Securities Fraud Litigation
Kessler Topaz’s nationally renowned shareholder litigation practice focuses on the prosecution of securities fraud claims against public companies, as well as their officers, directors, and advisors, that misrepresent material information to their investors. With a large and sophisticated client base — comprised of nearly 200 institutional investors from around the world and including 100+ public pension funds at the state, county and municipal level, Taft-Hartley funds across all trades, mutual fund managers, investment advisors, insurance companies, hedge funds and other large investors — Kessler Topaz has been entrusted to lead some of the most important actions being litigated in our field today, including those related to the subprime financial crisis. In this respect, we have litigated cases against Bank of America, Merrill Lynch, Morgan Stanley, Lehman Brothers, Countrywide, Wachovia and Citigroup and recovered $4.8 billion on these cases alone on behalf of aggrieved investors who purchased their securities during this financial crisis. Our success is not limited to the financial crisis as Kessler Topaz is currently serving as lead or co-lead counsel in cases against Duke Energy, Hewlett Packard, Johnson & Johnson, JPMorgan Chase, Pfizer, and MGM Mirage, among others.regarding litigation. The Firm endeavors to pursue only those cases with the right mix of facts, law, and potential recovery befitting defrauded shareholders.
In addition, the Firm is at the forefront of representing institutional investors in foreign jurisdictions as a growing number of potential shareholder claims are barred from being litigated in U.S. courts in light of the U.S. Supreme Court’s 2010 decision in Morrison v. National Australia Bank. The Firm is currently litigating actions in Canada, the Netherlands, France, the United Kingdom and Japan.regarding litigation. The Firm endeavors to pursue only those cases with the right mix of facts, law, and potential recovery befitting defrauded shareholders.
Although rare in the securities class action arena given the complexity and size of the cases, the Firm’s securities department is trial-tested having served as Class Counsel in In re BankAtlantic Bancorp, Inc. Sec. Litig., Case No. 07-CV-61542 (S.D. Fla. 2007), wherein on November 18, 2010, a panel of nine Miami, Florida jurors unanimously returned the first securities fraud verdict to arise out of the financial crisis against BankAtlantic Bancorp. Inc., and its CEO and CFO. This case was only the tenth securities class action to be tried to a verdict following the passage of the Private Securities Litigation Reform Act of 1995, which governs such suits. Following extensive post-trial motion practice, the District Court upheld all of the Jury’s findings of fraud, but vacated the damages award on a narrow legal issue and granted Defendant’s motion for a judgment as a matter of law. While Plaintiffs were unsuccessful in their appeal of the District Court’s decision to the U.S. Court of Appeals for the Eleventh Circuit, the result does not diminish the five years of hard work which Kessler Topaz expended to bring the matter to trial and secure jury verdict in the Plaintiffs’ favor. This case is an excellent example of the department’s dedication to its clients and the lengths it will go to try to achieve the best possible results for institutional investors in shareholder litigation.regarding litigation. The Firm endeavors to pursue only those cases with the right mix of facts, law, and potential recovery befitting defrauded shareholders.
Overall, the securities department of Kessler Topaz has recovered billions of dollars in the course of representing defrauded shareholders from around the world and takes great pride in the sterling reputation we have achieved for dedication to our clients. We devote significant time to developing relationships with our clients in a manner that enables us to understand the types of cases they are interested in pursuing as well as their expectations regarding litigation. The Firm endeavors to pursue only those cases with the right mix of facts, law, and potential recovery befitting defrauded shareholders.