David Stickney Selected as a Class Action MVP by Law360
November 24, 2014
Law360 has named BLB&G partner David Stickney a 2014 Class Action MVP for his success in “coaxing big recoveries out of JPMorgan Chase & Co. and Morgan Stanley” and for recovering $99 million from Ernst & Young LLP, “one of the highest recoveries from an auditor firm in the wake of the Lehman Brothers collapse.”
In its profile of Mr. Stickney, Law360 praises his expertise and describes him as one of BLB&G’s “go-to leads in high-profile litigation against lenders in the wake of the 2007-2009 financial crisis.” The feature highlights his success in obtaining a $99 million settlement against Ernst & Young in the “very complex” action against Lehman Brothers, a case that involved multiple parties and jurisdictions as well as a “a bankrupt entity, which raised real challenges when you’re trying to recover for people that lost billions.”
The profile also discusses Mr. Stickney’s achievement in recovering $280 million from JPMorgan and, most recently, $95 million from Morgan Stanley (pending court approval). In both cases, Mr. Stickney and his team faced significant challenges that they were able to overcome: “We created a very compelling record, even in the absence of an accounting restatement and in the absence of enforcement actions by the SEC or charges brought by the Department of Justice. We needed to independently get evidence to prove every part of our case, and I don’t think you can achieve the recovery that we were able to achieve without the fight that we put forward.”
These big victories come on the heels of other major recoveries obtained by Mr. Stickney in cases also arising from the financial crisis, including $315 million from Merrill Lynch & Co., Inc. and $125 million from Wells Fargo.
With over 18 years of litigation experience, Mr. Stickney describes himself as “very fortunate…to have been able to work on some of the largest and most exciting class litigation that there is. I’ve been fortunate to represent some of the firm’s most important clients…and along with that been able to work with teams of very talented lawyers.” He admits to enjoying the “thrill of competing against top-notch lawyers in high-stakes litigation,” which according to him “is a terrific way to practice law, particularly when you’re able to get the kind of recoveries that matter to people.”
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