A few days after securing the largest shareholder recovery arising from the financial crisis - $2.43 billion from Bank of America - the plaintiffs' lawyer Max W. Berger still thinks more work needs to be done to shore up the financial system, the New York Times DealBook blog reported today. "It makes me sad that in all of these scandals, no matter how good a job we do of getting results and inflicting pain, the government doesn't seem to follow suit, and nobody learns, and it's business as usual," he said. With last month's settlement with Bank of America, which resolved claims that the bank had misled shareholders about its acquisition of an ailing Merrill Lynch, Berger has now been responsible for six securities class-action settlements of more than $1 billion. His firm, Bernstein Litowitz Berger & Grossmann, based in Manhattan, has represented investors in five of the 10 largest securities-fraud recoveries. So far, it has recovered $4.5 billion for investors in cases connected to the subprime mortgage collapse.
