LovellStewartHalebianJacobson

Located at 61 Broadway, Suite 501 New York, New York 10006 212-608-1900

FIRM NEWS

In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.)–On July 15, 2014, the Honorable William H. Pauley III preliminarily approved the Futures Plaintiffs’ partial settlement of this action with (a) the Moore Capital Defendants for $48,400,000, and (b) Defendant Joseph Welsh for a judgment of $35,000,000 in respect of the negligence claim against him collectable solely from his personal assets consisting of his rights against certain insurers. Defendant MF Global, Inc. is not part of the proposed settlement. Lovell Stewart is sole lead counsel for the Futures Plaintiffs in this action. Persons who traded in NYMEX platinum futures contracts and/or NYMEX palladium futures contracts during the time period June 1, 2006 through April 29, 2010 should save their relevant trading records because they may file claims to participate in this proposed settlement. Please check this website and the settlement website for updates regarding the proposed settlement. The settlement website is http://platinumpalladiumfutureslitigation.com. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com).

Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On June 27, Plaintiffs filed a motion seeking preliminary approval of settlements with Defendants Panalpina, Geodis, DSV, and Jetspeed for an immediate cash payment of $44 million plus additional sums to be paid from proceeds from another litigation. Lovell Stewart is co-lead counsel in this action. Class Members can find additional information on https://www.freightforwardcase.com Contact Benjamin M. Jaccarino, Esq. (Bjaccarino@lshllp.com).

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Introduction to Lovell Stewart Halebian Jacobson

Lovell Stewart Halebian Jacobson LLP (with its predecessors, “Lovell Stewart” or the “Firm”) is the premier class action law firm prosecuting claims involving commodity manipulation and price fixing, and exchange related antitrust claims.  See Seth Lubove and Elizabeth Stanton, The Power of Pimco, Bloomberg Markets, Vol. 17, No. 4, April 2008, available here. (“What [Bill] Gross is to the world of bonds, [Lovell Stewart] is to commodities-manipulation and price-fixing lawsuits.”)

Lovell Stewart has overcome the opposition of the leading defense lawyers in order

  • to produce what was at the time the largest class action price fixing settlement in the history of the Sherman Antitrust Act, In re Nasdaq Market Makers Antitrust Litigation, M.D.L. No. 123 (U.S.D.C. S.D.N.Y.),
  • to conduct the first (and, we understand, only) successful trial by a Plaintiffs’ law firm in the United States District Court for the Southern District of New York of claims for price-fixing in violation of the antitrust laws.  
  • to produce, as Court-appointed sole lead counsel, the first and second largest, and as Court-appointed co-lead counsel, the third and fourth largest class action settlements of commodity manipulation claims in the history of the Commodity Exchange Act. 

Building on its prior successes in cases involving copper, agricultural commodities, and exchange related claims, the Firm has been prosecuting as lead or co-lead counsel during the last three years claims alleging the fixing or manipulation of prices of platinum, palladium, steel, silver, West Texas intermediate crude oil, natural gas, milk, cheese, cotton, rice, potash, chocolate, eggs, LIBOR, and other items.

During the last three years, noteworthy settlements of cases in which the Firm has been involved include:

  • Price fixing thin film transistor liquid crystal display panels ($1.1 billion approved settlement);
  • Manipulating exchange-based initial public offering security prices (approved final settlement $570 million settlement);
  • Fixing the prices of freight forwarding shipments (approved partial settlements so far of $134 million);
  • Manipulating treasury note futures contract prices ($118,750,000 settlement);
  • Misrepresenting facts and manipulating investment results (proposed partial settlements of $85.25 million);
  • Manipulating natural gas futures contract prices ($77.1 million);
  • Manipulating exchange-based platinum and palladium futures contract prices (proposed partial settlement of $48,400,000 plus a $35 million judgment and assignment);
  • Fixing the prices of exchange-based milk futures contracts and physical cheese and milk (proposed partial settlement for $46 million).

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