What Happened to This Bank? An Investors’ Perspective on Bank Failures, Contagion and Fraud

This session has been archived and is no longer available for purchase. Participants who have purchased archived sessions are still able to access the video and receive credit.

Session Summary: In 2023, US markets experienced historic bank failures, preceded by equally historic bank runs and plunges in book valuations. Shortly before they imploded, these banks and their outside auditors assured investors that they were in great shape despite rapidly increasing interest rates, even though they were essentially insolvent at the time. Bank CEOs have blamed fear and contagion resulting in mobile app-driven bank runs. While depositors were protected in resulting rescue efforts, investors were zeroed-out. Self-help through private enforcement is their only meaningful remedy. We will explore this crisis and investor recovery cases – including Signature Bank, First Republic, and SVB – to examine important principles for protecting institutional investors’ rights and their fiduciary duties to recover assets lost to fraud. This session is from the September 2023 Trustee School. Content may be dated.
 
Presenters:
Mario Alba
Partner
Robbins Geller Rudman & Dowd LLP
 
Brittney Balser
Associate
Bernstein Litowitz Berger & Grossmann LLP
 
Adam Savett
Of Counsel
Wolf Popper LLP

Credits: This course is worth 1.0 GAPPT CEC (Continuing Education Credit). It also qualifies for 0.1 IACET CEU (Continuing Education Unit).
Instructions: Participants must watch the session video presentation and pass the session assessment to earn GAPPT CECs and IACET CEUs.
Prerequisites: None.
Equipment Requirement: Computer, tablet or smartphone and internet access. To avoid issues, please use Google Chrome as your browser.

Instructors

Adam Savett

Adam Savett joins Wolf Popper LLP with more than two decades of experience representing and advising some of the largest and most sophisticated institutional investors, government entities, individuals, and businesses in securities, antitrust, consumer protection, and other complex litigation. Adam is a nationally recognized leader on complex litigation, class actions, and settlement claims filing. He is a frequent speaker, author, and commentator on class actions and securities litigation, and his comments have appeared in a wide variety of publications, such as The New York Times, Wall Street Journal, CFO Magazine, and Pensions & Investments. Adam was previously named one of the 100 Lawyers You Need to Know in Securities Litigation by Lawdragon Magazine and has been an invited speaker before numerous industry groups, including the Federal Judicial Center (FJC), National Conference on Public Employee Retirement Systems (NCPERS), Bank Depository Users Group (BDUG), National Council on Teacher Retirement (NCTR), Association of Global Custodians (AGC), and SIFMA’s Global Corporate Actions Forum.

As a GAPPT presenter, Mr. Savett has received information regarding educational instructional methods and adult learning processes.

Brittney Balser

Brittney Balser is an associate at Bernstein Litowitz Berger & Grossmann LLP practicing out of the New York office prosecuting securities fraud, corporate governance, and shareholder rights litigation on behalf of the firm’s institutional investor clients. Brittney is a member of the firm’s case development and client advisory group, in which she, as part of a team of attorneys, financial analysts, and investigators, counsels public pension funds and other institutional investors on potential legal claims. In addition to her casework, Brittney is a member of the firm’s Diversity Committee and of Beyond #MeToo: A Working Group on Corporate Governance, Compliance, and Risk. Comprised of diversity-inclusion experts, litigators, and academics, B#MT is dedicated to understanding the root causes of workplace harassment, discrimination, and misconduct and making corporate America a better and more inclusive place for all of us to work. Brittney is also a member of the New York County Lawyers Association, where she serves on the Supreme Court Task Force.

As a GAPPT presenter, Brittney has received information regarding educational instructional methods and adult learning processes.

Mario Alba

Mario Alba is a partner in Robbins Geller Rudman & Dowd LLP’s Melville office. He is a member of the Firm’s Institutional Outreach Team, which provides advice to the Firm’s institutional clients, including numerous public pension systems and Taft-Hartley funds throughout the United States, and consults with them on issues relating to corporate fraud in the U.S. securities markets, as well as corporate governance issues and shareholder litigation. Some of Mario’s institutional clients are currently involved in securities cases involving: Clarivate plc, Dentsply Sirona Inc., Generac Holdings Inc., Southwest Airlines Co., Acadia Healthcare Company, Inc., Green Dot Corporation, Waste Management, Inc., and Unilever PLC. Mario’s institutional clients are/were also involved in other types of class actions, namely: In re National Prescription Opiate Litigation, In re Epipen (Epinephrine Injection, USP) Marketing, Sales Practices and Antitrust Litigation ($609 million total recovery, Forth v. Walgreen Co., and In re Humira (Adalimumab) Antitrust Litigation. Mario has served as lead counsel in numerous cases and is responsible for initiating, investigating, researching, and filing securities and consumer fraud class actions. He has recovered hundreds of millions of dollars in numerous actions, including cases against BHP Billiton Limited ($50 million recovery), BRF S.A. ($40 million recovery), L3 Technologies, Inc. ($34.5 million recovery), Impax Laboratories Inc. ($33 million recovery); Reckitt Benckiser Group plc ($19.6 million recovery); Super Micro Computer, Inc. ($18.25 million recovery); and NBTY, Inc. ($16 million recovery) .Mario has lectured at numerous institutional investor conferences throughout the United States on various shareholder issues, including at the Opal Public Funds Summit, Koried Plan Sponsor Educational Institute, Georgia Association of Public Pension Trustees (GAPPT) Annual Conference, Illinois Public Pension Fund Association, the New York State Teamsters Conference, the American Alliance Conference, and the TEXPERS/IPPFA Joint Conference at the New York Stock Exchange, among others. Mario has been named a Super Lawyer and a Rising Star by Super Lawyers Magazine numerous times. He graduated from St. John’s University with a Bachelor of Science degree in Finance, with distinction. He earned his Juris Doctor degree from Hofstra University School of Law. While in law school he was selected to participate in the Hofstra Moot Court Seminar and was an active member of the Student Bar Association. During his summers between law school, Mario clerked at the Firm, investigating and researching potential securities class actions and antitrust lawsuits. Mario is fluent in Italian.

As a GAPPT presenter, Mario has received information regarding educational instructional methods and adult learning processes.

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