Thomas W. Elrod is a partner based in our New York office focusing on securities, commodities, and antitrust litigation.

From 2015-2020, Mr. Elrod was named a Top Rated Securities Litigation “Rising Star” Attorney by Super Lawyers. In 2021 and 2022, he was named a Top Rated Securities Litigation attorney by Super Lawyers. Mr. Elrod joined the firm in 2011.

Some of Mr. Elrod’s relevant securities experience includes:
 

• Co-lead counsel in Macovski v. Groupon Inc. et al., a securities class action alleging that the company made materially false and misleading statements and failed to disclose to investors its financial health before ending its sale of physical goods and announcing the departure of two top executives. The case resulted in a $13.5 million settlement that has received final approval.
• Lead counsel in In re Citigroup Inc Securities Litigation, a class action arising out of Citigroup’s alleged misrepresentations regarding their exposure to losses associated with numerous collateralized debt obligations.  This case settled for $590 million.
• Class counsel in Shah v. Zimmer Biomet Holdings, a securities class action alleging that a medical device company did not disclose systemic quality issues at its manufacturing facility. The case resulted in a $50 million settlement.
• Co-lead counsel in Kokareva v. Bristow Group Inc., a securities class action alleging that an aviation services provider focused on the oil and gas sector made materially false and misleading statements about its internal controls relating to covenants in the company’s secured financing agreements.  The case resulted in a $6.25 million settlement that has received final approval.
• Lead counsel in In re Hi-Crush Partners L.P. Securities Litigation, a securities class action alleging that fracking sand producer Hi-Crush Partners misled shareholders regarding a major customer relationship.  This case resulted in a $3.8 million settlement.
• Lead counsel in Barfuss v. DGSE Companies, Inc., a securities class action alleging that a company that sold precious metals to wholesale and retail customers filed materially misleading financial statements. The case resulted in a $1.7 million settlement. 
• Co-lead counsel in In re Resonant Inc. Securities Litigation, a securities class action alleging that a mobile phone component company misled investors concerning its ability to meet the terms of a development agreement.  The case resulted in a $2.75 million settlement.
• Representation of municipal issuers, including governmental entities and hospital systems, in FINRA arbitrations alleging misrepresentations by underwriters in connection with Auction Rate Securities issuances.

 
Some of Mr. Elrod’s relevant antitrust and commodities experience includes:
 

• 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.  The case has a putative settlement of $15.7 million.
• 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.
• Court appointed Executive committee member and class counsel in In re Cattle Antitrust Litigation, representing cattle producers and cattle futures traders.  The suit alleges that the “Big 4” meatpacking firms conspired to suppress prices for fed cattle and manipulated live cattle futures traded on the Chicago Mercantile Exchange.
• Lead counsel on behalf of a proposed class of Brent crude oil futures traders alleging benchmark manipulation in In re North Sea Brent Crude Oil Futures Litigation.
• 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.

 
Some of Mr. Elrod’s other relevant experience includes:
 

• Representation of a whistleblower who received the largest-ever individual award (nearly $200 million) arising under the Dodd-Frank whistleblower reward programs as well as the IRS and the federal and state false claims acts after he provided information regarding the manipulation of crucial financial benchmarks used by global banks as the basis for the pricing of fixed income securities and derivative products. 
• Representation of a nationwide class of residential mortgage loan borrowers in Rothstein v. GMAC Mortgage LLC, a class action alleging violations of the Racketeer Influence and Corrupt Organizations Act. This litigation resulted in a $13 million settlement against GMAC Mortgage.
• Representation of SEC, CFTC, and FCA whistleblowers who claim that their companies have violated federal law or defrauded the United States Government.