EDITORIAL REVIEW

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Seltzer spanked his opponents, winning $140 million from Tyco Healthcare and $135 million in a massive structured-settlement litigation.




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Partner
Los Angeles, California
Phone: 310.789.3102
Fax: 310.789.3006
mseltzer@susmangodfrey.com

MARC M. SELTZER, born Los Angeles, California; admitted to bar, 1972, California.

EDUCATION

• University of California at Berkeley (B.A., 1969)
• UCLA School of Law (1972)

PROFESSIONAL AFFILIATIONS

• Bars of the United States District Courts for the Central, Southern, Eastern, and Northern Districts of California
• Eastern District of Texas
• United States Courts of Appeals for the Fifth, Ninth, Tenth, and Eleventh Circuits
• merican Bar Association (and its Business Law, Antitrust Law, Torts and Insurance Law, and Litigation Sections)
• American Law Institute
• Association of Trial Lawyers of America
• Association of Business Trial Lawyers
• Past Vice-Chair of the Executive Committee, Antitrust and Unfair Competition Law Section, State Bar of California
• President of the Ninth Judicial Circuit Historical Society, past President and current member of the Board of Directors of the Legal Aid Foundation of Los Angeles, member of the Board of Directors of the National Equal Justice Library, Board of Directors, Equal Justice Works, Board of Directors, American Friends of Hebrew University, Western Region
• Board of Editors of Class Action Reports
• Board of Trustees, Lawyers Committee for Civil Rights Under Law
• Selden Society

HONORS & DISTINCTIONS

• Named a "Super Lawyer" by Southern California Law & Politics magazine (2004-2008)
• 2004 American ORT Jurisprudence Award

Marc Seltzer has practiced law for more than thirty years in Los Angeles, California, litigating complex cases in both state and federal courts. For twenty years, he was a principal in the law firm of Corinblit & Seltzer, a Professional Corporation. Marc Seltzer's relationship with the partners of Susman Godfrey began in the late 1970's when Steve Susman and Marc Seltzer worked together on the Corrugated Container antitrust case. In the ensuing years, Mr. Seltzer and the lawyers of Susman Godfrey worked together on a number of cases. In February 1998, Marc Seltzer became a partner of Susman Godfrey L.L.P., and opened the firm's Los Angeles office. Since then, the office has become one of the leading litigation boutiques in Los Angeles.

Marc Seltzer concentrates his practice in the prosecution and defense of complex business law cases, including antitrust, securities, corporate and financial institution law matters.

Mr. Seltzer's involvement in nationally prominent litigation began in the mid-1970's, when he was tapped by Jack Corinblit to work on the massive Equity Funding securities litigation. That case consisted of more than 100 consolidated class and private action cases, and was settled in 1976 for over $60 million, then the largest recovery ever achieved in a securities fraud class action. See In re Equity Funding Corp. of America Securities Litigation, 438 F. Supp. 1303 (C.D. Cal. 1977). Later, in the 1980's, Mr. Seltzer was appointed by the Los Angeles federal court to serve as sole lead counsel to represent the plaintiff class in the ZZZZ Best securities fraud case. The ZZZZ Best fraud was described by the United States Attorney for the Central District of California as "the most massive and elaborate securities fraud perpetrated on the West Coast in over a decade," harking back to the Equity Funding case. The case was settled for more than $40 million and resulted in several important published decisions sustaining plaintiffs' claims. See, e.g., In re ZZZZ Best Securities Litigation, 864 F. Supp. 960 (C.D. Cal. 1994). More recently, Mr. Seltzer was, together with Steve Susman, part of the Susman Godfrey trial team representing approximately 90 financial institutions in a negligent misrepresentation case against one of the "Big Four" accounting firms. That case settled just prior to the commencement of trial. Among other cases Mr. Seltzer has litigated are:

Masimo v. Tyco Healthcare L.P., an antitrust case in which Marc Seltzer served as co-trial counsel for the plaintiff, together with Steve Susman, Vineet Bhatia and Steve Morrissey. The case was tried to a verdict resulting in an award of $140 million (before trebling) in favor of the plaintiff in March 2005. A new trial has been granted as to damages. Post-trial proceedings are pending.

In re Structured Settlement Litigation, consolidated class actions brought in the Los Angeles Superior Court in which Marc Seltzer served as one of the lead counsel for the plaintiffs. The case was settled in 2004 for approximately $135 million.

In Motorcar Parts & Accessories Securities Litigation, fourteen consolidated securities class actions in which Marc Seltzer was appointed by the Los Angeles federal court to serve as lead counsel for the class. The case was settled for $7.5 million in cash. See Z-Seven Fund, Inc. v. Motorcar Parts & Accessories, 231 F.3d 1215 (9th Cir. 2000).

In re IDB Communications Group, Inc. Securities Litigation, in which Marc Seltzer served as one of four co-lead counsel appointed by the Los Angeles federal court to represent the plaintiff class in more than twenty consolidated class action cases. The case was settled for $75 million.

In re Taxable Municipal Bond Securities Litigation, in which four lawyers, including Marc Seltzer, served on Plaintiffs' Executive Committee, and together with plaintiffs' lead counsel, supervised and managed every aspect of the litigation. This case was a consolidated multi-district proceeding brought on behalf of defrauded purchasers of municipal bonds. The case resulted in numerous reported decisions on important recurring issues arising under the federal securities laws. See, e.g., In re Taxable Municipal Bond Litigation, [1993 Transfer Binder] Fed. Sec. L. Rep. (CCH) 97,742 (E.D. La. 1993). After several years of intense litigation, the case was settled for approximately $110 million.

Financial Federation, Inc. v. Ashkenazy, in which Marc Seltzer and his co-counsel successfully defended a case brought by a savings and loan association against persons who sought to take control of the institution in a bench trial in Los Angeles federal court. See Financial Federation, Inc. v. Ashkenazy, [1984 Transfer Binder] Fed. Sec. L. Rep. (CCH) 91,489 (C.D. Cal. 1983).

Green v. Occidental Petroleum Corp., in which Marc Seltzer, together with co-counsel, represented plaintiffs in consolidated securities class action cases that established important precedent in the Ninth Circuit regarding the certification of plaintiff classes and the computation of damages in securities fraud cases. See Green v. Occidental Petroleum Corp., 541 F.2d 1335 (9th Cir. 1976). The case was settled for $12 million.

Wool v. Tandem Computers, Inc., a securities class action in which Marc Seltzer played a leading role. One of the notable achievements in this case was a victory for the plaintiffs in the Ninth Circuit which established important precedent concerning the measure of damages recoverable in federal securities fraud class action cases, the standard for "controlling person" liability under the federal securities laws and the requirements for pleading fraud with the particularity specified under Rule 9(b), Fed.R. Civ. P. See Wool v. Tandem Computers, Inc., 818 F.2d 1433 (9th Cir. 1987). Following the issuance of the Ninth Circuit's opinion, the case was settled for $16.5 million.

Plaine v. McCabe, a securities class action, in which Marc Seltzer argued before the Ninth Circuit, obtaining a substantial victory for plaintiffs, establishing significant precedent in the Ninth Circuit regarding the standards for liability for violations of tender offer disclosure rules under the federal securities laws. See Plaine v. McCabe, 797 F.2d 713 (9th Cir. 1986).

Biben v. Card, where Marc Seltzer served as co-lead counsel for plaintiffs. The plaintiffs achieved substantial pretrial victories, including establishing the validity of their claims under the federal securities laws against the director, accountant and attorney defendants in that case. See Biben v. Card, [1984-1985 Transfer Binder] Fed. Sec. L. Rep. (CCH) 92,010 (W.D. Mo. 1985), on denial of motion for reconsideration, [1984-1985 Transfer Binder] Fed. Sec. L. Rep. (CCH) 92,083 (W.D. Mo. 1985). The case settled for approximately $12 million.

Sanwa Bank California v. Facciani, where Marc Seltzer was co-lead counsel for a class of investors in a state court securities case and a companion federal case in which settlements totaling approximately $26 million were obtained on behalf of defrauded investors.

In re California Indirect-Purchaser Infant Formula Antitrust Class Action Litigation was comprised of several consolidated consumer class actions brought for the alleged price-fixing of infant formula products. Marc Seltzer was appointed by the court to serve as one of two co-lead counsel for plaintiffs and the class. The case was settled for more than $20 million.

Lilienthal v. Levi Strauss & Co., an individual minority shareholder's action for breach of fiduciary duty by the majority owners, which resulted in a judgment after trial for the plaintiff providing for a recovery in excess of $3 million.

Small v. Sunset Park, where Marc Seltzer was counsel for a class of investors in a state court class action involving an alleged Ponzi scheme in which settlements totaling more than $16.8 million were obtained, including $12 million paid in settlement by a then "Big Five" accounting firm.

Schneider v. Traweek, federal and state court securities class actions in which Marc Seltzer was lead counsel for the plaintiffs. Significant victories were obtained on plaintiffs' behalf in defeating motions to dismiss and in obtaining class certification. See Schneider v. Traweek [1990 Transfer Binder] Fed. Sec. L. Rep. (CCH) 95,419 and 95,505 (C.D. Cal. 1990). The case was settled for approximately $14 million.

Johnson v. Boston, where Marc Seltzer was co-lead counsel for a class of investors in a nationwide class action in state court in which approximately $20 million in settlements were achieved for investors.

In 1972 and 1973, he was a Deputy Attorney General for the State of California specializing in criminal appellate cases. In 1985, Mr. Seltzer was elected to the membership of the American Law Institute.

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by Marc Seltzer

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Marc Seltzer

Biography Title: Partner Firm: Susman Godfrey Law School: UCLA Law School Graduation: 1972   Notable case(s), past or present (include date if possible): In re Equity Funding Corp. of America Securities Litigation (1976) In re Corrugated Container Antitrust Litigation (1978) In re ZZZZ Best Co. Securities Litigation (1987) In re Structured Settlement Litigation (2001) Masimo Corp. v. Tyco Healthcare (2005) In re Universal Service Fund Billing Practices Litigation (2006) In re Korean Airlines Antitrust Litigation (2008)   Selected clients: Masimo Corp., Warner Bros. Entertainment Areas of Expertise:   Bar Memberships:   Clerkships:   Honors:

Q&A Best moment of career:   Worst moment of career:   Attorney you most admire:   Favorite activities (besides the Law):   Favorite Sports Team (if you have one), or Favorite Theater or Museum, etc:   If you weren’t a lawyer, what would you be?:   What do you read most often:   Notable law school classmates:   Why are you proud to be a lawyer?:

PUBLICATIONS

• Co-author, California Federal Civil Rules (Matthew Bender & Co., Inc. 2005)
  
  
• Co-author, California Antitrust and Unfair Competition Law (Third 2003), published by the Antitrust and Trade Regulation Law Section, State Bar of California;
  
  
• "Choosing Between Class and Derivative Actions," published in Second Annual Institute, Class and Derivative Litigation in the 1990's - The New Frontier (Prentice Hall Law & Bus. 1991); and the same topic for the Third, Fourth, and Fifth Annual Institutes;
  
  
• "Measures of Damages in Private Actions for Violations of the Federal Securities Laws: The Basic Rules and Selected Problems," published in Securities Litigation 1990 (PLI 1990);
  
  
• Author: "Shareholders' Derivative Suits in Contests for Corporate Control," published in Securities Litigation 1986: Prosecution and Defense Strategies (PLI 1986);