Gregory M. Castaldo



Gregory M. Castaldo is a master litigation strategist with nearly 20 years experience in complex securities fraud cases. Institutional investors trust Greg’s judgment in developing and executing successful litigation plans, from initial claim identification and investigation, all the way through resolution. As a result, he handles many of the firm’s most significant cases in both state and federal courts.

Greg has represented several of the world’s largest pension funds in cases against Bank of America related to its acquisition of Merrill Lynch, Lehman Brothers, Tenet Healthcare, and Duke Energy. In 2014, he won a rare plaintiff’s victory in a full jury trial against China’s Longtop Financial Technologies in the Southern District of New York. 

Ongoing Cases
  • We represent Dutch National Pension fund PGGM Vermogensbeheer B.V., in an action against Hewlett-Packard Company (HP) alleging that HP and its officers and directors made false and misleading statements relating to the $11 billion acquisition and value of Autonomy Corporation plc. PGGM alleged, on behalf of the putative class, that the defendants knew or should have known that Autonomy was worth considerably less than the purchase price, and that HP shareholders were harmed by the fraud.  After several years of hard-fought litigation and settlement negotiations, HP agreed to settle the matter for $100 million in cash. The settlement was presented to the Court for preliminary approval on July 17, 2015 and final approval on November 13, 2015. The Court granted both motions and, on each occasion, complimented the terms of the settlement and PGGM's and KTMC's efforts, calling the settlement "an excellent resolution of this case" and "a very good result for their class."

Representative Outcomes
  • Represented the Alameda County Employees’ Retirement Association, former shareholders of Lehman Brothers Holdings, Inc., (Lehman) in a case alleging that Lehman made false and misleading statements prior to its unprecedented bankruptcy filing in 2008. 

    The statements, which concerned Lehman’s net leverage, risk management and concentration of risks, were made ’in registration statements and prospectuses used to market numerous offerings leading up to the bankruptcy filing. Despite Lehman’s bankruptcy, we were able to negotiate a $616 million settlement funded by Lehman’s underwriters, auditor and officers and directors. 

  • As co-lead counsel representing the State of New Jersey – Division of Investment, negotiated a groundbreaking multipart settlement in litigation arising from Tenet Healthcare’s (Tenet) manipulation of the Medicare Outlier reimbursement system and related misrepresentations and omissions.

    The initial partial settlement included $215 million from Tenet, personal contributions totaling $1.5 million from two individual defendants—an unusual result in class action litigation—and numerous changes to the company’s corporate governance practices. A second partial settlement of $65 million from Tenet’s outside auditor, KPMG, addressed claims that it had provided false and misleading certifications of Tenet’s financial statements.  As a result of the settlement, various institutional rating entities now rank Tenet’s corporate governance policies among the strongest in the United States.