Securities

Kirby McInerney has more than 75 years of experience representing investors through securities litigation. The firm’s roots can be traced to the first generation of securities litigators as one of its founders was among the first SEC enforcement attorneys.

Since inception, KM has recovered billions of dollars for defrauded investors. KM has historically procured many landmark victories for our clients in the securities litigation arena. Notably, KM remains one of the few law firms to have secured trial victories in securities fraud class actions. In addition, KM achieved the first ever appellate reversal of a lower court’s dismissal of a class action suit pursuant to the PSLRA. Prior to KM’s success, many observers had thought appellate victory impossible.

Today, KM’s securities litigation practice remains on the forefront of securities litigation and frequently represents individual, institutional, pension fund, and sovereign wealth fund clients in class actions and direct litigation.

KM’s securities litigation efforts are complemented by the firm’s portfolio monitoring and case evaluation services. A dedicated team of experienced litigators, analysts, and support staff monitor institutional client’s investment portfolios and deliver customized analyses detailing how investment portfolios were affected by potential fraud and advising how litigation options might provide recovery opportunities.

• In re Citigroup Inc Securities Litigation, No. 07-cv-09901 (S.D.N.Y.).  Lead counsel for individual investor lead plaintiffs in this securities fraud class action relating to Citigroup’s exposure to losses associated with its creation or sponsorship of numerous collateralized debt obligations (“CDOs”).  This case resulted in a settlement of $590 million for the class.  The settlement was, at the time, the largest CDO-related settlement ever, as well as the largest settlement of a fraud-only action.  A later filed SEC complaint concerning similar allegations settled for a small fraction of the class action settlement amount.

• In re Adelphia Communications Corp. Securities & Derivative Litigation, No. 03-md-01529 (S.D.N.Y.).  Co-lead counsel for a hedge fund lead plaintiff in a securities fraud class action in one of the largest cases of improper self-dealing by insiders in corporate history.  The case resulted in settlements totaling $478 million.

• Dandong v. Pinnacle Performance Ltd., No. 10-cv-08086 (S.D.N.Y.).  Lead counsel for a group of Singapore-based investors in a securities class action against Morgan Stanley pertaining to notes issued by Cayman Islands-registered Pinnacle Performance Ltd.  Plaintiffs alleged that Morgan Stanley routed Pinnacle investors’ principal into synthetic collateralized debt obligations (“CDOs”) which were built to fail and then bet against.  As the CDOs failed by design, plaintiffs’ principal was swapped to Morgan Stanley, enriching Morgan Stanley while rendering the Pinnacle Notes an all-but-total loss.  This case resulted in a settlement of $20 million for the class following the court’s order certifying common law fraud claims.

• In re MOL Global, Inc. Securities Litigation, No. 14-cv-09357 (S.D.N.Y.).  Representation of lead plaintiff TAP Retirement Fund in a case involving MOL Global, Inc.’s accounting misrepresentations.  This case resulted in a settlement of $8.5 million for the class.

• In re National City Corp. Securities, Derivative & ERISA Litigation, No. 08-cv-70004 (N.D. Ohio).  Lead counsel for lead plaintiff New York State Common Retirement Fund in a securities fraud class action against National City Corporation relating to the bank’s exposure to subprime assets.  This case resulted in a settlement of $168 million for the class.

• In re Wachovia Equity Securities Litigation, No. 08-cv-06171 (S.D.N.Y.).  Lead Counsel for lead plaintiff New York City Pension Funds in a class action against Wachovia Corporation arising from the bank’s alleged misrepresentations of their exposure to the subprime market.  This case resulted in a settlement of $75 million for the class.

• In re AT&T Wireless Tracking Stock Securities Litigation, No. 00-cv-08754 (S.D.N.Y.).  Lead counsel for a union pension fund lead plaintiff in this securities class action on behalf of investors who purchased AT&T Wireless tracking stock in an April 26, 2000 initial public offering and through May 1, 2000 on the open market.  The action asserted that the prospectus and registration statement used for the IPO misled investors about AT&T’s prospects and recent results.  The case settled for $150 million on the eve of trial.

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