Five years after the financial crisis, Labaton Sucharow continues to capitalize on Wall Street’s troubles. Last year the 60-lawyer New York firm finalized a $275 million settlement with Bear, Stearns & Co. Inc. on behalf of Michigan Retirement Systems over allegations the investment bank masked its failing financial health in the months before the financial crisis.
Goldman Sachs Group Inc. is also squarely in the firm’s cross hairs. Along with co-counsel at Robbins Geller Rudman & Dowd, Labaton represents Goldman Sachs shareholders in a securities class action against bank losses stemming from Abacus, the now famous toxic asset the bank marketed. Labaton is facing off against Goldman and other banks involved in underwriting Facebook Inc.’s troubled initial public offering, in which analysts from the underwriting banks cut their earnings estimates for the social-networking company just before the offering but disclosed the lower numbers only to select clients. That litigation comes on the heels of a $110 million class settlement in December with El Paso Corp., which was advised by Goldman Sachs during the $21.1 billion sale of its pipeline business to Kinder Morgan, in which Goldman owned a 19 percent stake.
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