Robbins Geller Rudman & Dowd LLP

Last updated
Robbins Geller Rudman & Dowd LLP
HeadquartersSan Diego, CA
No. of offices9
No. of attorneys200
No. of employees425
Major practice areas Securities, consumer, insurance, healthcare, human rights, employment discrimination, and antitrust
Key peopleDarren J. Robbins
Paul J. Geller
Samuel H. Rudman
Michael J. Dowd
Company type Limited liability partnership
Website http://www.rgrdlaw.com

Robbins Geller Rudman & Dowd LLP ("Robbins Geller") is an American law firm headquartered in San Diego, California. It is a plaintiffs law firm specializing in securities litigation and shareholder rights cases. [1]

Contents

History and notable cases

In 2010, the previous firm Coughlin Stoia Geller Rudman and Robbins ceased and Robbins Geller was formed. [2] The founding attorneys were Darren J. Robbins, [3] Paul J. Geller, [4] Samuel H. Rudman, [5] and Michael J. Dowd. [6]

In 2011, the firm secured a $627 million settlement in In re Wachovia Preferred Sec. & Bond/Notes Litigation. The global recovery, including $590 million from Wells Fargo and $37 million from Wachovia's auditor, KPMG, was one of the largest recoveries under the Securities Act of 1933 arising out of the credit crisis. The suit focused on Wachovia's exposure to "pick-a-pay" loans, which the bank's offering materials assured were of "pristine credit quality." Investors alleged that these loans were made to subprime borrowers, many of whom defaulted, which ultimately led to a massive impairment of the bank's mortgage portfolio, and alleged that Wachovia's offering documents materially misstated and failed to disclose the true nature and quality of Wachovia's mortgage loan portfolio, which exposed the bank to tens of billions of dollars in losses on mortgage-related assets and misled investors. Robbins Geller was one of the firms appointed to represent the class. [7] [8]

In 2014, the firm obtained approval of a $590 million settlement with three private equity firms: Kohlberg Kravis Roberts, The Blackstone Group, and TPG Capital. The accusations were that the three firms colluded with one another to drive down the prices of corporate takeover targets. This resulted in investors receiving less per share for their shares in the target companies. The case was filed as Kirk Dahl, et al. v. Bain Capital Partners, LLC, et al. [9]

In 2015, the firm obtained a $400 million class action settlement with Pfizer Inc. in Jones v. Pfizer Inc. Pfizer was accused of misleading investors in connection with off-label marketing, making false statements to shareholders, and making misleading statements about various government investigations. [10]

In 2016, Robbins Geller obtained a settlement of $1.575 billion after 14 years of litigation in Jaffe v. Household Int'l, Inc. (now HSBC Finance). [11]

In 2018, the firm represented the lead plaintiff in the $1 billion settlement in the In re American Realty Capital Properties, Inc. Litigation, a class action regarding alleged violations of Section 11 of the Securities Act of 1933. [12] [13]

The firm represents Tesla shareholders in a suit against the company's directors for its acquisition of SolarCity. In 2020, all board members except Elon Musk settled for $60 million. [14] [15] The firm previously sued Tesla officers and directors in 2013 over misrepresenting their financials and again in 2018 when Elon Musk tweeted he was taking the company private at $420 per share. [16] [17]

Controversies

In 2014, the firm was sanctioned for filing a frivolous securities fraud lawsuit against Boeing related to the 787 Dreamliner airplane. In his sanction order, the federal judge wrote that Robbins Geller "failed to verify the allegations so as to remain ignorant of the truth, and this conduct is reckless and unjustified." [18] In 2021, the firm was removed from a case by U.S. District Judge Louis Stanton for filing a "misleading" brief because the firm had failed to mention its former pension fund client actually made more money through investments in a fund that shorted the underlying asset. Stanton wrote, "In the world of securities law, that is a definition of fraud." [19] Ten days later, U.S. District Judge Gary Brown sharply criticized the firm for falsely claiming the court had jurisdiction over a securities class action: The firm filed the suit in Long Island but left out the fact that its clients were located in Manhattan and Oklahoma. The firm said the omission was inadvertent. [20]

Accolades

Robbins Geller and many of its attorneys have been recognized by various law publications and organizations.

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References

  1. ↑ "Robbins Geller Rudman & Dowd LLP". The Vault.
  2. ↑ "Coughlin Stoia To Become Robbins Geller - Law360". www.law360.com. Retrieved 2020-05-23.
  3. ↑ "Darren J Robbins". chambersandpartners.com. Retrieved 31 March 2015.
  4. ↑ "Paul J. Geller". Equilar Atlas. Retrieved 31 March 2015.
  5. ↑ "Samuel Rudman". chambersandpartners.com. Retrieved 31 March 2015.
  6. ↑ "Michael Dowd". Bloomberg Business. Retrieved 31 March 2015.
  7. ↑ "Wachovia Bondholders Reach Record Settlement for $627 Million | The American Lawyer". The American Lawyer. Retrieved 2018-10-12.
  8. ↑ Benoit, David (2011-08-06). "Wells Fargo Agrees to Settle Wachovia Suit". Wall Street Journal. ISSN   0099-9660 . Retrieved 2018-10-12.
  9. ↑ Pierson, Brendan. "Prelim. approval for $590.5 mln U.S. buyout collusion settlement". U.S. Retrieved 2018-10-12.
  10. ↑ Raymond, Nate. "Pfizer to pay $400 million to avert investor class action trial". U.S. Retrieved 2018-10-12.
  11. ↑ Stempel, Jonathan. "HSBC to pay $1.575 billion, ending Household International class..." U.K. Retrieved 2018-10-12.
  12. ↑ "Securities fraud defendant agrees to pay $217.5 million to opt-outs. A portent?". Reuters. 29 October 2018.
  13. ↑ "Expert Perspectives on Biggest Court Cases".
  14. ↑ Oremus, Will. "Elon Musk defends Tesla solar deal in court, calls opposing lawyer 'a bad human being'". Washington Post. Retrieved 19 July 2021.
  15. ↑ Hull, Dana. "Musk spars with opponents as he defends SolarCity purchase". Detroit News. Bloomberg. Retrieved 19 July 2021.
  16. ↑ "Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Tesla, Inc". Business Wire.
  17. ↑ "Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Tesla Motors, Inc". Business Wire. Retrieved 19 July 2021.
  18. ↑ Fisher, Daniel. "Robbins Geller Ordered To Pay Sanctions To Boeing Over 'Confidential Witness' Who Wasn't". Forbes. Retrieved 19 July 2021.
  19. ↑ Godoy, Jody. "Robbins Geller booted from leading securities case for 'misleading' brief". Reuters. Retrieved 17 July 2021.
  20. ↑ Godoy, Jody. "Judge blasts Robbins Geller for 'reprehensible' location claim". Reuters. Retrieved 17 July 2021.
  21. ↑ "ROBBINS GELLER ONCE AGAIN NAMED ONE OF THE "BEST LAW FIRMS" BY U.S. NEWS – BEST LAWYERS®".
  22. ↑ "The Legal 500". The Legal 500.
  23. ↑ "The National Law Journal 2016 Trailblazers". The National Law Journal. 2015.
  24. ↑ "Elite Trial Lawyers: Robbins Geller Rudman & Dowd". The National Law Journal. Retrieved 1 April 2015.
  25. ↑ "The 2016 Elite Trial Lawyers". The National Law Journal. Retrieved 12 October 2018.
  26. ↑ "The 2018 Elite Trial Lawyers Finalists | National Law Journal". National Law Journal. Retrieved 2018-10-11.
  27. ↑ "ALM Names Category Winners in 2016 Elite Trial Lawyers Recognition Program". The National Law Journal. 8 November 2016. Retrieved 12 October 2018.
  28. ↑ "2004: Plaintiffs Hot List". nationallawjournal.com. 26 July 2004.
  29. ↑ "2005: Plaintiffs' Hot List". nationallawjournal.com. 10 October 2005.
  30. ↑ "2005: Plaintiffs' Hot List". nationallawjournal.com. 17 October 2006.
  31. ↑ "2007: Plaintiffs' Hot List". nationallawjournal.com. 22 October 2007.
  32. ↑ "2008: Plaintiffs' Hot List". nationallawjournal.com. 6 October 2008.
  33. ↑ "2009: Plaintiffs' Hot List". nationallawjournal.com. 5 October 2009.
  34. ↑ "2011: Plaintiffs' Hot List". nationallawjournal.com. 3 October 2011.
  35. ↑ "2013: Plaintiffs' Hot List". nationallawjournal.com. 21 October 2013.
  36. ↑ "2014: Plaintiffs' Hot List". nationallawjournal.com. 3 March 2014.
  37. ↑ "Law 360". Law 360.
  38. ↑ "Best Law Firms". U.S. News & World Report. Retrieved 1 April 2015.
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