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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Practice Areas

Antitrust. Commodity Manipulation And Price Fixing. Exchange Related Claims. Securities.

Lovell Stewart has focused its practice on antitrust, commodity manipulation and price fixing, and exchange related claims.  The Firm also prosecutes securities class actions.

Lovell Stewart has obtained, as sole lead counsel or co-lead counsel, what was at the time of the settlement, the largest class action settlement in the history of each of three separate federal statutes.

  • In re NASDAQ Market-Makers Antitrust Litig., 187 F.R.D. 465, 471 (S.D.N.Y. 1998) ("this all-cash settlement [for $1,027,000,000], achieved through 'four years of hard-fought litigation,' apparently is the largest recovery (class action or otherwise) [to that point] in the hundred year history of the state and federal antitrust laws.");
  • In re Sumitomo Copper Litig., 74 F. Supp.2d 393, 395 (S.D.N.Y. 1999) ("The recovery is the largest class action recovery in the 75 plus year history of the Commodity Exchange Act");
  • Blatt v. Merrill Lynch Fenner & Smith, Inc., 94 Civ. 2348 (JAG) (D.N.J.) ("by far the largest settlement" of class action claims under the Investment Company Act, Securities Class Action Alert letter dated August 17, 2000).

Lovell Stewart also conducted the first (and, we understand, only) successful trial by a Plaintiffs’ law firm in the United States District Court for the Southern District of New York of claims for price-fixing in violation of the antitrust laws.  Strobl v. New York Mercantile Exchange, 582 F. Supp. 770 (S.D.N.Y. 1984) (upholding jury verdict), aff'd, 768 F.2d 22 (2d Cir. 1985) (same) cert. denied sub nom., Simplot v. Strobl, 474 U.S. 1006 (1985) (after the Department of Justice decided not to bring price-fixing claims under the federal antitrust laws, and the Commodity Futures Trading Commission had lost a trial seeking to prove attempted manipulation, the Firm tried and won claims for price-fixing and manipulation in a three week jury trial before then Chief Judge Lloyd F. MacMahon). 

Although there are many law firms that have experience in prosecuting class actions, very few have secured settlements that achieved a return for the class members, after payment of all attorneys' fees and costs have been deducted, of 100 cents on the dollar for class members’ single (non-trebled) damages.      The Firm has obtained many such settlements including but not limited to the following:

  • In re NASDAQ Market-Makers Antitrust Litigation, 187 F.R.D. 465, 471 (S.D.N.Y.  1998) (“NASDAQ”) ($1,027,000,000) (claiming class members received 100 cents on the dollar for their damages);
  • In re Sumitomo Copper Litigation, 74 F. Supp. 2d 393, 395 (S.D.N.Y. 1999) (“Sumitomo”) ($149,600,000) (claiming class members received 100 cents on the dollar for their damages);
  • In In re Natural Gas Commodity Litigation, Index No. 03 CV 6186 (VM) (AJP)(S.D.N.Y.) ($100,800,000) (claiming class members received 100 cents on the dollar for their damages);
  • Blatt v. Merrill Lynch Fenner & Smith Inc., 94 Civ. 2348 (JAG) (D.N.J.) (“Blatt”) ($70,000,000) (claiming class members received 100 cents on the dollar for their damages);
  • In re Soybeans Futures Litigation, 89 Civ. 7009 (CRN) (N.D. Ill.) (claiming class members received 100 cents on the dollar for their damages);
  • Dennison v. BP Products North America, Inc. No. 06 C 3541 (N.D. Ill.) (claiming purchasers of propane received 100 cents on the dollar of the inflated portion of their purchase price); and
  • Kaplan v. E.F. Hutton Group, Inc., et al., Civ. Action No. 88-00889 (N.Y. Sup.  Ct.) (claiming class members received 100 cents on the dollar for their damages).