NEW YORK, NY – May 31, 2012 – The law firm of Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") has once again been ranked the #1 securities class action firm in the United States.
According to data compiled by ISS's Securities Class Action Services ("SCAS"), BLB&G again topped the "SCAS 50" rankings, obtaining nearly $1.4 billion in recoveries in 2011 — more than any other firm in the nation. In addition to achieving the highest total recoveries among all securities class action firms in 2011, BLB&G also has the highest settlement average (nearly $106 million) of any firm.
SCAS has compiled the "SCAS 50," its annual report of the top firms prosecuting securities litigation in the U.S., for a decade. Every year since the list's inception, BLB&G has been at or near the top of the rankings — often with the highest total recoveries, the highest settlement average, or both.
BLB&G founding partner Max Berger on the "SCAS 50" recognition:
"We are very pleased to be atop the SCAS list again for 2011. It is particularly gratifying to have achieved the highest settlement average in our field, because the results reflect the rigorous investigation and analysis which we and our institutional investor clients put into determining what cases to litigate and the substantial efforts we put into the prosecution of our cases. Credit for these achievements also goes to our clients, who are intricately involved in every step of the litigation process, and who demonstrate real leadership in stepping forward to prosecute these cases and hold corporate management accountable to its shareholders."
View the report at http://www.issgovernance.com/docs/SCAS50for2011.
More Top Recoveries than Any Other Firm
SCAS also publishes the "SCAS 100" which lists the 100 largest securities class action recoveries on record. BLB&G has served as lead or co-lead counsel in nearly 30% of these cases — more than any other firm in the nation. The firm also has obtained four of the top ten securities fraud recoveries in history — WorldCom ($6.15 billion), Cendant ($3.3 billion), Nortel ($1.07 billion) and McKesson ($1.04 billion) — more multi-billion dollar recoveries for investors than any other firm.
Representing the Institutional Investor Community in the Wake of the Credit Crisis
Widely recognized as one of the leading firms advising institutional investors in securities litigation, corporate governance and shareholder rights issues, BLB&G represents a variety of institutional clients in class and private litigation arising from the subprime mortgage meltdown and ensuing global credit crisis. The firm has already recovered well over $2 billion on behalf of its clients in these cases — including high-profile matters against Wachovia ($627 million), Lehman Brothers ($516 million to date — ongoing) and Merrill Lynch ($315 million). Further, BLB&G is lead counsel in many significant subprime/credit crisis cases still pending, including actions against Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and J.P. Morgan, as well as dozens of other major Wall Street banks and financial institutions.
About the Firm
Since its founding in 1983, BLB&G has obtained nearly $25 billion in recoveries for investors and achieved precedent-setting corporate governance reforms on behalf of its institutional investor clients. Regularly entrusted by its clients and appointed as lead counsel by the courts in major securities class actions, the firm is routinely recognized by industry observers for its legal excellence and achievements ("consistently achieving the highest returns for investors" – The National Law Journal; "the best advice in the field" – Chambers USA; "one of the best bar none… impressive achievements and excellent reputation" – Benchmark Litigation).
In addition to obtaining record monetary recoveries, BLB&G has litigated numerous seminal cases establishing precedents which have increased market transparency, held wrongdoers accountable, and changed corporate business practices in groundbreaking ways. From establishing an industry-accepted definition of director independence and altering the makeup and accountability of corporate boards of directors, to comprehensively upgrading the due diligence process of investment banks, addressing stock options abuses by corporate executives, or protecting the rights of investors and individuals in the wake of the subprime mortgage collapse, the firm's cases have addressed wrongdoing and yielded results which have served as models for public companies going forward.
Visit www.blbglaw.com to learn more.