Lovell Stewart Halebian LLP, its Seattle affiliate (Lovell Mitchell & Barth) and their predecessors (collectively the “Firm”) have extensive experience in class actions brought under the antitrust laws, the securities laws, and the Commodity Exchange Act. The Firm has recovered billions of dollars for investors in numerous class actions since 1980.
The Firm has been appointed as sole lead counsel or co-lead counsel in numerous significant class actions, including 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.)
Recent Firm News
Kohen et al. v. Pacific Investment Management Company, LLC - On December 10, 2007, the Seventh Circuit Court of Appeals granted Defendants’ petition for 23(f) review of the District Court’s order granting class certification. The merits briefing schedule has not been set. See order granting petition.
In re Avista Corp. Securities Litigation, No. 02-CV-00328 (FVS) (E.D. Wa. Aug. 3, 2004) - On September 17, 2007, the federal district court in Spokane preliminarily approved a $ 9.5 million settlement of a securities law class action brought by LSH and co-lead counsel against Avista Corporation and several officers and directors of Avista. The Complaint alleged that during the class period of November 23, 1999 through August 13, 2002, the defendants schemed to inflate the value of Avista’s common stock by making various misrepresentations and omissions about the adequacy of Avista’s risk management policies and procedures. Defendants had denied all wrongdoing. A Settlement Fairness hearing is scheduled for December 19, 2007 and a notice of pendency of the action and of the settlementis being provided to class members. See the Court’s recent order attached.
In re Amaranth Natural Gas Commodities Litigation, Master File No. 07-CV-6377 (SAS)(SDNY) -
Lovell Stewart Halebian LLP announces that it has filed a class action lawsuit in the Southern District of New York on behalf of all persons who purchased, sold and/or held New York Mercantile Exchange (NYMEX) natural gas futures and/or options on futures contracts between February 16, 2006 and October 5, 2006 (“Class Period”). The complaint alleges that during the Class Period defendants manipulated the prices of NYMEX natural gas futures contracts in violation of the Commodity Exchange Act [7 U.S.C. §§ 9, et seq.] and the common law. On September 19, 2007, the Court designated Lovell Stewart Halebian LLP as Co-Lead Counsel to act on behalf of all plaintiffs in the consolidated cases. For further information, contact Ian T. Stoll at (212) 608-1900.
Second Circuit Reinstates Investors’ Misrepresentation Claims Against The New York Stock Exchange And Remands - On September 18, 2007, the U.S. Court of Appeals for the Second Circuit upheld the decision dated December 12, 2007 of the Honorable Robert W. Sweet dismissing investors’ claims against the New York Stock Exchange (the “Exchange”) to the extent the claims alleged a failure to regulate the market or satisfy legal duties. However, the Court of Appeals vacated the dismissal of investor claims that the Exchange misrepresented facts. See decision.
Hyland v. HomeServices of America, Inc. et.al –
On August 17, 2007, the Federal District Court for the Western District of Kentucky upheld plaintiffs’ Section 1 Sherman Act class action complaint concerning an alleged conspiracy to fix real estate brokerage commissions in Kentucky. The Court denied the defendants’ motions for reconsideration of their earlier motions to dismiss and held that plaintiffs’ complaint adequately met the plausibility standard under the U.S. Supreme Court’s recent decision in Bell Atlantic v. Twombly, 127 S.Ct. 1955 (2007). See order denying motion
Fiala v. Metropolitan Life Ins. Co., et al. –
On August 28, 2007, in Fiala v. Metropolitan Life Ins. Co., et al., a class action brought by LSH and other firms involving the conversion of MetLife to a stock insurance company, the New York Supreme Court (Hon. Justice Herman Cahn) issued an important decision and order concerning the form of class notice to be provided to eligible MetLife policyholders/class members about the existence of the class action and class members’ ability to opt out. The Court required notice both by publication and by individual mailings to 500,000 of the approximately ten million class members, with defendants bearing half of the cost of the 500,000 mailing. The decision was highlighted in an article in The New York Law Journal on August 30. See NY Law Journal article.
Kohen et al. v. Pacific Investment Management Company, LLC – On July 31, 2007, the U.S. District Court for the Northern District of Illinois denied Defendant’s Motion to Dismiss and granted Plaintiffs’ Motion for Class Certification. For more information see Current Cases
Air Cargo Shipping Services Antitrust Litigation – On July 18, 2007 Defendants filed a Motion to Dismiss the complaint on various grounds including failure to state a claim and federal preemption of state laws. Approximately two weeks after this motion, British Airways and Korean Air Lines Co. agreed to plead guilty to U.S. Department of Justice allegations of price fixing in the air passenger and air cargo markets and pay fines of $300 million each for their respective roles in the conspiracy.
In Re Rambus Antitrust Litigation – On July 27, 2007 the Court held a hearing on Rambus Motion to Dismiss on various grounds in San Jose, CA. The Court tentatively ruled for Plaintiffs on the dismissal grounds of Noerr-Pennington doctrine, federal preemption and Cal. Civ. Code §47(b). The parties are awaiting the final ruling on the motion.
AIR CARGO SHIPPING SERVICES ANTITRUST LITIGATION – On July 13, 2007, Defendants Deutsche Lufthansa AG, Lufthansa Cargo AG, and Swiss International Air Lines Ltd. and Plaintiffs filed a motion for preliminary approval of the $85 million settlement reached between the parties. Defendants are three of the 39 defendants in this action. This firm has been appointed co-lead counsel for U.S. Indirect Purchasers in this action.
In Re Rediff.com India Ltd. Securities Litigation - On July 12, 2007 Judge Shira Scheindlin granted final approval to the settlement and the plan of allocation. Class members have until September 7, 2007 to submit their proof of claims to the settlement administrator. See the Case Administrator website See also case description In Re Rediff.com India Ltd. Securities Litigation
UNITED STATES SUPREME COURT REASONS THAT IPO INVESTORS HAVE EFFICACIOUS REMEDIES UNDER THE SECURITIES LAWS—On June 18, 2007, the United States Supreme Court announced its decision in the In re IPO Antitrust Litigation, reversing the decision of the Court of Appeals for the Second Circuit insofar as it had allowed investors’ claims to go forward. The Supreme Court reasoned that, because efficacious remedies are available to investors under the securities laws, the benefits of recognizing an antitrust claim are insufficient. See Current Cases
In re Natural Gas Commodities Litigation- On June 15, 2007 the Honorable Victor Marrero entered an order finally approving settlements with the eight remaining defendants in this action. Click here to view transcript The total amount of settlements is $100,850,000.00. For more information see www.naturalgascase.com.
In re Avista Corp. Securities Litigation- $9,500,000 settlement announced and submitted for preliminary approval. On June 6, 2007 plaintiffs moved for preliminary approval of a settlement resulting all claims against the defendants in consideration of $9,500,000 to the class members as specified in the settlement agreement. For more information contact KSmith@lshllp.com
Dynamic Random Access Memory Antitrust Litigation- Plaintiffs have entered settlement agreements with all defendants for an aggregate amount of $325,997,000 and are sending final notice to the Class of the settlements. See www.dramantitrustsettlement.com
