Bernstein Litowitz Berger & Grossmann

United States (National)

Address:
1251 Avenue of the Americas
New York, NY 10020
United States (National)

Telephone:+1 212 554 1400
Fax:+1 212 554 1444
Email:

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Other Offices: New York • Delaware • Los Angeles • Chicago • New Orleans


Bernstein Litowitz Berger & Grossmann LLP is widely recognized worldwide as a leading law firm advising institutional investors on issues related to corporate governance, shareholder rights, and securities litigation. Since its founding in 1983, BLB&G has obtained over $33 billion in recoveries and achieved precedent-setting corporate governance reforms on behalf of its investor clients. Working with its clients, its cases have resulted in sweeping corporate governance reforms, changing deficient business practices and serving as models for public companies going forward. The firm has also prosecuted some of the most significant employment discrimination, civil rights and consumer protection cases on record. Equally important, the firm has advanced novel and beneficial principles by developing important new law in the areas in which it litigates. As a result of its accomplishments, the firm and its attorneys have been the subject of numerous feature articles in major media publications in the United States and abroad. A distinguished group of trial-tested litigators, BLB&G has repeatedly and consistently earned high praise from the courts in which it practices, as well as the respect of the defense firms and insurance carriers it faces in court and across the negotiating table. 


Securities Fraud Litigation: 
Recognized by industry observers as one of the leading law firms worldwide representing institutional investors in complex securities fraud litigation (“the biggest star in the firmament” – Financial Times; “one of the best, bar none” – Euromoney; “consistently achieving the highest returns for investors” – The National Law Journal), BLB&G is regularly appointed by the courts as lead counsel in US securities class actions, and has distinguished itself by focusing on the representation of respected institutional investors in meritorious cases. The firm is extremely selective in its prosecutions, only pursuing matters where its clients have significant holdings, and is well known for “consistently bringing high impact cases” (Securities Class Action Services). 


The firm’s reputation for trial readiness is well established. Unique among its peers, BLB&G has successfully tried several of the largest and most high-profile civil fraud cases in history, and has obtained 6 of the largest securities fraud recoveries on record. 

  • $6.2 billion recovery for investors in In re WorldCom, Inc. Securities Litigation 
  • $3.3 billion settlement in In re Cendant Corporation Securities Litigation 
  • $2.43 billion recovery in In re Bank of America Corp. Securities Litigation, by far the largest shareholder recovery related to the subprime meltdown and credit crisis 
  • $1.07 billion recovery in In re Nortel Networks Corporation Securities Litigation 
  • $1.06 billion settlement in In re Merck & Co., Inc. Securities Litigation 
  • $1.05 billion settlement in In re McKesson HBOC, Inc. Securities Litigation 


At the forefront of efforts to recover massive shareholder losses resulting from the global financial collapse, BLB&G served as lead counsel in numerous high-profile litigations arising from the subprime mortgage meltdown, recovering nearly $7 billion for investors in actions against Wall Street banks and other major financial institutions. 


Corporate Governance & Shareholder Rights: 
One of the first law firms to demonstrate that litigation can be an effective tool for stimulating positive change in failing corporate management settings, BLB&G is a well-recognized leader in giving shareholders a voice. The firm litigates cutting-edge fiduciary duty issues in order to maximize shareholder value, protect the shareholder franchise and improve corporate governance practices. BLB&G has also obtained billions of dollars in additional consideration for investors, representing them in merger and acquisition transactions structured to deprive shareholders of fair value and unjustly enrich management. For example: 

  • BLB&G prosecuted the unprecedented shareholder derivative litigation against Fox News parent 21st Century Fox, Inc. arising from the systemic sexual and workplace harassment at the embattled network. The case resulted in a landmark settlement with one of the largest financial recoveries – $90 million – ever obtained in a pure corporate board oversight dispute; and the first ever Board-level independent watc-dog of its kind – the “Fox News Workplace Professionalism and Inclusion Council” of experts expected to serve as a model for public companies in all industries. 
  • In the Allergan, Inc. Proxy Violation litigation alleging an unprecedented insider trading scheme by billionaire hedge fund manager Bill Ackman, Ackman’s Pershing Square Capital Management fund and Valeant Pharmaceuticals International, Inc, BLB&G obtained a $250 million settlement for Allergan investors after a three-year legal battle, creating precedent to prevent similar such schemes in the future. 
  • In the UnitedHealth Derivative Litigation, BLB&G obtained an unprecedented clawback of approximately $920 million of ill-gotten pay from the company’s former officers and directors – the largest such recovery in history 


Asset Protection & Fraud Monitoring: 
BLB&G is the trusted securities fraud monitoring counsel for hundreds of public pension funds and institutional investors worldwide. The firm provides comprehensive analysis of the financial and business media, as well as all securities and shareholder derivative litigation to provide its institutional clients with complete reporting on potential claims that may impact their holdings. 


Distressed Debt & Bankruptcy:
 BLB&G represents creditors’ committees, bankruptcy trustees and investors in fixed income, high yield and distressed debt securities. The firm has an excellent track record of seeking redress for losses under the securities laws in actions under state and federal law against prior management, auditors, bankers and other advisors for various forms of misconduct, prosecuting claims on a contingent basis on behalf of institutions and individuals.


Commercial Litigation:
 BLB&G represents institutions and individuals on a contingency basis in a wide range of complex commercial litigation involving allegations of breach of contract, accountants’ liability, breach of fiduciary duty, fraud and negligence. The firm litigates cases arising from private placements of debt or equity securities, derivatives and other specialty financial instruments; and prosecutes bankruptcy claims on behalf of creditors and litigation trusts or debtors-in-possession and has recovered billions of dollars on behalf of institutional and individual investors, public and private companies and corporations, bankruptcy trustees, creditor committees and a variety of other business entities. BLB&G has faced down the most powerful and well-funded law firms and defendants in the country — and consistently prevailed. For example, on behalf of the bankruptcy trustee, the firm prosecuted BFA Liquidation Trust v. Arthur Andersen, arising from the largest nonprofit bankruptcy in U.S. history. After two years of litigation and one week of trial, the firm obtained a $217 million recovery from Andersen for the Trust. Combined with other recoveries, the total amounted to more than 70 percent of the Trust’s losses.

  • Securities Fraud Litigation
  • Corporate Governance & Shareholder Rights
  • Distressed Debt & Bankruptcy
  • Commercial Litigation
  • Arbitration & Alternative Dispute Resolution

 
Updated Sep 2021