Stuart L. Berman

Cross-Border Investor Claims

Berman represents public funds and other large investors with holdings in the United States and abroad. His work begins with the trading venue, acquisition route, governing law, jurisdiction, and records for each account, because those facts determine the procedure available for foreign-traded securities.

After the Supreme Court’s Morrison decision limited the application of United States securities law to many foreign transactions, Berman helped investors pursue claims through legal systems that require affirmative participation. His practice coordinates transaction analysis, claimant groups, local counsel, required investor records, settlement review, and continuing reporting across jurisdictions.

Royal Dutch Shell and the Dutch Collective Route

Berman helped a cross-border shareholder group use Dutch law to resolve claims involving Royal Dutch Shell shares traded outside the United States. The proceeding recovered more than $350 million for European-traded shareholders through an approved collective settlement of a kind not previously achieved under Dutch law, supplying an additional route for investors after Morrison.

His role included assembling the transnational claimant structure, coordinating holdings and transaction records, working with local counsel, and carrying the settlement through approval. The Shell matter became a foundation for the firm’s later shareholder actions in the Netherlands, Germany, France, Japan, Australia, Portugal, and the United Kingdom.

That global docket has also included shareholder actions involving Volkswagen and Porsche in Germany, Vivendi in France, Toshiba and Mitsubishi in Japan, BHP Billiton in Australia, and BES in Portugal, extending the same claimant-coordination model across different legal systems.

RBS and Fortis

The Royal Bank of Scotland proceedings arose from a 2008 rights offering and alleged misstatements concerning subprime exposure, collateralized debt obligations, and asset values. Kessler Topaz represented public funds and other large investors in the United Kingdom’s Group Litigation Order process and recovered £267 million for its clients. The full proceeding resolved for approximately £900 million.

Berman represented that group, coordinating its loss analysis, documents, strategy, and settlement decisions within the broader proceeding.

In Fortis, investors challenged disclosures concerning subprime exposure and the attempted acquisition of ABN Amro. The Netherlands Court of Appeals allowed the firm’s action to proceed over jurisdictional challenges, and claimant groups later negotiated a $1 billion multiparty settlement. Berman held partner responsibility for Kessler Topaz in the completed resolution.

Olympus in Japan

After Olympus disclosed that more than $1 billion in losses had been concealed through transactions and advisory payments, investors pursued claims under Japanese company law. Following a two-day mediation, the matter settled for 11 billion yen, approximately $92 million.

Berman coordinated represented investors and local counsel in the Japanese proceeding, including the transaction and currency records needed to advance the claims and complete the resolution.

Leadership and Investor Advice

Berman leads Kessler Topaz’s global litigation practice and serves as the firm’s general counsel. His work spans portfolio monitoring, participation analysis, domestic classes, direct actions, coordination with local counsel, discovery, settlement review, and reporting to public funds and other institutional investors.

Berman helped create and launch the firm’s proprietary Securities Tracker program, which allows investor clients to review and analyze potential claims across markets worldwide.

He also speaks to investor audiences about shareholder actions, governance, portfolio monitoring, and fiduciary responsibilities, providing trustees, investment staff, general counsel, and outside advisers with a framework for supervising global claims.

Berman earned his B.A. with honors from Brandeis University and his J.D. from George Washington University Law School.