Securities litigation: plaintiff in United States
Bernstein Litowitz Berger & Grossmann LLP
'The firm is usually a really good litmus test for the merits of a 10b5 claim – it brings serious cases and puts up a good fight,' say clients of Bernstein Litowitz Berger & Grossmann LLP. The firm is widely seen as one of the global leaders in advising public pension funds and institutional investors on securities litigation, corporate governance and shareholder rights issues. Managing partners Gerald Silk and Salvatore Graziano lead the practice that is known for its 'top-notch and razor-sharp lawyers' and has 18 partners focus much of their attention on securities litigation. Graziano has played a a leading role in a number of major securities fraud class actions for the last 20 years, while Silk's practice focuses on representing institutional investors in matters involving federal and state securities laws, accountants' liability and the fiduciary duties of corporate officials. Senior partner Max Berger has an outstanding reputation built on a string of successful cases, and he has secured seven of the largest securities fraud settlements in history. Rebecca Boon, Hannah Ross and up-and-coming partner Katherine Sinderson also play key roles in securities fraud and corporate governance matters. All are based in New York, though the firm has offices across the US.
‘The firm shows upper-tier professional knowledge and strategical thinking. It is highly responsive, with top-notch and razor-sharp lawyers.‘
‘It has very knowledgeable, strategical thinkers and is highly responsive.‘
‘The firm is usually a really good litmus test for the merits of a 10b5 claim – it brings serious cases and puts up a good fight.‘
‘It has lawyers who are very professional in their dealings and is one of the leading players in this market.‘
‘All personnel within the firm have a very kind and welcoming attitude. They have a unique ability to understand their clients, what we need and what is relevant to us in the specific cases. I consider them to be very competent, engaged in their clients and to have a lot of valuable experience in this field. We are very pleased with the high quality of their work. It is a very professional firm.‘
‘It is the top firm for securities class actions – it never chases weaker cases.’
‘When we see them, we know there is no question that the case is serious.’
Teacher Retirement System of Texas
Union Asset Management Holding AG
Florida State Board of Administration
New York State Teachers Retirement
Ohio Public Employees Retirement System
Maryland State Retirement & Pension Systems
Los Angeles County Employees Retirement Association
The New York City District Council of Carpenters Benefit Funds
Miami General Employees’ & Sanitation Employees’ Retirement Trust
- Settlements created a recovery fund of $173m and potentially up to $335m for defrauded investors in In re Cobalt International Energy, Inc. Securities Litigation, in which the firm acted for St. Lucie County Fire District Firefighters’ Pension Trust Fund and Fire and Police Retiree Health Care Fund, San Antonio.
- Recovery for investor class of approximately $53.6m to $155.4m (consisting of cash, common shares, and contingent value rights) in In re Akorn, Inc. Securities Litigation.
- Acting for Municipal Employees’ Retirement System of Michigan and Arkansas Teacher Retirement System in In re SunEdison, Inc. Securities Litigation, a class actions in which the court gave preliminary approval of a $74m settlement.
- In re HeartWare International, Inc. Securities Litigation saw the firm secure a $54.5m recovery for defrauded investors who alleged that HeartWare, a medical device company that develops and manufactures miniaturized implantable heart pumps, made false and misleading statements and omissions of material fact, including in press releases and in statements during conferences and conference calls with analysts and investors.
- In re RH, Inc. Securities Litigation saw the firm recover $50m for RH investors in cash in a class action against the company and two of its top officers, alleging false and misleading statements were made to investors regarding the launch of RH’s new product line.
'The individuals at the firm are outstanding and the work they do and the expertise they display is exceptional,' says a client of Labaton Sucharow LLP. Another notes the firm's 'deep and experienced team with expertise that gives us a high degree of confidence in the successful litigation of our class action cases'. It has a strong track record, having been lead or co-lead counsel in 14 of the top 100 largest securities class action recoveries in history, and it continues to be a key player in whistleblower cases, opt-out ligitation, Section 11 and state court matters, and securities cases brought outside the US. The practice is led from New York by firm chair Christopher Keller and head of litigation Jonathan Gardner, but the best-known practitioner in securities litigation is Thomas Dubbs, who has served as lead or co-lead counsel in some of the most high-profile federal securities class actions during his 35-year career. Also in New York, clients recommend up-and-coming partner Carol Villegas.
Other key lawyers:
‘The individuals at Labaton Sucharow are outstanding and the work they do and expertise they display is exceptional.‘
‘Mark Willis, Carol Villegas, and Jonathan Gardner all bring excellent advocacy skills for the benefit of their clients. They understand the unique nature of complex securities litigation and strive for practical yet results-driven outcomes on behalf of their clients.‘
‘The practice of securities litigation is not unique but Labaton’s relationship with its clients is what makes it stand out from its competitors. They reach out to clients on potential securities actions but they are not pushy about it like other firms. If you decide not to be lead plaintiff, Labaton lawyers accept that decision quickly and professionally. Other firms will make you feel like you’ve disappointed them, that they’ve wasted their time on you, or that you’ve potentially made a bad decision.‘
‘Marisa DeMato is our main contact at Labaton and she is professional, friendly and very personable. It is because of Marisa that Labaton stands out from its competitors: she keeps us informed of the latest cases, follows up with us, and we never feel like she’s disappointed if we don’t move forward with being a lead plaintiff. Her commitment to her clients never wavers and she is always available.‘
‘The Board of Trustees, similar to other pension plans, consists volunteers yet with an overarching responsibility for a pension fund with hundreds of retirees relying on their monthly payments and whether there will be major losses while fulfilling our fiduciary responsibilities. There are some losses we cannot avoid but Labaton Sucharow took away our fears for those losses that can be recovered.‘
‘What make the firm unique is its efficacy. They are usually at the forefront and provide us information before the Board of Trustees is aware. The in-house team is professional, with great attention to detail, and they seem to work well with diverse individuals. ‘
‘We have had the pleasure of working with Marisa DeMato who is the ultimate professional. She provides excellent service to our fund and our Board of Trustees alike. She keep us abreast of any activity as it relates to our various funds on a timely basis and will work to provide assistance in recouping if necessary. On one occasion we were working together we needed some assistance While she was out of the country, she reached out to us and to someone from her firm to provide us with the assistance we needed. That is true dedication.‘
‘Labaton Sucharow has a deep and experienced team in the securities litigation space. The expertise they display gives us a high degree of confidence in the successful litigation of our class action cases. They are open and transparent about what they are working on and never overstep their authority when making filings on our behalf.‘
‘The open and honest line of communication helps us not only when we are pursing a case with them as our lead counsel, but they will even go the extra mile to inform us as to what they see with a case that we may be interested in, even if we do not plan to use them as counsel. Labaton is highly regarded by our board, general counsel and me when it comes to securities class action cases and we have had a great deal of success in recovering pension dollars on behalf of our members of this pension system and all shareholders in the class.‘
‘Marisa DeMato is a partner and our day-to-day contact regarding securities litigation. While we have 12 securities litigation firms that monitor our portfolio, Marisa stands out as the most effective communicator in regards to our portfolio. She will always keep us informed as to what cases are out there, how solid the merits of the case are, and our potential success as a lead plaintiff. She is not afraid to tell us if we don’t have a chance to win lead plaintiff, if the case will likely not succeed, or how high our chances are. She is always open and honest with us, always well informed on any issue that may arise, and truly values us as a client. This is a breath of fresh air as many individuals and firms are more about their bottom line than us as a client. I truly have the utmost respect for Marisa and her work with Labaton.‘
‘Michael Rogers is a partner with Labaton and I have had the honor of working beside him on a few cases in the setting of mediations and depositions. Mike was the counsel sitting beside me in one of my most difficult depositions and he defended me flawlessly. I felt so prepared walking into the room and was able to deliver my responses confidently knowing that he was by my side. I have also sat beside Mike in a mediation and his work to get the best result for the class was impeccable.‘
‘The firm has a strong team that acts in a fiduciary capacity and as an extension of staff.‘
Boston Retirement System
Arkansas Teacher Retirement System
Employees’ Retirement System of the State of Hawaii
West Virginia Investment Management Board
Oklahoma Firefighters Pension and Retirement System
Utah Retirement Systems
Public Employees’ Retirement Association of New Mexico
Public School Retirement System of the School District of Kansas City
- Won a $192.5 million settlement in a securities class action against SCANA Corporation related to a failed nuclear power project in South Carolina.
- Settled a securities class action with Intuitive Surgical for $42.5m, in an action that alleged that Intuitive violated federal securities fraud laws by making false and misleading statements regarding the safety and efficacy of its marquee product, the da Vinci Surgical System, and its compliance with FDA regulations.
- Secured a $35m settlement in a securities class action against Facebook stemming from the then-largest IPO for a technology company in history, having alleged that Facebook made materially untrue and misleading statements in its IPO Registration Statement and Prospectus.
- Won a $27.5m settlement in a securities class action lawsuit alleging that DeVry Education Group issued false statements about employment and salary statistics for DeVry University graduates.
- Won a $22m settlement in a securities class action against investment management company, Virtus Investment Partners, having alleged that Virtus made false and misleading statements to investors about the performance of its “AlphaSector” funds.
Quinn Emanuel Urquhart & Sullivan, LLP
Quinn Emanuel Urquhart & Sullivan, LLP has a deep bench of lawyers across the US who handle securities litigation defense work, as well as acting for sophisticated institutional plaintiffs against the world’s largest banks. The firm is currently working on cases that seek a combined total exceeding $100bn in damages. Rather than waiting for government investigations to highlight potential cases, the firm does its own extensive factual and expert research to uncover potential wrongdoing, and this proactive approach has led to it being appointed as lead class counsel in the vast majority of anti-bank class actions it has undertaken. This has seen it play a key role in cases involving dark pool stock lending, interest swaps and foreign exchange transactions. Harry Olivar and Richard Schirtzer in Los Angeles and, in New York, Daniel Brockett, Peter Calamari , Andrew Rossman and Jonathan Pickhardt are the key partners in securities and structured finance litigation. In Los Angeles, Jeremy Andersen is emerging as a skilled partner in financial fraud cases.
Other key lawyers:
‘Quinn Emanuel is exceptional on the plaintiff side.’
Lehman Brothers Holdings Inc.
ResCap Liquidating Trust
U.S. Bank, N.A.
Iowa Public Employees’ Retirement System
Spencer Roland Bueno
Public School Teachers’ Pension and Retirement Fund of Chicago
Cleveland Bakers and Teamsters Pension Fund
KKR & Co. L.P.
Lansuppe Feeder, LLC
Rimrock High Income PLUS
American Precious Metals, Ltd.
Prudential Financial, Inc.
- Representing a large group of major asset managers, hedge funds, pension funds, and other institutional investors, including for example BlackRock, Brevan Howard, CalPERS, PIMCO, and Portigon, in the pursuit of recoveries for claims relating to manipulation of the foreign exchange market by Wall Street banks.
- Lead counsel for the ResCap Liquidating Trust (the “Trust”), which was formed pursuant to the chapter 11 plan confirmed by Residential Funding Company to pursue claims for the benefit of RFC’s creditors against mortgage originators, which had sold defective mortgage loans to RFC.
- Representing several investment funds managed by KKR and Canyon Partners as opt-out plaintiffs in connection with suits arising from their purchase of hundreds of millions of dollars’ worth of SunEdison, Inc. 6.75% Series A Perpetual Convertible Stock at or around the August 18, 2015 stock issuance, alleging that the offering materials contained misleading statements and omissions.
- Serving as co-lead counsel on behalf of those who entered into stock loan transactions with six major banks that serve as prime brokers of stock loans, in which plaintiffs allege that the defendants conspired to overcharge investors and maintain the power they hold over the market, obstructing the development of competitive electronic exchanges that would benefit both stock lenders and borrowers.
- Initiated a class action to recover damages suffered by investors in interest rate swaps due to an alleged conspiracy by eleven large Wall Street banks to block the emergence of innovative new IRS trading platforms.
Robbins Geller Rudman & Dowd LLP
Robbins Geller Rudman & Dowd LLP has 200 lawyers in 9 offices, and it is the world's largest and most prominent plaintiff firms in securities litigation. It has a long history of achieving record-breaking recoveries and precedent-setting decisions for defrauded shareholders and consumers, and it frequently among the leading firms for amount recovered annually for shareholders and for the total number of class action settlements. Over the last five years, it has settled 142 federal securities class actions with total proceeds in excess of $9bn. Over the past decade, the firm has represented more than 300 institutional investors in securities litigation and it has obtained the largest securities class action recovery in six federal circuits in the US. Darren Robbins leads the practice from San Diego and during the last 20 years he has served as lead counsel in more than 100 securities class actions. Paul Geller in Boca Raton, Samuel Rudman in Melville and Danielle Myers in San Diego are among the many standout practitioners at the firm. Up-and-coming partners Maureen Mueller in Boca Raton and Brian Cochran in Chicago are also a notable specialists in securities litigation.
‘The firm is highly thought of and files a lot of cases, so it features in some of the huge cases that are in the market.’
‘It is one of the big players in the market and it has some of best plaintiff litigators in the world working there.‘
- In October, 2019, the court granted preliminary approval of a $1.025bn settlement in In re American Realty Capital Properties, Inc. Litigation, which is a federal securities claim arising out of ARCP’s October 29, 2014 revelations concerning improper accounting practices.
- In Hsingching Hsu v. Puma Biotechnology, Inc., the firm achieved a rare trial victory on behalf of lead plaintiff Norfolk County Council, holding Puma and its CEO accountable for corporate misconduct.
- The firm secured final approval of a $75m settlement in the Alibaba securities class action arising from violations of the Securities Act of 1933 in connection with the company’s 2014 IPO.
- Successfully obtained approval of a $160m settlement in a case against Wal-Mart Stores, Inc. in a case arising from allegations published by The New York Times in 2012 describing an alleged bribery scheme that occurred in Mexico.
- Obtained final approval of a $108m settlement in a securities class action against Orbital ATK, Inc. and certain of its officers and directors following an announcement in 2016 that it would be restating its previously issued financial statements to record a loss of approximately $375m on its largest contract.
Best known for its antitrust litigation practice, Cohen Milstein Sellers & Toll PLLC also has a strong securities litigation practice, which frequently handles class actions on behalf of some of the largest pension funds in the US. The practice has a 50-year history of success in class actions and it has a string of victories in cases relating to mortgage-backed securities in the wake of the global financial crisis. It served as court-appointed lead- or co-lead counsel in nine class actions against MBS issuers, the last of which returned more than $2bn to investors. Now, the firm's work has diversified and it is handling more event-driven securities class actions such as those arising from the misconduct of senior employees. Among these is an on-going matter concerning the sexual harassment of employees by a CEO. Managing partner Steven Toll and the greatly respected Julie Reiser in Washington DC are co-chairs of the eight-partner practice. Up-and-coming partner Michael Eisenkraft, also in Washington DC, prosecutes cases arising from the financial and commodity markets.
Other key lawyers:
‘The firm shows sound judgment and is highly ethical. Julie Reiser is wonderful.‘
‘Carol Gilden is an outstanding attorney, exceptionally professional and a pleasure to deal with.‘
Grant & Eisenhofer P.A.
Grant & Eisenhofer P.A. is well known for its strong track record in cutting-edge and innovative cases, as well as its ability to litigate claims to a successful conclusion. In securities litigation, it is highly respected for its work in class actions, opt-out and individual cases, having served as lead counsel in many of the largest securities class action recoveries in US history. It acts for large institutional investors, both public and private, including Employees Retirement System of the State of Hawaii, Oklahoma Firefighters Pension and Retirement System and Deka Investment GmbH. It is currently involved in high-profile opt-out cases involving Valeant and Teva, and is serving as lead or co-lead counsel in securities class actions against Synchronoss Technologies and Santander Consumer USA Holding. It is also a leading player in international securities cases, having acted as global counsel in achieving a $1.5bn settlement in the Netherlands—the largest in European history. Jay Eisenhofer and Daniel Berger lead the practice from the New York office.
- Represents 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 alleging that defendant Santander Consumer USA Holdings, Inc. engaged in fraud in connection with its approximately $2bn initial public offering.
- Serves as co-lead counsel representing the co-lead plaintiffs in a case against Weight Watchers International, Inc., alleging that Weight Watchers artificially inflated the prices of Weight Watchers common stock, among other claims.
- Representing clients in securities opt-out litigation against Teva Pharmaceuticals concerning price fixing of dozens of its drugs.
- Filing an opt-out action against Valeant Pharmaceuticals International, Inc. concerning its business model and its relationships with certain specialty pharmacies.
'The team combines an understanding of the ins and out of New York litigation procedures with deep legal knowledge and a savvy, commercial and practical approach to litigation', remarks a client of Kasowitz Benson Torres LLP. The firm has a strong team in New York that does not chase class actions as part of its strategy, being involved more often in direct action opt-out cases, notably for hedge funds that have suffered big losses. Nevertheless, the firm has a solid track record in both class actions and opt-out cases. Marc Kasowitz and Sheron Korpus, who is 'very bright and gets right to the real issues', lead the practice. Also recommended are Michael Hanin, who focuses on representing investment funds in litigation relating to complex credit securities, and securities fraud specialist Stephen Tountas , who 'knows class action opt-out litigation better than anyone' and who represents both plaintiffs and defendants in high-profile cases. Uri Itkin is a younger partner with significant first-chair experience who handles complex financial products and structured finance litigation.
‘There is no over-staffing on cases and there is an excellent atmosphere within the team. The workload is always appropriately coordinated and there is transparency towards the client.‘
‘Sheron Korpus is very bright and gets right to the real issues with a clear view for the overall picture. He has an excellent understanding of client matters.‘
‘The team combines an understanding of the ins and out of New York litigation procedures with deep legal knowledge and a savvy, commercial and practical approach to litigation.‘
‘Sheron Korpus and Sarmad Khojasteh are core members of the team. Leading the litigation team, Sheron Korpus brings a wealth of local and legal experience, is quick to understand and outline the proper legal strategy and next steps. Sarmad Khojasteh provides fast execution and turn around time, as well as thoughtful legal analysis.‘
‘A leader in class action opt-out litigation, the firm always acts in the client’s best interests.‘
‘It is a firm that devises very creative litigation strategies.‘
‘Steve Tountas knows class action opt-out litigation better than anyone.‘
‘The firm stands out for its industry expertise and its commitment to clients.‘
‘Uri Itkin is an excellent, dedicated and knowledgeable lawyer. He understands the business and has strong relationships.‘
Royal Bank of Canada
Federal National Mortgage Association (“Fannie Mae”)
Public Employees’ Retirement System of Mississippi
Federal Housing Finance Agency
Fairfax Financial Holdings
Davidson Kempner Asset Management
Waterfall Asset Management
Angelo Gordon & Co.
ACA Financial Guaranty
Serengeti Asset Management
Astra Asset Management
- Represented Astra Asset Management, a London-based asset manager, in a trust instruction proceeding against Goldman Sachs involving Astra’s investment in an Abacus CDO sponsored by Goldman Sachs; seeking to require the distribution of $55m in collateral appreciation to investors, rather than to Goldman, the firm won two dispositive motions and Goldman Sachs settled with Astra on the eve of trial.
- Recovered more than $31m for client Fairfax Financial Holdings, the largest Canadian insurance company, including jury verdicts totaling $10.9m, in a groundbreaking defense of a short-selling attack orchestrated by hedge funds and investment banks.
- Secured a highly favorable settlement for client Emergent Capital and its subsidiary White Eagle in a lender liability claim brought against a subsidiary of Beal Bank in connection with a $370m credit facility.
- In a case relating to the Valeant securities litigation, the firm filed a direct securities fraud action on behalf of Public Employees’ Retirement System of the State of Mississippi against Valeant Pharmaceuticals, in which it developed a pioneering legal strategy to pursue opt-out claims under the New Jersey RICO act, which no other opt-out plaintiff pursued.
- Representing investors in over $1.4bn in notes issued by the National Collegiate Student Loan Trusts in various actions concerning the management and control of the Trusts.
Kessler Topaz Meltzer & Check, LLP has a thriving securities class action practice that has a track record of success going back more than 30 years. With offices in Radnor, Pennsylvania, and San Francisco, California, it has 20 partners focused on this practice area who act for states attorneys general offices, as well as public and private entities including municipalities, state agencies, mutual fund managers, sovereign wealth funds and multi- employer welfare funds. Currently, the firm counts among its clients more than 300 institutional investors from around the world. Since 2007, it has recovered more than $12bn on behalf of shareholders, which includes a $3.2bn settlement against Tyco International. Known for its highly selective approach to litigation, the firm is often appointed as lead or co-lead counsel in high-value matters. In Radnor, David Kessler, Darren Check, Andrew Zivitz, Sharan Nirmul and Naumon Amjed are the most prominent practitioners.
- Acted as additional counsel to lead plaintiff, Sjunde Ap_Fonden, in a class case against Cobalt International Energy, Inc. its underwriters in relation to several of its public offerings.
- Appointed lead counsel on behalf of a purported class of all those who purchased or otherwise acquired Endo International common stock in a complaint alleging defendants made false and/or misleading statements and/or failed to disclose that: (1) its drug, Reformulated Opana ER was not resistant to crushing; (2) Reformulated Opana was not abuse-deterrent and its use carried an inherent risk of abuse by grinding, snorting, or injecting; and (3) Reformulated Opana was contributing to an opioid public health crisis.
- Appointed lead counsel on behalf of a purported class of all those who purchased or otherwise acquired Fiat Chrysler Automobiles common stock in a complaint that alleges that throughout the class period the defendants made false and misleading statements and failed to disclose material adverse facts about the company’s business and operations to investors.
- Appointed lead counsel on behalf of a purported class of all those who purchased or otherwise acquired the preferred American Depositary Shares issued by Banco Bradesco S.A in a complaint that alleges that throughout the class period defendants issued false and misleading statements to investors and/or failed to disclose, inter alia, that Banco Bradesco was engaged in a bribery scheme in collusion with the Brazilian Finance Ministry’s CARF.
- Appointed lead counsel on behalf of a purported class of all those who purchased or otherwise acquired Lion Biotechnologies Inc., common stock in a complaint that alleged that defendants made false and/or misleading statements and/or failed to disclose, inter alia, that Lion Biotechnologies engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely-distributed emails promoting Lion Biotechnologies to potential investors that purported to be independent from the company when, in fact, they were paid promotions.
MoloLamken LLP is a national boutique law firm focused exclusively on representing clients in complex disputes. Among its business litigation and arbitration, IP litigation and white-collar defense and investigations work, plaintiff securities litigation features strongly. It acts for corporations, hedge funds, private equity firms, investors, inventors, executives, and foreign sovereigns. It made its mark in residential mortgage-backed securities cases and is still representing plaintiff investors in a number of pending cases against mortgage securitization sponsors and other responsible parties. Its work in this area nevertheless has a broader scope and includes IPO-related cases, such as the high-profile class action against Alibaba. Steven Molo in New York leads the practice, in which key partners Robert Kry in Washington DC, who handled the Alibaba case, and New York-based trial and appellate partner Justin Ellis, are among the most prominent practitioners. Lauren Weinstein in DC was recently promoted to partner.
‘MoloLamken is a top quality boutique commercial litigation firm. Steve Molo is a great lawyer and he surrounds himself with very bright, motivated lawyers. They are creative and proactive and very involved in the cases where I have worked with them. I think one thing you get with this firm versus many others is assurance on quality control. There are no ‘B’ lawyers at the firm.‘
‘Steve Molo has a great reputation and terrific knowledge of the courts and the law. He works well in teams representing multiple parties and is creative and proactive.‘
‘One of the best boutique litigation firms in the country. There is no one I would rather want in my corner. Extremely client friendly and commercial.‘
‘Steve Molo is a rock star litigator. He is extremely responsive and someone who thinks outside the box. If there is an angle you have not thought of, he will think of it. I recommend him without reservation for any complex litigation.‘
Christine Asia Co. Ltd., William Tai, Abel Amoros, Arthur Gabriel, Raymond Lee, and Gang Liu
HPS Investment Partners LLC
Ankura Trust Company LLC
Prosiris Capital Management LP
Tilden Park Capital Management LP
Deutsche Bank National Trust Company
George Hedick Jr.
Iron Workers Benefit and Pension Fund
Iron Workers District Council Philadelphia & Vicinity
- Represented the lead plaintiffs in this securities fraud class action on behalf of investors following Alibaba’s IPO, achieving a $250m settlement, the largest ever against a Chinese company.
- Represented HPS Investment Partners in a $250m dispute amongst bondholders of LBI Media, Inc.
- Represented Tilden Park Capital Management LP and Prosiris Capital Management LP in their dispute over distribution of the $9bn proceeds to bondholders in the Bank of America / Countrywide dispute, achieving a win valued in excess of $500m.
- Representing the hedge fund Tilden Park Capital Management LP in contested proceedings concerning the distribution of the proceeds of the $2.38bn settlement between holders of residential mortgage-backed securities and the bankruptcy estate of Lehman Brothers.
- Representing Deutsche Bank National Trust Company, as Trustee of a series of Residential Mortgage-Backed Securitization (RMBS) Trusts, in state and federal court against various originators of mortgage loans and sponsors of mortgage-backed securitizations.
Pomerantz LLP joins the ranking this year having ramped up its activity and made a big impression with its 'deep bench of experienced and very skilled securities litigation attorneys'. 'They excel at evaluating the merits of class action litigation, presenting a concise position, and they are experienced in resolving complex problems', remarks one source. One client believes that practice head Jeremy Lieberman and up-and-coming partner Tamar Weinrib are 'clearly the future of securities litigation in New York'. The firm is, in fact, the oldest plaintiff securities litigation firm in the US, having been founded in 1936, and it represents clients from across the globe, including some of the largest public and multi-employer pension funds, fund managers, asset managers, and financial institutions. Besides its significant bench strength in New York, the firm has skilled litigators across the US, including Jennifer Pafiti in Los Angeles and Joshua Silverman in Chicago.
‘The team is very professional and can analyze problems very quickly taking in to account on our specifities and business.‘
‘They are available and all our requests were answered within a short time.‘
‘Experienced lawyers who take a commercial approach to settlement discussions.‘
‘Jeremy Lieberman is a leading practitioner in the field.‘
‘The firm has a deep bench of experienced securities litigation attorneys. Very skilled.‘
‘I served as a mediator in complex litigation. The attorneys at Pomerantz excel at evaluating the merits of class action litigation, presenting a concise position and are experienced at resolving complex problems. Jeremy Lieberman, Patrick Dahlstrom, Gustavo Bruckner, Joshua Silverman and Leigh Handelman Smollar are all excellent.‘
‘As a member of a pension fund that is much smaller than many, I find our fund treated with the same level of importance as the larger ones. I find the team to be very efficient in its work practices and excellent at communicating any needs or requests to the client.‘
‘Our fund primarily works with Jennifer Pafiti and her associate Roxanne Talaie. They help us monitor our portfolio for claim filling deadlines and go the extra mile to ensure we are receiving our full compensation. Ensuring we have been compensated properly is the extra level of service we have found that sets Ms Pafiti and Ms Talaie apart from others firms.‘
‘It is a firm that is tenacious in its pursuit of claims and provides good client responsiveness.‘
‘Jeremy Lieberman and Emma Gilmore were both instrumental in representing our case in court successfully.‘
‘Pomerantz has one of the leading securities litigation plaintiff practices in New York and the US generally. They are highly knowledgeable about all aspects of substantive securities laws pertaining to litigation and, more importantly, they have the litigation skills to prosecute their cases to trial if necessary, thus providing them with ability to exert maximum pressure on defendants to achieve noteworthy results for the classes of investors they represent.‘
‘Jeremy Lieberman and Tamar Weinrib are both leading lawyers in the securities litigation plaintiff space. Jeremy and Tamar both have the deep knowledge of the substantive securities laws, in addition to strong litigation skills to prosecute their cases. They also are creative in developing their merit and class certification theories. In my opinion, they are clearly the future of securities litigation practice in New York.‘
‘Pomerantz represents us in class actions litigation and the service is high-quality, professional and quick.‘
‘Jeremy Liberman is very professional. He gives very clear explanations. We appreciate his sophistication and creativity.‘
‘Jeremy Lieberman is a standout among his peers among the plaintiffs’ bar.‘
‘The firm shows an understanding of the challenges faced by the client in meeting the demands of the disclosure process. We appreciate its responsiveness to time differences involved in trans-Atlantic litigation and its provision of clear feedback.‘
‘The individuals have taken time to understand the peculiarities of our particular organisation which is important to us.‘
‘In the case that the Pomerantz team handled for us they made a number of key strategic decisions which achieved significant economic value in the settlement. They identified these strategic points early in the process and pursued them aggressively in a way which differentiated them, and our settlement outcome, from other firms involved.‘
‘Jeremy Lieberman led the case for us with remarkable and unrelenting energy and aggression. He made a number of excellent strategic decisions which boosted our recovery.‘
‘Jennifer Pafiti managed the relationship with us with great skill. She was particularly good at explaining the intricacies of the American court process to us, as English clients, and ensuring that we were comfortable with the actions that Pomerantz was taking on our behalf.‘
‘The firm has a very talented team for US securities litigation. It is very reactive and has great availability. We are French investors and have only worked with two other firms that can be compared to Pomerantz. Within these three firms, Pomerantz is the best for explaining clearly the US securities litigation system to us.‘
‘Jeremy Lieberman and Michael Grunfeld were very helpful in explaining the US securities litigation system.‘
‘The Pomerantz firm has long been a leader in the securities fraud plaintiffs class action field. Their work is always outstanding. They appeared before me many times as lead counsel in securities fraud cases when I served as a United States District Judge in the Southern District of New York. They have also appeared me now in my private practice as a mediator, arbitrator and special master. Their work is of the highest quality. They are also highly ethical. Judges and mediators can trust their words and their presentations.‘
‘What makes the work of attorneys at this firm stand out is the outstandingly high quality of the submissions and oral presentations and the sense that they always practice with the highest level of integrity. That is special because their work can be trusted.‘
‘Marc Gross is a senior litigating partner and he appeared before me many times and is always articulate, well prepared and thoughtful. Other attorneys from this firm have also appeared. In particular I recall partners Josh Silverman and Jeremy Lieberman, both of whom were outstanding advocates. And associate Tamar Weinreb also appeared before me and did excellent work.‘
‘The team is very professional and their attention to detail is outstanding.‘
‘The individuals are a pleasure to deal with, they return phone calls and emails promptly, and they explain things in terms that the average lay person can understand.‘
‘They are very responsive. It is great to have immediate responses to questions. The work I receive is timely and well-researched, but they are also very open to working with client ideas and feedback.‘
‘The team has an incredible ability to prevail in the most difficult of cases. The various partners have an exceptional ability to creatively and intelligently build the factual basis to drive a plaintiff’s case forward. The team treats every case as if it is their most important case and the results show. There is a level of tenacity that is incredible and strikes fear in the hearts of the defendants.‘
‘What makes them different is that they think outside the box and are not afraid to push boundaries. There are always cutting edge ideas and theories being advanced for liability. Moreover, the speed and ability to quickly advance their clients’ interests is very impressive.‘
‘They provide full service and attentiveness for clients. Matt Tuccillo ensures everything is taken care of.‘
‘The firm has the ability to fuller understand the clients aims and risk profile. The ability to talk to the client rather than dictate and looking at the long-term to build a relationship.‘
‘Jennifer Pafiti is thoughtful and has an excellent ability to really understand the client. She will look at all aspects of the case and will only have the best interests of her clients in mind. Her long term outlook is very welcome.‘
‘Jeremy Lieberman fully understands the different dynamics of a British Asset Manager to that of a US Asset Manager. His mindfulness in handling the different clients is very reassuring to those that reply on his skills and abilities to gain not just monetary but also ESG outcomes.‘
Atudot Pension Fund for Employees and Independent Workers
City of Miami Fire Fighters’ and Police Officers’ Retirement Trust
Clal Insurance Company Ltd., Clal Pension and Provident Ltd.
Hallandale Beach Police Officers and Firefighters Retirement Fund
International Union of Operating Engineers Pension Fund of Eastern Pennsylvania and Delaware
Local 295 IBT Employer Group Pension Fund
Meitav DS Provident Funds and Pension Ltd
Steamfitters Local 449 Pension Plan
Yhav Rofim Chevra Leniol Kupot Gemel Ltd.
Abu Dhabi Commercial Bank
Alameda County Employees’ Retirement Association
Allianz Global Investors France S.A.
Altimeo Asset Management
City of Philadelphia Board of Pensions & Retirement
Electricity Pensions Trustee Ltd
Employees’ Retirement System of the City of Providence
Employees’ Retirement System of the City of Providence
Hadrian Trustees, as trustee of Shipbuilding Indus. Pension Scheme
HESTA Super Fund
IBM United Kingdom Pensions Trust Limited
Iron Workers Local 580 Joint Funds
Iron Workers Locals 40, 361 & 417
John Lewis Partnership Pensions Trust
Longview Firemen’s Relief & Retirement Fund
Louisiana Municipal Police Employees’ Retirement System
Menorah Mivtachim Insurance, Ltd.
Menorah Mivtachim Pensions and Gemel ltd
Merchant Navy Officers Pension Fund Trustee Limited
Merseyside Pension Fund
Midgal Insurance Company Ltd.
Mondrian All Countries World Ex-US Equity Fund, L.P.
Mondrian Focused International Equity Fund, L.P.
Mondrian Global Equity Fund, L.P.
New York City Board of Education Retirement System
New York City Employees’ Retirement System
New York City Fire Department Pension Fund
New York City Group Trust
New York City Police Pension Fund
Nova Scotia Health Employees’ Pension Plan
Phoenix Insurance Company Ltd.
Public Employees’ Retirement System of Mississippi
Roofer’s Pension Fund
South Yorkshire Pensions Authority
State Boston Retirement System
Stationary Engineers Local 39 Pension Trust Fund
Stichting Mn Services Aandelenfonds Europa III
Stichting Pensioenfonds Metaal en Techniek
Stitchting Pensioenfonds van de Metalektro (PME)
Teachers’ Retirement System of The City of New York
Teachers’ Variable Annuity Funds
The Bank of America Pension Plan
The Boston Retirement System
Town of Fairfield (Employees Retirement;PF Retirement)
Union Asset Management Holding AG
Universities Superannuation Scheme Ltd.
- Acted as lead counsel for lead plaintiff, Universities Superannuation Scheme, and the class in litigation against Brazil’s energy giant, Petróleo Brasileiro S.A.–Petrobras that resulted in a historic $3bn settlement.
- As lead counsel, the firm achieved final approval of a $110m settlement for the class in Pirnik v. Fiat Chrysler Automobiles, a class action alleging that Fiat Chrysler concealed from investors that it improperly outfitted its diesel vehicles with “defeat device” software designed to cheat NOx emissions regulations.
- As lead counsel in Strougo v. Barclays PLC, the firm achieved a settlement of $27m on behalf of defrauded investors, having alleged that alleged that defendants concealed information and misled investors regarding its management of its “LX” dark pool, a private trading platform.
- Acted as lead counsel in In re Toronto-Dominion Bank Sec. Litig., and secured a settlement of $13.25m on behalf of defrauded investors, after alleging that the bank and its executives artificially inflated share prices by covering up shady sales techniques used in its Canadian retail unit.
- Appointed as co-lead counsel in a securities class action against Rockwell Medical, Inc., alleging that the company failed to disclose that it was aware that the Centers for Medicare and Medicaid Services would not pursue its proposal for separate reimbursement for iron maintenance therapy Triferic.
Selendy & Gay in New York has made a big impression in the securities litigation market since its formation in 2018 with well-established veteran practitioners who previously formed the core of the securities practice at Quinn Emanuel Urquhart & Sullivan, LLP. Over their careers, the practice' 13 partners have recovered more than $45bn for plaintiffs. Best known for its work in the financial services sector, particularly in cases relating to residential mortgage-backed securities, the firm has broadened its focus to handle securities and structured finance litigation for both plaintiffs and defendants, though in securities litigation its work is overwhelmingly on the plaintiff side. While it is still involved in some high-value RMBS cases, it is also handling matters related to other structured finance instruments, such as a credit-linked notes matter for private equity firm Cerberus Capital Management. Key partners Philippe Selendy and Sean Baldwin, who is 'a really good smart lawyer and an honest guy', count Financial Guaranty Insurance Company, US Bank and Trilantic Capital Partners among their clients. Up-and-coming partner Andrew Dunlap is also recommended.
‘Sean Baldwin is a really good smart lawyer and an honest guy.‘
Cerberus Capital Management
Financial Guaranty Insurance Company
Christofferson Robb & Co.
Trilantic Capital Partners
Mudrick Capital Management
- Represented the US Bank in obtaining an unprecedented $850m settlement in a RMBS putback action against UBS Real Estate Securities by US Bank, NA, as Trustee, for losses suffered by three UBS-sponsored RMBS Trusts.
- Representing Cerberus Capital Management, L.P., a private equity firm with more than $40bn under management, as plaintiff in a $950m breach of contract action against the Canadian Imperial Bank of Commerce, one of Canada’s largest banks.
- Representing Ambac Financial Group, Inc. as plaintiff in an action seeking recovery of more than $2bn in damages from Countrywide Financial (and its parent, Bank of America) for misconduct that played a substantial role in causing the global financial crisis of 2008.
- Representing monoline insurer Financial Guaranty Insurance Company (FGIC) in its fraudulent and negligent misrepresentation action against the Putnam Advisory Company, LLC, seeking to recover losses stemming from the $900m credit protection policy it provided on Pyxis ABS CDO 2006-1.
- Representing US Bank as a plaintiff against Merrill Lynch for the selling of defective mortgages originated by a ResMAE into two RMBS trusts.
'An excellent team from top to bottom', says a client of Berman Tabacco (formerly Berman DeValerio) who notes that it 'provides superb responsiveness and is able to dig in hard at a moment's notice'. For almost 40 years, the firm has focused on complex litigation, primarily securities litigation for institutional clients including large US pension funds. It currently has a roster of 100 institutional clients in the US and Canada, including statewide public employee retirement systems in more than 17 states, 15 public funds with more than $50bn in assets, and six of the ten largest US public pension plans. Nicole Lavallee in San Francisco and Leslie Stern in Boston are the lead partners. Lavellee has been litigating securities fraud and derivative claims since 1994. Daniel Barenbaum in San Francisco is also recommended.
Other key lawyers:
‘An excellent team from top to bottom. It provides superb responsiveness and is able to dig in hard at a moment’s notice.‘
‘Daniel Barenbaum is top-notch with superb attention to detail when drafting papers, arguing motions and negotiating.‘
Amalgamated Bank, Longview Funds
California Public Employees’ Retirement System
California State Teachers’ Retirement System
City of Providence
Los Angeles County Employees Retirement Association
Massachusetts Laborers’ Pension Fund
Norfolk County Retirement System
Oklahoma Police Pension and Retirement System
Plymouth County Retirement Association
San Antonio Fire and Police Pension Fund
Wyoming Retirement System
- Represented an institutional investor shareholder in successful class action trial against Bruce Shear, the Chief Executive Officer and President of PHC, Inc., alleging that he used his position as PHC’s controlling shareholder to obtain benefits for himself at the expense of PHC’s other shareholders.
- Appointed sole lead counsel representing sole lead plaintiff Utah Retirement Systems in In re Aegean Marine Petroleum Network, Inc. Sec. Litig., a securities fraud class action alleging that, inter alia, Aegean’s officers and directors overstated Aegean’s income and revenue;, and overstated its assets and the strength of its balance sheet.
- Co-lead counsel representing Lead Plaintiff Plymouth County Retirement Association in In re Aqua Metals, Inc. Securities Litigation, alleging that the company misled investors about the status of its implementation of and operations of its AquaRefining technology.
- Commenced a shareholder derivative matter, captioned Central Laborers Pension Fund and Amalgamated Bank v. Burke, to compel UnitedHealth to permit the inspection of its books and records to evaluate the degree of UnitedHealth’s board of directors’ involvement in a decade-long scheme to defraud the government and taxpayers out of hundreds of millions of dollars in Medicare payments. alleged by a whistleblower.
- Commenced a books and records demand against AmerisourceBergen Corp. to ascertain whether Amerisource’s directors breached their fiduciary duties in connection with its subsidiary’s alleged illegal scheme to produce and market unapproved prefilled syringes (“PFS”) in violation of federal and state laws.
Bernstein Liebhard LLP
Bernstein Liebhard LLP in New York has been representing institutional and individual investors in securities fraud class actions for over 25 years and it currently monitors the investment portfolios of more than 30 public pension funds across the country. This monitoring process is carried out by attorneys who also handle the litigation process for any potential cases they identify. That leads the firm to be very selective in the cases it files, in which it can call upon its extensive courtroom experience. Practice head Stanley Bernstein has been a litigator for more than 40 years. In the four-partner practice, which splits its work between mass tort cases, anti-trust matters and other types of complex business litigation, Stephanie Beige is a key practitioner in securities matters. With 20 years' experience in securities fraud cases, Michael Bigin is also recommended.
Houston Municipal Employees Pension System
City of Atlanta Firefighters Pension Plan
Oklahoma Police Pension & Retirement System
City of Hialeah Employees’ Retirement System
- Represented the City of Hialeah Employees Retirement System in a derivative action entitled City of Hialeah Employees Retirement System v. Begley, et al., in the Delaware Court of Chancery, recovering $16m for DeVry shareholders in a case relating to a misleading advertising campaign.
- Serving as sole lead counsel representing the City of Atlanta Firefighters’ Pension Plan in Speaks v. Taro Pharmaceutical Industries Inc., et al., a securities fraud class action against Taro Pharmaceuticals Industries Ltd., its CEO, and its former CFO.
- Representing the co-lead plaintiff, Oklahoma Police Pension and Retirement System, in Avila v. LifeLock, Inc. et al., a securities fraud class action against Lifelock, Inc. and its senior officers.
- Acting as sole lead counsel representing the lead plaintiff, Houston Municipal Employees Pension System, in a securities class action entitled Ramanitharan v. REV Group, Inc., et al., violations of Section 10(b) of the Securities Exchange Act of 1934 arising from false and misleading statements concerning the company’s margin growth in its offering prospectus.
- Acting as sole lead counsel representing the lead plaintiff in Mariconda v. Farmland Partners, Inc., et al., a securities fraud class action against Farmland Partners, Inc. and its senior officers concerning false and misleading statements concerning the company’s business, operational and financial results.
Gibbs & Bruns LLP is a boutique litigation firm of 33 lawyers based in Houston, Texas, that exclusively handles high-stakes business and commercial litigation. The firm handles both plaintiff and defense work, but it is its work for plaintiffs in cases involving residential mortgage-backed securities that has established it as a prominent force in securities litigation. Its recovery of $8.5bn from Countrywide in an RMBS case still stands out as one of the most significant pieces of litigation to arise from the global financial crisis. The practice is led by outstanding litigator Kathy Patrick, commercial and securities litigation partner Scott Humphries and up-and-coming partner David Sheeren, who played a key role in the firm's successes in RMBS cases. PIMCO, Blackrock and Goldman Sachs Asset Management are among their key clients.
‘Kathy Patrick is very active as lead counsel and is a person who goes all-in on everything she does.‘
Pacific Investment Management Company (PIMCO)
Blackrock Financial Management
Goldman Sachs Asset Management
The TCW Group, Inc.
Trustmark National Bank
Carnegie Mellon University
Federal Home Loan Bank of Atlanta
- Reached a settlement with the Plan Administrator for Lehman Brothers Holdings Inc. and the other Debtors in the Lehman bankruptcy proceeding on behalf of 14 institutional investor clients.
- Reached a $4.5bn settlement with JPMorgan on behalf of 21 institutional investor clients.
- Represented PIMCO, BlackRock, GSAM, the Federal Home Loan Bank of Atlanta, and Kore Capital in a case in which a hedge fund affiliate of Och-Ziff Capital Management holding the Interest-Only certificates in 156 Countrywide RMBS trusts seeks to modify the manner in which interest payments are paid to those certificates, which would effectively divert cash flow away from the other investors in these deals, including the firm’s clients.
- Filed suit on behalf of Fannie Mae against nine of the world’s largest banks seeking to recover $800m in damages resulting from the alleged manipulation of the London interbank offered rate (Libor) and other financial benchmarks.
- Representing Trustmark National Bank in three lawsuits related to the collapse of the Stanford Financial Group (headed by R. Allen Stanford), including a putative class action by persons who owned certificates of deposit in Stanford International Bank, Ltd.
Lieff Cabraser Heimann & Bernstein, LLP is best known for representing public and private institutional investors across the US and globally in direct action and opt-out cases. It also acts for public and private pension funds in securities fraud 10b-5 class actions but the core of its practice focuses on less traditional complex financial fraud cases, such as the BNY Mellon ADRs litigation and the Wells Fargo shareholders derivative action based on millions of fraudulent accounts opened by the bank on behalf of uninformed customers. Richard Heimann in San Francisco and managing partner Steven Fineman in New York are chairs of the securities and financial fraud group, which is known for its highly selective approach to choosing cases.
Fire and Police Pension Association of Colorado
The City of Birmingham Retirement and Relief System
Proposed class of holders of American Depositary Receipts (ADRs)
- Serving as Court-appointed co-Lead counsel for plaintiffs Fire and Police Pension Association of Colorado and The City of Birmingham Retirement and Relief System in a consolidated shareholder derivative action alleging that since at least 2011 the Board and executive management of Wells Fargo & Company knew or consciously disregarded that Wells Fargo employees were illicitly creating millions of bogus deposit and credit card accounts for their customers, without those customers’ consent.
- Represents a proposed class of holders of American Depositary Receipts for which BNY Mellon served as the depositary bank, alleging that under the contractual agreements underlying the ADRs, BNY Mellon was responsible for “promptly” converting cash distributions received for ADRs into US dollars for the benefit of ADR holders, and was required to act without bad faith.
- Representing certain funds and accounts of institutional investors BlackRock and Senzar in these recently-filed individual actions against Valeant Pharmaceuticals International, Inc. and certain of Valeant’s senior officers and directors for violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934 arising from Defendants’ scheme to generate revenues through massive price increases for Valeant-branded drugs while concealing from investors the truth regarding the Company’s business operations, financial results, and other material facts.