Securities Class Action Services (SCAS) Ranks the Top 50 Plaintiffs Law Firms for 2005
Submitted by: Bruce Carton, Vice President of Securities Class Action Services
ISS' Securities Class Action Services (SCAS) has released its annual list of the top 50 plaintiffs law firms ranked by the total dollar amount of final securities class action settlements occurring in 2005 in which the law firms served as lead or co-lead counsel.
Topping the 2005 list for the second year in a row was Bernstein Litowitz Berger & Grossman, which served as lead or co-lead counsel in final settlements totaling $3.74 billion--almost 50 percent of the record $7.6 billion in securities class action settlement dollars obtained in 2005. Rounding out the Top 5 in ISS' SCAS 50 were Barrack, Rodos & Bacine (#2 for the second year in a row at $3.67 billion); Lerach Coughlin Stoia Geller Rudman & Robbins ($1.8 billion); Milberg Weiss Bershad & Schulman ($637 million); and Grant & Eisenhofer ($322 million). Bernstein Litowitz and Barrack Rodos' top standing in 2005 was fueled in large part by their performance as co-lead counsel in the massive WorldCom securities class action.
Barrack, Rodos & Bacine led the way in 2005 in terms of average settlement amount for firms that served as lead or co-lead counsel in at least three settlements. With its five settlements in 2005 averaging more than $734 million per accord, Barrack, Rodos & Bacine beat out Bernstein Litowitz's average of $416 million (in nine settlements). Pomerantz Haudek Block Grossman & Gross was third, averaging $75 million over three settlements.
With respect to the total number of final settlements, Lerach Coughlin Stoia Geller Rudman & Robbins led all firms with 47 settlements. Finishing second in this category was Milberg Weiss with 34 settlements, followed by Schiffrin & Barroway, which was lead or co-lead counsel in 14 settlements. Other law firms with at least 10 settlements in 2005 included Berger & Montague (10) and Cauley Bowman Carney & Williams (10).
An interactive version of the SCAS 50 that can be sorted by its various columns is available here.
The SCAS 50 is published on an annual basis, and we welcome your feedback.
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