Bernstein Liebhard spends plenty of time at trial, but it helped strike some of the highest-profile settlements of 2012.
After making news in 2011 with a $100 million settlement for investors against Tremont Group Holdings Inc., the biggest feeder fund into Bernie Madoff’s scheme before the fall, in November 2012 the New York firm scored “more than 60 percent” of a $219 million settlement benefiting hedge-fund clients, according to founding partner Stanley Bernstein. Bernstein Liebhard worked as investor counsel in the case under the direction of lead counsel Lowey Dannenberg Cohen & Hart.
“I’m proud of our work. Our name adds value in corporate boardrooms, but in the end, it’s not the name, it’s the work,” Bernstein said. The 26-attorney firm specializes in antitrust, commercial, consumer protection, institutional investors, mass tort, securities and whistleblower litigation, and also maintains a U.S. Supreme Court and appellate practice.
The Fannie Mae case, alleging that the government-backed mortgage agency’s management had intentionally misapplied U.S. accounting rules and engaged in other misconduct, began nine years ago. The settlement amount of $153 million is the largest securities settlement in the U.S. Court of Appeals for the D.C. Circuit since the passage of the Private Securities Litigation Reform Act in 1995, according to a firm spokesman. Bernstein Liebhard was the co-lead counsel representing the lead plaintiffs Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio.
As co-lead counsel in a case involving two giant apartment complexes, a New York judge granted final approval in April of a $68.75 million settlement for tenant class members overcharged on rent between January 22, 2003, and December 31, 2011, on top of $76 million in past rent savings and refunds already received by the tenants.