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 for prosecuting claims involving commodity price manipulation and price fixing.
Lovell Stewart has overcome the opposition of the leading defense lawyers during four different decades of litigation including, for example, producing, 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 claims for commodity manipulation in the history of the Commodity Exchange Act.
The Firm also has enjoyed unmatched success in prosecuting exchange-based antitrust claims, securities manipulation scheme, and investment company violations. Lovell Stewart obtained what were at the time the largest class action settlements for price fixing in violation of the Sherman Antitrust Act, and for fraud or violation of fundamental investment principles in the history of the Investment Company Act of 1940.
During the last two years, some of the noteworthy cases which the Firm has been prosecuting have provided settlements on claims for:
- Price fixing light crystal display panels ($1.1 billion settlement);
- Manipulating initial public offering security prices ($570 million settlement);
- Manipulating treasury note futures contract prices ($118,750,000 settlement);
- Fixing the prices of freight forwarding shipments (approved partial settlements so far of $112 million);
- Misrepresenting facts and breaching fiduciary duties in the sale of investment fund securities (partial proposed settlements of $85.25 million);
- Manipulating platinum futures contract prices (proposed partial settlements of $48,400,000 plus a $35 million judgment and assignment);
- Fixing the prices of milk futures and spot cheese contracts (partial proposed settlement for $46 million).
More important than obtaining the largest settlement in the history of the Commodity Exchange Act, the Firm is especially proud of its unparalleled record of achieving settlements on difficult class action claims that provided a payout to claiming class members of 100 cents on each dollar of their loss. Many of the Firm’s successes have occurred in areas in which the law previously did not permit a claim and the Firm had to argue, in the U.S. Supreme Court or Courts of Appeal, to uphold the claim.
Recent Firm News
In re Dairy Farms of America, Inc. Cheese Antitrust Litig., 09-cv-03690, (N.D. Ill.)–On November 15, 2013, Judge Robert M. Dow, Jr. appointed Lovell Stewart as sole lead counsel for the Direct Purchaser Plaintiffs in this action alleging manipulation and price fixing of Class III milk futures contracts, and milk and cheese prices. Judge Dow stated in his order that “Lovell Stewart’s documented experience in these types of cases, as well as its demonstrated capacity and leading role in this litigation over the past four years, puts it in the best position to continue to fairly and adequately represent the interests of Direct Purchaser Plaintiffs as lead counsel.” Contact Amanda N. Miller.
Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On September 20, 2013, Magistrate Judge Victor V. Pohorelsky recommended denial of the motions to dismiss filed by twenty-four defendants. Contact Ben Jaccarino.
In re: Cathode Ray Tube (CRT) Antitrust Litigation, 07-cv-5944 (N.D. Cal.) –On September 19, 2013, the Honorable Samuel Conti in the Northern District of California granted the Indirect Purchaser Plaintiffs’ motion for class certification pursuant to Federal Rules of Civil Procedure Rule 23. Contact Craig Essenmacher.
Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On August 27, 2013, the Honorable John Gleeson approved ten settlements with a guaranteed value of $112,000,000 plus additional significant other proceeds. See https://www.freightforwardcase.com/en. Lovell Stewart is co-lead counsel. Contact Ben Jaccarino.
In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.) –On August 21, 2013, the Futures Plaintiffs informed the Court that they reached a settlement with the Moore Defendants for $48,400,000 and with 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. 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. Please check this website for further updates. Contact Ian Stoll.
Superior Extrusion, Inc., v. Goldman Sachs Group, Inc., et al, 13-cv-13315 (E.D. Mich) –On August 1, 2013, the Firm filed a class action on behalf of purchasers of aluminum against Goldman Sachs, Metro International Trade Services, the London Metal Exchange, and others for alleged violations of the federal antitrust laws for allegedly inflating aluminum prices. The firm filed two companion cases, Custom Aluminum Products, Inc., v. Goldman Sachs Group, Inc., et al, 13-cv-13418 (E.D. Mich) and International Extrusions, Inc., v. Goldman Sachs Group, Inc., et al, 13-cv-13555 (E.D. Mich.) on August 8 and August 16. Contact Ben Jaccarino.