NEW YORK, April 21, 2017 /PRNewswire/ -- The law firm of Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") has once again been ranked one of the top securities litigation firms in the United States.
According to data compiled by ISS's Securities Class Action Services ("SCAS"), BLB&G again was atop the "SCAS 50" rankings, with the largest average recovery amount among the top firms – nearly $145 million per case – and obtaining over $2 billion in recoveries in 2016 through 14 settlements.
SCAS has compiled the "SCAS 50," its annual report of the top firms prosecuting securities litigation in the U.S., for nearly 15 years. 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. In the last decade alone, BLB&G has recovered over $14 billion on behalf of investors.
BLB&G partner Blair Nicholas on the "SCAS 50" recognition:
"We are very pleased to be recognized again by SCAS. It is particularly gratifying to have the highest settlement average among the prominent firms, 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 institutional investor 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 https://www.issgovernance.com/library/top-50-2016/
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 over 30% of these cases – more than any other firm in the nation. The firm also has obtained six of the top twelve securities fraud recoveries in history – WorldCom ($6.19 billion), Cendant ($3.3 billion), Bank of America ($2.43 billion), Nortel ($1.07 billion), Merck ($1.06 billion) and McKesson ($1.05 billion) – more multi-billion dollar recoveries for investors than any other firm.
About the Firm
Since its founding in 1983, BLB&G has obtained over $31 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), and has been named the U.S. "Plaintiff Firm of the Year" three times by Benchmark.
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.
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SOURCE Bernstein Litowitz Berger & Grossmann LLP