LovellStewartHalebianJacobson

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FIRM NEWS

In re: Platinum and Palladium Commodities Litigation 10-cv-3617 (S.D.N.Y.)–On July 15, 2014, the Honorable William H. Pauley III preliminarily approved the Futures Plaintiffs’ partial settlement of this action with (a) the Moore Capital Defendants for $48,400,000, and (b) Defendant Joseph Welsh for a judgment of $35,000,000 in respect of the negligence claim against him collectable solely from his personal assets consisting of his rights against certain insurers. Defendant MF Global, Inc. is not part of the proposed settlement. Lovell Stewart is sole lead counsel for the Futures Plaintiffs in this action. Persons who traded in NYMEX platinum futures contracts and/or NYMEX palladium futures contracts during the time period June 1, 2006 through April 29, 2010 should save their relevant trading records because they may file claims to participate in this proposed settlement. Please check this website and the settlement website for updates regarding the proposed settlement. The settlement website is http://platinumpalladiumfutureslitigation.com. Contact Christopher M. McGrath, Esq. (CMcGrath@lshllp.com).

Precision Associates, Inc. et al., v. Panalpina World Transport (Holding) LTD. et al, 08-cv-0042 (E.D.N.Y.)–On June 27, Plaintiffs filed a motion seeking preliminary approval of settlements with Defendants Panalpina, Geodis, DSV, and Jetspeed for an immediate cash payment of $44 million plus additional sums to be paid from proceeds from another litigation. Lovell Stewart is co-lead counsel in this action. Class Members can find additional information on https://www.freightforwardcase.com Contact Benjamin M. Jaccarino, Esq. (Bjaccarino@lshllp.com).

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John Halebian

Georgetown University (A.B., 1974) and Villanova Law School (J.D., 1977) Villanova Law Review (1975-77), Case and Comments Editor (1976-1977), Editor-in-Chief of The Docket, the law school newspaper (1976-1977). Admitted: 1978, New York; 2001, U.S. Court of Appeals, Third and Eighth Circuits and 1978, U.S. District Court, Southern and Eastern Districts of New York.

Since graduating from law school in 1977, Mr. Halebian has represented both plaintiffs and defendants in a wide range of corporate and commercial litigation, including, but not limited to, breach of contract commercial disputes, lawsuits involving works of art, insurance, banking, employee compensation and securities, investments and financial fraud.

In this regard, he has represented officers and directors of public corporations, and lawyers and accountants in defending securities class actions, and has prosecuted numerous securities class actions against major public companies.

He has tried cases and argued appeals in both the state and federal courts and, as more specifically described below, has extensive arbitration trial experience. While he continues to maintain a diverse commercial and corporate litigation practice, in the past twenty years his practice has emphasized class actions and securities fraud litigation.

In 1989, Mr. Halebian was a founding member of Wechsler Skirnick Harwood Halebian & Feffer LLP, where he specialized in securities class action and derivative litigation (1989 to 2002) and had primary responsibility for numerous large complex corporate and commercial litigations.

Mr. Halebian has served as lead or co-lead counsel or as a member of an executive or steering committee in class action shareholder litigations around the country that were successfully prosecuted to conclusion, including:

  • Fraiberg v. Taplin, et al., 88 CIV. 6540 (RPP) (S.D.N.Y. 1988) recovery of $1.125 million regarding false and misleading statements and reports in connection with Berkey Photo, Inc.´s past, present and future profitability;
  • Howard Savings Bank Securities Litigation, 89-5148 (AMW) (D.N.J. 1989) (recovery of $7.6 million in connection with claims alleging false and misleading statements relating to bank loan loss reserves);
  • Avon Products, Inc. Securities Litigation, 89 CIV. 6216 (MEL) (S.D.N.Y. 1989) (recovery of $6.4 million relating to claims alleging false and misleading statements regarding earnings projections);
  • Tauber v. Rorer Group, et al., 90 CIV. 4556 (JES) (S.D.N.Y. 1990) (recovery of $20 million in connection with company´s false denial of rumors relating to pending merger);
  • In re Presidential Life Securities Litigation, 92 CIV. 6968 (BDP) (S.D.N.Y. 1992) ($1.7 million recovery relating to materially false and misleading statements relating to financial condition);
  • Goldsmith v. Technology Solutions Co., 92 C. 4374 (BMM) (N.D.Ill. 1992) (recovery of $4.6 million in connection with allegations of false and misleading statements regarding revenue recognition policy);
  • Demint, et al., v. Nationsbank Corp., 94-995 CIV-T-23E (M.D. FL) (Judge Merryday); Beckwith v. NationsBank. Corp., No. 94-CA-09588, (Superior Court, Dist. Of Columbia 1994), was one of the lead attorneys in one of several actions pending in both federal and state court against NationsBank relating to its sales of securities to bank customers, which collectively settled (in 1995 and 1998) for approximately $60 million. Most of the recipients of the awards in the NationsBank litigation received between 50-100% of their recognized losses; and
  • Global Crossing Ltd. Securities Litigation, 02 CIV 910 (GEL) (S.D.N.Y. 2002), involving a securities fraud arising from accounting manipulations relating to illusory swaps of communications capacity. By reason of representing an individual with an approximate $130 million loss, the largest loss of any proposed lead plaintiff, Mr. Halebian and the Firm were appointed by the Court to an Executive Committee responsible for prosecuting the litigation. There have been three partial settlements amounting to approximately $300 million, while the case is continuing against remaining defendants.

In addition, Mr. Halebian is acting as a lead or co-lead counsel or as a member of a steering committee in the presently pending class action or derivative shareholder litigations listed below, including:

  • In re Abercrombie & Fitch Securities Litigation, CIV. Action No. M21-83 (TPG) (S.D.N.Y. 1999), securities fraud litigation relating to false and misleading statements made to analysts denying problems with quarterly same store sales growth estimates, after an Abercrombie employee tipped an analyst that its same store sales growth numbers would decline more than street expectations.
  • Patrick v. Allen, et al., 04 CIV. 00657 (WHP) (S.D.N.Y. 2004), Mr. Halebian successfully represented a 20% shareholder in a derivative action for looting, waste and minority oppression, against certain directors of the corporation, whose sole asset is a $100 million plus property used by the Deepdale Golf Club, an exclusive and elite golf club, that paid no net rental.

Mr. Halebian has also successfully prosecuted, defended and tried to conclusion numerous complex commercial and securities fraud litigations on behalf of individual investors, corporate officials, and brokerage firm employees before the New York Stock Exchange, the National Association of Securities Dealers and the American Arbitration Association. These actions generally involved employee compensation, corporate wrongdoing by officers and/or directors, brokerage customer claims of churning or unsuitable investments, and other corporate wrongdoing. For example, as recently as August 2004, after a two day arbitration trial before the New York Stock Exchange, Mr. Halebian won an award of $450,000 on behalf of an individual investor against Charles Schwab & Co. for negligently handling the sale of a restricted stock certificate.

Mr. Halebian is a member of the American Bar Association, The Association of the Bar of the City of New York, the Federal Bar Council, the Armenian Bar Association and the Association of Trial Lawyers of America. In addition, he has served as the President of the Villanova Law School New York City Alumni Chapter from June, 2004 through May 2006. He has also been a regular faculty participant in the New York County Lawyers Association annual CLE institute entitled Anatomy of a Deposition.

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