Recovering assets for investors
The federal securities laws require publicly traded corporations and their officers and directors to communicate with the investing public in a truthful and timely manner. When this does not happen, investors of all types – ranging from small, individual investors to multi-billion dollar institutional investors – suffer harm by overpaying for these securities. While in some cases the losses incurred by any single investor may be relatively small, the losses suffered by all investors can be as large as hundreds of millions or billions of dollars.
Cohen Milstein has developed extensive expertise from its experience as counsel for investors in some of the most significant securities fraud cases over the past 30 years, and has recovered over one billion dollars in assets for investors during that time. The Firm recovered assets for investors who were harmed as a result of the scandals in the 1980s involving Ivan Boesky, Michael Milken and, Drexel Burnham Lambert, as well as resulting from the savings and loan scandals involving Charles Keating of Lincoln/ACC and David Paul of Centrust. In the 1990s we fought for investors who were victimized by securities frauds perpetrated both by public corporations and their outside advisors, including auditors and investment bankers. In more recent cases such as In re Lucent Technologies Securities and ERISA Litigation, we represented one of the lead plaintiffs and recovered over $600 million for the class in cash and securities. We were also co-lead counsel in In re Parmalat Securities Litigation, Europe's version of the Enron scandal, where billions of dollars turned up missing and numerous corporate executives have been indicted and are imprisoned. Currently, we serve as co-lead counsel in securities class-action cases against BP PLC over its oil-drilling safety that stem from BP’s disastrous Deepwater Horizon explosion and oil spill in the Gulf of Mexico in April 2010.
The Firm’s securities litigation practice group is staffed by partners, each of whom has vast expertise in prosecuting securities fraud class actions, along with an outstanding team of associates, paralegals and other support staff. In 2011, Cohen Milstein added a Fiduciary and Ethics Consulting practice that counsels pension funds on fiduciary, ethics, governance and compliance issues. This practice is headed by Suzanne Dugan, formerly the Special Counsel for Ethics to the New York State Comptroller. Luke Bierman, formerly the General Counsel to the New York State Comptroller, also serves as Of Counsel to the firm’s Fiduciary and Ethics Consulting practice. Cohen Milstein’s securities practice has earned the respect and praise of lawyers and courts throughout the country. By way of example, in In re BearingPoint Securities Litigation, United States District Court Judge T.S. Ellis, III, praised the Firm noting: “...[P]eople who run corporations are generally deterred by the fact that there are the ....Cohen Milsteins out there ” and the “good work” that Cohen Milstein does. The Firm’s partners also frequently address investor groups with respect to developments in the federal securities laws and corporate governance issues. Cohen Milstein's securities practice group also publishes the Shareholder Advocate newsletter, an archive of past issues can be found here.
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