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Bennett W. Lasko is a partner and a member of the Commercial Litigation Practice Group. His practice concentrates on securities litigation, class actions, accountants’ defense, and other complex business litigation. He has represented clients in state and federal courts, at the trial and appellate levels, as well as in arbitration, mediation and negotiations. Bennett also advises business clients in matters including disclosure obligations, SEC compliance, fiduciary duties, and strategic transactions.
Securities Litigation, Mergers & Acquisitions and Accountants’ Defense. Bennett has extensive national experience representing companies, auditors and corporate officers and directors in class action lawsuits under the federal securities laws and shareholder derivative actions. Significant representations include: Successfully argued in the Seventh Circuit as a matter of first impression that plaintiffs who received shares in a corporate spinoff lacked standing to sue under the federal securities laws. Isquith v. Caremark Int’l, Inc., 136 F.2d 531 (7th Cir. 1998). Defended a major national accounting firm in class action litigation brought by shareholders of a tender offer target seeking to recover damages for a decline in the target company’s share price after the acquiring company disclosed a massive accounting fraud and restated earnings by nearly $500 million. Achieved a favorable settlement on behalf of a major national accounting firm defending deepened insolvency claims in the liquidation of a failed health insurance company. Successful defense and settlement of claims against a Fortune 100 industrial company by minority shareholders challenging a freeze-out merger and disputing the independence of the special committee that negotiated the transaction. Obtained judgment on the pleadings and successfully defended it on appeal in the first case litigated under new SEC Rules governing the application of the short-swing profits statute, section 16(b), to transactions in derivative securities. Magma Power Co. v. The Dow Chemical Co., 136 F.3d 316 (2d Cir. 1998).
Real Estate Litigation. Bennett’s practice also includes real estate litigation. He has represented real estate investors, developers and lenders in disputes and work-outs in various facets of the real estate industry. His recent real estate experience includes: Prevailed in arbitration and achieved a favorable settlement on behalf of a group of real estate investment funds asserting fraud and mismanagement claims against their joint venture partner in a $30+ million dollar investment in manufactured housing communities. Currently represents real estate developers as general partners in disputes with limited partnership investors relating to the tax increment financing of regional shopping malls in the Chicago area. Successfully defended litigation seeking to block development of a $600 million wind energy generation facility in central Illinois. Advised the major equity participant in the successful purchase of approximately $1 billion of commercial properties in connection with the related to the contested takeover of a major national REIT.
Mass Torts and Toxic Torts. Bennett was active for many years in the defense of the silicone gel breast implant litigation and other silicone implant litigation, both in consolidated federal multidistrict litigation and numerous state litigations. Bennett has experience in class action issues, Daubert issues, and working with medical experts and epidemiologists. More recently, he has represented and advised clients in connection with lead paint litigation.
General Business Disputes. Bennett also represents clients in a variety of contract disputes and business tort litigation.
Client Counseling. Bennett regularly counsels clients in business transactions and regulatory matters. He has advised corporations and investment companies on their disclosures of loss and gain contingencies in financial statements and SEC filings. He also counsels corporate executives and directors on their fiduciary duties, especially in connection with mergers and acquisitions and other strategic transactions. He has assisted many clients to avoid litigation through business resolutions. | 