New York Law Journal Names Kasowitz 2021 Litigation Department of the Year for Finance
Kasowitz Benson Torres’ financial services litigation team has been named Litigation Department of the Year for Finance by the New York Law Journal in recognition of the team’s significant litigation results over the past year. Select recent litigation wins for our clients in the financial services industry include:
- MBIA, one of the world’s largest monoline insurers, in a decade-long put-back case against Credit Suisse in which MBIA sought to recover for Credit Suisse’s breaches of its representations and warranties concerning residential mortgages-backed securities insured by MBIA. After a two-week bench trial in New York State Supreme Court, the court found in favor of MBIA, with the parties thereafter settling the case and Credit Suisse paying MBIA $600 million.
- A group of investors holding over $1.4 billion in notes issued by the National Collegiate Student Loan Trusts, including Angelo Gordon & Co., Waterfall Asset Management, One William Street Capital Management, and Libremax Capital, in nationwide litigations concerning the management and control of the Trusts. Kasowitz achieved three groundbreaking wins against the Trusts’ equity owners before the Third Circuit Court of Appeals, the U.S. District Court in Delaware, and the Delaware Court of Chancery.
- Institutional investors in Valeant Pharmaceuticals Opt-Out Litigation. On behalf of several mutual funds, a public pension plan, and other institutional investors, Kasowitz is pursuing direct securities fraud claims arising from Valeant’s improper accounting and billions of dollars of fraud-related losses. Reflecting Kasowitz’s winning legal strategy to pursue opt-out claims under the N.J. RICO Act, the public pension fund achieved a confidential settlement of its claims. The claims of the other plaintiffs are pending.
- Davidson Kempner Capital Management, Cowell & Lee, Autonomy Capital, Hutch Capital, and other holders of $550 million in senior notes issued by China Fishery Group in inter-creditor disputes arising from the bankruptcy of certain entities related to China Fishery Group, one of the world’s largest fishing companies. Kasowitz pursued a novel litigation strategy to secure a successful resolution of the disputes.
Kasowitz Benson Torres’ lawyers have decades of experience advising hedge funds and private equity firms in high-stakes litigation and crafting unique and creative solutions for issues concerning their investments. We handle sophisticated commercial and securities litigation and complex financial products disputes, among other areas of law, for our hedge fund and private equity clients. We have successfully represented them in numerous litigations, trials, and disputes involving securitizations and other structured finance products. We have a strong “opt-out” class action practice in which we represent hedge funds and other investment managers in direct actions to recover investment losses, which have led to far greater recoveries than those recovered through passive reliance on class counsel.