Bernstein Litowitz Berger & Grossmann LLP in New York is widely regarded as the leading plaintiff firm in securities litigation, thanks to its strong track record of recoveries and its on-going presence in some of the most complex and high-value cases in the market. Clients remark that the firm delivers ‘outstanding services with a true capability to listen to the client', and note that its partners ‘only recommend cases that are high-profile and extremely promising'. The New York office is home to a strong bench whose members have been involved in some of the largest securities class action recoveries of all time. The lead partners are Salvatore Graziano, Hannah Ross and Gerald Silk. Silk, Ross, veteran litigator Max Berger and corporate governance specialist Jeroen van Kwawegen helped to recover $1bn in a federal securities class action lawsuit against Wells Fargo & Co., which allegedly issued false and misleading statements to investors regarding the status of its compliance with regulatory Consent Orders requiring the bank to remedy serious risk management deficiencies. Ross and John Rizio-Hamilton are currently acting as co-lead counsel in a securities class action against ExxonMobil Corporation concerning its activities in the Permian Basin. Up-and-coming partners Rebecca Boon and Katherine Sinderson are also key members of the New York group. The Chicago office also has key talent, including Avi Josefson, who is co-head of the firm’s case development and client advisory group. John Browne retired in 2023.

Based in in Radnor, Pennsylvania, and San Francisco, California, Kessler Topaz Meltzer & Check, LLP is highly regarded as one of the leading players in securities litigation, its 27-partner practice having amassed a strong track record in representing states attorneys’ general offices, as well as public and private entities, including municipalities, state agencies, mutual fund managers, sovereign wealth funds, and multi-employer welfare funds. In the Radnor office, the practice is led by seven respected partners, with David Kessler and Darren Check the most active in this area of law. Together, they negotiated a $450m settlement for Sjunde AP-Fonden in the long-running litigation concerning misrepresentations made about the carrying value of Kraft Heinz assets, the sustainability of its margins, and the success of the company’s cost-cutting strategy in the wake of its 2015 merger. Sharan Nirmul and Richard Russo, Jr. are the lead partners in a new securities fraud class action concerning representations and omissions made by former executives of Signature Bank and its auditor KPMG about the bank’s emergent risk profile and deficient management of those risks that ultimately caused it to collapse in March 2023. Jennifer Joost and Gregory Castaldo also played key roles in that case. Matthew Mustokoff and Andrew Zivitz, who are involved in the high-profile case In re Celgene Corp. Securities Litigation, and key partner Naumon Amjed also play prominent roles in the practice.

The securities litigation practice at Labaton Keller Sucharow LLP in New York has undergone many changes in the last year, as the mantle of leading the practice has been passed on a younger generation. Firm chair Christopher Keller and head of litigation Jonathan Gardner still oversee the practice, but the leadership role is now in the hands of highly respected litigators Carol Villegas and Michael Canty. Clients note that they are ‘very responsive to any questions that arise, and handle matters in a very professional manner’. Villegas, is currently leading a securities class action against PayPal Holdings, Inc., which alleges that the company touted strong growth to get new accounts but was fueling this growth by essentially paying people to sign up, and that ‘bot farms’ were used to create fake accounts. Working with Eric Belfi, Villegas also secured a $73m recovery in a case against data analytics company Nielsen, which was alleged to have misrepresented the strength of its consumer purchasing measurement business, and the impact of European data privacy regulations. Canty’s recent track record includes working with Michael Rogers to secure a $125m settlement in a case against Alexion Pharmaceuticals, Inc. Up-and-coming partner James Christie also plays a key role in the practice. Thomas Dubbs and James Johnson recently retired from the firm.

Robbins Geller Rudman & Dowd LLP, which has national coverage through it’s offices in San Diego, Chicago, Melville, Wilmington and Boca Raton, is widely regarded as one of the leading plaintiff firms in the country for securities fraud, anti-trust, breach of fiduciary duty, consumer fraud, and privacy cases. It has built a track record of some of the largest settlements in history, including the largest securities class action recover of all time in the Enron case, having secured $7.2bn. In 2022 alone, the firm recovered more than $1.75bn for investors. In terms of the number of lawyers, the firm has the largest group focused on securities litigation for institutional investors, with approximately 200 attorneys. The firm’s name partners –  Darren Robbins, Paul Geller, Samuel Rudman and Michael Dowd, oversee the practice, which is home to many standout partners. Among them is Danielle Myers in San Diego, who oversees the firm’s innovative portfolio monitoring program and recommends promising cases to institutional investors. Another is Brian Cochran, also based in San Diego, who worked with Robbins and Chicago-based partner James Barz to secure final approval of a $1.21bn settlement in a securities class action against Valeant Pharmaceuticals, the ninth-largest securities class action settlement ever and the largest against a pharmaceutical manufacturer. Experienced litigators Daniel Drosman, Tor Gronborg and Jason Forge are also recommended.

New York firm Bernstein Liebhard LLP is responsible for monitoring the investment portfolios of more than 30 public pension funds across the US, and the firm has a strong track record in identifying securities fraud and successfully pursuing settlements. One recent success saw it secure $32m for the Oklahoma Firefighters Pension and Retirement System in Employees Retirement System of the Puerto Rico Electric Power Authority v. Conduent Inc., et al., which alleged that defendants issued false and misleading statements concerning Conduent’s progress with the company’s strategic transformation process, specifically that the company had addressed problems with its legacy IT infrastructure and IT vendors. Practice head Stanley Bernstein led that matter, along with key partner Michael Bigin. They are currently acting for City of Atlanta Firefighters’ Pension Plan in Speakes v. Taro Pharmaceutical Industries Inc., et al, which alleges misstatements and omissions concerning the competitive environment Taro faced and the pricing of its generic drugs. The vastly experienced Stephanie Beige is highly respected for her anti-trust and securities litigation work.

Cohen Milstein has ‘a strong team, top to bottom‘ and clients remark that the firm is ‘engaged in cutting edge litigation and is striking a unique path in the industry'. The firm continues to cement its position as a securities litigation powerhouse with the confirmation of a $1bn settlement against Wells Fargo ending a three-year securities fraud class action concerning false and misleading statements to the public and Congress regarding issues of critical concern. The ten-partner securities litigation and investor protection litigation practice is led by ‘fierce and zealous advocate‘ Steven Toll, who is ‘one of the deans of the class action bar', and Julie Reiser, who has a stellar track record in addressing corporate board failures in the wake of #MeToo, as well as other systemic discrimination and harassment-related scandals through shareholder derivative litigation. Both are based in Washington DC. In the New York office, key partner Laura Posner, former Bureau Chief for the New Jersey Bureau of Securities, leads the firm’s efforts in securities class actions related to independent auditor fraud. Up-and-coming partner Michael Eisenkraft continues to build his reputation in innovative market manipulation and collusion cases relating the global financial markets.

At Grant & Eisenhofer P.A., ‘the attorneys work smart and hard, and are diligent in advocating for clients’ interests'. Clients note that the firm is ‘forward-thinking about issues that affect institutional investors'. The firm, which has recovered more than $30bn for clients over the last 16 years, is one of very few to have successfully taken securities actions through trial. Practice heads Jay Eisenhofer, who has been counsel in more multi-hundred million dollar cases than any other securities litigator, and Daniel Berger are recognised as stellar class action lawyers and lead a team of ‘smart and creative' attorneys. Together, they acted for New Mexico State Investment Council and other plaintiffs that purchased American Depository Shares of Chinese educational and tutoring services company TAL Education Group, which is alleged to have engaged in false advertising and marketing practices. Vastly experienced litigators Barbara Hart and Caitlyn Moyna are known for their prowess in US and foreign securities fraud class action and opt-out litigation, shareholder derivative actions, and antitrust matters. Both are working with Eisenhofer and Berger as co-lead counsel in a securities class action against ExxonMobil Corp concerning statements about the valuation and output potential of its Permian Basin oilfield assets.

MoloLamken LLP is a national litigation boutique that handles a broad range of complex litigation, ranging from securities fraud cases to white-collar defense matters. Steven Molo in New York leads the practice and is known as a compelling courtroom advocate, which helps him to reach significant settlements, often on the eve of trial. He recently achieved a $14m settlement in a long-running 10b-5 securities fraud stockholder class action against Dakota Plains, which transported oil developed from fracking in North Dakota to the coasts. Molo and Washington DC-based partners Robert Kry  and Lauren Weinstein are currently representing Deutsche Bank National Trust Company in one of more than a dozen suits that the firm is handling for securitization trustees against sponsors and originators of defective subprime mortgage loan securitizations in federal and state courts. In this case, investors lost more than $495m. New York-based Justin Ellis worked with Molo to assist Contrarian Capital Management LLC with its breach of contract actions arising out of the failure by Venezuela and its state-owned oil company, PDVSA, to pay principal and interest on debt in excess of $1bn.

‘The team were easy to work with, detailed in preparation and punctual', say clients of Pomerantz LLP, noting that the lawyers ‘give clear advice and their reporting is second to none'. The firm’s track record hinges on the $3bn settlement it secured for investors in Brazil’s state-run oil company, Petrobras, which remains the fifth-largest securities fraud settlement in US history. In the New York office, Jeremy A. Lieberman leads the ‘efficient and attentive’ group, in which Emma Gilmore is among the standout partners. Together, they secured $26,5m for lead plaintiff Yun Wang in a securities class action brought against Deutsche Bank for its misstatements about the efficiency of its anti-money laundering and Know-Your-Customer controls. Tamar Weinrib is also recognised as an ‘exceptionally well-prepared, organized, highly competent, and effective’ partner, having defeated motions to dismiss in Theodore v. Purecycle Technologies, Inc. et al., which concerns a de-SPAC transaction in 2021. Michael J. Wernke and Austin Van are also key members of the practice. Head of client services Jennifer Pafiti, who divides her time between the Los Angeles and London offices, ‘has excellent industry knowledge and her personable style makes her a go-to advisor’.

Berman Tabacco is active in many fora across the US through its offices in San Francisco, California, and Boston, Massachusetts, and acting predominantly for state pension funds. Nicole Lavallee, who is managing partner of the San Francisco office, and Leslie Stern in Boston are the lead partners. Founding partner Joseph Tabacco in San Francisco is highly acclaimed for his work on anti-trust and securities fraud cases. Working with Lavallee, Tabacco helped to secure settlements with four foreign defendants for Utah Retirement Systems  in In re Aegean Marine Petroleum Network, Inc. Securities Litigation, which concerned a fraudulent scheme in which the company’s founder and former officers and directors allegedly overstated the company’s income and revenue and issued false and misleading financial statements. Also in San Francisco, Daniel Barenbaum is ‘super-responsive and incredibly competent’, leading one client to remark that ‘if you’ve got a fire drill, Daniel is the lawyer to call’. Barenbaum worked with Lavallee to secure a settlement in Hayden v. Portola Pharmaceuticals Inc., et al., on behalf of Alameda County Employees’ Retirement Association.

Bleichmar Fonti & Auld LLP in New York has ‘some of the most experienced and capable litigators around’ and clients praise their ‘thoughtful delivery process, attention to clients, and execution results’. Though small, the practice’s selective approach to cases sees it involved in high-value matters, in which it frequently secures large settlements. One recent example includes the $420m secured for investors in pharmaceutical company Teva in a securities class action that alleged misstatements and omissions by the company about its generic drug price increases. Practice heads Joseph Fonti and Javier Bleichmar led that matter. Emerging partner talents Evan Kubota (who is ‘attentive and knows the law inside and out’) and Ross Shikowitz also play key roles in the practice, as does Nancy Kulesa, who has extensive experience in complex litigation in federal and state courts. Kulesa, along with Fonti and Bleichmar, acted as lead counsel in a case against medical device and drug company Bioventus, which is alleged to have overstated revenues and sales. Associate Benjamin Burry is also recommended.

Boies Schiller Flexner LLP handles both defense and plaintiff work in the securities litigation space, and clients note that the firm is ‘a cut above the rest’. The firm is a frequent adviser to investment banks, public pension funds, Fortune 100 corporations, and high-net-worth individuals in high-stakes securities litigation. Led by John Zach in New York, whose ‘diligence, expertise and warm human nature is nothing short of world-class’, and Jonathan Sherman in Washington DC, the practice ‘exercises great compassion, creative critical thinking and strategization’. Matthew Schwartz in New York is a standout partner, having played a major role in securing a settlement in AIMCO CLO 10 LTD et al. v. Revlon Inc. et al., which significantly increased client recoveries compared to the plan of reorganization following Revlon’s bankruptcy. Marc Ayala and up-and-coming partner Brooke Alexander, who work from the Armonk office, play central roles in the practice. Both are key to the representation of investors in cryptocurrency exchange FTX, the founder of which is alleged to have schemed to take advantage of consumers and costing them $11bn.

DiCello Levitt joins the ranking having made a big play in the securities litigation space by hiring a large group from Robbins Geller Rudman & Dowd LLP. Founding partner Adam Levitt in Chicago has extensive experience in this area of law, but brought in Patrick Daniels and Roxanna Pierce in San Diego and Washington DC respectively to lead the practice, into which five more partners were recruited during 2023. In San Diego, Henry Rosen, who has decades of experience advising both institutional and individual investors, and Brian O’Mara, who handles complex securities, antitrust, and consumer protection litigation in state and federal courts, stand out among them. Clients remark that the firm has ‘outstanding technical skills, and the capacity to listen to clients and to take their concerns on board’, with one picking Pierce for her ‘outstanding skills in proactive communications’, and Daniels for his ‘thorough market knowledge, and capacity for confidence building’. In 2023, the firm filed a securities class action seeking damages on behalf of holders of Additional Tier 1 bonds issued by Credit Suisse Group, the collapse of which wiped off $17bn in value from the bonds.

Gibbs & Bruns LLP in Houston continues to handle cases related to mortgage-backed securities (MBS), the area in which it made its presence felt in the securities litigation market. Key partner David Sheeren recently won significant victories for PIMCO in cases concerning the calculation of termination prices owed in “clean-up calls” for legacy RMBS trusts, with more than $100m at stake. Also on behalf of PIMCO, Sheeren also secured a $242m settlement of RMBS claims with First Franklin and Bank of America. Standout partner Kathy Patrick, who has a stellar track record in high-stakes matters, secured $40m for key client Occidental Petroleum Corp. and Anadarko Petroleum Corp. in breach of contract litigation against Wells Fargo concerning the sale of Occidental shares. Partner Sam Cruse remains a prominent advisor to clients in the financial services and energy sectors. Cruse worked closely with Patrick on the $800m Libor suit against nine banks on behalf of Fannie Mae arising from alleged manipulation of bank borrowing rates.

New York firm Kasowitz Benson Torres LLP is active for both plaintiffs and defendants in securities litigation, frequently using this dual role to successfully negotiate settlements. The firm has long been involved in matters arising from mortgage-backed securities and continues to handle work in that area, including acting for Wall Street investor Carl Icahn in a claim against Rialto Capital Advisors alleging breach of contract and fraud in connection with the servicing of a CMBS trust that resulted in a loss of almost $73m. Michael Hanin, who leads the practice with Sheron Korpus and Stephen Tountas, took the lead in that case. Hanin also acted for Waterfall Asset Management affiliate Cascade Funding in a case arising from its purchase from Bancorp of a pool of $900m in mortgage loan assets, to be funded through a securitization in a CRE CLO, ultimately recovering $13m for the client. Name partner Marc Kasowitz, a pioneer of high-value securities litigation on behalf of hedge funds, international banks and sovereigns, remains active in the practice.

Motley Rice LLC, which is based in Hartford, has been steadily emerging as a force in securities litigation over the last 20 years, reaching a peak in 2022 with the $809.5m settlement in a case against Twitter in which the firm acted as co-lead counsel. Since then, it has continued to build its reputation, and in 2023 it secured a $125m settlement as co-lead counsel in a securities class action against Alexion Pharmaceuticals, Inc. to resolve claims that the company boosted its sales of commercial drug Soliris with illegal and unethical sales practices. Practice head William Narwold in Hartford, Connecticut, led that case, with support from Gregg Levin, William Norton and Joshua Littlejohn, who are all based in Mount Pleasant, South Carolina. Also based in Mount Pleasant is key partner Lance Oliver, who has extensive experience in class actions, mass torts, and other complex matters. Veteran securities litigator Serena Hallowell in New York recently worked with Norton on In re Sotera Health Company Securities Litigation, a consolidated class action alleging that Sotera made false and misleading statements about its environmental controls and liability exposure.

Litigation boutique Selendy Gay PLLC in New York acts for both plaintiffs and defendants in securities litigation, drawing on the experience of practice heads Philippe Selendy and Sean Baldwin, who built their reputations in matters concerning complex financial products including mortgage-backed securities. Together, they recently achieved an $855m settlement for Cerberus Capital Management in a breach of contract action against Canadian Imperial Bank of Commerce concerning the bank’s failure to pay back an investment in US housing-related assets. The firm is also making its presence felt in emerging areas of securities litigation, notably cryptocurrency cases. Selendy is representing plaintiffs in a putative class action based on the purported stablecoin USDT, claiming that investors bought into the market at a time when the price of the assets had been artificially inflated by defendants. Key partner Andrew Dunlap played a key role in that case. Also notable is Jordan Goldstein, who is leading 12 proposed class actions on behalf of investors who traded on multiple digital exchanges including Binance, which allegedly offered and sold billions of dollars of unregistered digital tokens.

The Rosen Law Firm in New York joins the ranking this year having built up a strong track record of high-value settlements in landmark cases. A prime example is the $250m settlement it secured in a multi-district certified class action against Alibaba arising out of the company’s issuance of materially false and misleading business information in connection with its IPO. Managing partner Laurence Rosen and Phillip Kim led that matter. The eight-partner practice, which focuses almost exclusively on securities litigation, also includes Noel Chandonnet, who provides portfolio monitoring services to public and union pension funds, mutual funds, hedge funds, endowments and family offices, both domestically and overseas. The Alibaba case continues the firm’s track record of success in cases against companies based in China, though it also handles significant domestic matters, a key example being its work to secure a proposed $48m settlement in Infinity Q Diversified Alpha Fund Securities Litigation. The firm is also sole lead counsel in a class action against Robinhood Financial alleging market manipulation arising out of the historic “Meme Stock” events in 2021.