Law360 Names the Firm to its Plaintiffs Securities Firms of the Year 2009 List
Law360 named Coughlin Stoia to its Plaintiffs Securities Firms of the Year 2009 list. The publication praised the Firm’s success in achieving the largest stock option backdating recovery of $925 million along with sweeping corporate governance reforms in the UnitedHealth case. The Firm also obtained a $109 million settlement with accounting giant Ernst & Young LLP, a $50 million settlement with the east coast bank TD Banknorth Inc., and several key pharmaceutical litigation victories. The Firm’s strong 2009-year also included a suit against Moody’s Investors Service Inc. and Standard & Poor’s, contesting the credit raters’ claims that investors cannot sue over deceptive ratings of private-placement notes because these represent opinions being protected by the First Amendment.
With this dramatic increase in securities cases, it comes as no surprise that Law360 described 2009 as the year in which “Ponzi became a household term.” In light of this, “several firms rose above the fray to pick up important wins for investors in cases stemming from Bank of America Corp.'s merger with Merrill Lynch & Co., the resolution of the tech bubble’s initial public offering frauds and the advent of class action-like securities litigations in Europe, among others.”
Partner Darren J. Robbins described the recent uptick in securities litigation as a “fraud wave” that is “hopefully” winding down. “As long as greedy corporations continue to commit fraud, Coughlin Stoia will stay busy standing up for victimized investors,” he said. “Unfortunately corporations can’t bring themselves to do the one thing that would shut down the plaintiffs bar tomorrow, which is to simply stop committing so much corporate fraud.”
Law360 is an online legal news outlet. It covers the “entire spectrum” of legal practice areas and reports on them each day. Law360 offers nonstop coverage, expert analysis and real-time tracking reports.
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