Douglas J. McNamara named to five-person MDL team addressing largest data breach in 2023
WASHINGTON, DC – The Honorable Allison D. Burroughs of the United States District Court for the District of Massachusetts appointed Douglas J. McNamara as one of five co-leads to oversee In Re: MOVEit Customer Data Security Breach Litigation. The multidistrict litigation (MDL) involves dozens of class actions from around the country regarding a massive data breach which impacted more than 2,500 organizations and more than 67 million individuals worldwide.
The data breach, which was discovered in May 2023, was linked to Progress Software Corp.’s file-sharing software, MOVEit Transfer, which is used by thousands of organizations around the world to move large amounts of often-sensitive data over the internet. Allegedly starting as early as 2021, a ransomware group known as Clop (aka C10p) hacked the MOVEit servers, stealing customers’ sensitive data stored within. Affected entities include hospitals, banks, businesses, governments, pension funds, universities, among others.
Plaintiffs in the MDL accuse Progress of failing to reasonably secure consumers’ personal information.
“I’m incredibly honored by Judge Burrough’s appointment. She chose among many strong contenders and selected some fantastic litigators to represent the impacted consumers and plaintiffs,” said Doug McNamara, head of Cohen Milstein’s Data Breach & Cybersecurity Litigation team.
McNamara, widely recognized for his class action expertise in data breach and false advertising litigation, will oversee offensive discovery strategy in the MOVEit MDL.
McNamara currently serves as co-lead interim class counsel in In re MGM Resorts International Data Breach Litigation. He is also on the steering committee and leadership teams ofIn re Blackbaud, Inc., Customer Data Breach Litigation and In re Marriott International Inc. Customer Data Security Breach Litigation.
The five-member court-appointed leadership team also includes the law firms of Levin Sedran & Berman LLP; Lockridge Grindal Nauen PLLP; Lynch Carpenter, LLP; Berger Montague; and liaison counsel from Hagens Berman Sobol Shapiro LLP.
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About Cohen Milstein Sellers & Toll PLLC
Cohen Milstein Sellers & Toll PLLC, a premier U.S. plaintiffs’ law firm, with over 100 attorneys across eight offices, champions the causes of real people – workers, consumers, small business owners, investors, and whistleblowers – working to deliver corporate reforms and fair markets for the common good. For more information visit https://www.cohenmilstein.com/
FOR IMMEDIATE RELEASE
Contact: cohenmilstein@berlinrosen.com
WASHINGTON, D.C. – Cohen Milstein Sellers & Toll, one of the nation’s leading plaintiffs’ law firms, has named Benjamin F. Jackson as the firm’s newest partner, effective January 1, 2024.
Jackson is a member of the Securities Litigation & Investor Protection practice and is based in New York City. He represents institutional and individual shareholders in derivative lawsuits and securities class actions. He is currently litigating multiple cases involving large corporations including Bayer AG, Nikola Corporation, and EQT Corporation.
Prior to joining Cohen Milstein, Jackson worked at a highly regarded national defense firm as a litigation associate, focusing on securities, antitrust, white-collar investigations, and intellectual property litigation. He served as a law clerk to both the Honorable Katherine B. Forrest of the U.S. District Court for the Southern District of New York and the Honorable Robert D. Sack of the U.S. Court of Appeals for the Second Circuit.
“Ben has proven himself to be a committed and exceptionally hard-working attorney, and I am beyond pleased to call him my partner,” said Benjamin D. Brown, managing partner of Cohen Milstein Sellers & Toll. “I look forward to his continued success and positive contributions to the firm.”
Jackson received his B.A. from Washington University in St. Louis where he was a Lien Scholar. He received his J.D. from Harvard Law School where he served as forum chair of the Harvard Law Review and won the Ames Moot Court Competition. Jackson currently serves as the secretary of the Institute for Law and Economic Policy (ILEP).
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About Cohen Milstein Sellers & Toll PLLC
Cohen Milstein Sellers & Toll PLLC, a premier U.S. plaintiffs’ law firm with over 100 attorneys across eight offices, champions the causes of real people – workers, consumers, small business owners, investors, and whistleblowers – working to deliver corporate reforms and fair markets for the common good. For more information visit https://www.cohenmilstein.com/
El principal subcontratista de plomería multifamiliar de diseño y construcción de California presuntamente traicionó a sus empleados en una transacción ilegal de ESOP de $247 millones
Washington, DC – Cohen Milstein Sellers & Toll PLLC, una firma de abogados de demandantes de primer nivel, presentó una demanda colectiva en nombre de los empleados y participantes del Plan de Propiedad de Acciones para Empleados (ESOP) de AMPAM Parks Mechanical, Inc. La demanda es contra AMPAM Parks Mechanical, los fundadores de AMPAM, Buddy Parks, John D. Parks, James Parks y Jason Parks (“los hermanos Parks”), y Neil Brozen, por violaciones de la Ley de Seguridad de los Ingresos de Jubilación de los Empleados (ERISA). AMPAM Parks Mechanical ha declarado que es el subcontratista de plomería multifamiliar más grande del estado de California, dando empleo a aproximadamente a 1,000 empleados en las áreas metropolitana de Los Ángeles, San Diego y el norte de California.
Presuntamente, los hermanos Parks crearon el ESOP AMPAM, un plan de jubilación, para comprar sus intereses en AMPAM a un precio inflado de 247 millones de dólares. Para obtener el precio de compra de 247 millones de dólares en la transacción del ESOP, AMPAM (controlada por los hermanos Parks), contrató a Neil Brozen, presidente de Ventura Trust, una compañía fiduciaria operando en Minnesota, para aprobar el precio de compra de 247 millones de dólares en nombre del ESOP. Hay múltiples demandas pendientes contra Neil Brozen por violaciones de ERISA, incluyendo una demanda presentada por el Secretario de Labor y demandas colectivas presentadas por empleados que participaron en el ESOP.
Esta demanda también alega que ninguno de los hermanos Parks ni Neil Brozen involucraron a los empleados de AMPAM en la determinación del precio que pagaría el ESOP o los otros términos de la Transacción. Al contrario, los empleados de AMPAM se enteraron de la compra de AMPAM a los hermanos Parks después de que se completó la transacción del ESOP. A partir de entonces, presuntamente todos los empleados de AMPAM se vieron obligados a comprar acciones de AMPAM a los hermanos Parks a través de sus cuentas de jubilación del ESOP.
Poco después de la venta, fue reportado que las acciones de AMPAM bajo el ESOP estaban valoradas a $ 17,821,310, o aproximadamente el 7% de lo que el ESOP había pagado por la empresa. A partir de entonces, el valor de la empresa se desplomó, lo cual resultó en una valoración de solo 2,1 millones de dólares, menos del 1% de lo que pagó el Plan.
“Esta demanda busca proteger a los empleados y trabajadores jubilados de AMPAM. Nuestra demanda alega que la venta de AMPAM en 2019 al ESOP por $247 millones fue sobrevalorada e injusta para los trabajadores. Esperamos defender los derechos de nuestro cliente y de otros miembros de la clase”, dijo Michelle C. Yau, presidenta del grupo de práctica de Beneficios para Empleados/ERISA de Cohen Milstein.
La demanda, Barrios, et al. v. AMPAM Parks Mechanical, Inc., et al., se presentó ante el Tribunal de Distrito de los Estados Unidos del Distrito Sur de California el 28 de diciembre de 2023.
Cohen Milstein está buscando a los empleados o jubilados de AMPAM que puedan haberse visto afectados por la presunta transacción ilegal para que participen potencialmente en la demanda. Los participantes deben haber sido empleados de AMPAM Parks Mechanical después de julio de 2019. HAGA CLIC AQUÍ PARA ACCEDER AL FORMULARIO DE CONTACTO PARA ESTE CASO.
Contacto de prensa:
Michelle C. Yau, jefa de la práctica de Beneficios para Empleados/ERISA de Cohen Milstein, tiene décadas de experiencia en la protección de bienes de jubilación y conocimiento sobre transacciones financieras complejas y cuestiones actuariales informados por su experiencia en Wall Street y el Departamento de Labor. En 2021, fue nombrada “MVP de beneficios para empleados – beneficios” de Law360.
Tel. 202-408-4600, Email: myau@cohenmilstein.com
Contactos de abogados:
Los siguientes abogados de Cohen Milstein están actualmente involucrados en Barrios, et al. v. AMPAM Parks Mechanical, Inc., et al. y puede responder a preguntas.
Michelle C. Yau, jefa del grupo de practica de Beneficios para Empleados/ERISA de Cohen Milstein, cuenta con licencia para practicar leyes en el estado de Massachusetts y Washington, D.C. Su práctica se limita a asuntos legales federales, como ERISA la cual es relevante a la demanda contra AMPAM.
Tel. 202-408-4600, correo electrónico: myau@cohenmilstein.com
Ryan Wheeler es asociado de Cohen Milstein y miembro del grupo de práctica de Beneficios para Empleados. Cuenta con licencia para practicar leyes en el estado de California y el Distrito de Columbia. Tel. 202.408.4600, correo electrónico: rwheeler@cohenmilstein.com
Jacob Schutz es asociado de Cohen Milstein y miembro del grupo de práctica de Beneficios para Empleados. Cuneta con licencia para practicar leyes en el estado de Minnesota. Tel. 612.807.1575, correo electrónico: jschutz@cohenmilstein.com
Acerca de la práctica de beneficios para empleados de Cohen Milstein / ERISA
Cohen Milstein Sellers & Toll PLLC es una firma de abogados de demandas colectivas de primer nivel, que maneja casos de alto perfil y, a menudo, que establecen precedentes legales en nombre de los demandantes. Bajo el liderazgo de Michelle Yau, Cohen Milstein fue nombrado “Grupo de Práctica del Año de Beneficios para Empleados/ERISA” de Law360 en 2019, 2021 y 2022. Para obtener información adicional, visite https://cohenmilstein.com o llame al (202) 408-4600.
PUBLICIDAD DE ABOGADOS
No se hace ninguna declaración de que la calidad de los servicios legales que se prestarán es mayor que la calidad de los servicios legales ofrecidos por otros abogados. Los resultados pasados no garantizan el éxito de los asuntos actuales o pendientes.
California’s top design-build multifamily plumbing subcontractor allegedly sells out employees in illegal $247 million ESOP transaction
Washington, DC – Cohen Milstein Sellers & Toll PLLC, a premier plaintiffs’ law firm, filed a class action on behalf of employees and participants of the AMPAM Parks Mechanical, Inc. Employee Stock Ownership Plan (ESOP). The lawsuit is against AMPAM Parks Mechanical, the founders of AMPAM, Buddy Parks, John D. Parks, James Parks, and Jason Parks (“the Parks brothers”), and Neil Brozen, for violations of the Employee Retirement Income Security Act (ERISA). AMPAM Parks Mechanical has stated that it is California’s largest multifamily plumbing subcontractor, employing approximately 1,000 employees throughout the greater Los Angeles, San Diego, and Northern California areas.
Allegedly, the Parks brothers created the AMPAM ESOP, a retirement plan, to purchase their interest in AMPAM at an inflated price of $247 million. To obtain the $247 million purchase price in the ESOP Transaction, AMPAM (controlled by the Parks brothers), hired Neil Brozen, president of Ventura Trust, a trust company doing business in Minnesota, to approve the purchase price of $247 million on behalf of the ESOP. There are multiple lawsuits pending against Neil Brozen for violations of ERISA, including a lawsuit filed by the Secretary of Labor and other class actions filed by employees of other ESOPs.
The suit further alleges that neither the Parks brothers nor Neil Brozen involved AMPAM employees in the determination of the price the ESOP would pay or the other terms of the Transaction. Rather, AMPAM employees found out about the purchase of AMPAM from the Parks brothers only after the ESOP transaction was complete. Thereafter, all AMPAM’s employees were allegedly forced to buy AMPAM stock from the Parks brothers through their ESOP retirement accounts.
Shortly after the sale, AMPAM’s stock held by the ESOP was reported to be valued at $17,821,310, or approximately 7% of what the ESOP had paid for the company. Thereafter, the company’s value plummeted, resulting in a valuation of a mere $2.1 million, less than 1% of what the Plan paid.
“This lawsuit seeks to protect the hard-working employees and retirees of AMPAM. Our complaint alleges that the 2019 sale of AMPAM to the ESOP for $247 million was overpriced and unfair to workers. We look forward to vindicating the rights of our client and other class members,” said Michelle C. Yau, chair of Cohen Milstein’s Employee Benefits/ERISA practice.
The lawsuit,Barrios, et al. v. AMPAM Parks Mechanical, Inc., et al., was filed before the United States District Court for the Southern District of California on December 28, 2023.
Cohen Milstein is actively signing up AMPAM employees or retirees who may have been impacted by the alleged illegal transaction to potentially participate in the lawsuit. Participants need to have been employed by AMPAM Parks Mechanical after July 2019. PLEASE CLICK HERE FOR THE CASE CONTACT FORM.
Press Contact:
Michelle C. Yau, chair of Cohen Milstein’s Employee Benefits/ERISA practice, has decades of experience protecting retirement assets and insight into complex financial transactions and actuarial issues informed by her Wall Street and Department of Labor experience. In 2021, she was named Law360’s “Employee Benefits MVP – Benefits.” Tel. 202-408-4600, Email: myau@cohenmilstein.com
Attorney Contacts:
The following Cohen Milstein attorneys are currently engaged in Barrios, et al. v. AMPAM Parks Mechanical, Inc., et al. and can respond to questions.
Michelle C. Yau, chair of the Cohen Milstein’s Employee Benefits/ERISA practice, is licensed to practice in Massachusetts and the District of Columbia. Her practice is limited to federal legal matters, such as ERISA that pertains to the lawsuit against AMPAM. Tel. 202-408-4600, email: myau@cohenmilstein.com
Ryan Wheeler is an associate at Cohen Milstein and a member of the Employee Benefits practice. He is licensed to practice in California and the District of Columbia. Tel. 202.408.4600, email: rwheeler@cohenmilstein.com
Jacob Schutz is an associate at Cohen Milstein and a member of the Employee Benefits practice. He is licensed to practice in Minnesota. Tel. 612.807.1575, email: jschutz@cohenmilstein.com
About Cohen Milstein’s Employee Benefits/ ERISA Practice
Cohen Milstein Sellers & Toll PLLC is a premier class action law firm, handling high-profile and often precedent-setting cases on behalf of plaintiffs. Under Michelle Yau’s leadership, Cohen Milstein was named Law360’s “Employee Benefits/ERISA Practice Group of the Year” in 2019, 2021 and 2022. For additional information, please visit https://cohenmilstein.com or call (202) 408-4600.
ATTORNEY ADVERTISING
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers. Past results do not guarantee the success of current or pending matters.
FOR IMMEDIATE RELEASE
Press contact: cohenmilstein@berlinrosen.com
WASHINGTON, DC – Cohen Milstein Sellers & Toll (Cohen Milstein), one of the leading plaintiffs’ law firms in the United States, announced today that Benjamin D. Brown has been named managing partner.
Brown, who joined Cohen Milstein in 2005, currently co-chairs the firm’s Antitrust practice and serves as chairman of the Executive Committee. Brown replaces Steven J. Toll, who stepped down as managing partner at the end of last year, following a highly successful 26-year run shepherding the firm. Toll, who was named managing partner of the firm in 1997, has cultivated a national profile for Cohen Milstein, increased the attorney headcount from 20 to over 100, and transformed the firm from a legal startup to a legal powerhouse.
“I am beyond honored to serve as Cohen Milstein’s next managing partner and look forward to continuing to secure justice for our clients, build on the firm’s culture, and expand our footprint across the nation,” said Benjamin D. Brown of Cohen Milstein Sellers & Toll. “Our firm is powered by over a hundred attorneys who vigorously represent their clients to create meaningful, lasting change. I am so proud to work with this talented, committed team every day.”
Brown is taking the helm of the firm at a time of tremendous growth. The firm has increased its headcount to more than 150 employees and expanded its footprint to eight offices across the country. In his new role, Brown will continue to expand the firm’s presence in key markets and build on the firm’s reputation as a legal powerhouse.
“Ben has dedicated himself to Cohen Milstein for nearly two decades and demonstrated a love of the law, an unwavering commitment to justice, and a mastery of the skills necessary to successfully lead the firm,” said Steven J. Toll. “Cohen Milstein’s culture of mission-oriented advocacy has cultivated a renowned reputation across the legal industry, spurring interest in the firm from the most qualified talent, and I know Ben will continue to advance our culture and reputation.”
Cohen Milstein’s accomplishments and awards are many. In 2023, the firm secured landmark victories against corporate giants, including a $1 billion securities settlement with Wells Fargo following the fake accounts scandal and a victorious settlement with Exxon for human rights abuses in Indonesia. In just the last few years, the firm has been ranked a leading firm by Chambers USA in Antitrust, ERISA Litigation, Product Liability & Mass Torts, and Securities Litigation, while Law360 has named Cohen Milstein Practice Group of the Year in Benefits, Competition, Class Actions, Consumer Protection, Employment, and Securities. The firm has also been recognized repeatedly as a “ceiling smasher” for being among the firms with the highest representation of women in their equity partnerships. As managing partner, Brown will oversee a team working to deliver corporate reforms and fair markets for the common good.
Brown, who previously served in the Antitrust Division of the United States Department of Justice, has been appointed by federal courts to serve as co-lead counsel for plaintiffs in numerous important matters, such as In re Plasma-Derivative Protein Therapies Antitrust Litigation (N.D. Ill.); Carlin, et al. v. DairyAmerica, Inc. (E.D. Cal.); and Mixed Martial Arts (MMA) Antitrust Litigation (D. Nev.). Brown is also an adjunct professor at Georgetown Law School, where he teaches Complex Litigation, a course that explores the policy and procedures implicated by aggregated, high stakes, multi-party litigation, especially class actions.
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About Cohen Milstein Sellers & Toll
Cohen Milstein Sellers & Toll PLLC, a premier U.S. plaintiffs’ law firm, with over 100 attorneys across eight offices, champions the causes of real people—workers, consumers, small business owners, investors, and whistleblowers—working to deliver corporate reforms and fair markets for the common good. For more information visit https://www.cohenmilstein.com/
For Immediate Release
Judge also grants plaintiffs’ request to unseal discovery materials
LOS ANGELES, CA – The Honorable Elihu M. Berle of the Superior Court of the State of California for the County of Los Angeles granted in part plaintiffs’ motion for class certification in Rasmussen, et al. v. The Walt Disney Company, et al., a gender pay discrimination class action against The Walt Disney Company and its subsidiaries. The certified class of plaintiffs includes most women who have been or will be employed by Disney, in California, between April 1, 2015 and three months before trial, below the level of Vice President, and in a non-union position with assigned job families and job levels.
Originally filed in 2019 by Andrus Anderson, a California-based consumer and employee rights litigation firm, Cohen Milstein, a national plaintiffs class action law firm, joined the case in 2022, and plaintiffs filed the now-public motion for class certification in June 2023, claiming that Disney deprived the class as a whole of millions in wages in violation of the Fair Employment & Housing Act because its compensation practice caused a disparate impact on women, and in violation of California’s Equal Pay Act because it paid women less than men for substantially similar jobs.
In his ruling, Judge Berle granted class certification as it applies to California’s Equal Pay Act, which does not require plaintiffs to identify the cause of the pay disparities. He also granted plaintiffs’ requests to unseal materials submitted to the Court in connection with class certification, including numerous documents produced in discovery and unredacted expert reports.
Plaintiffs claim, among other things, that Disney employed an enterprise-wide compensation policy, whereby it started out new, female hires at lower salaries than their male counterparts for similar jobs in part because Disney would base starting pay on prior salary, which historically includes gender-based disparities. These figures are substantiated by a now-public economic expert report, filed with the plaintiffs’ motion for class certification.
“I am very pleased with the court’s decision to allow this equal pay case to move forward as a class action so we can expose the entrenched pay disparities,” said Christine Webber, co-chair of Cohen Milstein’s Civil Rights & Employment practice. “We look forward to proving that Disney has been systematically underpaying its hard-working female employees. As a class action, we’re in a better position to address these systemic issues and, make an impact for the good of Disney’s employees.”
“It’s encouraging that the court has agreed with our clients that this case should be brought as a class action,” said Lori Andrus, founding partner of Andrus Anderson. “It took a lot of courage for our clients to bring this case against one of the world’s largest entertainment conglomerates in the first place. So, I’m hopeful that as a class action not only will our clients have their day in court, but also, they will be able to effect a positive change at Disney and end these allegedly discriminatory compensation policies.”
The Walt Disney Company is the world’s largest media company, which includes amusement parks and resorts, media networks, studio entertainment, and consumer products and interactive media.
Plaintiffs, who include long-time employees, claim that, across all its business segments and at all levels of the company, Disney routinely underpays its female employees. Simply put, the plaintiffs allege that Disney values its male employees more than its female employees.
Plaintiffs seek legal and equitable relief under the California Equal Pay Act, the California Fair Employment and Housing Act, and California Business & Professions Code §17200, the California Private Attorneys General Act, and various California Labor Codes.
The case name: Rasmussen, et al. v. The Walt Disney Company, et al., Case. No. 19STCV10974, Superior Court of California County of Los Angeles. Read more about the case.
Plaintiffs in this case are also represented by Goldstein, Borgen, Dardarian, & Ho.
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About Cohen Milstein Sellers & Toll
Cohen Milstein Sellers & Toll PLLC, a premier U.S. plaintiffs’ law firm, with over 100 attorneys across eight offices, champions the causes of real people—workers, consumers, small business owners, investors, and whistleblowers—working to deliver corporate reforms and fair markets for the common good. We have litigated landmark civil rights and employment disputes before the highest courts in the nation and continue to actively shape civil rights and employment law in the United States. For more information visit https://www.cohenmilstein.com/
About Andrus Anderson
Andrus Anderson is dedicated to making the concepts of truth, justice and accountability a reality for each and every client. A national leader in litigation for equal pay, Andrus Anderson is a law firm that will stand up to corporate giants and fight tirelessly to see individual rights prevail over corporate and governmental misconduct, greed and abuse. For more information visit https://andrusanderson.com/
LEGAL NOTICE
ATTENTION PURCHASERS OF BAYER AKTIENGESELLSCHAFT (“BAYER”) AMERICAN DEPOSITARY RECEIPTS BETWEEN MAY 23, 2016 AND JULY 6, 2020
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION
TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED BAYER AMERICAN DEPOSITARY RECEIPTS FROM MAY 23, 2016 TO JULY 6, 2020, INCLUSIVE (THE “CLASS”).
YOU ARE HEREBY NOTIFIED THAT A CLASS HAS BEEN CERTIFIED IN PENDING LITIGATION THAT MAY AFFECT YOUR RIGHTS.
If you are a member of the Class described above, your rights may be affected by the lawsuit referred to as Sheet Metal Workers’ National Pension Fund, et al. v. Bayer Aktiengesellschaft, et al., No. 3:20-cv-04737-RS, which is now pending before the United States District Court for the Northern District of California (the “Court”), brought by Lead Plaintiffs Sheet Metal Workers’ National Pension Fund (“Sheet Metal Workers”) and International Brotherhood of Teamsters Local No. 710 Pension Fund (“Teamsters 710”), along with additional named plaintiff International Union of Operating Engineers Pension Fund of Eastern Pennsylvania and Delaware (collectively with Sheet Metal Workers and Teamsters 710, “Plaintiffs”), against Bayer Aktiengesellschaft and Individual Defendants Werner Baumann, Werner Wenning, Liam Condon, Johannes Dietsch, and Wolfgang Nickl (collectively, “Defendants”).
The Court determined that the Action may proceed as a class action pursuant to Rule 23 of the Federal Rules of Civil Procedure. You may be a member of the Class. Excluded from the Class are Defendants, directors and officers of Bayer, and their families and affiliates. Additionally, any person or entity that timely and validly requests exclusion, as explained in this Notice, will be excluded from the Class.
This Notice is not an expression of any opinion by the Court with respect to the merits of the claims or the defenses asserted in the Action. At this time, there is no judgment, settlement, or monetary recovery. This Notice is merely to advise you of the pendency of this Action and of your rights therein.
If you have not yet received the “Notice of Pendency of Class Action” which describes the Class Action and your related rights in detail, you may obtain a copy by writing to:
Bayer ADR Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173084
Milwaukee, WI 53217
1 (800) 524-0614
You may also view the full “Notice of Pendency of Class Action” at www.BayerADRSecuritiesLitigation.com.
If you fall within the definition of the Class set forth above, you are a member of the Class. IF YOU WISH TO REMAIN A MEMBER OF THE CLASS, YOU DO NOT NEED TO DO ANYTHING AT THIS TIME.
If you wish to be excluded from the Class, you must send a request for exclusion to Bayer ADR Securities Litigation, EXCLUSIONS, P.O. Box 173001, Milwaukee, WI 53217, postmarked no later than January 29, 2024. There are specific requirements for requesting exclusion that are set forth in the detailed Notice of Pendency of Class Action.
In addition, inquiries regarding this litigation may be addressed to:
LEAD COUNSEL: COHEN MILSTEIN SELLERS & TOLL PLLC
Carol V. Gilden
Cohen Milstein Sellers & Toll PLLC
190 South LaSalle Street, Suite 1705
Chicago, IL 60603
Telephone: (312) 629-3737
Fax: (312) 357-0369
Chris Lometti
Benjamin F. Jackson
Cohen Milstein Sellers & Toll PLLC
88 Pine Street, 14th Floor
New York, NY 10005
Telephone: (212) 838-7797
Fax: (212) 838-7745
PLEASE DO NOT CALL THE COURT, THE DISTRICT CLERK’S OFFICE, OR DEFENDANTS REGARDING THIS NOTICE.
Dated: November 28, 2023 UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA
FOR IMMEDIATE RELEASE
Press Contact: cohenmilstein@berlinrosen.com
Cohen Milstein’s Laura H. Posner Appointed ILEP President
A leading securities litigator and the former top securities regulator for New Jersey, Posner brings rare perspective on investor rights to think tank
WASHINGTON, D.C. –Laura H. Posner, a partner in Cohen Milstein’s Securities Litigation & Investor Protection and Ethics & Fiduciary Counseling practices and the former Bureau Chief for the New Jersey Bureau of Securities, was named president of the Institute for Law and Economic Policy (“ILEP”), one of the country’s leading public policy research and educational foundations on investor access to the civil justice system.
Posner’s appointment was announced at the 2023 ILEP–Penn Carey Law Journal of Business Law Symposium, November 9, 2023.
Over the course of her career, Posner has recovered billions on behalf of defrauded investors. Her notable successes include 6 of the top 100 securities fraud class action settlements of all time, including, most recently, a historic $1 billion settlement in In re Wells Fargo & Company Securities Litigation (S.D.N.Y.) – the 17th largest securities class action settlement ever and the largest ever without a restatement or related actions by the Securities Exchange Commission or U.S. Department of Justice.
Prior to joining Cohen Milstein, Posner was the Bureau Chief for the New Jersey Bureau of Securities – the top Securities Regulator in New Jersey. Cases prosecuted under her direction resulted in hundreds of millions of dollars in recoveries for New Jersey residents, as well as more than 20 criminal convictions.
“I am delighted Laura will be assuming the role of ILEP President. She has brought an important perspective to ILEP, given her unique regulatory and enforcement background and the fact that she’s actively litigating cutting-edge securities cases to address investor harm and hold corporations accountable,” said Marc Gross, ILEP’s outgoing president.
“I am very honored by this appointment. I have tremendous respect for the long history of ILEP and its incredibly talented and impressive roster of law professors whose scholarship is critical to understanding the constantly evolving areas of securities law, regulation, and litigation, as well as to the protection of investors and the markets more generally,” said Laura Posner, ILEP’s newly appointed president and a partner at Cohen Milstein. “ILEP’s importance cannot be understated given the novel innovations in securities products and trading, such as cryptocurrencies and high-frequency trading, and the current state of the global financial markets.”
In addition to ILEP, Posner is a member of the Public Policy Council of the Certified Financial Planner (“CFP”) Board, the immediate past-Chair of the Association of the Bar of the City of New York’s (NYC Bar) Securities Litigation Committee, and the former Chairwoman of the North American Securities Administrators Association (NASAA) Enforcement Committee.
About Cohen Milstein
Cohen Milstein Sellers & Toll PLLC is a premier U.S. plaintiffs’ law firm, handling high-profile and often precedent-setting litigation. With over 100 attorneys across the country, Cohen Milstein has offices in Washington, DC, Chicago, IL, New York, NY, Palm Beach Gardens, FL, Philadelphia, PA, Raleigh, NC, Boston, MA and Minneapolis, MN. For more information, visit www.cohenmilstein.com or call 202.408.4600.
About the Institute for Law and Economic Policy
The Institute for Law and Economic Policy (“ILEP”) is a public policy research and educational foundation whose mission is to preserve, study, and enhance investor and consumer access to the civil justice system. ILEP organizes symposia, co-sponsored by law schools and attended by academics, jurists, and practitioners. Leading professors and law experts present papers on class actions, securities law, corporate governance, and consumer protection issues. Papers presented at these Symposia have been published in prestigious law reviews and cited by numerous courts, including the U.S. Supreme Court in Amgen, Halliburton and Morrison. For more information, visit www.ilep.org or call (215) 988-9546.
Lawsuit Alleges that 14 of DC’s Largest Landlords Coordinated Through RealPage’s Centralized Price-Setting Algorithm to Artificially Inflate Rent Prices
WASHINGTON, DC – Attorney General Brian L. Schwalb today announced a lawsuit against RealPage, Inc. (RealPage) and 14 of the largest residential landlords in the District for colluding to illegally raise rents for tens of thousands of DC residents by collectively delegating price-setting authority to RealPage, which used a centralized pricing algorithm to inflate prices, costing renters millions of dollars.
The defendant landlords are some of the largest providers of multifamily housing in the District, and the Office of the Attorney General’s (OAG) investigation revealed that RealPage’s technology was used to set rents for more than 50,000 apartments across DC, in violation of the District’s Antitrust Act.
“RealPage and the defendant landlords illegally colluded to artificially raise rents by participating in a centralized, anticompetitive scheme, causing District residents to pay millions of dollars above fair market prices,” said AG Schwalb. “Defendants’ coordinated and anticompetitive conduct amounts to a District-wide housing cartel. At a time when affordable housing in DC is increasingly scarce, our office will continue to use the law to fight for fair market conditions and ensure that District residents and law-abiding businesses are protected.”
The 14 landlords named in the lawsuit are:
- Avenue5 Residential, LLC
- AvalonBay Communities, Inc.
- Bell Partners, Inc.
- Bozzuto Management Company
- Camden Summit Partnership L.P.
- Equity Residential Management, LLC
- Gables Residential Services, Inc.
- GREP Atlantic, LLC
- Highmark Residential, LLC
- JBG Smith Properties, LP
- Mid-America Apartments, LP
- Paradigm Management II, LP
- UDR, Inc.
- William C. Smith & Co., Inc.
Background on RealPage
RealPage offers a variety of technology-based services to real estate owners and property managers including revenue management products that employ statistical models that use data—including non-public, competitively sensitive data—to estimate supply and demand for multifamily housing that is specific to particular geographic areas and unit types, and then generate a “price” to charge for renting those units that maximizes the landlord’s revenue.
In the District, well over 30% of apartments in multifamily buildings (i.e., buildings with five or more units), and approximately 60% of units in large multifamily buildings (with 50+ units), are priced using RealPage’s software.
In the Washington-Arlington-Alexandria Metropolitan Area, that number is even higher: over 90% of units in large buildings are priced using RealPage’s software.
This leaves many District residents with no choice but to pay RealPage’s inflated rents.
OAG’s Lawsuit
Specifically, OAG’s lawsuit alleges that:
RealPage and the defendant District landlords colluded to use RealPage’s “Revenue Management” technology, making it market-dominant. RealPage contracts with property managers and owners to provide its software and services. The company’s unparalleled access to proprietary data and significant market share have positioned it as the “Big Tech” company of rental housing.
The defendant landlords illegally coordinated to forgo competition and share sensitive company data and delegate rent-setting authority to RealPage in order to raise rents. RealPage and the defendant landlords transformed a competitive marketplace into one in which competing landlords work together for their collective benefit at the expense of renters. Their anticompetitive agreement is reflected in documents, has been publicly acknowledged by cartel members, and is closely policed by RealPage to ensure compliance. Participating landlords worked to recruit additional landlords into the illegal scheme, providing written and oral testimonials touting the benefits of using RealPage’s technology to inflate rent prices and increase revenues.
The defendants’ illegal agreement to share information and collectively set rents led to artificially inflated rental prices and caused District tenants to pay millions of dollars above market rates. RealPage widely touts the impact of its products, publicly advertising revenue increases of 2-7%. Where RealPage’s market penetration increases, price effects tend to extend beyond just the users of the price-setting software itself, potentially impacting all market participants, illustrating the significant, widespread effects of the adoption of RealPage’s algorithmic pricing.
With this lawsuit, OAG is seeking to:
Stop RealPage and the defendant landlords from engaging in anticompetitive behaviors that artificially inflate rent prices for District tenants.
Appoint a corporate monitor to ensure that RealPage and the defendant landlords do not engage in further anticompetitive misconduct.
Secure financial compensation for the District and residents whose rents were unlawfully raised.
The full complaint is available here.
This matter is being handled by Assistant Attorney General Amanda Hamilton and Section Chief Adam Gitlin of the Antitrust and Nonprofit Enforcement Section.
FOR IMMEDIATE RELEASE
Press Contact: cohenmilstein@berlinrosen.com
American Antitrust Institute and Cohen Milstein Announce Winner of Jerry S. Cohen Award for Antitrust Scholarship – Best Student Antitrust Article
Inaugural recognition of outstanding law student contributions to antitrust scholarship
WASHINGTON, D.C. – In recognition of her outstanding contribution to antitrust scholarship, Eileen Li, J.D. a 2023 graduate of Columbia Law School, has been selected as the winner of the Jerry S. Cohen Memorial Fund Writing Award – Best Student Antitrust Article of 2022 – for her article Merger Review 2.0: Infusing CFIUS’s “Critical Technologies” Approach Into Antitrust Oversight Of Nascent Tech Acquisitions, 122 Colum. L. Rev. 1691.
The award will be presented during the American Antitrust Institute’s 17th Annual Private Antitrust Enforcement Conference on Thursday, November 2, 2023, recognizing outstanding achievements in the antitrust community across a variety of contributions and categories at the National Press Club in Washington, D.C.
Li’s article, Merger Review 2.0: Infusing CFIUS’s “Critical Technologies” Approach Into Antitrust Oversight Of Nascent Tech Acquisitions, addresses the subject of nascent tech acquisitions, which have been the subject of renewed regulatory and antitrust scrutiny in recent years. These acquisitions can often be very small—hundreds of tech deals have occurred in the past decade below the current reporting threshold of $101 million—and the current merger review process of the Federal Trade Commission (FTC) often fails to capture the harms unique to these early-stage deals.
Li’s article argues that the FTC should look to another government agency—the Committee on Foreign Investment in the United States (CFIUS)—and learn from their experience reviewing very small but sensitive tech deals. CFIUS examines all foreign investment into companies that control technologies that may be sensitive for U.S. national security, focusing over the past few years on Chinese investment into U.S. start-ups as an area of concern. The article examines the resources and renewed mission CFIUS received from Congress through the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA) and argues that the FTC merger process can undergo a similar overhaul. Specifically, the article lays out the arguments for the creation of a CFIUS-style critical technologies pilot program run by the FTC, which would allow the antitrust enforcement agency to orient its mission toward addressing emerging technological markets.
About the Award
The Jerry S. Cohen Memorial Fund Writing Award was created through a trust established in memory of Jerry S. Cohen, an outstanding trial lawyer and antitrust scholar. The award is administered by the law firm he founded, Cohen Milstein Sellers & Toll PLLC.
The award honors the best antitrust writing published during the prior year that is consistent with the values that animated Jerry S. Cohen’s professional life – a genuine concern for economic justice, the dispersal of economic power, effective limitations upon economic power, and the vigorous enforcement of the antitrust laws.
About Cohen Milstein
Cohen Milstein Sellers & Toll PLLC is a premier U.S. plaintiffs’ law firm, handling high-profile and often precedent-setting litigation. With over 100 attorneys across the country, Cohen Milstein has offices in Washington, DC, Chicago, IL, New York, NY, Palm Beach Gardens, FL, Philadelphia, PA, Raleigh, NC, Boston, MA and Minneapolis, MN. For more information, visit www.cohenmilstein.com or call 202.408.4600.
About the American Antitrust Institute
The American Antitrust Institute (AAI) is an independent, nonprofit organization devoted to promoting competition that protects consumers, businesses, and society. AAI serves the public through research, education, and advocacy on the benefits of competition and the use of antitrust enforcement as a vital component of national and international competition policy. For more information, visit www.antitrustinstitute.org or call (202) 828-1226.