Joseph J. Tabacco, Jr. was recently recognized as a top plaintiff’s lawyer in California. The California Daily Journal recognized Joe for his litigation against the credit rating agencies on behalf of CalPERS, which resulted in settlements totaling $255 million. According to the Daily Journal, “[t]he settlements rank as the largest known recoveries from Moody’s and S&P in a private lawsuit for civil damages. More important, they resulted in a published appellate court opinion–which Tabacco argued–overcoming decades of First Amendment precedent by holding that credit rating agencies can, in some circumstances, be liable for negligent misrepresentations under California law for their ratings of privately placed securities.”
The article closes with a quote from Joe about the broader impact and import of the case: “It was important to send a message to the rating agencies that they have to do a better job. The good news is that there has been no new meltdown since ’08, but this case is on the books should one occur.”
Well deserved, Joe.