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 $37 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. 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 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. BLB&G has obtained many of the largest securities fraud recoveries on record, including:
- $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
- Nearly $2 billion recovery for Allianz Structured Alpha investors through more than 20 direct actions
- $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
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 watch-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
SPAC Litigation: As part of the BLB&G’s mission to protect shareholder interests and police securities markets, the firm is actively prosecuting a variety of claims challenging misconduct related to special purpose acquisition companies, or “SPACs.” BLB&G’s leadership in this space includes claims against SPAC sponsors, boards of directors, and other related parties, seeking redress for investors harmed by fraud, conflicts of interest, and statutory violations, among other things. Our interdisciplinary team of attorneys—supported by fraud examiners, private investigators, and financial analysts—has extensive experience prosecuting securities fraud claims, fiduciary duty claims, and other shareholder litigation that is directly applicable to the burgeoning SPAC space.
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. BLB&G 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 while facing down the most powerful and well-funded law firms and defendants in the country. 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, and 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.
