NEW YORK and WILMINGTON, Del., Oct. 18 /PRNewswire/ -- The National Law Journal has once again named Grant & Eisenhofer to its short list of the country's leading plaintiffs' law firms.
For the fifth year in a row, the 70-attorney Grant & Eisenhofer was included in the NLJ's "Plaintiffs' Hot List," its grouping of the litigation law firms specializing in plaintiffs representation. This year's list includes only 11 firms nationally, which the magazine's editors report "show the plaintiffs' bar at its best."
The NLJ noted that "Grant & Eisenhofer has served as lead counsel in many of the largest securities class actions. It has achieved more securities settlements worth more than $100 million than any U.S. law firm, with recoveries exceeding $12.5 billion in the past five years alone." Established in 1997, G&E largely represents institutional investors. In recent years, the firm has expanded beyond securities and corporate governance litigation to represent plaintiffs in False Claims Act and antitrust actions.
For the 2010 edition of the Hot List, the NLJ focused heavily on shareholder cases, including litigation stemming from the financial crisis, as well as cases challenging excesses in executive compensation. Aside from its general track record, G&E was singled out for three case successes in particular:
- Central Laborers' Pension Fund v. Goldman Sachs: Grant & Eisenhofer accused Goldman Sachs of breaching its fiduciary duties with a planned $22 billion bonus plan for executives that represented nearly half the investment bank's annual net revenue. As a result of the litigation, Goldman lowered its bonus pool by just under $6 billion.
- Security Police and Fire Professionals of America v. Morgan Stanley: In another compensation case, G&E alleged that Morgan Stanley's officers and directors breached their duty by failing to align the bank's executive pay with the interests of shareholders. The NLJ noted that in 2009, despite reporting total income of only $1.15 billion, Morgan Stanley attempted to earmark $14.4 billion for bonuses and other executive pay.
- In re Marsh & McLennan Cos.: In this securities class action, the firm represented two major Ohio pension funds, alleging that the insurance broker's officers, directors, auditors and underwriters steered business to certain insurance companies in exchange for kickback commissions. In 2010, plaintiffs achieved a settlement valued at more than $400 million.
"It's an honor that for the fifth year running the National Law Journal has counted us among the top plaintiffs firms in the U.S. It's obviously an accomplished and competitive field and we're pleased to be recognized for our continued dedication in representing institutional investors in important shareholder and corporate governance litigation," said Grant & Eisenhofer co-managing directors Stuart Grant and Jay Eisenhofer.
"As the litigation landscape continues to evolve, we hope to stay at the forefront of plaintiffs' counsel," they continued. "Our goal today, as when we launched our firm 13 years ago, is to advocate aggressively on behalf of shareholders and other investors in the face of corporate misconduct. "
Note: Grant & Eisenhofer P.A. represents institutional investors, both domestic and foreign, in securities class actions, corporate governance actions and derivative litigation. The firm has recovered approximately $12.5 billion for shareholders in the last five years and was cited by RiskMetrics for securing the highest average investor recovery in securities class actions of any U.S. law firm in 2008. Grant & Eisenhofer has been named one of the country's top plaintiffs' law firms by The National Law Journal for the past five years. The firm also represents plaintiffs in antitrust and False Claims Act litigation. For more information, visit www.gelaw.com.
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SOURCE Grant & Eisenhofer P.A.