Cases brought by Jeff Ross and John Orenstein were featured in “Hedge Fund Activism in the Enforcement of Bondholder Rights,” 103 Northwestern University Law Review 281 (Winter 2009). For the full text of the article, go to: http://www.law.northwestern.edu.
Following a six-week jury trial late in 2008, the court entered judgment in the amount of $143 million in January of 2009 and ratified the jury verdict in May. Jeff Ross was co-lead counsel for plaintiffs, who received 100% of their asked-for damages. This case was the second largest securities fraud verdict nationwide and the 17th largest overall in 2008. The highly publicized case involved sophisticated institutional investors prevailing against a securities underwriter for fraudulently concealing material facts about an asset backed securities offering. AIG Global Securities Lending Corp v. Banc of America Securities, LLC, 646 F. Supp. 2d 385 (S.D.N.Y. 2009)