Delaware

Firm overview

Abrams & Bayliss LLP is a business litigation and advisory boutique that focuses on high stakes controversies and transactions carrying a high risk of litigation.

The firm’s Litigation Practice primarily involves actions in the Delaware Court of Chancery, the nation’s preeminent corporate and commercial law court, and the Delaware Supreme Court. The firm’s litigators have extensive experience representing public and private companies, stockholders, directors and executives in a wide range of business, corporate and alternative entity litigation matters at the trial and appellate level. The firm regularly litigates actions involving corporate control disputes, rights of equity holders, large public and private company controversies, complex transactions, and significant valuation and appraisal proceedings. Unlike many other firms, Abrams & Bayliss represents plaintiffs and defendants, giving their attorneys an added measure of insight on strategic and tactical issues in transactions and litigation. The firm has a proven track record of offensive and defensive litigation, including successfully pursuing and defeating injunction applications, conducting expedited trials and prosecuting and defending claims for significant monetary, declaratory or equitable relief. In addition to their Delaware practice, Abrams & Bayliss frequently represents clients in other jurisdictions on matters involving Delaware law, corporate or business organization issues or other commercial disputes.

The firm’s Transactional Practice primarily involves matters where there is a high risk of litigation or which raise complex or novel issues of Delaware law, such as contests for corporate control, private equity and portfolio company matters, going-private transactions, recapitalizations, refinancings and stockholder or board level disputes. Abrams & Bayliss also advises business entities and their constituents on Delaware issues relating to all phases of their life cycle, ranging from formation questions to continuing issues involving the payment of dividends and asset sales to end-of-life matters such as dissolution and receiverships. The firm regularly provides advice on the preparation and interpretation of certificates of incorporation and bylaws, whether for newly formed entities, initial public offerings, operating companies with internal disputes, reincorporations, restructurings or corporations seeking to amend their existing governance documents.

Abrams & Bayliss similarly advises business entities, directors, officers and stockholders on contracts relating to their governance structure and commercial relationships, including stockholder rights plans, stockholder agreements, and indemnification or advancement rights.

As a result of the firm’s expertise on fiduciary duty matters, Abrams & Bayliss regularly represents trust beneficiaries in claims against corporate and individual trustees for significant damages, the replacement of trustees and the amendment of trust instruments.

Abrams & Bayliss represents a broad array of clients including national and international corporations, limited partnerships, limited liability companies, joint ventures, stockholders, directors, equity investors and executives.

All of the firm’s lawyers have distinguished academic records and the firm’s attorneys are regular authors and speakers at national programs regarding Delaware business law matters.

Updated Aug 2021

Firm overview

Bernstein Litowitz Berger & Grossmann LLP is widely recognized worldwide as a leading law firm advising institutional investors on issues related to corporate governance, shareholder rights, and securities litigation. Since its founding in 1983, BLB&G has obtained over $33 billion in recoveries and achieved precedent-setting corporate governance reforms on behalf of its investor clients. Working with its clients, its cases have resulted in sweeping corporate governance reforms, changing deficient business practices and serving as models for public companies going forward. The firm has also prosecuted some of the most significant employment discrimination, civil rights and consumer protection cases on record. Equally important, the firm has advanced novel and beneficial principles by developing important new law in the areas in which it litigates. As a result of its accomplishments, the firm and its attorneys have been the subject of numerous feature articles in major media publications in the United States and abroad. A distinguished group of trial-tested litigators, BLB&G has repeatedly and consistently earned high praise from the courts in which it practices, as well as the respect of the defense firms and insurance carriers it faces in court and across the negotiating table. 

Securities Fraud Litigation: Recognized by industry observers as one of the leading law firms worldwide representing institutional investors in complex securities fraud litigation (“the biggest star in the firmament” – Financial Times; “one of the best, bar none” – Euromoney; “consistently achieving the highest returns for investors” – The National Law Journal), BLB&G is regularly appointed by the courts as lead counsel in US securities class actions, and has distinguished itself by focusing on the representation of respected institutional investors in meritorious cases. The firm is extremely selective in its prosecutions, only pursuing matters where its clients have significant holdings, and is well known for “consistently bringing high impact cases” (Securities Class Action Services). 

The firm’s reputation for trial readiness is well established. Unique among its peers, BLB&G has successfully tried several of the largest and most high-profile civil fraud cases in history, and has obtained 6 of the largest securities fraud recoveries on record. 

• $6.2 billion recovery for investors in In re WorldCom, Inc. Securities Litigation 
• $3.3 billion settlement in In re Cendant Corporation Securities Litigation 
• $2.43 billion recovery in In re Bank of America Corp. Securities Litigation, by far the largest shareholder recovery related to the subprime meltdown and credit crisis 
• $1.07 billion recovery in In re Nortel Networks Corporation Securities Litigation 
• $1.06 billion settlement in In re Merck & Co., Inc. Securities Litigation 
• $1.05 billion settlement in In re McKesson HBOC, Inc. Securities Litigation 

At the forefront of efforts to recover massive shareholder losses resulting from the global financial collapse, BLB&G served as lead counsel in numerous high-profile litigations arising from the subprime mortgage meltdown, recovering nearly $7 billion for investors in actions against Wall Street banks and other major financial institutions. 

Corporate Governance & Shareholder Rights: One of the first law firms to demonstrate that litigation can be an effective tool for stimulating positive change in failing corporate management settings, BLB&G is a well-recognized leader in giving shareholders a voice. The firm litigates cutting-edge fiduciary duty issues in order to maximize shareholder value, protect the shareholder franchise and improve corporate governance practices. BLB&G has also obtained billions of dollars in additional consideration for investors, representing them in merger and acquisition transactions structured to deprive shareholders of fair value and unjustly enrich management. For example: 

• BLB&G prosecuted the unprecedented shareholder derivative litigation against Fox News parent 21st Century Fox, Inc. arising from the systemic sexual and workplace harassment at the embattled network. The case resulted in a landmark settlement with one of the largest financial recoveries – $90 million – ever obtained in a pure corporate board oversight dispute; and the first ever Board-level independent watc-dog of its kind – the “Fox News Workplace Professionalism and Inclusion Council” of experts expected to serve as a model for public companies in all industries. 
• In the Allergan, Inc. Proxy Violation litigation alleging an unprecedented insider trading scheme by billionaire hedge fund manager Bill Ackman, Ackman’s Pershing Square Capital Management fund and Valeant Pharmaceuticals International, Inc, BLB&G obtained a $250 million settlement for Allergan investors after a three-year legal battle, creating precedent to prevent similar such schemes in the future. 
• In the UnitedHealth Derivative Litigation, BLB&G obtained an unprecedented clawback of approximately $920 million of ill-gotten pay from the company’s former officers and directors – the largest such recovery in history 

Asset Protection & Fraud Monitoring: BLB&G is the trusted securities fraud monitoring counsel for hundreds of public pension funds and institutional investors worldwide. The firm provides comprehensive analysis of the financial and business media, as well as all securities and shareholder derivative litigation to provide its institutional clients with complete reporting on potential claims that may impact their holdings. 

Distressed Debt & Bankruptcy: BLB&G represents creditors’ committees, bankruptcy trustees and investors in fixed income, high yield and distressed debt securities. The firm has an excellent track record of seeking redress for losses under the securities laws in actions under state and federal law against prior management, auditors, bankers and other advisors for various forms of misconduct, prosecuting claims on a contingent basis on behalf of institutions and individuals.

Commercial Litigation: BLB&G represents institutions and individuals on a contingency basis in a wide range of complex commercial litigation involving allegations of breach of contract, accountants’ liability, breach of fiduciary duty, fraud and negligence. The firm litigates cases arising from private placements of debt or equity securities, derivatives and other specialty financial instruments; and prosecutes bankruptcy claims on behalf of creditors and litigation trusts or debtors-in-possession and has recovered billions of dollars on behalf of institutional and individual investors, public and private companies and corporations, bankruptcy trustees, creditor committees and a variety of other business entities. BLB&G has faced down the most powerful and well-funded law firms and defendants in the country — and consistently prevailed. For example, on behalf of the bankruptcy trustee, the firm prosecuted BFA Liquidation Trust v. Arthur Andersen, arising from the largest nonprofit bankruptcy in U.S. history. After two years of litigation and one week of trial, the firm obtained a $217 million recovery from Andersen for the Trust. Combined with other recoveries, the total amounted to more than 70 percent of the Trust’s losses.

Firm overview

With more than 55 years of experience, Labaton Sucharow is a tenacious advocate for investors and consumers. The Firm offers complex litigation services in the areas of securities, antitrust, corporate governance and shareholder rights law, consumer, cybersecurity, and data privacy, as well as whistleblower representation. Labaton Sucharow represents many of the largest institutional investors worldwide and has secured billions of dollars in landmark recoveries. The Firm’s successful reputation is built not only on its team of more than 70 attorneys, but also on its industry-leading in-house investigators, financial analysts, and forensic accountants.

Main Areas of Practice:

Securities Litigation: Labaton Sucharow is a highly regarded securities litigation powerhouse that provides global securities portfolio monitoring and advisory services to more than 250 institutional investors with collective assets under management in excess of $2.5 trillion. Through these actions, Labaton Sucharow has recovered more than $12.5 billion in the aggregate for investors. At every stage from investigation to the litigation of claims, we work closely with our clients to provide the information and analysis necessary to fully protect their investments. The detailed nature of Labaton Sucharow’s methods for evaluating filed and proposed actions is reflected in the results we have achieved prosecuting class actions. The Firm recently secured victories in In re SCANA Corporation Securities Litigation ($192.5 million recovery); City of Warren Police and Fire Retirement System v. World Wrestling Entertainment, Inc. ($39 million recovery); and Avila v. LifeLock, Inc. ($20 million recovery). Along with securing newsworthy recoveries, the Firm has a track record for successfully prosecuting complex cases from discovery to trial to verdict. “Labaton Sucharow has a deep and experienced team in the securities litigation space. The expertise they display gives us a high degree of confidence in the successful litigation of our class action cases.” 

Antitrust and Competition: Labaton Sucharow has a well-earned reputation for successfully investigating and litigating complex antitrust multi-district litigation class actions. Regularly appointed lead counsel by courts throughout the nation, we have led the charge in some of the most significant private antitrust litigation in recent years challenging national and international price-fixing cartels, including In re Air Cargo Shipping Services Antitrust Litigation ($1.2+billion in settlements from over 30 global airlines). In particular, we are at the forefront in challenging anticompetitive conduct in the financial and pharmaceutical industries. Whether a case involves complex financial instruments and commodities or branded and generic drugs, Labaton Sucharow has the industry-specific expertise to achieve positive results for the class.

Corporate Governance and Shareholder Rights Litigation: Our breadth of experience in shareholder advocacy has also taken us to Delaware, where we press for corporate reform through our Wilmington office. These efforts have already earned us a string of enviable successes, including one of the largest derivative settlements ever achieved in the Court of Chancery, a $153.75 million settlement on behalf of shareholders in In re Freeport-McMoRan Copper & Gold Inc. Derivative Litigation.

Consumer, Cybersecurity, and Data Privacy Practice: Labaton Sucharow is dedicated to putting our expertise to work on behalf of consumers who have been wronged by fraud in the marketplace. Built on our world-class litigation skills, deep understanding of federal and state rules and regulations, and an unwavering commitment to fairness, our consumer, cybersecurity, and data privacy practice focuses on protecting consumers and improving the standards of business conduct through litigation and reform. Our team achieved a historic $650 million settlement in the In re Facebook Biometric Information Privacy Litigation matter—the largest consumer data privacy settlement ever, and one of the first cases asserting biometric privacy rights of consumers under Illinois’ Biometric Information Privacy Act (BIPA).

 
Whistleblower Representation: Our whistleblower representation practice leverages the Firm’s securities litigation expertise to protect and advocate for individuals who report violations of the federal securities laws. Jordan A. Thomas, former Assistant Director and Assistant Chief Litigation Counsel in the Division of Enforcement at the SEC, leads the practice.

Non-U.S. Securities Litigation: Labaton Sucharow’s Non-U.S. Securities Litigation Practice is comprehensive, covering all aspects of non-U.S. actions. To this end, the Firm not only identifies all non-U.S. actions and verifies a client’s eligibility but also performs a thorough investigation and analysis for each action to which our clients have exposure—the depth of which is wholly unique to the Firm. Labaton Sucharow serves, or has served, as liaison counsel for clients in more than 30 such matters and has helped secure significant recoveries for clients.

Updated Sep 2021