David Stickney Profiled by Law360 as a "Class Action MVP”
November 11, 2015
Recognized among an elite group of attorneys nationally as a 2015 "Class Action MVP" by Law360 for the second year in a row, BLB&G partner David Stickney and his latest triumphs were profiled in an exclusive feature published as part of Law360's "MVP" series.
According to Law360, Mr. Stickney, "a dogged class action litigator," earned a spot on the list for his success in obtaining $500 million and $95 million in mortgage-backed securities settlements against Bear Stearns and Morgan Stanley, respectively. The profile acknowledged that the "victories followed a string of high-profile litigation wins against Wall Street banks and financial institutions," in cases arising from the financial crisis. In total, Mr. Stickney has helped recover nearly $2 billion for investors in RMBS cases since 2008, including $315 million from Merrill Lynch, $280 million from JPMorgan, and $125 million from Wells Fargo.
Noting the novelty of pursuing mortgage-backed securities claims and the lack of precedent that existed to support class claims against these major banks, Mr. Stickney credits his colleagues and team members for "coming up with approaches that helped bring home victories for investors…. We were innovative in coming up with strategies both for creating precedent and for developing compelling records that led to our success." He also stated that he believes that having a team approach and being open to creative ideas from anyone on the litigation team has benefited him and his clients.
In another case also arising from the subprime crisis, Mr. Stickney obtained $99 million settlement against Ernst & Young in a case against Lehman Brothers. That settlement, along with the $280 million settlement from JPMorgan in 2014, earned him a spot on last year's Law360 "Class Action MVP" list.
With these major Wall Street cases behind him, Mr. Stickney has turned his attention to other securities fraud actions, including ones against Lumber Liquidators, Cobalt International Energy, and Genworth Financial Inc. According to Mr. Stickney, what he loves most about his practice is that "the states are usually high. The quality of the lawyering on both sides is generally top-notch. And I get the opportunity to try to assist the victims of wrongdoing."
When asked about the viability of "class action as a legal device," Mr. Stickney is adamant that "there really isn't a better approach for providing deterrence, for compensating victims and promoting an efficient judicial system...I think for capable law firms who understand what the class standards are, we are able to put before the court a record to satisfy the standards."
External Link: Click here to read the full profile. (link will open in a new window)