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
In re Amaranth Natural Gas Commodities Litigation, 07 Civ. 6377 (S.D.N.Y.) –On December 15, 2011, the Honorable Shira A. Scheindlin preliminarily approved Plaintiffs’ settlement with the Amaranth Defendants for $77,100,000. A fairness hearing has been scheduled for April 9, 2012 at 4:30 p.m. Contact Gary S. Jacobson or Benjamin Jaccarino.
Sullivan, et al., v. v. Debeers, et al., 08-2785 (3d. Cir.)–On December 20, 2011 the U.S. Court of Appeals for the Third Circuit, sitting en banc, issued an opinion upholding the $295,000,000 settlement. Contact Gary S. Jacobson or Ian Stoll.
Kohen, et al. v. Pacific Investment Management Company, et al., 05-cv-4681, (N.D. Ill.)– On May 2, 2011, the Honorable Ronald A. Guzman granted final approval to the $118,750,000 settlement. The settlement became effective on July 1, 2011. On December 14, 2011, the Court adjourned for sixty days, until February 13, 2012, the time for Plaintiffs to submit their proposed distribution of the Net Settlement Fund to members of the Class. Contact Christopher McGrath.
In re Potash Antitrust Litigation, MDL Docket No. 1996 (N.D. Ill)– On December 1, 2011, the U.S. Court of Appeals for the Seventh Circuit granted Plaintiffs’ Petition for rehearing en banc and vacated the previous opinion and judgment dismissing the case that was entered on September 23, 2011. Oral argument is scheduled for February 8, 2012. Contact Craig Essenmacher.
In re LIBOR-Based Financial Instruments Antitrust Litigation, 11-MD-2262 (S.D.N.Y.)– On November 29, 2011, the Honorable Naomi R. Buchwald appointed Lovell Stewart Halebian Jacobson LLP as co-lead interim class counsel for the exchange-based plaintiff class. Contact Ian Stoll.
In re TFT-LCD (Flat Panel) Antitrust Litigation, 07-md-01827 (N.D. Cal)–On December 27, 2011, it was announced that certain Defendants agreed to settle antitrust claims for indirect purchasers of LCD products for $586 million. Contact Craig Essenmacher.
Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On September 23, 2011, the Honorable John Gleeson preliminarily approved Plaintiffs’ settlements with Defendants Deutsche Bahn AG, Schenker AG, Schenker, Inc., Bax Global, Inc., DB Schenker, Vantec Corporation, Vantec World Transport (USA), Inc., EGL, Inc., and EGL Eagle Global Logistics, LP. Plaintiffs are proposing a program of notice of the settlements. Contact Benjamin Jaccarino.
In re Commodity Exchange, Inc. Silver Futures and Options Trading Litigation, MDL No. 2213 (S.D.N.Y.) – On September 12, 2011, Plaintiffs filed a consolidated amended complaint. On December 13, 2011, Defendant JP Morgan moved to dismiss Plaintiffs’ complaint. Contact Gary S. Jacobson or Ian Stoll.
Grund, et al. v. Delaware Charter Guarantee & Trust Co., et al., 09-cv-8025 (S.D.N.Y.)–On May 26, 2011, the Honorable Robert Sweet denied Defendants’ motion to dismiss Plaintiffs’ state law claims. Contact Victor E. Stewart or Fred Isquith.
