While the vast majority of investor actions continue to be filed in the United States, G&E is a leader in the continued expansion of international shareholder litigation. The Firm is currently overseeing numerous cases abroad. This experience has been extremely beneficial to Firm clients since the Supreme Court’s 2010 decision in Morrison v. National Australia Bank, which precluded investors who purchased securities on foreign exchanges from suing under U.S. federal securities laws.
G&E adopts a global litigation strategy to evaluate international litigation options and to maximize recoveries for its clients. For example, G&E negotiated a historic $1.36 billion settlement resolving securities fraud actions against Fortis in the Netherlands and Belgium. In light of the Morrison decision, G&E asserted claims against Fortis in the Netherlands on behalf of over 160 institutional investors. The unprecedented settlement, reached after five years of litigation and several months of mediation, is the largest in European history. G&E also achieved a $1 billion settlement against Royal Bank of Scotland in the United Kingdom—the second largest securities fraud recovery in the history of the country, which is a notoriously difficult jurisdiction for large scale plaintiffs’ litigation. In Royal Dutch Shell, a case that ultimately was resolved through a court proceeding in the Netherlands, G&E obtained a $450 million shareholder settlement with Royal Dutch Shell that brought together over 175 institutional investors from across Europe to settle claims arising from Shell’s overstatement of its proven oil and gas reserves. While some investors were already parties to a U.S. class action proceeding in the District of New Jersey, given the large number of European institutions involved and Shell’s status as an Anglo-Dutch company, G&E sought a European solution for its clients.
Aside from international litigation, G&E also advises institutional investors with regard to international arbitrations, which provide the remedy of choice for many investors who have suffered expropriatory, arbitrary, discriminatory or other unfair treatment. G&E is representing close to 700 Greek individuals and institutional investors in an arbitration proceeding against the Republic of Cyprus in the wake of the Cypriot government’s 2013 bailout, and is organizing another arbitration matter in Brazil on behalf of Petróleo Brasileiro S.A. investors.
G&E is currently involved in or evaluating numerous cases in countries throughout Europe, South America and Asia, including matters in Germany, France, Brazil, Japan, Portugal, and Korea.