Lovell Stewart Halebian Jacobson LLP, and its predecessors (collectively the “Firm”) have recovered billions of dollars for investors in class actions since 1980 under the Commodity Exchange Act, the antitrust laws, or the securities laws.
The Firm has been appointed as sole lead counsel or co-lead counsel in actions in which it obtained reportedly the largest class action recovery under three separate federal statutes:
a $1.027 billion recovery in 1998 on price-fixing claim under the Sherman Antitrust Act, 15 U.S.C. Section 1, et seq. In re NASDAQ Market-Makers Antitrust Litigation, 187 F.R.D. 465, 471 (S.D.N.Y. 1998) ("this all-cash settlement, achieved through `four years of hard-fought litigation,' apparently is [at that time] the largest recovery (class action or otherwise) in the hundred year history of the state and federal antitrust laws.");
a $145.35 million recovery on price manipulation claims under the Commodity Exchange Act, 7 U.S.C. Section 1 et seq. E.g., In re Sumitomo Copper Litigation, 74 F. Supp. 2d 393, 395 (S.D.N.Y. 1999) ("The recovery is the largest class action recovery in the 75 plus year history of the Commodity Exchange Act"); and
a $76.5 million recovery in 1997 on impermissible investment and related claims under the Investment Company Act, 15 U.S.C. Section 80a-1 et seq. Blatt v. Merrill Lynch Fenner & Smith Incorporated, et al., 94 Civ. 2348 (JAG) (D.N.J.). ("by far the largest settlement" of class action claims under the Investment Company Act, Securities Class Action Alert letter dated August 17, 2000.)
In each of the foregoing cases, claiming class members received 100% of their losses or actual damages.
In various other class actions prosecuted by the Firm as Chairman of Co-Lead Counsel or as lead counsel, claiming class members also received 100% of their losses or actual damages. E.g., In re BP Propane Indirect Purchaser Antitrust Litigation, 06-CV-3541 (JBZ) (N.D. Ill.) (claims alleging manipulation in violation of State laws); In re Soybeans Futures Litigation, 89 Civ. 7009 (CRN) (N.D. Ill.) (claim alleging manipulation in violation of the Commodity Exchange Act).
Judge Milton Pollack praised the Firm’s efforts in achieving the largest class action recovery in the 75 plus year history of the Commodity Exchange Act:
The unprecedented effort of Counsel exhibited in this case led to their successful settlement efforts and its vast results. Settlement posed a saga in and of itself and required enormous time, skill and persistence. Much of that phase of the case came within the direct knowledge and appreciation of the Court itself. Suffice it to say, the Plaintiffs' counsel did not have an easy path and their services in this regard are best measured in the enormous recoveries that were achieved under trying circumstances in the face of natural, virtually overwhelming, resistance. The negotiation of each settlement that was made was at arm’s length and exhibited skill and perseverance on the part of lead counsel and an evident attempt to gain for the Class the optimum settlement figures that could be reached.
In re Sumitomo Copper Litigation, 74 F. Supp. 2d 393, 396 (S.D.N.Y. 1999).
The Firm successfully obtained a jury verdict on what was reportedly the first commodity futures manipulation claim to be tried under the amended Commodity Exchange Act. Strobl v. New York Mercantile Exchange, 582 F. Supp. 770 (S.D.N.Y. 1984), aff'd, 768 F.2d 22 (2d cir. 1985). The Honorable Lloyd F. MacMahon stated to the Firm’s senior partner, Mr. Lovell, and Defendants’ counsel: “You both tried a very difficult case very well.” Trial Transcript, November 17, 1983, at 1253:4-5, Leist, et al. v. Simplot, et al., 76 Civ. 4350 (S.D.N.Y.) (LFM), and Strobl, et al., v. New York Mercantile Exchange, et al., 79 Civ. 1834 (S.D.N.Y.) (LFM).
Recent Firm News
Allen, et al. v. Term Commodities B.V., et al., 12-cv-5126 (S.D.N.Y.) –On August 13, 2012, the Firm was appointed as sole lead counsel in a class action complaint alleging manipulation of cotton futures contracts trading on the Intercontinental Exchange (“ICE”). Contact Ben Jaccarino.
In re Libor Based Financial Instruments Antitrust Litigation No. 1:11-MD-2262 (NRB) –On March 29, 2013, the Court denied in part and granted in part the Defendants motions to dismiss the claims of the Exchange Based Plaintiffs. The motions to dismiss claims of other plaintiffs were granted. Contact Fred Isquith.
In re Dairy Farmers of America, Inc. Cheese Antitrust Litig., 09-cv-03690, (N.D. Ill.) –On January 18, 2013, the Court denied the motion of Schreiber Foods, Inc. (“Schreiber”) to dismiss the claims against it. On March 21, 2013, the Direct Purchaser Plaintiffs filed their motion for preliminary approval of a settlement for $46,000,000 to the class claims against the defendants other than Schreiber. The Firm is Co-Lead Counsel for the Plaintiffs in this action alleging manipulation and price fixing of Class III milk futures contracts, and milk and cheese prices. Contact Amanda N. Miller.
In re Crude Oil Commodity Futures Litig., 11-cv-03600 (S.D.N.Y.) –On December 21, 2012, the Honorable William H. Pauley III denied the Defendants’ motions to dismiss the class action. Contact Ian T. Stoll.
Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.) –Plaintiffs have sent out notices of a final approval settlement hearing on August 9, 2013 with respect to ten separate settlements, for an aggregate of at least $105,611,864 in partial settlement of the class action. See https://www.freightforwardcase.com/en. For matters other than the class action settlement, contact Benjamin M. Jaccarino.
Goldberg v. NASDAQ OMX Group, Inc. et al., 12-cv-4054 (S.D.N.Y.) –On December 6, 2012, the law firms of Lovell Stewart Halebian Jacobson LLP and Finkelstein Thompson LLP were appointed as co-lead counsel in this class action alleging that Defendants failed in their duty to exercise reasonable care to execute and report on the status of trade orders for the Facebook initial public offering promptly, accurately and efficiently, and failed to maintain an orderly trading market. Any inquiries should be addressed to Victor Stewart at this firm or Douglas Thompson at Finkelstein Thompson.
In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.)–On January 9, 2013 Plaintiffs filed a Fourth Amended Class Action Complaint in this action alleging manipulation of platinum and palladium futures contract prices. Contact Ian Stoll.
In re: Potash Antitrust Litigation, 08-cv-6910–On January 30, 2013 the Court preliminarily approved settlements in the aggregate of $17,500,000 on behalf of indirect purchasers of potash. Lovell Stewart Halebian Jacobson LLP and Miller Law LLC are the court appointed co-lead counsel in this action. See http://www.potashindirectsettlement.com
In Re: Rough Rice Commodity Litigation, 11-cv-0618 –On January 16, 2013, the Court denied in substantial part the motions to dismiss. Lovell Stewart Halebian Jacobson LLP and Lowey Dannenberg Cohen & Hart P.C. are the court appointed co-lead counsel.
Anwar, et al. v. Fairfield Greenwich Limited, et al., 09-cv-0118–On March 22, 2013 the Honorable Victor Marrero approved partial settlement as to one defendant in the aggregate amount of $80,250,000. Contact Victor Stewart.