In 2011, a federal trial court judge denied class certification in a lawsuit alleging that Citigroup Inc., The Goldman Sachs Group Inc. and UBS A.G. concealed the risks of mortgage securities in the buildup to the financial crisis.
The U.S. Court of Appeals for the Second Circuit went on to uphold the ruling, but in the appeals court’s decision, Cohen Milstein Sellers & Toll saw a “little crack in the window” to conduct more discovery and turn the case around, said Joel Laitman, a partner at the firm. After taking more depositions and reviewing more documents, the firm convinced a judge to certify the class.
