Securities Litigation & Portfolio Monitoring
NP is one of the nation’s leading firms in the representation of public and private investors in securities fraud and corporate governance litigation. Our financial resources and the diversity of our other practice areas allow us to be highly selective in the securities and corporate governance cases we handle. Because of this, our clients have the added benefit of knowing that our firm is not dependent upon filing a high volume of securities cases. They know our focus is on the quality of representation and the strength of the case, not the quantity of cases we file.
This approach stands in stark contrast to many firms whose business is dependent upon securities fraud litigation. These firms encourage their clients to become involved in numerous securities fraud cases simply to improve their own firm’s bottom line. This sets us apart from our peers. There are not more than a handful of firms in the country that possess the trial experience or financial resources of NP. As a result, our institutional investor clients receive a level of representation that is truly unique.
The bottom line is this: each of our clients knows that we will only recommend litigation when it is unequivocally in the client’s best interest. When it is necessary for our clients to turn to litigation, they know they can trust NP to handle the case appropriately. Because we are a firm of trial attorneys with a diverse range of trial experience, our opponents in securities and corporate governance cases know that we can and will take them to trial if necessary.
NP has had significant success in securities-related litigation. For example, NP and its co-counsel obtained a $280 million settlement with Bank of New York Mellon (“BNY”) on behalf of BNY’s securities lending clients, alleging that BNY negligently invested its clients’ funds in medium-term notes of Sigma Finance, Inc. in violation of BNY’s fiduciary duties and in breach of its securities lending agreements. In addition, NP reached an $80 million settlement on behalf of investors in MoneyGram International, Inc. on allegations that MoneyGram made false and misleading statements surrounding the quality and nature of asset-backed securities held in MoneyGram’s investment portfolio. NP also represented investors in a lawsuit arising out of Delphi Automotive’s massive restatement dating back to its spin-off from General Motors. There, NP obtained a $284 million settlement with Delphi and several of its former officers, directors, and underwriters. Also, in one of the earliest cases involving “stock options backdating,” NP reached a $160 million settlement with Brocade Communications Systems—marking close to a 100% recovery for the class.