What happens when a firm that defended the Hollywood 10 during McCarthyism and pioneered shareholder litigation in 1945 is still in the fight 80 years later — now as lead counsel on the Capital One data breach litigation, with a dismissal rate of 8% against a national average of 46%, recovering hundreds of millions for institutional investors who often don't even know they're entitled to it? In this episode of the Trustcast Show, Zane Myers speaks with Josh Ruthizer and Adam Savett of Wolf Popper LLP about what portfolio monitoring actually is and why most pension funds still aren't doing it, how the claims filing rate on class action settlements can be in the single digits meaning the people who do file collect a dramatically larger share than they otherwise would, and what the difference is between a stock that tanks because of market risk and one that tanks because somebody was lying. Josh walks through the full lifecycle of a securities class action from initial complaint through lead plaintiff appointment, discovery stay, motion to dismiss, and eventual settlement or trial. Adam explains how he once found a $53 million uncashed recovery for a mutual fund complex that had completely missed the filing. They also discuss the information asymmetry that makes securities fraud litigation so difficult in the early stages when you only know what's public and the company knows exactly where the bodies are buried, why ERISA plans may have an affirmative obligation to evaluate litigation not just an option, why doing nothing is the worst thing an institutional investor can do after discovering potential fraud, and what Wolf Popper's 8% dismissal rate actually tells you about the front-end work they do before ever filing a complaint. Josh Ruthizer and Adam Savett are partners at Wolf Popper LLP in New York, a securities litigation and investor rights firm founded in 1945. Connect with Wolf Popper: wolfpopper.com New York, New York Chapters 00:00 Introduction to Josh Ruthizer and Adam Savett 00:55 What's changed in the frauds Wolf Popper fights — and what's stayed the same 02:04 Josh's path from Proskauer Rose to Wolf Popper via a 2009 downsizing 03:56 If I'm a pension fund trustee and I suspect fraud, what do I do first 05:11 What portfolio monitoring is and why most institutional investors aren't doing it 06:50 Elon Musk and the problem with companies that speak in "almost never" language 07:30 How portfolio monitoring turns a stock drop into actionable information for a client 08:43 How you tell the difference between bad luck and actual securities fraud 09:26 What the federal securities laws actually make illegal — material false statements explained 11:01 Revenue recognition, disclosure of truth, and the elements of a securities fraud claim 12:40 The biggest mistake institutional investors make after being defrauded — doing nothing 13:51 Fiduciary duty and the liability risk of ignoring a potential fraud claim 15:17 Why ERISA funds may have an affirmative obligation to evaluate litigation 17:23 How most funds are leaving money on the table in class action settlements 19:45 Uncashed checks, voided distributions, and what happens to the money people don't collect 22:43 Single-digit claims rates and why filing multiplies your recovery 23:36 The full lifecycle of a securities class action — complaint to settlement 25:30 Lead plaintiff appointment, amended complaints, and the discovery stay 27:30 The information asymmetry problem — you only know what's public, they know where the bodies are buried 29:23 Motion to dismiss, mediation requirements, and why 99% settle before trial 30:30 Why smaller firms can't always sustain the financial weight of securities litigation 32:26 The Microchip Technology case — what made a $9 million settlement winnable 34:30 The $53 million recovery that almost never happened because the fund missed the filing 36:21 Wolf Popper's 8% dismissal rate versus the 46% national average — what accounts for the gap 39:19 How to reach Wolf Popper #WolfPopper #SecuritiesLitigation #JoshRuthizer #AdamSavett #ClassAction #InvestorRights #TrustcastShow #PortfolioMonitoring #SecuritiesFraud #InstitutionalInvestors
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