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Labaton Keller Sucharow

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Labaton Keller Sucharow
HeadquartersNew York City
No. of offices3
No. of attorneys60+
Major practice areasClass action lawsuits, securities
Date founded1963
FounderLawrence Sucharow, Edward Labaton
Company typePrivate
Websitewww.labaton.com

Labaton Keller Sucharow is an American plaintiffs' law firm. Founded in 1963, the firm employs over 60 lawyers in offices in New York, Delaware, and Washington, D.C.

History and notable cases

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Labaton Sucharow was founded in 1963 by Edward Labaton and Lawrence Sucharow.[1] In 2010, the firm expanded to Delaware.[2] Christopher J. Keller has led the firm as chairman since 2020.[3]

The firm has been a donor to state attorneys general associations, candidates, state party committees, and attorneys general running for governor.[4]

During the years 2019 to 2022,[5][6][7] Labaton was a top ten law firm based upon the number of settlements recorded for the year, as reported by the advisory firm Institutional Shareholder Services (ISS).

Labaton Sucharow represented several state pension funds in a class action lawsuit against the investment management firm State Street Global Advisors. In 2016, the firm won a $300 million settlement against State Street. That year, The Boston Globe investigated allegations that Labaton Sucharow had inflated hourly bills and that its lawyers donated money to state pension fund officials, resulting in a $4.8 million settlement following a report from retired federal judge Gerald Ellis Rosen.[8] Appointed to investigate the allegations, his report accused multiple law firms, including Labaton, of inflating billable hours and showing "a troubling disdain for candor and transparency that at times crossed the line to outright concealment of facts.'"[8][9][10] The New York Times wrote that the firm's "settlement could prompt greater transparency about so-called finder fees paid to lawyers — especially those who do little actual work in a matter" and that the firm's settlement agreement brought attention to "the kinds of behind-the-scenes deals that plaintiffs' law firms reach with other lawyers to build their case."[11]

In 2020, the firm secured a $192 million settlement from SCANA Corp "resolving class claims the company and its executives misled the public about long delays and massive cost overruns in a $9 billion nuclear reactor project".[12]

In 2020, U.S. District Judge Mark L. Wolf reduced Labaton Sucharow's fee in the State Street case by $10 million after finding the firm failed to disclose an agreement to pay a Texas lawyer who introduced the firm to the pension fund that served as the case's lead plaintiff.[13]

In 2021, French businessman Gerard Sillam and French lawyer Aldric Saulnier claimed that the firm had defrauded them out of fees for introducing Labaton partners to billion-dollar European money-management firms that Labaton sought to represent.[14] In 2022, U.S. District Judge Colleen McMahon ruled that Sillam and Saulnier could bring a claim against the law firm following its motion to dismiss.[15]

In 2021, the firm achieved a $650 million settlement for Illinois Facebook users as co-lead counsel in In re Facebook Biometric Information Privacy Litigation.[16] The case asserted claims that the company violated Illinois's Biometric Information Privacy Act (BIPA) by using facial recognition technology without consent.[17] The firm also represents Illinois Samsung Galaxy owners over allegations that the devices violate BIPA. In 2023, a Chicago federal judge ruled that Samsung must comply with its own terms of service and pay more than $4 million in filing fees to begin a mass arbitration.[18]

In 2022, the firm acted as co-lead counsel in a breach of fiduciary duty case against Dell Technologies founder Michael Dell and other defendants.[19] The $1 billion settlement was reportedly one of the largest cash settlements in Delaware Chancery Court history on behalf of shareholders.[20]

In 2023, the firm reached agreements with Allstate Corp. to settle allegations that the auto insurer failed to disclose details about a spike in claims for $90 million[21] and with Alexion for a $125 million settlement to end claims that the drugmaker caused a double-digit plunge in stock price after allegedly illegal and unethical sales strategies came to light.[22][23]

In January 2024, the firm added its Chairman Christopher Keller to its name, becoming Labaton Keller Sucharow.[24]

References

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  1. ^ "Delaware Powerhouse: Labaton Sucharow". Law360. Retrieved September 10, 2022.
  2. ^ Pappas, Leslie A. "Delaware Powerhouse: Labaton Sucharow - Law360". www.law360.com. Retrieved February 2, 2024.
  3. ^ Olson, Elizabeth. "Labaton Sucharow Chair of Two Decades Steps Aside (Corrected)". news.bloomberglaw.com. Retrieved February 2, 2024.
  4. ^ "Political Gifts from Plaintiffs' Lawyers". The New York Times. December 18, 2014. Retrieved January 3, 2022.
  5. ^ LaCroix, Kevin (March 11, 2020). "ISS Ranks 2019 Top Plaintiffs' Securities Class Action Firms". The D&O Diary. Retrieved February 2, 2024.
  6. ^ LaCroix, Kevin (March 24, 2021). "ISS SCAS Report Ranks Top 50 Plaintiff's Securities Law Firms by 2020 Settlement Values". The D&O Diary. Retrieved February 2, 2024.
  7. ^ Frankel, Alison (March 7, 2022). "Robbins, Bernstein cement duopoly in big securities class actions - ISS report". Reuters. Retrieved February 2, 2024.
  8. ^ a b Estes, Andrea (March 1, 2020). "Judge orders Boston law firm to repay millions in inflated legal fees". BostonGlobe.com.
  9. ^ Estes, Andrea. "Firms to pay for probe of their bills". epaper.bostonglobe.com. Retrieved January 3, 2022.
  10. ^ "Labaton Agrees to Pay $4.8M to Settle Special Master's Overbilling Inquiry". www.yahoo.com. October 10, 2018. Retrieved January 3, 2022.
  11. ^ Goldstein, Matthew (October 10, 2018). "Law Firm's Fee Settlement Could Shake Up Securities Class Actions". The New York Times. Retrieved January 3, 2022.
  12. ^ Brown, Andrew Brown (January 7, 2020). "Dominion Energy to pay $192M in settlement tied to failed SC nuclear project". Post and Courier. Retrieved February 2, 2024.
  13. ^ Frankel, Alison (July 27, 2021). "State Street fallout for Labaton: Lawyer sues over unpaid 'referral' fees". Reuters.
  14. ^ Frankel, Alison (September 20, 2021). "Former Labaton consultant's suit details firm's big-money recruiting of Euro clients". Reuters.
  15. ^ Scarcella, Mike (April 6, 2022). "Plaintiffs firm Labaton can't shake consultants' lawsuit over referral deal". Reuters. Retrieved April 19, 2022.
  16. ^ "IN RE: FACEBOOK BIOMETRIC INFORMATION PRIVACY LITIGATION (2021) | FindLaw".
  17. ^ Cavaliere, Victoria (February 27, 2021). "Judge approves $650 million settlement of Facebook privacy lawsuit linked to facial photo tagging". Business Insider. Retrieved February 2, 2024.
  18. ^ Channick, Robert (September 28, 2023). "Samsung 'was hoist with its own petard' in court ruling that could cost it millions for alleged violations of Illinois biometric privacy law". Chicago Tribune. Retrieved February 2, 2024.
  19. ^ Bardash, Ellen (November 16, 2022). "Dell Agrees to Record $1B Cash Settlement With Shareholders Before Chancery Trial". Delaware Business Court Insider. Retrieved February 2, 2024.
  20. ^ "Dell Technologies will pay $1 billion to settle lawsuit over 2018 stock deal".
  21. ^ Miller, Ben. "Allstate Settles Auto Insurance Claim Spike Suit for $90 Million". news.bloomberglaw.com. Retrieved February 2, 2024.
  22. ^ Pazanowski, Bernie (April 14, 2023). "Alexion Will Face Securities Class Action Over Soliris Sales". news.bloomberglaw.com. Retrieved February 2, 2024.
  23. ^ Nilsson, Henrik (September 13, 2023). "Alexion Inks $125M Deal In Investors' Suit Over Sales Tactics - Law360". www.law360.com. Retrieved February 2, 2024.
  24. ^ "Labaton Sucharow Adds Litigator To Firm Name - Law360 Pulse". www.law360.com.
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