Joseph A. Fonti JD

Joseph A. Fonti concentrates his practice on prosecuting complex securities and investment-related matters on behalf of institutional investors. Josephs client commitment, advocacy skills, and results have earned him recognition as a Law360 "Rising Star." Joseph was one of only five securities lawyers in the countryand the only investor-side securities litigatorto receive the distinction. Most recently, Joseph was lead trial lawyer on behalf of shareholders of Computer Science Corp. in the E.D. Vathe "Rocket Docket." After prevailing at class certification and only four weeks before trial, Joseph and his team secured a $97.5million settlementthe second largest cash securities settlement in Rocket Docket history. In recent years, Joseph has played a significant role in several high-profile cases at the center of the global financial crisis. For instance, he is responsible for prosecuting the shareholder suit against Morgan Stanley, relating to the banks multi-billion trading loss on its sub-prime mortgage bets. He is also active in the prosecution of claims on behalf of domestic and international private-sector investors in over $5 billion of residential mortgage-backed securities (RMBS). With over a decade of experience in investor litigation, Josephs career is marked by notable success in the area of auditor liability and stock options backdating. Joseph represented shareholders in the $671 million recovery in In re HealthSouth Securities Litigation. Particularly, Joseph played a significant role in recovering $109 million from HealthSouths outside auditor Ernst & Young LLP, one of the largest recoveries to date against an auditing firm. Joseph also contributed to securing a $173.5 million settlement in In re Broadcom Corp. Securities Litigation, which, at the time, was the second largest cash settlement involving a company accused of options backdating. This was the only such case in which claims against the auditors were sustained. In addition to representing several of the most significant U.S. institutional investors, Joseph has represented a number of Canadas most significant pension systems. Joseph also led the prosecution of In re NovaGold Resources Inc. Securities Litigation, which resulted in the largest settlement under Canadas securities class action laws. Additionally, Joseph has achieved notable success as an appellate advocate. Joseph successfully argued before the Second Circuit Court of Appeals in In re Celestica Inc. Securities Litigation. The Second Circuit reversed an earlier dismissal, and turned the tide of recent decisions by realigning pleading standards in favor of investors. Joseph was also instrumental in the advocacy before the Ninth Circuit Court of Appeals in the In re Broadcom Corp. Securities Litigation. This appellate victory marked the first occasion a court sustained allegations against an outside auditor related to options backdating. Prior to joining the Firm, Joseph practiced securities litigation at Bernstein Litowitz Berger & Grossmann LLP. Joseph began his legal career at Sullivan & Cromwell, where he represented Fortune 100 corporations and financial institutions in complex securities litigations and in multi-faceted SEC investigations and at trial. Joseph is a member of the ABA, the NY State Bar Association, and the Association of the Bar of the City of New York.