RiskMetrics Ranks Barroway Topaz Among Top Five Law Firms of 2009 for Highest Recoveries, Number of Settlements in Securities Class Actions

RADNOR, Pa., April 16 /PRNewswire/ -- Leading class action and corporate governance law firm Barroway Topaz Kessler Meltzer & Check, LLP has again been ranked among the nation's top five law firms of 2009 for highest investor recovery in securities class actions and number of settlements, according to RiskMetrics Group.

RiskMetrics, which specializes in risk management and corporate governance services, has released its latest annual ranking of the country's top 50 plaintiffs' law firms, the "SCAS 50," compiled by its Securities Class Action Services unit.

According to the latest rankings, Barroway Topaz placed Number 2 in total number of final settlements where a settlement fund resulted, and Number 4 in total dollar recovery of securities class action settlements. The firm secured total shareholder recovery of more than $889 million, across 15 securities suits settled in 2009. The SCAS 50 list does not include data on ERISA or derivative lawsuits.

"This year marks the return of the 'mega-settlement'," said Adam Savett, head of RiskMetrics' SCAS unit. "In 2009, we tracked 15 settlements of more than $100 million, up from 5 last year."

RiskMetrics' league tables reflect total class action settlements in which law firms served as lead or co-lead counsel.  Nearly 500 financial institutions utilize the SCAS database, and the rankings are intended to help institutional investors maximize shareholder value by highlighting law firms playing the most active role in securities class actions bringing in the most settlement dollars.

This is the third consecutive year that Barroway Topaz has placed among the top five firms on the "SCAS 50" and "Firms by Settlements" lists; the firm has consistently been at the top of rankings since RiskMetrics first began compiling them in 2003.  According to the SCAS "Power Rankings," Barroway Topaz is ranked third overall in number of settlements (56), and ninth in settlement amounts (over $1 billion) between 2003 and 2006.

The RiskMetric rankings come on the heels of a separate study of securities class actions issued by Cornerstone Research, which released its own yearly study in March. The Washington-based research firm ranked Barroway Topaz Number 2 in percentage of settled cases in its annual Securities Class Action Settlements survey.

"We are pleased to be cited once again by RiskMetrics as among the top law firms in shareholder recovery," said Darren Check, Barroway Topaz's Director of Institutional Relations. "The recognition of our success in 2009 is welcomed and follows a period of solid accomplishments for the firm, not only our case results but continued activism and reform for our investor clients, as well as the expansion of our offices into California."

In the past year, Barroway Topaz has recovered more than $1 billion overall in settlements and enhanced shareholder value.  Some recent noteworthy outcomes for investors:

• Settlement of some of the largest-recorded stock option backdating suits. Two of these, the Brocade Communications and Marvell Technology Group cases, which settled for $161 million and $72 million respectively, were ranked by SCAS as the second- and fourth-largest options backdating class action settlements of all time.

• $62 million settlement this past December of a notable derivative backdating suit brought on behalf of shareholders of Comverse Technology. Barroway Topaz and co-counsel settled the case following litigation that arose from alleged backdating practices by Comverse's former executives of the communications technology company, including former CEO Jacob "Kobi" Alexander. The settlement included significant corporate governance reforms.

• A value-enhanced shareholder victory, in which Barroway Topaz successfully enjoined a proposed $5.35 per share acquisition offer by private equity firm Thoma Bravo to buy medical imaging solution company AMICAS, Inc. Following a trial judge's ruling that Amicas' proxy statement contained materially deficient disclosures, another company, Merge Healthcare Inc. offered $6.05 a share to Amicas' stockholders -- and a new deal was consummated at a 13 percent premium over the Thoma Bravo offer, adding $31 million in value for Amicus investors.

Barroway Topaz is currently at the forefront of ongoing litigation arising from the subprime crisis and resulting financial downturn. The firm is co-lead counsel in a major securities fraud case arising out of the Bank of America acquisition of Merrill Lynch in 2009, and is also helping direct a securities fraud action filed on behalf of Lehman Brothers shareholders, following the firm's bankruptcy filing in 2008. Barroway Topaz is also litigating major subprime-related class actions against Countrywide Financial Corp., UBS and Morgan Stanley.

About Barroway Topaz

Barroway Topaz Kessler Meltzer & Check, LLP represents institutional investors and shareholders internationally in securities class actions, corporate governance actions, as well as ERISA, consumer, antitrust and derivative litigation.  The firm has recovered billions of dollars for shareholders in the last five years and was has been named among the top firms for shareholder recovery by RiskMetrics Group every year since 2003. For more information, please visit: www.btkmc.com 

SOURCE Barroway Topaz Kessler Meltzer & Check, LLP