Eric J. Belfi
OverviewRepresenting many of the world’s leading pension funds and other institutional investors, Eric J. Belfi concentrates his practice on securities and shareholder litigation. Eric is an accomplished litigator with a wealth of experience in a broad range of commercial matters.
Eric has had pivotal roles in securing settlements in international cases that serve as models for the application of U.S. securities law to international entities. In a case involving one of the most egregious frauds on record, In re Satyam Computer Securities Services Ltd. Securities Litigation, Eric was a key member of the team that represented the UK-based Mineworkers’ Pension Scheme. He helped to successfully secure $150.5 million in collective settlements and established that Satyam misrepresented the company’s earnings and assets. Representing two of Europe’s leading pension funds, Deka Investment GmbH and Deka International S.A., Luxembourg, in In re General Motors Corp. Securities Litigation, Eric was integral in securing a $303 million settlement in a case regarding multiple accounting manipulations and overstatements by General Motors. Eric was also actively involved in securing a $10.5 million partial settlement in In re Colonial BancGroup, Inc. Securities Litigation, regarding material misstatements and omissions in SEC filings by Colonial BancGroup and certain underwriters. Currently, Eric is representing pension funds in a European litigation against Vivendi.
Eric's leadership in the Financial Products & Services Litigation Practice allows Labaton Sucharow to uncover and prosecute malfeasant investment bankers in cutting-edge securities litigations. He is currently litigating two cases which arose out of deceptive practices by custodial banks relating to certain foreign currency transactions; he serves as lead counsel to Arkansas Teachers Retirement System in a class action against the State Street Corporation and certain affiliated entities and he is also representing the Commonwealth of Virginia in its False Claims Act case against Bank of New York Mellon, Inc.
Eric’s M&A and derivative experience includes noteworthy cases such as In re NYSE Euronext Shareholder Litigation and In re Medco Health Solutions Inc. Shareholders Litigation. In the NYSE Euronext shareholder case, Eric was a key member of the team that secured a proposed settlement which would have provided a special dividend of nearly a billion dollars to NYSE shareholders if the transaction was completed. In the Medco/Express Script merger, Eric was integrally involved in the negotiation of the settlement which included a significant reduction in the Termination Fee.
Eric’s prior experience included serving as an Assistant Attorney General for the State of New York and as an Assistant District Attorney for the County of Westchester. As a prosecutor, Eric investigated and prosecuted white-collar criminal cases, including many securities law violations. He presented hundreds of cases to the grand jury and obtained numerous felony convictions after jury trials.
Eric is a frequent speaker on the topic of shareholder litigation and U.S. class actions in European countries. He also participated in a panel discussion on socially responsible investments for public pension funds during the New England Public Employees' Retirement Systems Forum. He co-authored “The Proportionate Trading Model: Real Science or Junk Science?” 52 Cleveland St. L. Rev. 391 (2004-05) and “International Strategic Partnerships to Prosecute Securities Class Actions,” Investment & Pensions Europe, May 2006.