For the Fifth Year, Firm Proves Legal Prowess, Honored as Law360 Class Action Group of the Year
NEW YORK (January 22, 2018) – For the fifth time, Labaton Sucharow LLP has been selected by Law360 as a Class Action Group of the Year. Winning firms were honored for “litigation wins and major deals that resonated throughout the legal industry in the past year.” The Firm was one of five firms selected in the Class Action category and one of three plaintiffs firms in that group.
The Firm’s laudable work in both antitrust and securities class actions in 2017 led to the successive win. Gregory Asciolla, Co-Chair of the Firm’s Antitrust and Competition Litigation Practice, explained the necessity of firms such as Labaton Sucharow “to bring actions on behalf of plaintiffs where the recovery will go back to the actual injured party” as opposed to government-led actions that result in monetary awards assumed by the U.S. Treasury.
Asciolla led the Firm’s team in major cases against global banks alleging manipulation of foreign exchange (FX) rates, resulting in a cumulative recovery of more than $2.3 billion. The Firm’s role as allocation counsel ensured those who entered FX instruments directly received a fair distribution of the settlement. In the past year, the Firm also added a settlement resulting in a total of $408.5 million in recoveries on behalf of investors injured in a case alleging manipulation of benchmark interest rates.
In the Securities Litigation Practice, partner Jonathan Gardner praised the Firm’s internal investigative team when discussing the challenges faced resulting in the Firm’s notable work against a multilevel marketing company in China, Nu Skin, which included communicating and cooperating with foreign, former employees. “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 reached a $47 million settlement on behalf of institutional investors. Another successful case involving Gardner and his team was against mining company, Barrick Gold Corp., which resulted in a $140 million recovery in a case alleging environmental law violations in South America.
The Firm also secured a $95 million settlement as sole lead counsel in a long-running case against pharmaceutical company Amgen, a case led by partner Thomas A. Dubbs.
According to Asciolla, the Firm’s ability to practice in both securities and antitrust litigation makes way for ongoing relationships with clients that can trust the Firm to represent them in a variety of matters. In addition to significant “wins” in the past 12 months, the Firm’s reputation as a prominent advisor in the industry has garnered leadership appointments in both, a massive suit alleging two dozen major banks of conspiring to manipulate U.S. Treasury security prices, as well as membership in a plaintiffs steering committee regarding a widespread case alleging pharmaceutical companies of generic drug price-fixing.
Now in its eighth year, the annual Practice Group of the Year series garnered nearly 750 submissions in 2017, with winners selected across 35 practice areas.