Avi Josefson is a senior partner and head of BLB&G’s Complex Litigation Practice, representing clients in healthcare, digital privacy, and complex fraud litigation. He also serves as a senior member of the firm’s Case Development and Client Advisory Group, which analyzes and advises clients regarding potential securities claims. Avi counsels institutional clients in the U.S., Europe, and Israel, and practices in the firm’s Chicago and New York offices.
As head of the firm’s Complex Litigation Practice, Avi is prosecuting several high-profile matters, including “cash sweep” cases against major financial institutions such as Wells Fargo, Morgan Stanley, UBS, and others, alleging that these banks systematically and unlawfully enriched themselves at the expense of their retail clients by paying de minimus interest rates on uninvested cash balances, in breach of their fiduciary and contractual obligations.
He is also pursuing significant cases against Meta Platforms, Inc. (“Meta”), including a lawsuit alleging the social media giant knowingly facilitates and profits from billions of scam advertisements on its popular Facebook and Instagram platforms that defraud seniors and other users most vulnerable to harm. Additionally, Avi is leading the BLB&G case team in a nationwide class action brought on behalf of advertisers who were overcharged billions of dollars purchasing online ads on Meta’s Facebook platform.
Avi is also involved in cases within the healthcare sector against Express Scripts and CVS—two of the country’s largest pharmacy benefit managers (PBMs). These class actions, which were filed on behalf of union health and welfare funds, arise from a wide-ranging fraudulent conspiracy through which defendants diverted billions of dollars in drug rebates from their PBM customers to offshore entities to enrich themselves.
In addition to his ongoing complex litigation work, Avi has participated in many of the firm’s significant cases on behalf of institutional investors. He led the BLB&G team that recovered over $2 billion for 35 institutions that invested in the Allianz Structured Alpha Funds and also represented U.S. and European institutions in actions against Deutsche Bank and Morgan Stanley arising from their sale of mortgage-backed securities. Avi has presented arguments in several federal and state courts, including the Delaware Supreme Court. In recognition of his deep knowledge and successful representation of the firm’s institutional investors, Avi has been recognized by Lawdragon as both a “Leading Plaintiff Financial Lawyer” and one of the “500 Leading Lawyers in America,” and by The National Law Journal as a “Plaintiffs’ Lawyers Trailblazer.”