January 7, 2016
For the second year in a row, BLB&G was named a “Class Group of the Year” by Law360 for recovering “more than $1 billion for clients in 2015 including the record-setting $500 million settlement over Bear Stearn’s sale of mortgage-backed securities.” BLB&G is one of only 9 firms selected nationally for this honor.
In its profile of the firm, Law360 features BLB&G partner Gerald Silk discussing the $500 million settlement with JPMorgan Chase & Co. and explaining that the recovery “is something we’re really proud of because these cases are very complicated and very risky.” According to Mr. Silk, the firm “had to wade into uncharted territory with no established precedents, as there had never before been a mortgage-backed securities crisis,” and given the complexities and obscurities associated with mortgage-backed securities, the firm had to “dissect the complex securities business and explain to the court how it worked, what kind of due diligence was required by law and how the banks should have been performing the securitization…Our job was to do all that deep analysis, but at the same time simplify it to make it understandable and present the narrative to a court and to a jury.”
The profile also highlights several other major recoveries achieved by the firm in 2015, including $204.4 million in partial settlements in MF Global; the $180 million settlement in Bank of New York Mellon Corp.; and the $153.75 million settlement in Freeport-McMoRan Copper & Gold Inc.
Mr. Silk credits the firm’s success to both its focus on clients, as well as its lawyers’ conviction in the meritorious claims that are brought in each case. According to him, “We believe in the claims that we’re bringing, and we believe that even though we’re typically going up against some of the largest companies in the world who are represented by some of the largest law firms in the world, we have the resources and focus and commitment to go toe-to-toe with them to see our case through to fruition. It’s a critical component to our success.”
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