Our expertise in the relevant legal and regulatory framework and demonstrated ability to prevail against the defenses unique to these cases sets us apart.
When investment schemes or deception occurs in financial markets, institutional and other investors can end up bearing the brunt of the ensuing financial devastation. To help recover these losses, Zimmerman Reed has built a nationwide securities and financial fraud practice. Working in both state and federal courts, we pursue claims for misrepresentation and other financial wrongdoing on behalf of institutional and individual investors and a variety of governmental and public entities.
Our successes include representation of individual investors, institutional clients in Private Securities Litigation Reform Act (PSLRA) actions, and minority shareholders mergers and acquisitions losses. We’ve also represented current and former employees for losses when a retirement vehicle holds company stock. Our experience includes claims arising from traditional pension plans, 401(k) plans, employee stock ownership plans (“ESOPs”) as well as losses due to employer’s stock price devaluations based on a violation of the Employee Retirement Income Security Act (ERISA). Because of this practice excellence, numerous courts have and continue to appoint us as Lead Counsel in these complex cases, including ERISA violations. Together, our expertise in the relevant legal and regulatory framework and demonstrated ability to prevail against the defenses unique to these cases sets us apart.
If you have questions about a current case or potential case, contact us.
Wells Fargo Securities Lending Cases
Represented a pension fund and more than 60 other funds/investors. The fund–and a certified class–sought to recover investment losses caused by Wells Fargo’s misrepresentations about its securities lending program and its mismanagement of the program that put investors’ money into high-risk funds, in violation of the program’s policies. Working with co-counsel at Miller Law Firm and Glancy Binkow, achieved one of the largest recoveries in a securities lending case stemming from the 2008 financial crisis. A $62.5 million settlement was reached, two days before trial.
Morgan Keegan Lawsuit
Investors brought a series of lawsuits against the defendants, including Regions Financial, Regions Bank, Morgan Keegan & Company, Inc., Morgan Asset Management, and PricewaterhouseCoopers, Inc., alleging violations of federal securities laws, breach of fiduciary duty and other state law causes of action that resulted in three open-end mutual funds to tank in 2007. Regions Financial Corp. agreed to pay $125 million to end both a putative class action and shareholder derivative lawsuits.
Merrill Lynch & Co., Inc. Securities, Derivative and ERISA Litigation
Worked with co-counsel at Cohen Milstein, representing current and former Merrill Lynch employees who filed a case against Merrill Lynch under the Employee Retirement Income Security Act (ERISA). The employees alleged that the investment losses they experienced in their 401ks were the result of the company improperly placing 401k investments in company stock. The employees were able to achieve a $75 million settlement.
Worked with Robbins Geller Rudman & Dowd, representing a large corporation in an action against Deutsche Bank AG, alleging fraud, aiding and abetting, and negligent misrepresentation in connection with the sale of mortgage-backed securities and collateralized debt obligations. The parties successfully resolved all of the claims relating to this action.
Minnesota Corn Processors
Farmer/shareholders achieved a $5.75 million settlement shortly before trial. The farmers brought breach of fiduciary claims against MCP officers related to their improper communications with competitor Archer Daniels Midland (ADM), and an ultimate sale of the company to ADM that included lavish golden parachute compensation packages for those officers.
Medtronic Inc Securities Fraud Litigation
Investors filed a lawsuit in Minnesota federal court against Medtronic, Inc. alleging violations of the Securities Exchange Act of 1934. A $43 million settlement was approved.
St. Jude Medical, Inc. Securities Fraud
Investors filed a class action lawsuit against St. Jude Medical, Inc. alleging violations of the Securities Exchange Act of 1934. A $50 million settlement was approved.
Worked with Robbins Geller Rudman & Dowd, representing a large corporation in an action against Citigroup Inc., alleging fraud and negligent misrepresentation in connection with the sale of mortgage-backed securities. The parties successfully resolved all of the claims relating to this action.