Robbins Geller Rudman & Dowd LLP ("Robbins Geller") is an American law firm headquartered in San Diego, California. It is a plaintiffs law firm specializing in securities litigation and shareholder rights cases. In 2010, the previous firm Coughlin Stoia Geller Rudman and Robbins ceased and Robbins Geller was formed. The founding attorneys were Darren J. Robbins, Paul J. Geller, Samuel H. Rudman, and Michael J. Dowd. In 2011, the firm secured a $627 million settlement in In re Wachovia Preferred Sec. & Bond/Notes Litigation. The global recovery, including $590 million from Wells Fargo and $37 million from Wachovia's auditor, KPMG, was one of the largest recoveries under the Securities Act of 1933 arising out of the credit crisis. The suit focused on Wachovia's exposure to "pick-a-pay" loans, which the bank's offering materials assured were of "pristine credit quality." Investors alleged that these loans were made to subprime borrowers, many of whom defaulted, which ultimately led to a massive impairment of the bank's mortgage portfolio, and alleged that Wachovia's offering documents materially misstated and failed to disclose the true nature and quality of Wachovia's mortgage loan portfolio, which exposed the bank to tens of billions of dollars in losses on mortgage-related assets and misled investors. Robbins Geller was one of the firms appointed to represent the class. More information...
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