RADNOR, Pa. — Leading class action and corporate governance law firm Barroway Topaz Kessler Meltzer & Check LLP has again been ranked among the nation's top five law firms of 2009 for highest investor recovery in securities class actions and number of settlements, according to RiskMetrics Group.
RiskMetrics, which specializes in risk management and corporate governance services, has released its latest annual ranking of the country's top 50 plaintiffs' law firms, the "SCAS 50," compiled by its Securities Class Action Services unit.
According to the latest rankings, Barroway Topaz placed second in total number of final settlements where a settlement fund resulted, and fourth in total dollar recovery of securities class action settlements. The firm secured total shareholder recovery of more than $889 million, across 15 securities suits settled in 2009. The SCAS 50 list does not include data on ERISA or derivative lawsuits.
This year marks the return of the 'mega-settlement'," said Adam Savett, head of RiskMetrics' SCAS unit. "In 2009, we tracked 15 settlements of more than $100 million, up from 5 last year."
RiskMetrics' league tables reflect total class action settlements in which law firms served as lead or co-lead counsel. Nearly 500 financial institutions utilize the SCAS database, and the rankings are intended to help institutional investors maximize shareholder value by highlighting law firms playing the most active role in securities class actions bringing in the most settlement dollars.
This is the third consecutive year that Barroway Topaz has placed among the top five firms on the "SCAS 50" and "Firms by Settlements" lists; the firm has consistently been at the top of rankings since RiskMetrics first began compiling them in 2003. According to the SCAS "Power Rankings," Barroway Topaz is ranked third overall in number of settlements (56), and ninth in settlement amounts (over $1 billion) between 2003 and 2006.
The RiskMetric rankings come on the heels of a separate study of securities class actions issued by Cornerstone Research, which released its own yearly study in March. The Washington-based research firm ranked Barroway Topaz second in percentage of settled cases in its annual Securities Class Action Settlements survey.
In the past year, Barroway Topaz has recovered more than $1 billion overall in settlements and enhanced shareholder value.
Barroway Topaz Kessler Meltzer & Check LLP represents institutional investors and shareholders internationally in securities class actions, corporate governance actions and ERISA, consumer, antitrust and derivative litigation. For more information, visit www.btkmc.com