- The University at Albany, SUNY (B.A., 1988, summa cum laude, Phi Beta Kappa)
- University of Pennsylvania School of Law (J.D., 1991)
- United States Supreme Court
- U.S. Court of Appeals for the 2nd and 3rd Circuits
- U.S. Court of Appeals for the District of Columbia
- U.S. District Court for the Southern and Eastern Districts of New York
- U.S. District Court for the District of New Jersey
- New York State Bar
- New Jersey State Bar
- District of Columbia Bar
Karen M. Lerner
Karen M. Lerner is a partner in our New York office focused on antitrust, commodities and healthcare litigation.Ms. Lerner joined the firm in 2015.
Some of Ms. Lerner’s recent antitrust and Commodities Exchange Act work includes:
- Representation of the exchange-based class in In re LIBOR-Based Financial Instruments Antitrust Litigation, an antitrust case alleging that defendant banks colluded to misreport and manipulate LIBOR. This litigation has resulted in partial settlements totaling approximately $187 million, which collectively represent the largest historical class-wide recovery for a “futures only” settlement class.
- Special fiduciary representation for the exchange-based class in In re Foreign Exchange Benchmark Rates Antitrust Litigation for a putative class of participants who traded futures and options in the FX market. The case has already resulted in partial settlements of more than $2.3 billion.
- Counsel in the benchmark rate antitrust litigation Sullivan v. Barclays PLC on behalf of a putative class of investors who traded futures and options contracts on the NYSE LIFFE exchange against global financial institutions responsible for setting the Euro Interbank Offered Rate (“Euribor”). The case has already resulted in partial settlements of more than $300 million.
- Representation as counsel for plaintiff on behalf of gold purchasers in In re Commodity Exchange, Inc., Gold Futures and Options Trading Litigation, 14-md-02548 (S.D.N.Y.), a market manipulation case.
- Selected by the Court as co-lead counsel in In re JPMorgan Treasury Futures Spoofing Litigation, alleging that defendants manipulated U.S. Treasury futures for more than a decade and that this conduct contributed to the bank’s recent $920 million settlement with the DOJ, CFTC, and SEC.
- Court appointed Executive committee member and class counsel in In re Cattle Antitrust Litigation, representing ranchers and live cattle traders alleging a conspiracy among the "Big 4" meatpacking firms to suppress prices for fed cattle and commodities manipulation of live cattle futures traded on the Chicago Mercantile Exchange.
- Representation of exchange-based investors in Shak v. JPMorgan Chase & Co., alleging monopolization and manipulation of the silver futures market in violation of federal antitrust and commodity exchange laws. The parties successfully reached a private settlement. The case preceded a related Department of Justice criminal investigation into JPMorgan that remains ongoing.
- Counsel in In re Deutsche Bank Spoofing Litigation on behalf of a putative class of investors alleging that defendants manipulated U.S. Treasury futures traded on the Chicago Board of Trade and Eurodollar futures traded on the Chicago Mercantile Exchange.
- Court appointed to the Executive Committee and class counsel in In re Bank of Nova Scotia Spoofing Litigation, alleging that defendants manipulated precious metals futures traded on the New York Mercantile Exchange and the Commodity Exchange, Inc.
- Representation of a putative class of exchange-based investors in Dennis v. The Andersons, Inc. et al., alleging monopolization and manipulation of the wheat futures market in violation of federal antitrust and commodity exchange laws.
- Court appointed Discovery Committee Co-Chair in In re Effexor XR Antitrust Litigation for a putative class of direct purchasers of brand name and generic equivalents of extended release venlafaxine hydrochloride capsules against drug manufacturers. Among the claims, Defendants are alleged to have delayed market entry of generic versions and entered into reverse payment settlements.
- Representation as sole lead counsel in In re North Sea Brent Crude Oil Futures Litigation, No. 13-md-02475 (ALC) (S.D.N.Y.)
Some of Ms. Lerner's other relevant experience includes:
- Representation of a whistleblower in State of New York v. Moody’s Corp., alleging millions of dollars of tax fraud using a sham captive insurance company for over a decade regarding domestic and international transactions.
- Maverick v. Valeant Pharmaceuticals International, Inc., alleging that Valeant materially misrepresented its business model, touting artificial and unsustainable growth that was enabled by the company’s deceptive and illegal conduct.
Prior to joining KM, Ms. Lerner was of counsel at McDonough, Korn & Eichhorn, where she handled cases through trial involving professional liability, negligence, insurance coverage, and products liability. Ms. Lerner also advises individuals, corporations and non-profits regarding business practices and governance, and has served as a member of the Board of Directors for several charitable organizations.
Ms. Lerner is a frequent commentator on commodities, finance, and whistleblower matters. Representative articles include:
- Market manipulation lawsuit against Bitfinex, Tether has been revised and refiled
- Kirby McInerney, Radice Law Vie For Co-Lead In Bitfinex Case
- The Race to Lead 3 Class-Action Suits Against Bitfinex Over 2017 BTC Bull Run Is On
- Moody’s settles captive fraud case
- Judge Consolidated JPMorgan Spoofing Suits, Taps Counsel