Member of the legal team that recovered over $173.8 million for investors in the Cobalt International Energy, Inc. securities class action litigation. Our clients alleged that the defendants violated the federal securities laws by, among other things, misstating and concealing facts on Cobalt’s partnership with Angolan government officials and the productivity of Cobalt’s Angolan oil and gas wells. United States District Court Judge Nancy Atlas lauded the lawyers’ work when she said “Plaintiffs’ counsel conducted the litigation and achieved the settlements with skill, perseverance and diligent advocacy.”
Successfully sued Wells Fargo and won a seven-figure settlement in a case where some of its employees secretly diverted money from client accounts in Beverly Hills over two and one-half years. One of the Wells Fargo advisors was sentenced to 24 months in federal prison for his role in the fraud. The case was featured on the front page of the New York Times.
Successfully represented a pension fund in a lawsuit against a New York hedge fund after the hedge fund lost 30% of the funds with which it was entrusted.
Obtained dismissal of an investor’s claims that our client, a corporation headquartered outside the United States, defaulted on the payment of certain Euro Commercial Paper. The commercial paper (bonds) was issued in Europe by our client and was to be sold exclusively outside the United States. We contested the court’s jurisdiction, on behalf of our client. We then initiated limited discovery, taking the plaintiff’s deposition and issuing subpoenas to the financial institutions involved in the plaintiff’s alleged transactions of the commercial paper. Shortly after that, the plaintiff agreed to dismiss his case.
Won a $14.5 million arbitration award on behalf of a New York family against Prudential Equity Group over the course of 84 hearing sessions occurring at the New York Stock Exchange. According to The Wall Street Journal, the award is the third largest award to be handed out by an arbitration panel at the NYSE.
Ajamie LLP, working with several other firms, recovered a $70 Million settlement from Securities America, Inc., the broker-dealer subsidiary of Ameriprise Financial, Inc.
Negotiated a seven-figure settlement against a national stock brokerage firm for a married couple in Philadelphia whose life savings was lost when a broker churned their account and used their savings to buy speculative technology and internet stocks. We also made claims against the brokerage firm for failing to properly supervise its brokers and failing to notify the customers about the inappropriate handling of their account.
Recovered a company’s full loss in its corporate money market fund when the national brokerage firm managing the fund invested the money in the short-term commercial paper of Pacific Gas & Electric Company.
Won a $429.5 million arbitration award, the largest in history, against a former PaineWebber broker. The Wall Street Journal noted that the size of the award was “roughly 10 times that of the next largest award.” One of the brokers involved in the fraud was convicted and served six and a half years in federal prison.
Won the dismissal of 21 consolidated class action lawsuits filed in federal court against former officers of a NYSE-listed client alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder.
Won an eight-figure settlement, a record amount in a case of this type, on behalf of several investors who were defrauded by one of the United States’ largest national brokerage firms.
Represented an Illinois-based utility company in litigation against distressed bondholders seeking recovery following an $80 million bond default for an electric power facility located outside of Chicago. This was the “eighth largest municipal bond default in the history of the municipal market,” according to the Bond Investors Association.
Successfully defended the second largest death care company against a $4 billion hostile takeover bid by SCI, the death care industry’s largest company. The case involved securities, tort, and antitrust litigation. 1997-1 Trade Cases ¶ 71,688 (S.D. Tx.).