Labaton Sucharow has earned a nationwide reputation for excellence in its representation of limited partners who have special needs and strong incentives to band together in class action litigation to compel their general partner to be fiscally accountable. The Firm has achieved meaningful recoveries on behalf of LP investors that have been harmed by the actions of a general partner.
In addition to successfully prosecuting breach of fiduciary duty and breach of contract claims on behalf of limited partners, we have been innovative in reaching recoveries despite the illiquid nature of LP assets, through compelled sales and staged liquidation of assets. We believe that class action litigation can and should serve as a powerful mechanism for holding general partners to a greater level of accountability.
Herculean Efforts Our trial team, assisted by Co-Lead Counsel, represented 18,000 investors in the
In re Real Estate Associates Limited Partnership Litigation (C.D. Ca.). Following a six-week jury trial,
we obtained a landmark $182 million verdict—one of the largest jury verdicts since passage of the Private Securities Litigation Reform Act of 1995. As the chair of the plaintiff’s eight-member executive committee in
In re Prudential Securities Incorporated Limited Partnership Litigation (S.D.N.Y.), we were instrumental in obtaining approval of a $110 million partial settlement on behalf of limited partners. Judge Milton Pollack cited the “herculean” effort by plaintiffs’ counsel and stated, “[T]his case represents a unique recovery—a recovery that does honor to every one of the lawyers on your side of the case.”
Our substantial experience obtaining recoveries for limited partners includes:
- As a member of the Executive Committee securing $200 million in benefits for class members in In re Paine Webber Incorporated Limited Partnerships Litigation (S.D.N.Y.);
- As a member of the Executive Committee obtaining recovery of $91 million in the In re Prudential Bache Energy Income Partnerships Securities Litigation (D. La.);
- As a Co-Lead Counsel prosecuting securities fraud claims for a group of investors that purchased limited partnership interests in five oil and gas exploration companies and achieving a settlement in which our clients recovered their entire investment.
