Eric J. Belfi
OverviewRepresenting many of the world's leading pension funds and other institutional investors, Eric J. Belfi is an accomplished litigator with experience in a broad range of commercial matters. Eric focuses on domestic and international securities and shareholder litigation. He serves as a member of the Firm's Executive Committee.
As an integral member of the Firm's Case Evaluation group, Eric has brought numerous high-profile domestic securities cases that resulted from the credit crisis, including the prosecution against Goldman Sachs. In In re Goldman Sachs Group, Inc Securities Litigation, he played a significant role in the investigation and drafting of the operative complaint. Eric was also actively involved in securing a combined settlement of $18.4 million in In re Colonial BancGroup, Inc. Securities Litigation, regarding material misstatements and omissions in SEC filings by Colonial BancGroup and certain underwriters.
Along with his domestic securities litigation practice, Eric leads the Firm's Non-U.S. Securities Litigation Practice, which is dedicated exclusively to analyzing potential claims in non-U.S. jurisdictions and advising on the risk and benefits of litigation in those forums. The practice, one of the first of its kind, also serves as liaison counsel to institutional investors in such cases, where appropriate. Currently, Eric represents nearly 30 institutional investors in over a dozen non-U.S. cases against companies including SNC-Lavalin Group Inc. in Canada, Vivendi Universal, S.A. in France, OZ Minerals Ltd. in Australia, Lloyds Banking Group in the UK, and Olympus Corporation in Japan.
Eric's international experience also includes securing settlements on behalf of non-U.S. clients including the UK-based Mineworkers' Pension Scheme in In re Satyam Computer Securities Services Ltd. Securities Litigation, an action related to one of the largest securities fraud in India which resulted in $150.5 million in collective settlements. 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.
Additionally, Eric oversees the Financial Products and Services Litigation Practice, focusing on individual actions against malfeasant investment bankers, including cases against custodial banks that allegedly committed deceptive practices relating to certain foreign currency transactions. Most recently, he served as lead counsel to Arkansas Teacher Retirement System in a class action against State Street Corporation and certain affiliated entities alleging misleading actions in connection with foreign currency exchange trades, which resulted in a $300 million recovery. He has also represented 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 Medco Health Solutions Inc. Shareholders Litigation, which he was integrally involved in the negotiation of the settlement that 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 member of the National Association of Public Pension Attorneys (NAPPA) Securities Litigation Working Group. He is frequent speaker on the topic of shareholder litigation and U.S.-style class actions in European countries and also has spoken on socially responsible investments for public pension funds.
St. John's University School of Law
- In re BP p.l.c. Securities Litigation (BP p.l.c.- Deepwater Horizon)
- Claude A. Reese v. John Browne and Robert A. Malone (BP p.l.c.- Prudhoe Bay)
- In re Commodity Exchange Inc. Gold Futures and Options Antitrust Litigation (Markun v. Bank of Nova Scotia)
- Fortis SA/NV (Belgium)
- In re Goldman Sachs Group, Inc. Securities Litigation
- Lloyds Banking Group PLC (UK)
- Olympus (Japan)
- Saipem (Italy)
- In re Takata Airbag Products Liability Litigation
- Treasury Wine Estates (Australia)
- Vivendi Universal (France)
Settled | Resolved Cases
- Arkansas Teacher Retirement System v. State Street Corp.
- In re Colonial BancGroup, Inc. Securities Litigation
- Construction Laborers Pension Trust of Greater St. Louis v. Autoliv, Inc.
- In re General Motors Corp. Securities Litigation
- In re Lehman Brothers Equity/Debt Securities Litigation
- In re Medco/Express Scripts Merger Litigation
- In re Molson Coors Brewing Co. Securities Litigation
- OZ Minerals (Australia)
- Royal Imtech (Netherlands)
- In re Satyam Computer Services, Ltd. Securities Litigation
- The City of Providence v. Aeropostale, Inc. et al.
1996, New York
U.S. District Court
1996, Southern District of New York
1996, Eastern District of New York
2002, Eastern District of Michigan
2004, District of Colorado
2006, Eastern District of Wisconsin
2013, District of Nevada
In the News
- Law360, Rainmaker Q&A (08/15/2016)
- Press Release, Labaton Sucharow Recovers $300 Million from State Street in connection with FX Trades (07/26/2016)
- Press Release, Labaton Sucharow Secures $120 Million Recovery from Weatherford (07/01/2015)
- Pensions & Investments, Public Pension Plans Take Shareholder Litigation International (07/21/2014)
- Law360, Analysis of the U.S. Supreme Court Ruling in Halliburton v. Erica P. John Fund (06/25/2014)
- CNBC.com, State Street Pays Full Price in Forex Settlement (02/18/2011)
- Pensions Management, SRI Climbs Back Up the Agenda (09/01/2008)
- American Lawyer, Plaintiffs Firms Score $303 Million Class Action Settlement From GM, Deloitte (08/11/2008)
- The Associated Press, GM and Deloitte Settle Shareholder Suit (08/08/2008)