recovery in mortgage-backed securities action
Cohen Milstein’s Securities Litigation & Investor Protection practice is dedicated to recovering assets for investors. Throughout our years of practice, we have developed innovative strategies to hold defendants accountable for misrepresenting important information to investors and in obtaining favorable rulings for our clients, which include many of the largest public and Taft-Hartley pension funds. We have a track record of maximizing recoveries for clients and of being prepared to go the distance, including taking cases to trial. Beyond litigation, we provide extensive portfolio monitoring and case evaluation services to some 150 institutional investor clients and work closely with them to customize our services to their needs.
For more than 45 years, our practice has prevailed against corporate defendants, returning billions of dollars to defrauded shareholders. We have been involved as Lead or Co-lead Counsel in litigating eight mortgage-backed securities (MBS) class action cases, and have battled such financial giants as Bank of America, JPMorgan and the Royal Bank of Scotland. Our results speak for themselves: In a three-year period alone, we recovered nearly $2 billion for MBS investors, including landmark settlements of $500 million in the Countrywide and Bear Stearns MBS class actions; in both of those actions, our clients, the Iowa Public Employees Retirement System and Oregon Public Employees Retirement System represented the interests of the class. We have proven our ability to achieve results even when the target company has resorted to bankruptcy, as in Rubin v. MF Global, Ltd. Our attorneys are known for being powerful advocates with trial experience: Managing Partner and Co-Chair of the Securities Group, Steven Toll litigated In re Globalstar Securities Litigation, a securities fraud class action that went to trial. We also bring deep expertise in helping our clients determine their best approach in pursuing foreign securities cases. In the Converium litigation, we were able to use the Dutch courts to create a settlement fund under the Dutch Act on the Collective Settlement of Mass Claims.
These and other courtroom victories have earned us accolades, including Law 360’s Practice Group of the Year, for both Securities and Class Actions, and the Most Feared Plaintiffs Law Firm honors for 2015. Our exceptional work on behalf of investors also has won thanks from our pension fund clients, respect from opposing counsel and praise from judges. In naming Cohen Milstein to its 2016 Plaintiffs’ Hot List, the National Law Journal highlighted our success in the RALI MBS Securities Litigation, quoting Judge Katherine Failla of the U.S. District Court for the Southern District of New York, who said: “Plaintiffs’ counsel took on an enormous amount of risk and stuck with it for nearly seven years.” In 2015, U.S. District Court Judge Laura Taylor Swain granted final approval to the $500 million recovery in In re Bear Stearns Mortgage Pass-Through Certificates Litigation, and stated: "I want to thank and congratulate counsel and their respective clients...[T]his hard fought settlement which is very beneficial to the members of the classes, [is] impressive."
Facing big banks and other deep-pocketed opponents has inspired our attorneys to develop groundbreaking legal theories, pioneer efficient and effective case-management techniques and display a steady resolve to take cases to trial if necessary.
- Our partners have regularly been named to such prestigious lists as Law360’s MVPs/Leading Attorneys, LawDragon 500 and Benchmark Plaintiff’s Litigation Stars.
- Our attorneys have prevailed in major securities cases in the 2nd, 5th, 9th and 11th Circuit Courts of Appeals.
- Our partners are thought leaders in the area of securities litigation and corporate governance issues, and frequently are invited to address institutional investors and others on these topics.
- Members of the practice hold leadership positions in legal organizations and publications, and teach and lecture at law schools.
- Our practice attracts talented attorneys from the federal and state governments, and major law firms across the country.
Currently, we represent investors in the following high-profile matters:
- BP plc. Securities Litigation: We are co-lead counsel in the long-running, procedurally complex case arising from the devastating Deepwater Horizon oil spill in the Gulf of Mexico. The U.S. Court of Appeals for the Fifth Circuit affirmed the class certification ruling of investors who purchased BP’s American Depositary Shares on April 26, 2010, through and including May 28, 2010, and who were injured by BP’s misrepresentations about the amount of oil flowing into the Gulf of Mexico which grossly understated the severity of the spill.
- Harman International Industries, Inc. Securities Litigation: We are lead counsel in a litigation accusing Harman International of propping up its its stock price leading up to a planned acquisition by a private equity firm; the U.S. Supreme Court recently denied Harman’s petition to appeal the D.C. Circuit Court’s decision finding that Harman’s statements about sales projections for its personal navigation devices were simply boilerplate language and thus were not covered by the safe harbor protections of the Private Securities Litigation Reform Act of 1995.
- In re Braskem S.A. Securities Litigation: We are lead counsel in a securities fraud class action alleging that Braskem, a large Brazilian petrochemical company, misled investors by failing to disclose the payment of bribes in exchange for lower cost raw materials from Petrobras, as part of a massive Brazilian corruption scandal.
- Kingate Global and Kingate Euro Funds Litigation: We are co-lead counsel in a lawsuit that alleges Kingate Global and Kingate Euro, feeder funds in the Bernard Madoff Ponzi scheme, and several related entities failed in their obligations to protect investors in the funds.