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People in The News < Back Sarbanes Oxley : Law Leading Plaintiffs Attorney Richard Schiffrin Joins Grant & Eisenhofer May 14, 2010 07:00 AM Arrives as G&E pursues Madoff claims
long track record of successful recoveries in major consumer and investor class actions, has joined the firm as of counsel. A former public defender, Mr. Schiffrin founded his own firm in the Philadelphia suburb of Radnor, PA in 1987. The three-lawyer boutique grew into 55-attorney Schiffrin Barroway Topaz & Kessler, a recognized leader in the plaintiffs' bar and consistently among the top-ranked firms nationally in settlements and recoveries. In 2007, Mr. Schiffrin's firm served as co-counsel with Grant & Eisenhofer in securing a $3.2 billion settlement in a securities class action against Tyco International. Tyco's contribution of $2.975 billion stands as the largest single payment ever by a corporate defendant in a securities case. An additional $225 million from PricewaterhouseCoopers was itself a record payment from an accounting firm in a securities class action. Among Mr. Schiffrin's other notable shareholder cases: a class action against enterprise software firm AremisSoft Corp., a complex international fraud litigated in Greece, Cyprus, Switzerland and the Isle of Man resulting in a $250 million recovery for investors in the wake of an embezzlement scheme by former company officers; and a $216 million settlement with Tenet Healthcare Corp. that included major corporate governance reforms at the national hospital chain. On the consumer side, Mr. Schiffrin led one of the largest consumer class actions on record, as co-counsel for millions of Sears credit cardholders whose interest rates were improperly raised following a transfer of accounts to Sears National Bank. The resulting $156 million settlement was distributed without the filing of a single proof of claim by any class member. He also helped direct a $225 million settlement for policyholders of State Farm Insurance, following allegations that the company had engaged in fraudulent sales practices that included the selling of fake "vanishing premium" policies. And he negotiated a multi-million dollar settlement with Sotheby's in a derivative action stemming from charges of an antitrust price-fixing conspiracy with rival Christie's International. Mr. Schiffrin announced his retirement from Schiffrin Barroway last February and has since focused on teaching and writing, as well as working on political and philanthropic interests - he sits on the Board of Directors of the Philadelphia Museum of Art and the Philadelphia Chapter of the ALS Association., and is on the Board of Advisors to Jackson State University in Jackson, Mississippi. He said his decision to return to practice with a former competitor was not so surprising. "Grant & Eisenhofer made its mark on the plaintiffs bar practically from its launch a decade ago and has since become a true powerhouse, handling many of the most important securities and governance cases in recent years, on behalf of leading institutional investors worldwide," Mr. Schiffrin said. "I had the good fortune to work closely with Jay Eisenhofer and others at G&E on several major cases, including Tyco and Global Crossing, and gained tremendous respect for everyone at the firm - we've become good colleagues and friends," he added. "I wasn't actively thinking of taking up practice again so soon - especially having accomplished everything I thought I wanted to after 20 wonderful years with my prior firm, but I was intrigued by the chance to align directly with Jay and Stuart Grant in representing investors in a new wave of cutting-edge cases." Mr. Schiffrin noted Grant & Eisenhofer's prominence in investor cases related to the collapse of the subprime mortgage market, including actions against UBS, Bear Stearns, Barclay's and Countrywide Financial. Currently, Grant & Eisenhofer is working with multiple investors exposed to massive losses tied to the reported long-term Ponzi scheme carried out by Bernard Madoff. The firm is investigating to what extent Madoff's accounting firms, feeder funds and other third parties may have been lax in due diligence efforts. The scam is certain to produce a widening circle of claims, including fraudulent and negligent misrepresentation, breach of contract, conversion, unjust enrichment, fraudulent conveyance and breach of fiduciary duty among principals at a variety of firms connected with Madoff. "Clearly the financial crisis has exposed a number of flagrant violations of trust by financial institutions and asset managers, as well as egregious breaches of securities and other federal laws," Mr. Schiffrin said. "I have to admit it was hard to be observing these developments from the sidelines. I'm excited at the prospect of returning to active litigation with Jay and his firm." Mr. Eisenhofer, G&E's co-managing partner, said of Mr. Schiffrin's arrival: "Richard has been a role model for a long time, having established his firm ten years ahead of us and building a premiere national litigation practice, selectively working on the best cases, delivering outstanding recoveries and settlements for clients, and operating with a high degree of professional integrity. As we confront new cases related to the financial crisis, we are delighted to have Richard working with us as a senior member of our team." Mr. Schiffrin has taught legal writing and appellate advocacy at John Marshall Law School in Chicago and has served as a frequent lecturer, moderator and presenter at legal seminars internationally. Mr. Schiffrin holds a JD from DePaul Law School and did post-graduate work at the University of Chicago. He spent seven years with the Office of the Public Defender of Cook County, Illinois, where he tried hundreds of cases. Grant & Eisenhofer P.A. represents institutional investors and shareholders internationally in securities class actions, corporate governance actions and derivative litigation. The firm has recovered approximately $12 billion for shareholders in the last five years and was cited by RiskMetrics for securing the highest average investor recovery in securities class actions of any U.S. law firm in 2008. Grant & Eisenhofer has also been named one of the country's top plaintiffs' law firms by the National Law Journal for the past four years.
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