Managing Partners: Max Berger, Salvatore Graziano and Gerald Silk
Number of partners: 18 Number of lawyers: 45
Bernstein Litowitz Berger & Grossmann LLP (BLB&G) is a premier litigation firm representing individual and institutional investor clients. Since its founding in 1983, BLB&G has obtained over $33 billion in recoveries and achieved precedentsetting 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.
Main Areas of Practice:
BLB&G is widely recognized 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). Regularly appointed by the courts as lead counsel in US securities class actions, BLB&G has distinguished itself by focusing on the representation of respected institutional investors in meritorious cases. The firm is extremely selective in its prosecutions and is well known for ‘consistently bringing high impact cases’ (SCAS). The firm’s reputation for trial readiness is well established. Unique among its peers, BLB&G has more top recoveries than any other firm in the field (SCAS), and has successfully tried several of the largest and most high-profile civil fraud cases in history, obtaining six 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.
■BLB&G prosecuted the Pfizer Derivative Litigation, which resulted in a historic $75 million dedicated fund to be used solely to support the activities of an unprecedented Regulatory and Compliance Committee, which not only materially enhances the Pfizer board’s oversight, but potentially sets a new benchmark of good corporate governance for all highly regulated companies
■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
■Representing a group of public pension funds challenging a conflict-ridden transaction in In re El Paso Corporation Shareholder Litigation, BLB&G achieved a landmark ruling that rebuked Goldman Sachs for neglecting to acknowledge blatant conflicts of interests when advising their corporate clients, and recovered $110 million for investors, a settlement believed to be the highest post-merger closing money damage recovery in Delaware history
BLB&G has confronted discriminatory management, sought to make corporate boards effective and independent, expanded accountability to the boardroom, and improved the quality of ‘due diligence’ performed by investment banks, changing ‘Wall Street’ practices for the better.
Complex Commercial & Corporate Litigation:
BLB&G represents institutions and individuals in a wide range of complex commercial litigation — on a contingency basis — 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.
Asset Protection, Fraud Monitoring & Claims Administration:
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. Additionally, the firm assists its clients in the administration of securities claims.
The firm represents institutional investors worldwide in numerous commercial matters.