pension Plan and Palm Bay Police and Firefighters’ Pension Fund ,the firm obtained $31.9 million settlement on the eve of trial in securities class action against pharmaceutical company Perrigo for withholding material financial information related to its acquisition of an Irish pharmaceutical that resulted in a $2 billion tax penalty from Irish tax authority after the transaction.