SGT is proud to be the firm Connecticut governmental entities retain to vindicate their rights. Led by founding partner David S. Golub, our firm served as lead private counsel for the State of Connecticut from 1996-98 in its action against the tobacco industry and earned nationwide recognition for our efforts, resulting in an additional $370 million being awarded to the State of Connecticut out of the nationwide settlement. SGT also served as court-appointed lead counsel in a certified class action for 70 Connecticut municipalities to recover for losses sustained as a result of a quasi-public trash authority’s improper dealings with Enron Corporation and we have achieved significant recoveries on behalf of several Connecticut municipal retirement systems caused by fraud and other misconduct on multiple occasions, recovering what is believed to be the largest ever award ever rendered and upheld in Connecticut against a public entity. We have also been able to recover investments lost due to fraud, negligence, breach of fiduciary duty, or other misconduct on behalf of the Town of Fairfield's retirement system on multiple occasions.
SGT has a proud history of representing governmental entities, including the State of Connecticut and local municipalities.
Silver Golub & Teitell served as lead private counsel for the State of Connecticut from 1996-98 in its action against the tobacco industry. Connecticut’s action was part of the nationwide litigation which resulted in the November 1998 Master Settlement Agreement (“MSA”) for $246 billion being entered between plaintiffs and the four major tobacco companies Philip Morris USA, R. J. Reynolds, Brown & Williamson Tobacco Corp., and Lorillard.
The terms of the MSA provided for Connecticut to receive $3.6 billion. Additionally, the leading role of Connecticut’s counsel (led by SGT) in the nationwide litigation was specifically recognized by a special panel of former attorneys general, which concluded that the contribution of Connecticut’s legal team to the national litigation and settlement warranted that the State receive an additional $370 million of the national settlement proceeds, bringing the total recovery to nearly $4 billion.
The case was State of Connecticut v. Philip Morris, Inc., et al., No. X02-CV-960148414S.
Silver Golub & Teitell served as court-appointed lead counsel in a certified class action for 70 Connecticut municipalities to recover for losses sustained as a result of a quasi-public trash authority’s improper dealings with Enron Corporation. The plaintiffs alleged they suffered damages in the form of increased costs when Enron defaulted on a $220 million loan made by the Connecticut Resources Recovery Authority (“CRRA”) to Enron.
Plaintiffs’ complaint alleged that the CRRA’s loan to Enron was illegaland that the expenditure of funds was an ultra vires act on the part of the CRRA. Plaintiffs further alleged, inter alia, that that CRRA breached a fiduciary duty which it owed to the municipalities, and that CRRA breached its duty of fair dealing and good faith. SGT’s prosecution of the matter on behalf of the class resulted in a judgment of over $40 million after trial (believed to be largest award ever rendered and upheld in Connecticut against a public entity).
The case was Town of New Hartford, et al v. Connecticut Resources Recovery Authority, No. UWY-CV-04-0185580S and was brought in Connecticut Superior Court, Judicial District of Waterbury before Hon. Dennis G. Eveleigh.
Silver Golub & Teitell represented the Town of Fairfield, Connecticut and its pension plans from 2008-2013 in litigation against several feeder fund entities that enabled the Town to successfully recover $15+ million it had invested in Madoff-related investment vehicles.
Silver Golub & Teitell was appointed co-class counsel in a proposed class action brought on behalf of the Town of Fairfield, Connecticut’s Retirement System and a class of similarly situated investors against Allianz Global Investors U.S. LLC (“AllianzGI”) alleging, inter alia, violations of the Employee Income Security Act of 1974 (“ERISA”), 29 U.S.C. 1001 et seq., breach of contract, and breach of fiduciary duty in connection with the catastrophic losses suffered by investors in AllianzGI’s Structured Alpha portfolio of hedge funds. The case was resolved via confidential settlement after plaintiffs’ claims survived AllianzGI’s motion to dismiss. AllianzGI and its employees subsequently pleaded guilty to securities fraud and paid billions of dollars in fines and restitution.
The case was Retirement Program for Employees of the Town of Fairfield, et al. v. Allianz Global Investors U.S. LLC, No. 20-cv-5817 in the United States District Court for the Southern District of New York.