The Firm has extensive experience since 1980 in recovering monies for persons who have suffered losses on securities investments due to violations of the federal securities or other laws. The Firm has recovered in excess of $1,000,000,000 in such cases.
Investment Funds. The Firm has repeatedly represented victims of alleged securities laws violations by investment funds. For example, the Firm obtained what was, at the time, “by far the largest settlement” of class action claims under the Investment Company Act. See Securities Class Action Alert letter dated August 17, 2000 regarding the case of Blatt v. Merrill Lynch Fenner & Smith Inc., 94 Civ. 2348 (JAG) (D.N.J.) (“Blatt”). Blatt provided the claiming class members, after the deduction of all attorneys’ fees and costs, with a positive return on their investment, and a total settlement fund of $76.5 million.
The Firm is one of three Court-appointed co-lead counsel in the ongoing investment fund case of Anwar, et al. v. Fairfield Greenwich Limited, et al., 09-cv-0118. This has resulted, so far, in partial settlements in the aggregate amount of $90,250,000. Discovery on the prosecution of the claims against the remaining defendants has been completed and the case is being prepared for trial.
Other investment fund cases handled by the Firm include Krome v. Merrill Lynch, 85 Civ. 765 (DNE), in which claiming class members in this settlement all received sufficient monies to obtain a break-even on their investments, and In re TCW/DW North American Government Income Trust Securities Litigation, 941 F.Supp. 326 (S.D.N.Y. 1996) (95 Civ. 0167)(PKL) ($30 million settlement).
Manipulation. The Firm has tried or prosecuted many securities manipulation cases, including successfully trying and obtaining a jury verdict for manipulation in Black v. Finantra Capital, Inc., et al., 01 Civ. 6819 (S.D.N.Y.) (JSR). Although the District Court vacated the verdict, the Second Circuit Court of Appeals reinstated the verdict in Black v. Finantra, 418 F. 3d 203 (2d Cir. 2005), leading to a full recovery.
In In re Initial Public Offering Securities Litigation, 21 MC 92 (S.D.N.Y.) (SAS), the Firm served as a co-lead counsel in 308 consolidated class actions alleging fraud and manipulation under the federal securities laws. This case produced a recovery of $575,000,000.
The Firm has represented injured investors in numerous other successful securities law class actions, including In re Global Crossing Securities and ERISA Litigation, 225 F.R.D. 436 (S.D.N.Y. 2004), (four settlements totaling $320 million were approved; In re Warnaco, 01-CIV-3346 (S.D.N.Y.); Brecher, et al. v. Citigroup Inc., et al., 09 Civ. 7359 (S.D.N.Y.); and Grund v. Principal Financial Group, Inc., 09-cv-8025 (RWS).