New York firm Bernstein Liebhard LLP is responsible for monitoring the investment portfolios of more than 30 public pension funds across the US, and the firm has a strong track record in identifying securities fraud and successfully pursuing settlements. One recent success saw it secure $32m for the Oklahoma Firefighters Pension and Retirement System in Employees Retirement System of the Puerto Rico Electric Power Authority v. Conduent Inc., et al., which alleged that defendants issued false and misleading statements concerning Conduent’s progress with the company’s strategic transformation process, specifically that the company had addressed problems with its legacy IT infrastructure and IT vendors. Practice head Stanley Bernstein led that matter, along with key partner Michael Bigin. They are currently acting for City of Atlanta Firefighters’ Pension Plan in Speakes v. Taro Pharmaceutical Industries Inc., et al, which alleges misstatements and omissions concerning the competitive environment Taro faced and the pricing of its generic drugs. The vastly experienced Stephanie Beige is highly respected for her anti-trust and securities litigation work.
Key clients
- City of Atlanta Firefighters Pension Plan
- Oklahoma Firefighters Pension and Retirement System
Work highlights
- Co-lead counsel representing co-lead plaintiff, Oklahoma Firefighters Pension and Retirement System, in Employees Retirement System of the Puerto Rico Electric Power Authority v. Conduent Inc., et al., No. 2:19-cv-08237-SDW-SCM (D.N.J.). Plaintiffs allege that the defendants issued false and misleading statements concerning Conduent’s progress with the company’s strategic transformation process. After successfully defeating defendants’ motion to dismiss the amended complaint and moving for class certification, a $32 million settlement was reached after mediation.
- Co-lead counsel in Coutinho v. Braskem S.A., et al., No. 2:20-cv-11366-CCC-ESK (D.N.J.). Plaintiffs allege that Braskem misled the market about environmental damage that was being caused by its salt-mining operations in Brazil, which resulted in significant monetary and reputational damage to the company and losses to its investors. The parties agreed to a $3 million settlement on behalf of the class.