Rubin v. MF Global, Ltd. et al

Filing 188

DECLARATION of Mark R. Rosen in Support re: 186 MOTION for Settlement Unopposed Motion for (I) Preliminary Approval of Settlement, (II) Certification of the Class for Purposes of Settlement, (III) Approval of Notice to the Class, (IV) Scheduling of a Final Approval Hearing. MOTION for Settlement Unopposed Motion for (I) Preliminary Approval of Settlement, (II) Certification of the Class for Purposes of Settlement, (III) Approval of Notice to the Class, (IV) Scheduling of a Final Approval Hearing.. Document filed by Central States, Southeast, Southwest Areas Pension Fund, Iowa Public Employees' Retirement System, Policement's Annuity & Benefit Fund of Chicago, State-Boston Retirement System. (Attachments: # 1 Exhibit Stipulation and Agreement of Settlement, # 2 Exhibit Barrack, Rodos & Bacine Resume, # 3 Exhibit Cohen Milstein Sellers & Toll Resume)(Rosen, Mark)

BIOGRAPHY OF BARRACK, RODOS & BACINE
Barrack, Rodos & Bacine is extensively involved in complex class action
litigation, including securities, antitrust and RICO matters, representing both plaintiffs
and defendants. The Firm has significant leadership positions in complex litigation,
having been appointed by courts as lead counsel in numerous class actions throughout
the United States, including those brought pursuant to the provisions of the Private
Securities Litigation Reform Act.
Among the many securities law, derivative and fiduciary duty cases
where the Firm has been appointed lead counsel are the following:
Pennsylvania Public School Employees' Retirement System v. Bank of America
Corp., et al., Civil Action No. 1:11-cv-733-WHP, before the Honorable William H.
Pauley, III, in the Southern District of New York;
In re American International Group Inc. 2008 Securities Litigation, Master File
No. 08-CV-4772-LTS, before the Honorable Laura Taylor Swain in the Southern District
of New York;
In re WorldCom, Inc. Securities Litigation, Master File No. 02-Civ-3288
(DLC), before the Honorable Denise L. Cote in the Southern District of New York;
In re Cendant Corporation Litigation, Master File No. 98-1664 (WHW), before
the Honorable William H. Walls in the District of New Jersey;
In re Apollo Group, Inc. Securities Litigation, Master File No. CV 04-2147PHX-JAT, before the Honorable James A. Teilborg in the District of Arizona;
In re Merrill Lynch & Co., Inc. Securities, Derivative & ERISA Litigation,
Master File No. 07-cv-9633 (LBS)(AJP)(DFE), before the Honorable Jed S. Rakoff in the
Southern District of New York;
In re McKesson HBOC, Inc. Securities Litigation, No. C-99-20743-RMW,
before the Honorable Ronald M. Whyte in the Northern District of California;
Waldrep v. ValueClick, Inc., et al., Case No. 07-05411 DDP (AJWx), before
the Honorable Dean D. Pregerson in the Central District of California;

In re The Mills Corporation Securities Litigation, Civil Action No. 1:06-77
(GBL), before the Honorable Liam O‘Grady in the Eastern District of Virginia;
In re R & G Financial Corp. Securities Litigation, No. 05 cv 4186, before the
Honorable John E. Sprizzo in the Southern District of New York;
In re Bridgestone Securities Litigation, Master File No. 3:01-0017, before the
Honorable Robert L. Echols in the Middle District of Tennessee;
In re Daimler Chrysler Securities Litigation, No. 00-0993, before the
Honorable Joseph J. Farnan, Jr. in the District of Delaware;
In re Schering-Plough Securities Litigation, Master File No. 01-CV-0829
(KSH/RJH), before the Honorable Katherine Hayden in the District of New Jersey;
In re Chiron Shareholder Deal Litigation, Case No. RG 05-230567, before the
Honorable Robert B. Freedman in the California Superior Court for Alameda County;
In re AOL Time Warner Shareholder Derivative Litigation, Master File No. 02CV-6302 (SWK), before the Honorable Shirley Wohl Kram in the Southern District of
New York;
In re Apple Computer, Inc., Derivative Litigation, Lead Case No.
1:06CV066692, before the Honorable Joseph H. Huber in the Superior Court of the State
of California, County of Santa Clara;
In re Computer Sciences Corporation Derivative Litigation, Lead Case No.: 06CV-5288 MRP (Ex), before the Honorable Mariana R. Pfaelzer in the Central District of
California;
Dennis Rice v. Lafarge North America, Inc., et al., Civil No. 268974-V, before
the Honorable Michael D. Mason in the Circuit Court for Montgomery County,
Maryland;
In re Monster Worldwide, Inc., Master Docket No. 1:06-cv-04622, before the
Honorable Naomi Reice Buchwald in the Southern District of New York;
In re Quest Software, Inc. Derivative Litigation, Lead Case No. 06-cv-751
Doc(Rnbx), before the Honorable David O. Carter in the Central District Of California,
Southern Division;
In re Verisign, Inc. Derivative Litigation, Master File No.: C-06-4165-PJH,
before the Honorable Phyllis J. Hamilton in the Northern District of California;

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In re Sunbeam Securities Litigation, No. 98-8258-CIV-MIDDLEBROOKS,
before the Honorable Donald M. Middlebrooks in the Southern District of Florida;
In re Applied Micro Circuits Corp. Securities Litigation, No. 01-CV-0649-K
(AJB), before the Honorable Judith N. Keep in the Southern District of California;
Jason Stanley, et al. v. Safeskin Corporation, et al., Lead Case No.: 99cv0454BTM (LSP), before the Honorable Barry Ted Moskowitz in the Southern District of
California;
In re Hi/Fn, Inc. Securities Litigation, Master File No. C-99-4531-SI , before
the Honorable Susan Illston in the Northern District of California;
In re Theragenics Corp. Securities Litigation, No. 1:99-CV-0141 (TWT), before
the Honorable Thomas W. Thrash in the Northern District of Georgia, Atlanta Division;
Bell, et al. v. Fore Systems, Inc., et al., Civil Action No. 97-1265, before the
Honorable Robert J. Cindrich in the Western District of Pennsylvania;
In re Envoy Corp. Securities Litigation, Civil Action No. 3-98-00760, before
the Honorable John T. Nixon in the Middle District of Tennessee, Nashville Division;
In re Paradyne Networks, Inc. Securities Litigation, Case No. 8:00-CV-2057-T17E, before the Honorable Elizabeth A. Kovachevich in the Middle District of Florida,
Tampa Division;
In re Ford Motor Co. Securities Litigation, No. 00-74233, before the
Honorable Avern Cohn in the Eastern District of Michigan, Southern Division;
Smith v. Harmonic, Inc., et al., No. C-00-2287 PJH, before the Honorable
Phyllis J. Hamilton in the Northern District of California;
Smith, et al. v. Electronics For Imaging, Inc., et al., No. C-97-4739-CAL,
before the Honorable Charles A. Legge in the Northern District of California; and
Allan Zishka, et al. vs. American Pad & Paper Company, et al., Civil Action
No. 3:98-CV-0660-D, before the Honorable Sidney A. Fitzwater in the Northern District
of Texas, Dallas Division.
The firm has also been appointed lead counsel or to the leadership group
in many antitrust law class action cases including:

3

In re New Jersey Title Insurance Litigation, No. 2:08-cv-01425-PGS-ES, the
Honorable Peter G. Sheridan in the District of New Jersey;
In re Automotive Paint Refinishing Antitrust Litigation, MDL No. 1426 the
Honorable R. Barclay Surrick in the Eastern District of Pennsylvania;
In re Publication Paper Antitrust Litigation, Docket No. 3:04 MDL 1631
(SRU), the Honorable Stefan R. Underhill in the District of Connecticut;
Brookshire Brothers, Ltd., et al. v. Chiquita Brands International, Inc., et al.,
Lead Case No. 05-21962-Cooke/Brown, the Honorable Marcia G. Cooke in the Southern
District of Florida, Miami Division;
Thomas & Thomas Rodmakers, Inc. v. Newport Adhesives and Composites, Inc.,
et al. (Carbon Fiber Antitrust Litigation), No. CV-99-07796-GHK(Ctx), the Honorable
Florence Marie Cooper in the Central District of California, Western Division;
In re Graphite Electrodes Antitrust Litigation, Master File No. 97-CV4182(CRW), the Honorable Charles R. Weiner in the Eastern District of Pennsylvania;
In re Flat Glass Antitrust Litigation, Master Docket Misc. No. 970550, MDL
No. 1200, the Honorable Donald E. Ziegler in the Western District of Pennsylvania;
In re Sorbates Antitrust Litigation, Master File No. C 98-4886 MCC, the
Honorable William H. Orrick, Jr. in the Northern District of California;
In re Sodium Gluconate Antitrust Litigation, No. C-97-4142CW, the
Honorable Claudia Wilken in the Northern District of California;
In re: Metal Building Insulation Antitrust Litigation, Master File No. H-963490, the Honorable Nancy F. Atlas in the Southern District of Texas;
In re Carpet Antitrust Litigation, MDL No. 1075, the Honorable Harold L.
Murphy in the Northern District of Georgia, Rome Division;
In re Citric Acid Antitrust Litigation, Master File No. 95-2963, the Honorable
Charles A. Legge in the Northern District of California;
Capital Sign Company, Inc. v. Alliance Metals, Inc., et al., Civil Action No. 95CV-6557 (LHP), the Honorable Louis H. Pollak in the Eastern District of Pennsylvania;

4

Plastic Cutlery Antitrust Litigation, Master File No. 96-728, the Honorable
Joseph L. McGlynn in the Eastern District of Pennsylvania;
In re Residential Doors Antitrust Litigation, MDL Docket No. 1039, the
Honorable Raymond J. Broderick in the Eastern District of Pennsylvania;
In re Plastic Tableware Antitrust Litigation, Master File No. 94-CV-3564, the
Honorable Daniel H. Huyett, 3rd in the Eastern District of Pennsylvania;
Uniondale Beer Co., Inc. v. Anheuser-Busch, Inc., et al., Civil Action No. CV
86-2400(TCP), the Honorable Thomas C. Platt, Jr. in the Eastern District of New York;
Fisher Brothers, v. Cambridge-Lee Industries, Inc., et al., Master File No. 824921, the Honorable Norma L. Shapiro in the Eastern District of Pennsylvania;
In re D.C. Soft Drinks Antitrust Litigation, Civil Action No. 86-2974,
Honorable Stanley Sporkin in the District of Columbia;
Cumberland Farms, Inc., et al. v. Browning-Ferris, Industries, Inc., et al., Civil
Action No. 87-3717, the Honorable Louis C. Bechtle in the Eastern District of
Pennsylvania; and
In re Chlorine & Caustic Soda Antitrust Litigation, Master File No. 86-5428,
the Honorable Louis C. Bechtle in the Eastern District of Pennsylvania.

The Firm has extensive experience in trying to a jury nationwide class
actions: In re WorldCom, Inc. Securities Litigation, Master File No. 02-Civ-3288 (DLC)
(Southern District of New York) (2005 jury trial against accounting firm Arthur
Andersen); In re Apollo Group, Inc. Securities Litigation, Master File No. CV-04-2147-PHXJAT (District of Arizona) (jury verdict for the full amount per share requested, which in
the aggregate could exceed $200 million); Gutierrez v. Charles J. Givens Organization, et al.,
Case No. 667169 (Superior Court of California, County of San Diego) (jury verdict in
excess of $14 million for plaintiff consumer class); In re Control Data Corporation
Securities Litigation, 933 F.2d 616 (8th Cir. 1991); Gould v. Marlon, CV-86-968-LDG (D.
Nev.) (jury verdict for plaintiff class); Herskowitz v. Nutri/System, et al., 857 F.2d 179 (3rd

5

Cir. 1988); and Betanzos v. Huntsinger, CV-82-5383 RMT (C.D. Cal.) (jury verdict for
plaintiff class).
Leonard Barrack, senior partner in Barrack, Rodos & Bacine, is a graduate
of Temple University Law School (J.D. 1968) where he was Editor in Chief of the
Temple Law Reporter. Mr. Barrack has been practicing in the area of securities class
and derivative actions, and corporate litigation generally, for more than 35 years,
during which time he has analyzed laws and provided advice on issues relevant to
pension fund boards of trustees. He was admitted to the bar of the Supreme Court of
Pennsylvania in 1969, and is also a member of the bars of the U.S. Supreme Court, the
U.S. Court of Appeals for the Third Circuit, the U.S. District Court for the Eastern
District of Pennsylvania, and other federal circuit courts.
Mr. Barrack was appointed co-lead counsel in In re WorldCom, Inc.
Securities Litigation, before the Honorable Denise L. Cote in the Southern District of New
York. As counsel in WorldCom, Mr. Barrack was responsible for guiding both the
vigorously prosecuted litigation – including the four-week trial against Arthur
Andersen – as well as negotiating the ground-breaking settlements totaling more than
$6.13 billion with WorldCom‘s underwriters, its outside directors, and Arthur
Andersen, in the midst of trial. He was also co-lead counsel in In re Cendant Corporation
Litigation, before the Honorable William H. Walls in the District of New Jersey, at $3.1
billion, the third largest securities class action settlement in history; In re McKesson
HBOC, Inc. Securities Litigation, before the Honorable Ronald M. Whyte in the Northern
District of California, which settled for $1.0425 billion; In re Sunbeam Securities Litigation,
before the Honorable Donald M. Middlebrooks in the Southern District of Florida,
among many others.
Mr. Barrack has had extensive trial and deposition experience in complex
actions including the successful trial of derivative lawsuits under Section 14(a) of the
Securities Exchange Act of 1934; Gladwin v. Medfield, CCH Fed. Sec. L. Rep. ¶95,012
(M.D. Fla. 1975), aff‟d, 540 F.2d 1266 (5th Cir. 1976); Rafal v. Geneen, CCH Fed. Sec. L.
Rep. ¶93,505 (E.D. Pa. 1972). In addition, Mr. Barrack has lectured on class actions to

6

sections of the American and Pennsylvania Bar Association and is the author of
Developments in Class Actions, The Review of Securities Regulations, Volume 10, No. 1
(January 6, 1977); Securities Litigation, Public Interest Practice and Fee Awards,
Practicing Law Institute (March, 1980).
Gerald J. Rodos, partner in Barrack, Rodos & Bacine, is a graduate of
Boston University (B.A. 1967) and an honor graduate of the University of Michigan Law
School (J.D. Cum Laude 1970). Mr. Rodos has been practicing in the area of securities
class and derivative actions, and corporate litigation generally, for more than 35 years,
during which time he has analyzed laws and provided advice on issues relevant to
pension fund boards of trustees. He was admitted to the bar of the Supreme Court of
Pennsylvania in 1971, and is also a member of the bars of the Supreme Court of the
United States, the U.S. Court of Appeals for the Third Circuit, the U.S. District Court for
the Eastern District of Pennsylvania, and other federal circuit courts.
Mr. Rodos has been appointed lead counsel, inter alia, in Payne, et al. v.
MicroWarehouse, Inc., et al., before the Honorable Dominic J. Squatrito in the District of
Connecticut; In re Sunbeam Securities Litigation, pending before the Honorable Donald
M. Middlebrooks in the Southern District of Florida; In re Regal Communications
Securities Litigation, before the Honorable James T. Giles in the Eastern District of
Pennsylvania; In re Midlantic Corp. Shareholders Securities Litigation, before the Honorable
Dickinson R. Debevoise in the District of New Jersey; In re Craftmatic Securities Litigation,
before the Honorable Joseph L. McGlynn, Jr. in the Eastern District of Pennsylvania; In
re New Jersey Title Insurance Litigation, Case No. 2:08-cv-01425-PGS-ES, before the
Honorable Peter G. Sheridan in the District of New Jersey; In re Automotive Refinishing
Paint Antitrust Litigation, Case No. 2:01-cv-02830-RBS, before the Honorable R. Barclay
Surrick in the Eastern District of Pennsylvania; and In re Publication Paper Antitrust
Litigation, Docket No. 3:04 MD 1631 (SRU), before the Honorable Stefan R. Underhill in
the District of Connecticut, among many others. Mr. Rodos also represented the lead
plaintiff in the WorldCom litigation.

7

Mr. Rodos is the co-author of Standing To Sue Of Subsequent Purchasers
For Antitrust Violations -- The Pass-On Issue Re-Evaluated, 20 S.D.L. Rev. 107 (1975),
and Judicial Implication of Private Causes of Action; Reappraisal and Retrenchment, 80
Dick. L. Rev. 167 (1976).
Daniel E. Bacine, partner in Barrack, Rodos & Bacine, is a graduate of
Temple University (B.S. 1967) and of Villanova University School of Law (J.D. 1971),
where he was an Associate Editor of the Law Review and a member of the Order of the
Coif. Mr. Bacine has been practicing in the area of securities class and derivative
actions, and corporate litigation generally, for more than 30 years, during which time he
has analyzed laws and provided advice on issues relevant to pension fund boards of
trustees. He was admitted to the bar of the Supreme Court of Pennsylvania in 1971, and
is also a member of the bars of the U.S. Court of Appeals for the Third Circuit and the
U.S. District Court for the Eastern District of Pennsylvania.
Mr. Bacine is an experienced civil litigator in both the federal and state
courts, having tried jury and non-jury securities and other commercial cases, including
cases involving disputes between securities brokerage firms and their customers. He
has been lead or co-lead counsel in various class actions, including, inter alia, In re
American Travellers Corp. Securities Litigation, in the Eastern District of Pennsylvania;
Kirschner v. CableTel Corp., in the Eastern District of Pennsylvania; Lewis v. Goldsmith, in
the District of New Jersey; Crandall v. Alderfer (Old Guard Demutualization Litigation),
in the Eastern District of Pennsylvania; and Rieff v. Evans (Allied Mutual
Demutualization Litigation) in the District Court of Polk County, Iowa.
William J. Ban, partner in Barrack, Rodos & Bacine, is a graduate of
Brooklyn Law School (J.D. 1982) and Lehman College of the City University of New
York (A.B. 1977). Over the past twenty-five years, Mr. Ban‘s practice of law has focused
on securities, antitrust and consumer class action litigation on behalf of plaintiffs and he
has participated as lead or co-lead counsel, on executive committees and in significant
defined roles in scores of major class action litigations in federal and state courts

8

throughout the country, including, more recently, In re WorldCom, Inc. Securities
Litigation, Master File No. 02-Civ-3288 (DLC), before the Honorable Denise L. Cote in
the Southern District of New York, and In re Automotive Refinishing Paint Antitrust
Litigation, MDL Docket No. 1426, before the Honorable R. Barclay Surrick in the Eastern
District of Pennsylvania. Mr. Ban is admitted in New York and Pennsylvania and is a
member of the New York City Bar Association and the New York State Bar Association.
Jeffrey A. Barrack, partner in Barrack, Rodos & Bacine, has represented
plaintiffs in securities fraud, antitrust and other class actions since joining the firm in
1996. He also has represented both plaintiff and defendant individual and corporate
clients in environmental, consumer and business tort litigation in both state and federal
courts. Before joining the firm, Mr. Barrack served under the Philadelphia District
Attorney and the United States Attorney assisting in the prosecution of complex whitecollar crime in the Eastern District of Pennsylvania. He has been admitted into the First
Judicial District of Pennsylvania‗s Pro Bono Roll of Honor as an attorney whose ―work
has been recognized by the judiciary as exemplary.‖
At BR&B, Mr. Barrack was a principal member of the litigation team in In
re WorldCom, Inc. Securities Litigation, Master File No. 02-Civ-3288 (DLC), before the
Honorable Denise L. Cote of the United States District Court for the Southern District of
New York. He served as the lead attorney on auditing and accounting issues in the case
and participated in the four week trial of the only non-settling defendant, WorldCom‘s
former auditor Arthur Andersen LLP. Mr. Barrack also served as a trial attorney in In re
Apollo Group Inc. Securities Litigation, Master File No. CV-04-2147 PHX-JAT, before the
Honorable James A. Teilborg of the United States District Court for the District of
Arizona. The Apollo Group federal jury trial, which lasted over 3 months, ended in a
unanimous verdict for investors in January 2008. Mr. Barrack led the successful loss
causation evidentiary and expert presentation that was instrumental in yielding this
post-Dura Pharmaceuticals securities litigation jury verdict.
Mr. Barrack has been an important member of many successful litigation
teams for the firm. He participated in the prosecution of In Re Merrill Lynch & Co., Inc.

9

Securities, Derivative and ERISA Litigation, Master File No. 1:07-cv-9633-JSR-DFE, before
the Honorable Judge Jed S. Rakoff, in the Southern District of New York, which has
preliminarily resulted in a $475 million settlement, the largest settlement with an
investment bank that sold collateralized debt obligations; In re McKesson HBOC, Inc.
Securities Litigation, No. C-99-20743-RMW, before the Honorable Ronald M. Whyte in
the Northern District of California, which resulted in more than $1.04 billion for
investors from defendants, including Bear Stearns, the investment bank that issued a
fairness opinion on the merger that was the subject of the action; In re DaimlerChrysler
AG Securities Litigation, Master Docket No. 00-0993 (JJF), before the Honorable Joseph J.
Farnan, Jr. in the District of Delaware, involving the purported ―merger of equals‖
between Daimler Benz and Chrysler Corporation; In re Sunbeam Securities Litigation, No.
98-8258-CIV-MIDDLEBROOKS, before the Honorable Donald M. Middlebrooks in the
Southern District of Florida, which included a record breaking $110 million settlement
with Arthur Andersen and one of the largest individual securities settlements ($15
million) from the company‘s former chief executive officer, ―Chainsaw‖ Al Dunlap; and
In re Citric Acid Antitrust Litigation, Master File No. 95-2963, before the Honorable
Charles A. Legge in the Northern District of California. Mr. Barrack is currently a
member of the team litigating In re The Mills Corporation Securities Litigation, Civil Action
No. 1:06-cv-00077 (LO/TRJ), before the Honorable Liam O‘Grady, in the Eastern
District of Virginia, which has settled with the defendant real estate investment trust
corporation, its officers and directors, its auditor, Ernst & Young, and a foreign real
estate development company, for $$202.75 million, the largest recovery ever in the
Eastern District of Virginia.
Mr. Barrack has successfully advocated corporate governance and
excessive executive compensation reforms through shareholder rights claims asserted in
direct and derivative cases alleging corporate directors' breaches of fiduciary and other
legal duties. Most recently, Mr. Barrack was a principal member of the litigation team
in Resnick v. Occidental Petroleum, et al., Case No. 10-cv-00390, before the Honorable
Robert F. Kelly, presiding by special designation in the District of Delaware, which

10

resulted in benefits described by the Court as "meaningful change" to the company‘s
executive compensation and reporting policies and practices that "affords valuable
consideration to Occidental and its shareholders."
Mr. Barrack has lectured on private securities litigation at the Beasley
School of Law at Temple University, and has been a featured columnist on securities
litigation in The Legal Intelligencer, the oldest law journal in the United States, and has
written on trial practice for the American Journal of Trial Advocacy.
Stephen R. Basser, partner in Barrack, Rodos & Bacine, is a graduate of the
American University, Washington D.C. (1973, B.A., English Literature with Honors)
and Temple University School of Law, Philadelphia, Pennsylvania (1976, J.D., cum
laude), where he was awarded the honor of ―Highest Grade and Distinguished Class
Performance‖ by its nationally renowned clinical trial litigation program. Mr. Basser,
the head of our San Diego, California, office, has been practicing in the area of securities
class and derivative actions, and corporate litigation generally, for over 32 years, during
which time he has analyzed laws and provided advice on issues relevant to pension
fund boards of trustees. He was admitted to the bars of the Supreme Court of
Pennsylvania in 1976, and the Supreme Court of California in 1985. He is also a
member of the bars of a number of federal circuit courts of appeal and district courts.
Mr. Basser is an experienced civil litigator in federal and state courts and
has successfully tried numerous civil jury and non-jury cases to verdict. In addition to
litigating product liability, medical malpractice, catastrophic injury, mass toxic tort and
complex business disputes, Mr. Basser has extensive experience prosecuting securities
class actions, including actions against Pfizer, Inc., Procyte Corp., Wall Data Corp.,
Louisiana-Pacific Corp., Samsonite Corp., TriTeal Corp., Sybase, Inc., Silicon Graphics,
Inc., Orthologic Corp., Adobe, PeopleSoft, Inc., Safeskin Corp., Bridgestone Corp.,
Harmonic, Inc., 3Com Corp., Dignity Partners, Inc., Daou, Simulation Sciences, Inc., and
Informix Corporation. Mr. Basser represented lead plaintiff the Florida State Board of
Administration in In re Applied Micro Circuits Corp. Securities Litigation, Lead Case No.
01-cv-0649-K (AJB), which settled for $60 million, one of the largest recoveries in a

11

securities class action in the Southern District of California since passage of the PSLRA.
He also acted as co-lead counsel for lead plaintiff the NYSCRF in In re McKesson HBOC,
Inc. Securities Litigation, Master File No. CV-99-20743 RMW, which settled for a total of
$1.0425 billion from all defendants.
Mr. Basser was the lead attorney in In re Chiron Shareholder Deal Litigation,
Case No. RG 05-230567, before the Honorable Robert B. Freedman in the California
Superior Court for Alameda County, in which an outstanding result was achieved for
the shareholder class, securing a settlement valued in excess of $800 million. Mr. Basser
was the lead trial attorney in In re Apollo Group Inc. Securities Litigation, Master File No.
CV-04-2147 PHX-JAT (District of Arizona), before the Honorable James A. Teilborg,
which was tried to a federal jury from November 2007 until the jury returned a
unanimous verdict for investors on January 16, 2008.
Mr. Basser has prosecuted, as a lead counsel, derivative shareholder
actions on behalf of and for the benefit of nominal corporate entities such as Pfizer,
Apple, Nvidia and Quest, achieving significant corporate governance therapeutics on
behalf of those entities.
Mr. Basser is also vigorously pursuing the rights of the elderly, serving as
a co-lead counsel in actions against insurance companies that target senior citizens in
the sale of deferred equity — indexed annuities.
Mr. Basser has shared his knowledge of securities litigation and corporate
governance with the nation‘s institutional investors by publishing articles in the BR&B
Bulletin such as ―Study Says Class Actions NOT Out of Control” Volume 8, Spring 2004;
―Court Protects Institutional Lead Plaintiff From Unreasonable Discovery In Securities Class
Actions,‖ Volume 7, Fall 2003; ―Court Approves „Exceptional‟ Safeskin Settlement:
Institutional Lead Plaintiff Commended” Volume 7, Fall 2003: ―The Sarbanes-Oxley Act of
2002: A Good Start for Investors” Volume 5, Fall 2002; ―California Court Closes Major
Loophole in State Securities Laws” Volume 1, 2002; and ―Samsonite Settles Securities
„Baggage‟” Volume 1 Second Quarter 2000.

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Regina M. Calcaterra, partner in Barrack, Rodos & Bacine, is a graduate of
Seton Hall University School of Law (J.D. 1996) and State University of New York at
New Paltz (B.A. Political Science 1988). While at BR&B, Ms. Calcaterra served on the
WorldCom litigation team, including the trial team that took Arthur Andersen, the only
non-settling defendant to trial in the Spring of 2005. She came to the firm after serving
as Deputy General Counsel of the New York City Employees‘ Retirement System
(NYCERS), which is one of the largest public pension systems in the nation. Ms.
Calcaterra has extensive experience in both law and government. She has also served
as the Chief Lobbyist and Director of Intergovernmental Relations to the New York City
Comptroller. In 1999, she was appointed to and served on New York Governor Pataki‘s
Commission on Electronic Signatures and Records while serving as Technology
Counsel at Prudential Securities. In addition, Ms. Calcaterra has served as an adjunct
professor of public administration at the City University of New York‘s Baruch College.
She represents BR&B at the National Association of Public Pension Attorneys; National
Association of Pension Funds (UK); Council for Institutional Investors; International
Corporate Governance Network and the Information Management Institute. She also
lectures on securities-related matters to public pension fund counsel and trustees. Ms.
Calcaterra was actively involved in the federal securities cases against R & G Financial
Corp. Securities Litigation, McKesson and WorldCom.
Chad A. Carder, an associate in Barrack, Rodos & Bacine is an honors
graduate of The Ohio State University (B.A. Political Science 1999), and College of
William and Mary, Marshall-Wythe School of Law (J.D. 2002), where he was a Graduate
Research Fellow and served on the William and Mary Moot Court Board. From 2002 to
2003, Mr. Carder served as the law clerk to the Honorable Michael J. Hogan of the New
Jersey Superior Court.
Mr. Carder concentrates his practice on federal securities class action
litigation, is experienced in representing both institutional investor plaintiffs and
individual defendants, and has been a member of the teams that have litigated major
securities class actions to their landmark conclusions. Representative cases include: In

13

re WorldCom, Inc. Securities Litigation, Master File No. 02-Civ-3288 (DLC), before the
Honorable Denise L. Cote in the Southern District of New York; In re Schering-Plough
Securities Litigation, Master File No. 01-CV-0829 (KSH/RJH), before the Honorable
Katherine Hayden in the District of New Jersey; In re The Loewen Group Inc. Securities
Litigation, Case No. 2:98-cv-06740-TON, before the Honorable Thomas N. O‘Neill, Jr., in
the Eastern District of Pennsylvania; Mould v. PainCare Holdings, Inc. et al., Case No.
6:06-cv-362-Orl-28DAB, before the Honorable John Antoon II in the Middle District of
Florida; Pennsylvania Public School Employees‟ Retirement System v. Qwest Communications
International, Inc. et al., Civil Action No. 1:06-cv-01788-REB, before the Honorable Robert
E. Blackburn in the District of Colorado; In re Royal Ahold Securities & “ERISA”
Litigation, Case No. 1:03-MD-01539-CCB, before the Honorable Catherine C. Blake in the
District of Maryland; Eastwood Enterprises, LLC v. Farha, et al., Case No. 8:07-cv-1940-T33EAJ, before the Honorable Virginia M. Hernandez Covington in the Middle District of
Florida; Waldrep v. ValueClick, Inc. et al., Case No. 2:07-cv-05411-DDP-AJW, before the
Honorable Dean D. Pregerson in the Central District of California; In re RAIT Financial
Trust Securities Litigation, Master File No. 2:07-cv-03148-LDD, before the Honorable
Legrome D. Davis in the Eastern District of Pennsylvania; and In re The Mills Corporation
Securities Litigation, Civil Action No. 1:06-cv-00077 (LO/TJR), before the Honorable
Liam O‘Grady in the Eastern District of Virginia.
Mr. Carder‘s complex civil litigation practice has also included the
litigation of several antitrust class actions, corporate takeover class and derivative
actions, shareholder derivative actions in various state and federal courts, including
those arising out of instances of improper stock option backdating, and policyholder
actions against insurance companies. Representative cases include: Rieff v. Evans, Civil
Action No. CE 35780, before the Honorable Donna Paulsen in the District Court of Iowa,
Polk County; In re Automotive Refinishing Paint Antitrust Litigation, Case No. 2:01-cv02830-RBS, before the Honorable R. Barclay Surrick in the Eastern District of
Pennsylvania; In re Stone Energy Corporation Shareholder Derivative Litigation, Civil Action
No. 05-2166, before the Honorable Tucker L. Melancon in the Western District of

14

Louisiana; In re NVIDIA Corp. Derivative Litigation, Case No. 4:06-cv-06110-SBA, before
the Honorable Saundra Brown Armstrong in the Northern District of California; In re
Sovereign Bancorp. Inc. Shareholders Litigation, Case No. 2587, before the Honorable Mark
I. Bernstein in the Court of Common Pleas for Philadelphia County; In re Flat Glass
Antitrust Litigation (II), Civil Action No. 2:08-mc-00180-DWA, before the Honorable
Donetta W. Ambrose in the Western District of Pennsylvania; and In re New Jersey Title
Insurance Litigation, Case No. 2:08-cv-01425-PGS-ES, before the Honorable Peter G.
Sheridan in the District of New Jersey.
Mr. Carder has published in his field. He is the author of Ruling on
Admissibility of WorldCom Restatement Could Have Broad Implications, Barrack Bulletin,
Vol. 9 (Fall 2005).
Alexander Arnold Gershon, partner in Barrack, Rodos & Bacine, is a
graduate of the Georgia Institute of Technology (B.S. 1962), Emory University School of
Law (L.L.B. 1964) and New York University (L.L.M. 1964). For more than 35 years, Mr.
Gershon‘s practice has focused on representing plaintiffs in cases arising under the
federal securities laws, state corporations laws, and similar kinds of matters in class
actions, individual actions, and stockholders‘ derivative actions in the state and federal
courts.
Mr. Gershon is an experienced civil litigator in federal and state courts
and has contributed to the jurisprudence of class action settlements in cases such as
National Super Spuds, Inc. v. New York Mercantile Exchange, 660 F.2d 9 (2d Cir. 1981); has
helped to establish important standards in shareholder derivative actions: Seinfeld v.
Barrett, 2006 WL 890909 (D. Del. 2006), and Vides v. Amelio, 265 F.Supp.2d 273 (S.D.N.Y.
2003) (exceptions to the demand requirement in stockholders‘ derivative actions); Lewis
v. Vogelstein, 699 A.2d 327 (Del.Ch. 1997), and Kaufman v. Beal, 1983 WL 20295 (Del.Ch.
1983) (standards for executive compensation); and contributed to the establishment of
the standards of required disclosure under the federal securities laws when corporate
stockholders are solicited to approve executive bonus plans seeking tax benefits under
the Internal Revenue Code in Shaev v. Saper, 320 F.3d 373 (3d Cir. 2003).

15

Mr. Gershon has successfully advocated corporate governance and excessive
executive compensation reforms through shareholder rights claims asserted in direct
and derivative cases alleging corporate directors' breaches of fiduciary and other legal
duties. Most recently, Mr. Gershon led the litigation team in Resnick v. Occidental
Petroleum, et al., Case No. 10-cv-00390, before the Honorable Robert F. Kelly, presiding
by special designation in the District of Delaware, which resulted in benefits described
by the Court as "meaningful change" to the company‘s executive compensation and
reporting policies and practices that "affords valuable consideration to Occidental and
its shareholders."
Jeffrey B. Gittleman, a partner in Barrack, Rodos & Bacine, is an honors
graduate of Tulane University (B.A. Political Science 1993), and Temple University
School of Law (J.D. 1996), where he served on the Moot Court Honors Society. Mr.
Gittleman has been named a Pennsylvania Rising Star by Philadelphia Magazine and
Pennsylvania Super Lawyers in 2006, 2007 and 2008. He is active in community affairs
and currently serves on the Board of the Anti-Defamation League.
Mr. Gittleman concentrates his practice on complex litigation and
specializes in antitrust and securities litigation. Over the past decade, he has served in
leadership roles in numerous antitrust cases, and has secured multi-million dollar
recoveries against the manufacturers or producers of carbon fiber, automotive
refinishing paint, graphite electrodes, flat glass, sodium gluconate, sorbates,
polypropylene and nylon carpet, and metal building insulation. Currently, Mr.
Gittleman is active in the following antitrust cases, among others: In re Fasteners
Antitrust Litigation, MDL Docket No. 1912 (E.D. Pa.); In re New Jersey Title Insurance
Antitrust Litigation, No. 08-1425(PGS) (D.N.J.); In re Aftermarket Filters Antitrust
Litigation, No. 1:08-cv-4883 (N.D. Ill.); In re Flat Glass (II) Antitrust Litigation, No. 2:08mc-00180 (W.D. Pa.); In re Pressure Sensitive Labelstock Antitrust Litigation, No. 3:03-mdl01556 (M.D. Pa.); In re Publication Paper Antitrust Litigation, No. 3:04 MD 1631 (SRU) (D.
Conn.); In re Urethane Antitrust Litigation (Polyether Polyol Cases), No. 04-md-1616-JWL
(D. Kan.); and Standard Iron Works v. Arecelormitta, No. 1:08-cv-05214 (N.D. Ill.)

16

In addition to representing plaintiffs in antitrust class actions, Mr.
Gittleman also has an active securities litigation practice. He has represented the
Florida State Board of Administration in In re Schering-Plough Securities Litigation and
the Iowa Public Employees‘ Retirement System in In re Mills Securities Litigation he is
currently prosecuting In re American International Group, Inc. 2008 Securities Litigation,
before the Honorable Laura Taylor Swain in the Southern District of New York.
Previously, Mr. Gittleman served as the lead trial attorney in Meikrantz v. Janney
Montgomery Scott, et al., where he obtained a substantial award for his shareholder
clients, and was part of the trial team that represented Iridian Technologies, Inc. and its
common shareholder-elected directors in Equity Asset Investment Trust, Inc. v. John
Daugman, et al.
Jeffrey W. Golan, a partner in Barrack, Rodos & Bacine, joined the firm in
1990. Mr. Golan graduated with honors from Harvard College in 1976 with a degree in
Government. After working as an aide to Senator Edward W. Brooke, he attended the
joint degree program in law and foreign service at Georgetown University. Mr. Golan
graduated from the Georgetown University Law Center in 1980, where he also served
as the Articles Editor for the school‘s international law review, and from the School of
Foreign Service, with a Master‘s of Science Degree in Foreign Service. In 1980, he
received the Francis Deák Award from the American Society of International Law for
the year‘s best student writing in an international law journal. Mr. Golan served as a
Law Clerk for the Honorable Edwin D. Steel, Jr., a United States District Court Judge in
the District of Delaware, from 1980 to 1981, and thereafter joined a large firm in
Philadelphia, where he concentrated on commercial litigation, including the
representation of plaintiffs and defendants in federal securities and antitrust cases.
Since joining BR&B, Mr. Golan has been BR&B‘s primary attorney in
many major securities fraud cases throughout the country. Of particular note, he
served as BR&B‘s lead trial attorney in the WorldCom securities fraud class action—a
prosecution that yielded a record-breaking recovery of more than $6.13 billion for
defrauded investors—one of the most notable fraud cases ever to go to trial. In April

17

2005, Mr. Golan led the BR&B team that took the only non-settling defendant,
WorldCom‘s former auditor Arthur Andersen LLP, to trial. Andersen agreed to settle
in the fifth week of trial, shortly before closing arguments.
Mr. Golan also served as BR&B‘s primary attorney for the landmark
Cendant case, in which the previously highest recovery ever achieved in a securities
fraud class case was achieved ($3.18 billion), for the DaimlerChrysler case ($300 million
obtained for the class), for the Mills Corporation case ($202.5 million obtained for the
class) as well as in cases against Employee Solutions, Marion Merrell Dow, General
Instrument and One Bancorp, among others. He is currently serving as the firm‘s lead
attorney in In re American International Group, Inc. 2008 Securities Litigation, before the
Honorable Laura Taylor Swain in the Southern District of New York. In August 2003,
Mr. Golan was the lead trial attorney for the firm in an action in the Delaware Chancery
Court, Equity Asset Investment Trust, et al. v. John G. Daugman, et al., in which the firm
represented Iridian Technologies, Inc. (the world leader in iris recognition technologies)
and its common shareholder-elected directors. The case was brought against the
Company and the common directors in June 2003, prepared for trial within two months
under the Chancery Court‘s ―fast-track‖ procedures for Board contests, and went to
trial by late August 2003.
Mr. Golan has also headed up the firm‘s representation of lead plaintiffs
in a number of derivative actions stemming from the stock option backdating scandal,
and served as the firm‘s lead attorney in several cases challenging proposed corporate
transactions. Mr. Golan represented institutional and individual lead plaintiffs in a case
that challenged the proposed buy-out of Lafarge N.A. by its majority shareholder,
Lafarge S.A., which was settled when Lafarge S.A. agreed to increase the buy-out price
from the $75.00 per share initially offered to $85.50 per share (a $388 million increase in
the amount paid to Lafarge N.A.‘s public shareholders) and when Lafarge N.A. agreed
to make additional disclosures about the company and the proposed transaction. He
was appointed as a co-lead counsel in consolidated shareholder cases challenging the
majority shareholder buy-out of Nationwide Financial Services, Inc., where as part of a

18

settlement the acquirer raised its offer price from $47.20 per share to $52.25 per share,
and in shareholder cases challenging the proposed acquisitions of Wm. Wrigley Jr.
Company by Mars, Incorporated and of Commerce Bancorp by The Toronto-Dominion
Bank.
For four of the last five years, Mr. Golan has been selected as a
―Pennsylvania Super Lawyer‖ in the field of Securities Litigation. In June 2000, he was
honored as the ―Featured Litigator‖ in the on-line magazine published by Summation
Legal Technologies, the legal software company. Mr. Golan has also served in
numerous capacities for the Public Interest Law Center of Philadelphia, including as
Vice-Chair of the Board, and on the staff of the Mayor‘s Task Force for the Employment
of Minorities in the Philadelphia Police Force.
Robert A. Hoffman, a partner in Barrack, Rodos & Bacine, is a graduate of
Rutgers University (B.A. 1980) (with high distinction) and Rutgers University School of
Law - Camden (J.D. 1983). Mr. Hoffman clerked for the Honorable Charles R. Weiner,
United States District Court for the Eastern District of Pennsylvania, during the years
1984-1985. Mr. Hoffman has been practicing in the area of securities class and
derivative actions, and corporate litigation generally, for more than 20 years, during
which time he has analyzed laws and provided advice on issues relevant to pension
fund boards of trustees. He was admitted to the bars of the Supreme Court of
Pennsylvania and Supreme Court of New Jersey in 1983, and is also a member of the
bars of several federal circuit courts of appeal and district courts.
Mr. Hoffman has broad experience in prosecuting securities class actions
in federal courts around the country. He served as lead counsel for the Florida State
Board of Administration in In re Schering-Plough Securities Litigation, before the
Honorable Katherine Hayden in the District of New Jersey, which settled in 2010 for
$165 million settlement and is he is currently prosecuting In re American International
Group, Inc. 2008 Securities Litigation, before the Honorable Laura Taylor Swain in the
Southern District of New York. He was one of the lead attorneys representing plaintiffs
in In re MicroWarehouse Securities Litigation, (D. Conn.), which resulted in a $30 million

19

recovery for the plaintiff class. He also has significant experience in the trial and appeal
of securities class actions. See, e.g. In re Control Data Corp. Securities Litigation, 933 F.2d
616 (8th Cir. 1991).
M. Richard Komins, partner in Barrack, Rodos & Bacine, is a graduate of
Brandeis University (A.B., cum laude, 1969) and the Georgetown University Law Center
(J.D., cum laude, 1980) and was an editor of the journal Law and Policy in International
Business (LPIB). Mr. Komins was admitted to the bar of the Supreme Court of
Pennsylvania in 1980, and is also a member of the bars of the U.S. Court of Appeals for
the Third Circuit, the U.S. District Court for the Eastern District of Pennsylvania, and
other federal circuit courts.
Mr. Komins has been practicing in the area of complex commercial civil
litigation, including securities class action litigation for more than 25 years. He has
acted as co-lead counsel for lead plaintiff the NYSCRF in In re McKesson HBOC, Inc.
Securities Litigation, Master File No. CV-99-20743 RMW, before the Honorable Ronald
W. Whyte in the Northern District of California, which settled for a total of $1.0425
billion from all defendants. Mr. Komins also served as counsel for the CWA/ITU
Negotiated Pension Plan, one of the lead plaintiffs in the In re Sunbeam Securities
Litigation, and was responsible in large part for a $110 million settlement from Arthur
Andersen LLP and the $15.25 million, plus insurance, settlement (total of about $30
million) with the individual defendants in the case. Mr. Komins also prosecuted one of
the most significant subprime related securities class actions, In Re Merrill Lynch & Co.,
Inc. Securities, Derivative and ERISA Litigation, before the Honorable Judge Jed S. Rakoff,
in the Southern District of New York, which settled for $475 million for defrauded
investors; and he is currently prosecuting In re American International Group, Inc. 2008
Securities Litigation, before the Honorable Laura Taylor Swain in the Southern District of
New York.
Lisa M. Lamb is an associate in Barrack, Rodos & Bacine‘s Philadelphia
office. Ms. Lamb‘s practice focuses on the representation of investors, including state,

20

local and union pension funds, as lead or co-lead counsel in securities class action
litigations and derivative actions. She also represents, in class action litigation, small
businesses and other individuals who have been injured by price-fixing conspiracies in
violation of the antitrust laws.
Ms. Lamb is currently litigating, on behalf of injured investors, In re
American International Group, Inc. 2008 Securities Litigation, currently pending in the
United States District Court for the Southern District of New York, among other
securities and antitrust related cases. Ms. Lamb has also been part of the litigation
teams in In re The Mills Corporation Securities Litigation, In re Michael Baker Corporation
Securities Litigation, In re R&G Financial Securities Litigation, and In re Bridgestone
Securities Litigation, and in other consolidated shareholder cases, involving, among
others, the proposed acquisition of Commerce Bancorp by The Toronto-Dominion Bank.
In addition, Ms. Lamb was a member of the highly successful trial team in In re
WorldCom, Inc. Securities Litigation, a prosecution that yielded a record-breaking
recovery of more than $6.13 billion for defrauded investors.
Before joining BR&B, Ms. Lamb practiced corporate law with a focus on
the representation of public and private companies regarding securities regulation,
equity and debt offerings, merger and acquisition transactions, and the counseling of
clients with respect to corporate governance issues, obligations under the securities
laws, and other general corporate matters.
Ms. Lamb graduated, summa cum laude, from Villanova University School
of Law in 2003, where she was a member of the Order of the Coif and an associate
editor of the Villanova Law Review. She received her B.A. in psychology, with honors,
from Princeton University in 2000. Ms. Lamb is admitted to practice in Pennsylvania
and before the U.S. District Court for the Eastern District of Pennsylvania.
Leslie B. Molder, partner in Barrack, Rodos & Bacine, is an honors
graduate from the University of Michigan (A.B. magna cum laude 1980) as well as from
the National Law Center at the George Washington University (J.D. cum laude 1983).
Ms. Molder practices primarily in the area of complex civil litigation, including

21

securities class actions, antitrust class actions and policyholder actions against insurance
companies and has participated in the trials of a variety of commercial cases, including
cases involving disputes between securities brokerage firms and their customers. Ms.
Molder oversees the Firm‘s portfolio monitoring services for institutional clients. She is
also the firm‘s settlement attorney, specializing in documenting and effectuating
settlements of class actions and assisting clients throughout the settlement process.
Julie B. Palley, joined Barrack, Rodos & Bacine in 2008. Mrs. Palley
graduated from the University of Pennsylvania cum laude in 2003 with a double major in
Communications and Psychology with honors. She received her J.D. from Temple
University School of Law in May of 2007. At Temple, Mrs. Palley was on the Dean‘s
List and received an award for distinguished class performance. She was also a
member of the Law School‘s budget committee, the Women‘s Law Caucus and the
Jewish Law Students‘ Association. Before joining Barrack, Rodos & Bacine, Mrs. Palley
was counsel at the Pennsylvania Securities Commission.
Mark R. Rosen, partner in Barrack, Rodos & Bacine, is an honors graduate
of the University of Pennsylvania (A.B. summa cum laude with distinction in political
science 1976), where he was elected to Phi Beta Kappa, and the Harvard Law School
(J.D. cum laude 1979). Mr. Rosen, who served as a law clerk to Judge Stanley S. Brotman,
of the United States District Court for the District of New Jersey, has handled many
trials and appeals as an experienced civil litigator representing plaintiffs and
defendants in federal and state courts in, inter alia, constitutional, securities, antitrust,
corporate takeover, environmental, consumer and other class and derivative litigation.
Mr. Rosen has successfully litigated high-profile cases which received
nationwide recognition. In Strawn v. Canuso, 140 N.J. 43, 657 A.2d 420 (1995), the New
Jersey Supreme Court ruled in favor of his clients, a group of homeowners, in
establishing that builders and real estate brokers must inform prospective buyers if the
property for sale is near a landfill. In Atlantic Coast Demolition & Recycling, Inc. v. Board
of Chosen Freeholders, 48 F.3d 701 (3d Cir. 1995), on remand, 931 F. Supp. 341 (D.N.J. 1996),

22

aff‟d, 112 F.3d 652 (3d Cir.), cert. denied, 522 U.S. 966 (1997), Mr. Rosen represented an
out-of-state recycling facility where the court struck down the New Jersey system of
waste ―flow control,‖ holding that it violated the constitutional protection for interstate
commerce.
At BR&B, Mr. Rosen has handled a variety of matters, including antitrust,
securities and corporate takeover class and derivative actions, as well as individual
commercial actions. Mr. Rosen was member of the successful team that litigated In re
WorldCom, Inc. Securities Litigation, before the Honorable Denise L. Cote in the Southern
District of New York, to its landmark conclusion, and is currently counsel to a group of
defendants in a securities action arising from the recent upheaval in the financial
markets. He was one of the lead counsel for plaintiffs in In re Automotive Refinishing
Paint Antitrust Litigation, before the Honorable R. Barclay Surrick in the Eastern District
of Pennsylvania, which yielded $105 million in settlements, and In re Publication Paper
Antitrust Litigation, before the Honorable Stefan R. Underhill in the District of
Connecticut, among others. He was one of the lead counsel for plaintiffs in the
litigation over the acquisition of Chiron, which resulted in an increase of several
hundred million dollars in the price paid to buy out its public shareholders, and
recently served as lead counsel representing a major international bank in an injunction
hearing successfully defending its acquisition of an American bank.
Mr. Rosen has argued or had principal responsibilities for appeals in a
number of state, federal and appellate courts. Mr. Rosen has also been named a
―Pennsylvania Super Lawyer‖ in the field of securities litigation. He is admitted to
practice in California, the District of Columbia, New Jersey and Pennsylvania, and a
number of federal trial and appellate courts.
Beth T. Seltzer is a graduate of the University of Michigan (B.A. 2001)
with a major in History, where she was a member of the Golden Key Club National
Honors Society. Ms. Seltzer is also a graduate of Temple University School of Law (J.D.
2004), where she was on the Dean‘s List and received awards for distinguished class
performance. At Temple, Ms. Seltzer was a member of the Women‘s Law Caucus and

23

the Jewish Law Students‘ Association. Ms. Seltzer‘s practice is concentrated in
securities and antitrust class action litigation.
Michael A. Toomey, an associate in Barrack, Rodos & Bacine‘s New York
office, joined the firm in 2011. Michael is an admitted member to the N.Y. and N.J. Bars.
Mr. Toomey graduated from the Tufts University in 2005 with a major in International
Relations. Michael received his J.D. from Temple University School of Law in May of
2010, which he attended on an academic scholarship. At Temple, he was on the Dean‘s
List three times and received eleven awards for distinguished class participation.
Michael also received an award for Best Paper in his State Constitutional Law class. He
was a staff member on the Temple International & Comparative Law Journal, which
published his article ―The August 2008 Battle of South Ossetia: Does Russia Have a
Legal Argument for Intervention?‖
While at Temple, Michael was an intern in the Chambers of Judge Lerner
of the Philadelphia Court of Common Pleas and Magistrate Judge Elizabeth Hey of the
Eastern District of Pennsylvania. He also interned at the Philadelphia Public Defender
where he advocated in court on behalf of indigent defendants. Michael was also a
player on the Temple Men‘s Volleyball Team.
Samuel M. Ward, a partner in Barrack, Rodos & Bacine, is a graduate of
the University of California, Hastings College of Law (J.D. 2001), and a 1995 honors
graduate of the University of California, San Diego (B.A. 1995). Before joining BR&B,
Mr. Ward worked as a political consultant, managing both Congressional and State
Assembly campaigns. At the firm, Mr. Ward has litigated numerous securities cases in
federal district courts throughout the country. Mr. Ward represented the plaintiff class
in In re Applied Micro Circuits Corp. Securities Litigation, achieving a $60 million
settlement for class members. Mr. Ward was a trial attorney in In re Apollo Group Inc.
Securities Litigation, Master File No. CV-04-2147 PHX-JAT (District of Arizona), before
the Honorable James A. Teilborg, which was tried to a federal jury from November 2007
until the jury returned a unanimous verdict for investors on January 16, 2008. Mr.

24

Ward played a critical role in mastering the deposition and documentary proof that was
used at trial to secure the jury‘s unanimous verdict.
Frances Vilella-Vélez, of-counsel to Barrack, Rodos & Bacine, is a graduate
of Syracuse University College of Law, Syracuse, New York (J.D. 1977) and Swarthmore
College (B.A. 1974). Ms. Vilella-Vélez began her legal career in 1978 as a trial attorney
in the Office of the Regional Solicitor, U.S. Department of Labor, where she litigated
OSHA cases before the United States district courts and the Occupational Safety and
Health Review Commission (OSHRC). She then served as the first law clerk for the
Honorable Nelson A. Diaz, on the Court of Common Pleas of Philadelphia County,
Philadelphia, Pennsylvania. During her tenure with Judge Diaz, Ms. Vilella-Vélez also
served as a staff member on the Mayor‘s Task Force on Minority Employment in the
Police Department, in Philadelphia, where she conducted legal and policy analyses of
alternative proposals to increase minority employment in the Policy Department, and
assisted in drafting the report to the mayor.
*

*

*

In In re Apollo Group Inc. Securities Litigation, Master File No. CV-042147 PHX-JAT (District of Arizona), Barrack, Rodos & Bacine was lead counsel for the
class that secured a jury verdict in January 2008 for the full amount per share requested,
which in the aggregate could exceed $200 million. Judge Teilborg commented that trial
counsel “brought to this courtroom just extraordinary talent and preparation.... The
technical preparation, the preparation for your examination and cross-examination of
witnesses has been evident in every single instance. The preparation for evidentiary
objections and responses to those objections have been thorough and foresighted. The
arguments that have been made in every instance have been well-prepared and wellpresented throughout the case. *** Likewise, for the professionalism and the civility
that you -- and the integrity that you have all demonstrated and exuded throughout the
handling of this case, it has just, I think, been very, very refreshing and rewarding to see
that. *** [W]hat I have seen has just been truly exemplary.”

25

In In re WorldCom, Inc. Securities Litigation, No. 02 Civ. 3288 (DLC),
Barrack, Rodos & Bacine was co-lead counsel for the Class and achieved settlements in
excess of $6.13 billion. After a partial settlement with one group of defendants for in
excess of $2.56 billion, the Court stated that "the settlement amount ... is so large that it
is of historic proportions." The Court found that “Lead Counsel has performed its
work at every juncture with integrity and competence. It has worked as hard as a
litigation of this importance demands, which for some of the attorneys, including the
senior attorneys from Lead Counsel on whose shoulders the principal responsibility for
this litigation rests, has meant an onerous work schedule for over two years."

The

Court further found that “the quality of the representation given by Lead Counsel is
unsurpassed in this Court‟s experience with plaintiffs‟ counsel in securities litigation.
Lead Counsel has been energetic and creative. Its skill has matched that of able and
well-funded defense counsel. It has behaved professionally and has taken care not to
burden the Court or other parties with needless disputes. Its negotiations with the
Citigroup Defendants have resulted in a settlement of historic proportions. It has
cooperated with other counsel in ways that redound to the benefit of the class and
those investors who have opted out of the class. The submissions of Lead Counsel to
the Court have been written with care and have repeatedly been of great assistance."
The Court also found that “In sum, the quality of representation that Lead Counsel has
provided to the class has been superb”. In approving the final settlements totaling $3.5
billion, in an opinion and order dated September 20, 2005, the Court stated “The
impressive extent and superior quality of Lead Counsel‟s efforts as of May 2004 were
described in detail in the Opinion approving the Citigroup Settlement. … At the
conclusion of this litigation, more than ever, it remains true that „the quality of
representation that Lead Counsel has provided to the class has been superb.‟ … At trial
against Andersen, the quality of Lead Counsel‟s representation remained first-rate. ..
The size of the recovery achieved for the class – which has been praised even by several
objectors – could not have been achieved without the unwavering commitment of Lead
Counsel to this litigation.”

26

The Court also found that “Despite the existence of these risks, Lead
Counsel obtained remarkable settlements for the Class while facing formidable
opposing counsel from some of the best defense firms in the country;” and “If the Lead
Plaintiff had been represented by less tenacious and competent counsel, it is by no
means clear that it would have achieved the success it did here on behalf of the Class.”
“It is only the size of the Citigroup and Underwriters‟ Settlements that make this
recovery so historic, and it is likely that less able plaintiffs‟ counsel would have
achieved far less.”
In In re Cendant Corporation Litigation, No. 98-CV-1664 (WHW) (D.N.J.
December 7, 1999), Barrack, Rodos & Bacine was co-lead counsel for the Class and
achieved settlements with defendants in excess of $3.18 billion, more than three times
larger than the next highest recovery ever achieved in a securities law class action suit
by that time. The Cendant settlement included what was, at the time, the largest amount
by far ever paid in a securities class action by an issuing company (which, nearly ten
years later, remains the second largest ever paid) and what was, and remains, the
largest amount ever paid in a securities class action by an auditor. The Cendant
settlement further included extensive corporate governance reforms, and a contingency
recovery of one-half the net recovery that Cendant and certain of its affiliated
individuals may recover in on-going proceedings against CUC‘s former auditor. The
Cendant Court stated that "we have all been favored with counsel of the highest
competence and integrity and fortunately savvy in the ways of the law and the
market.” The Court found that the "standing, experience and expertise of counsel, the
skill and professionalism with which counsel prosecuted the case and the performance
and quality of opposed counsel were and are high in this action." The Court further
found that the result of lead counsel‘s efforts were "excellent settlements of uncommon
amount engineered by highly skilled counsel with reasonable cost to the class."
In In re Automotive Refinishing Paint Antitrust Litigation, 2:10-md01426-RBS (E.D. Pa.), Barrack, Rodos & Bacine, co-lead counsel for a Class of direct

27

purchasers of automotive refinishing paint, achieved settlements with five defendants
in excess of $100 million. After reaching a settlement with the last two defendants
remaining in the litigation, the Court stated, “I want to commend counsel on both sides
of this litigation. I think that the representation on both sides of this litigation is as
good as I‟ve ever seen in my entire professional career. Counsel worked together in this
case. They frankly made the job of this Court very easy and I commend all of you for
what you‟ve done in this litigation.”
In Payne v. Micro Warehouse, Inc., No. 3:96CV1920(DJS) (D. Conn. Sept.
30, 1999), where Barrack, Rodos & Bacine was co-lead counsel for the shareholder class,
the Court noted “the exceptional results achieved by plaintiffs‟ counsel,” who “were
required to develop and litigate this complex case solely through their own efforts,”
and concluded that “the benefit conveyed to the class plaintiffs amply supports the
conclusion that the plaintiffs‟ counsels‟ work was exceptional.”

28