Florida State Board of Administration, Tallahassee, selected five law firms to its updated list of litigators to potentially represent it in securities matters and expressed its intention to become more active in evaluating cases for possible action as a lead plaintiff, according to Dennis D. MacKee, communications director of the FSBA, which oversees $136 billion in assets.
Incumbents Barrack Rodos & Bacine and Berman DeValerio were joined by newcomers Pomerantz Haudek Grossman & Gross, Bernstein Litowitz Berger & Grossmann and Kaplan Fox & Kilsheimer. Barrack Rodos and Berman DeValerio have been in the SBA litigation pool since 1998.
Bernstein Liebhard may be added to the pool, pending clarification of information about the firm.
Entwistle & Cappucci, Grant & Eisenhofer, and Labaton Sucharow were dropped from the pool, Mr. MacKee said.
When potential litigation arises, FSBA will ask the firms in the pool to submit their strategies on a case and then will select the best proposals, according to a board statement. Attorneys are hired on a contingency basis, paid by a percentage of any settlement or judgment awarded after trial, and only when the board takes an active role as the lead plaintiff in either a class-action suit or an individual action.
The most recent active securities litigation FSBA filed was in 2005, against American International Group, over alleged financial misstatement, a case still pending, Mr. MacKee said. Berman DeValerio is representing FSBA in the case.
Consultant Ennis Knupp assisted in the search.