January 1, 2010
In the latest compilation of its "Securities Firms of the Year" rankings, the publication Law360 selected BLB&G as one of the leading plaintiffs-side securities firms rising "above the fray to pick up important wins for investors" in 2009.
According to Law360, BLB&G earned a spot on the list for its "$150 million settlement for bond-class securities holders of Merrill Lynch, for winning a $125 million settlement in the Bristol-Myers Squibb Co. Plavix patent disclosure case and for litigating a class action accusing State Street Bank & Trust Co. of mismanaging its pension plan." The publication also highlights BLB&G's settlements with subprime lender Accredited Home Lenders Co. ($22 million) and the electronic component manufacturer International Rectifier Corp. ($90 million).
"This year in securities litigation was defined by two major things: The downturn of the economy and the meltdown of the subprime market," explains senior founding partner Max Berger regarding the future of securities litigation. "It is unlikely that the recession scared corporations into good behavior or that a rebounding economy will lead to a shortage of cases for securities firms. Over the past 10 years, Congress and the courts have been letting the gatekeepers - auditors, investment bankers, boards of directors, ratings agencies - off the hook, and the return of aiding and abetting liability in the private sector would do as much as anything to curb these types of fraud."