Partner at Bernstein Litowitz Berger & Grossmann LLP
DAVID WALES is a partner at BLB&G. An experienced trial and appellate attorney, Mr. Wales prosecutes class and private actions in both federal and state courts, specializing in complex commercial and securities litigation, as well as arbitrations. He has taken more than 15 cases to trial, including obtaining a jury verdict for more than $11 million in a derivative action against the general partner of a hedge fund, and a multi-million dollar class action settlement with an accounting firm reached during trial. Mr. Wales has extensive experience litigating securities fraud class actions, derivative actions, shareholders rights and residential mortgage backed securities (“RMBS”) cases. He has led or is currently lead or co-lead counsel in the following cases: In Re Merck & Co., Inc. Securities Litigation, a certified class action on behalf of investors in Merck Securities; In Re Kinder Morgan Energy Partners, L.P. Capex Litigation; In Re Nu Skin Enterprises, Inc. Shareholder Derivative Litigation; and In Re Intuitive Surgical Shareholder Derivative Litigation. As lead trial counsel in numerous securities class actions and derivative actions, as well as actions on behalf of private clients, he has recovered hundreds of millions of dollars on behalf of institutional investor clients. Some of his significant recoveries include: In Re Citigroup Inc. Bond Litigation, a class action on behalf of investors in numerous securities offerings ($730 million settlement); Public Employees' Retirement System of Mississippi v. Merrill Lynch & Co. Inc., $315 million settlement in a class action on behalf of investors in RMBS; In re Pfizer Inc. Shareholder Derivative Action, a $75 million settlement and substantial corporate governance changes in a derivative action; In re Jefferies Group, Inc. Shareholders Litigation, a $70 million settlement on behalf of shareholders in the sale of the company; Bayerische Landesbank v. Deutsche Bank, A.G., private action on behalf of institutional investor in RMBS; TIAA-CREF v. Dexia Holdings and Deutsche Bank, A.G., two consolidated private actions on behalf of institutional investors in RMBS; In re Sepracor Corp. Securities Litigation, a $52.5 million recovery in a securities fraud class action; In re Cablevision Systems Corp. Derivative Litigation, a $34.4 million settlement in a back dated stock option action; Public Employees' Retirement System of Mississippi v. Goldman Sachs Group Inc., a class action on behalf of investors in RMBS ($25.3 million settlement on behalf of RMBS investors); In re Marque Partners LP Derivative Action, an $11 million jury verdict in a derivative action; and In re Jennifer Convertibles Securities Litigation, a $9.55 million recovery in a securities fraud class action, part of the recovery obtained in the middle of trial. His representative clients have included a variety of public pension funds, Taft-Hartley pension funds, insurance companies, banks, hedge funds and private investment funds. As a former Assistant United States Attorney for the Southern District of New York, Mr. Wales specialized in investigating and prosecuting fraud and white collar criminal cases. A member of the Federal Bar Council and the Federal Courts Committee of the New York County Lawyers Association, Mr. Wales is rated AV, the highest rating possible from Martindale-Hubbell®, the country’s foremost legal directory. He is also regularly recognized as a New York Super Lawyer for his work in securities litigation by Super Lawyers.