"We'll spend as much money to build a case as our counterparts will to defend it. Substantial internal resources enable us to litigate against powerful defendants."

Richard M. Heimann, Partner and Chair of the Securities & Investor Fraud Practice Group

Securities & Financial Fraud

Returning value to investors and upholding the integrity of the market

Securities and investment fraud can occur as the result of material misrepresentations and omissions, fraudulent transactions, accounting irregularities, stock option backdating, and massive Ponzi schemes. Lieff Cabraser represents investors across America in class, direct (opt-out), derivative, and other actions. Our clients are public pension funds, union funds, and non-public institutional investors including mutual funds, as well as high-wealth and individual investors.

Lieff Cabraser's Securities & Financial Fraud Practice Group

Remarkable recoveries, principled advocacy

Lieff Cabraser securities attorneys have tried two federal securities class actions to jury verdicts, prevailing in both, including a $170 million verdict. Working with co-counsel, we have achieved verdicts, judgments, and settlements in excess of $2.6 billion for our clients in securities and investor fraud cases.

Driven by a strong sense of social responsibility, our attorneys uphold the highest standards of professional behavior. In each case we litigate, we seek to obtain the maximum recovery under the law for our clients and to promote greater corporate responsibility and enhance the integrity of the marketplace for all investors.

Comprehensive services

In addition to litigation, we offer, without charge, investment portfolio monitoring, expert case evaluation, recoverable damages assessments, and corporate governance advice. Our sophisticated, web-based, client-accessible tracking system enables us to quickly identify and calculate any losses suffered by our clients.

Selective, trial-ready, and possessing an outstanding reputation

We vigorously investigate securities and investment fraud cases on behalf of our clients without charge to them. We recommend litigation only when liability is clear and damages are substantial and recoverable.

We assume every case we litigate may proceed to trial and prepare accordingly. This approach enables us to recover a higher percentage of losses for our clients than is typical in securities and financial fraud cases. As a result, one U.S. District Court Judge observed that Lieff Cabraser "is one of the foremost law firms in the country in both securities law and class actions." Lieff Cabraser also serves as co-chair of the Securities and Financial Fraud Litigation Group of the American Association for Justice.

Current Cases

Charles Schwab Corp. Residential Mortgage-Backed-Securities ("MBS") Litigation

Lieff Cabraser, along with co-counsel, represents Charles Schwab in four separate individual securities actions against certain issuers and sellers of mortgage-backed securities (MBS) for materially misrepresenting the quality of the loans underlying the securities in violation of California state law.

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Securities fraud
Facebook IPO Securities Litigation

Alleged securities law violations based on Facebook's May 2012 Initial Public Offering.

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Securities fraud
Petrobras Securities Litigation

Lieff Cabraser represents several funds managed by Janus and several funds managed by Dodge & Cox in individual securities cases arising from the massive fraud at Petrobras, a state-run semi-public energy and oil-production company headquartered in Rio de Janeiro, Brazil.

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Securities fraud

Lieff Cabraser represents 14 funds of The Charles Schwab Corporation in an independent securities action against Pfizer Inc. and current and former senior Pfizer executives.

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Securities fraud
Residential Mortgage-Backed Securities Litigation

The lawsuit charges securities law violations.

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Securities fraud
State Street Securities Litigation

The complaint charges that for the past decade, defendants consistently incorporated hidden and excessive mark-ups or mark-downs relative to the actual FX rates applicable at the times of the trades conducted for defendants' custodial FX clients.

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False foreign exchange rates
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First Capital Holdings

Lieff Cabraser served as Co-Lead Counsel in a class action brought to recover damages sustained by policyholders of First Capital Life Insurance Company and Fidelity Bankers Life Insurance Company policyholders resulting from the insurance companies’ alleged fraudulent financial practices.

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Settlement valued at $1 billion
Bank of New York Mellon FOREX Manipulation

Consolidated litigation against The Bank of New York Mellon Corporation and its predecessors and subsidiaries, in which plaintiffs alleged that BNY Mellon deceptively overcharged custodial customers on foreign currency exchanges made necessary by the purchase or sale of foreign securities.

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Settlements valued at $504 million

Coupled with the earlier $118 million partial settlement, the total recovery in the derivative action was approximately $197.5 million, constituting the third largest in a derivative action involving stock options backdating.

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Settlements valued at $197.5 million
Scorpion Technologies

Lieff Cabraser served as Lead Counsel in class action suits arising out of an alleged fraudulent scheme by Scorpion Technologies, Inc., certain of its officers, accountants, underwriters and business affiliates to inflate the company’s earnings through reporting fictitious sales.

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$170 million jury verdict
McKesson HBOC

Lieff Cabraser served as counsel for two Merrill Lynch sponsored mutual funds in a private lawsuit alleging that a massive accounting fraud occurred at HBOC & Company before and following its 1999 acquisition by McKesson Corporation.

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$145 million settlement

Lieff Cabraser represented Richard H. Williams, the former Chief Executive Officer and President of Illustra Information Technologies, Inc., and a class of Illustra shareholders in a class action suit fraud and violations of federal securities law.

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$136 million settlement
Diamond Foods Securities Litigation

Lieff Cabraser served as local counsel for Lead Plaintiff Public Employees' Retirement System of Mississippi and the class of investors it represented in this securities class action lawsuit arising under the PSLRA.

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Settlement valued at $127.3 million
AXA Rosenberg Investor Litigation

The complaint charged that AXA Rosenberg violated the law when it allowed a material computer error in its proprietary quantitative system to go unnoticed for years, and then unremedied for months.

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$65 million settlement
Celera Corporation Litigation

Lieff Cabraser represented a group of affiliated funds investing in biotechnology companies in this individual action arising from misconduct in connection with Quest Diagnostics Inc.’s 2011 acquisition of Celera Corporation.

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Confidential settlement
Tyco International

Lieff Cabraser represented multiple funds of the investment firms BlackRock Inc. and Nuveen Asset Management in separate, direct securities fraud actions against Tyco.

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$54 million settlement
Princeton Notes

Lieff Cabraser represented Kofuku Bank, Namihaya Bank and Kita Hyogo Shinyo-Kumiai credit union in individual lawsuits against, among others, Martin A. Armstrong and HSBC, Inc., the successor-in-interest to Republic New York Corporation, Republic New York Bank and Republic New York Securities Corporation for alleged violations of federal securities and racketeering laws.

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$50 million settlement, a 100% recovery for our client

Lieff Cabraser represented investors who charge that they were induced to exchange their Remedy stock for Peregrine stock on the basis of false and misleading representations made by defendants.

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$45 million settlement

Lieff Cabraser served as Co-Lead Counsel in a shareholders' derivative action against the board of directors and numerous officers of Cablevision that resulted in a $34.4 million settlement.

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$34.4 million settlement

Lieff Cabraser served as Lead Class Counsel on behalf of multiple classes of investors defrauded in a limited partnership investment scheme.

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$32 million settlement
California Micro Devices

Lieff Cabraser served as Liaison Counsel for the Colorado Public Employees’ Retirement Association and the California State Teachers’ Retirement System, and the class they represented. Class members received an almost complete return on their losses.

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$31 million settlement
Media Vision

Lieff Cabraser served as Co-Lead Counsel in a securities fraud class action lawsuit which alleged that certain of Media Vision’s officers, outside directors, accountants and underwriters engaged in a fraudulent scheme to inflate the company’s earnings, and issued false and misleading public statements about the company’s finances, earnings and profits.

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$31 million settlement
Network Associates

Lieff Cabraser served as Lead Counsel for the Lead Plaintiff and the class of investors. The complaint alleged that Network Associates improperly accounted for acquisitions in order to inflate its stock price.

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$30 million settlement

Lieff Cabraser served as Plaintiffs’ Class Counsel in this securities/RICO/tort action seeking an injunction against certain marketing practices and compensation to participants.

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$13 million settlement
Brooks Automation

Lieff Cabraser served as Court-Appointed Lead Counsel in a class action stock backdating lawsuit on behalf of all persons who purchased securities of Brooks Automation. In October 2008, the Court granted final approval to a $7.75 million settlement of the action.

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$7.75 million settlement
AOL Time Warner

In December 2006, a $50 million settlement was reached in a securities fraud action brought by the Alaska State Department of Revenue, Alaska State Pension Investment Board and Alaska Permanent Fund Corporation against defendants including America Online and Time Warner. Lieff Cabraser served as counsel for the Alaska Attorney General.

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Clients recovered 50 times what they would have received in a class case
American International Group

Two related securities cases alleging linked fraud and misrepresentation

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Bank of America Merrill Lynch Merger Securities Cases

The lawsuit charged Bank of America with making misrepresentations to shareholders in the course of its purchase of Merrill Lynch.

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Confidential settlements
Alex.Brown Securities

Lieff Cabraser represented multiple high-wealth individuals who charged that fraudulent conduct by Deutsche Bank that resulted in an aggregate loss of hundreds of millions of dollars. In the fall of 2006, the cases settled by confidential agreement.

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Confidential settlement
Qwest Communications

We represented multiple public pension funds and private mutual funds in direct securities cases against Qwest. Our clients received recoveries totaling more than $85 million, or more than 13 times what they would have received had they remained in the class action case against Qwest.

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Recoveries for clients in direct action were 13 times what they would have received in class case
National Century

We helped the New York City Pension Funds recover more than 70% of their losses in the litigation arising from NCFE's alleged fraud.

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Settlements valued at over 70% of client's $89 million in losses
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"One of the nation's premier plaintiffs' firms." American Lawyer

"Representing the best qualities of the plaintiffs' bar." The National Law Journal