The Firm represents securities investors in individual and class action claims under federal and state securities laws and in corporate derivative litigation. Among the litigation successes of the Firm and its partners in this area are the following:
- In re Worlds of Wonder Securities Litigation. The firm was co-lead counsel for a class of purchasers of both bonds and stock of a failed toy company. After percipient and expert discovery, summary judgment, appeal and remand, a settlement was reached against the company’s auditors, Deloitte & Touche, for $9 million.
- Hodge v. Franklin Select Realty Trust. The firm was co-counsel for a shareholder class in claims for fraud, negligent misrepresentation, breach of fiduciary duty, aiding and abetting breach of fiduciary duty against directors and officers of real estate investment trust arising out of merger with two other related companies. A settlement of $4 million was negotiated.
- Barnett v. Glenborough Pension Investors. The firm was co-counsel for a plaintiff class of limited partners in claim for fraud negligent misrepresentation, breach of fiduciary duty, aiding and abetting breach of fiduciary duty against general partners, attorneys and lenders arising from restructuring of real estate limited partnership. A settlement of approximately $3 million was reached after the close of expert discovery.
- In re Technical Equities Securities Litigation – a securities fraud class action against directors, officers, auditors, and attorneys of public corporation and corporation’s investment bankers and lenders. A settlement of $13 million was reached after the close of expert discovery.
- In re Pacific Lumber Securities Litigation – a securities class action arising out of a tender offer for a lumber company by a corporate raider. Part of the Boesky/Milken complex of litigation. The plaintiff class recovered in excess of $100 million.
- In re Daisy Systems Securities Litigation – a securities fraud class action against directors and officers of Silicon Valley company. A $13.1 million settlement was reached.
- Daniels v. Centennial Group – a class action claim for fraud, negligent misrepresentation and breach of fiduciary duty against general partners and promoters arising from “roll-up” of six real estate limited partnerships. A settlement of approximately $4 million was reached.
- McCall et al. v. Newkirk Capital LLC et al., a class action in Connecticut state court on behalf of limited partners in approximately 90 real estate limited partnerships, arising out of a consolidation or “roll-up” of the partnerships with certain other assets. A favorable settlement was negotiated and approved by the Court that provided significant consideration, including a cash recovery, additional partnership units and a restructuring of certain assets and agreements with the general partner and its affiliates.