January 22, 2018
Gregory Asciolla and Jonathan Gardner comment on litigation successes that led to Class Action Group of the Year recognition
Labaton Sucharow LLP helped clients recoup over $350 million in antiturst and securities class action litigation, placing it among Law360’s Class Action Practice Groups of the Year.
This past year, Labaton Sucharow helped recover hundreds of millions of dollars in antitrust litigation over sophisticated financial transactions, including $301.2 million in the case against major banks alleging manipulation of foreign exchange rates.
Gregory Asciolla, Co-Chair of the Antitrust and Competition Litigation Practice, said that in antitrust cases, firms like Labaton Sucharow are important for private parties to be able to recover damages caused by such illegal activity. “In antitrust, the government may bring an action and collect fines and a recovery, but all that money goes to the U.S. Treasury,” Asciolla said. “Therefore, it’s necessary for firms like ours to bring actions on behalf of plaintiffs where the recovery will go back to the actual injured parties.”
The Firm also made significant recoveries for clients in its securities practice, with Law360 citing wins in Barrick Gold, ($140 million), Amgen ($95 million), and Nu Skin ($47 million). According to Jonathan Gardner on Nu Skin, “That was very challenging, but we were able to successfully do that, through, in part, our internal investigation team.” Gardner continued, “We were able to get people to talk to us about what was really going on. We got documents that we were able to rely upon when drafting our complaint.” The Firm’s investigation team also was essential in gathering critical information in the suit against Barrick Gold Corp. Law360 also cited the Firm securing final approval of a $95 million settlement with Amgen Inc. in October 2016.
Asciolla shared, “We regularly represent the same clients over a variety of matters, and they come to know us, and they come to trust us. And they rely on us to combat securities fraud violations as well as antitrust law violations. It’s almost like, I would say, a defense firm in that respect—in that you have a client that is consistent and regular over the course of years that you develop a very strong relationship with.”