Expert Litigation with Results
Joy A. Kruse is a senior securities litigation partner with more than seventeen years’ experience preserving investor rights in securities and financial fraud cases. Ms. Kruse has substantial responsibility for the evaluation and development of Lieff Cabraser’s securities cases, and oversees the firm’s investment portfolio monitoring program. She is presently managing the day-to-day litigation in In re Wells Fargo & Company Shareholder Derivative Litigation, Houston Municipal Employees Pension System v. BofI Holding, Inc., and Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation.
Ms. Kruse previously managed the day-to-day litigation in The Charles Schwab Corp. v. BNP Paribas Sec. Corp. and three related cases, Biotechnology Value Fund, L.P. v. Celera Corp., In re Diamond Foods Securities Litigation, A-Power Energy Generation Systems, LTD Securities Litigation, and IndyMac Residential Mortgage-Backed Securities Litigation. She also served a leading role in the day-to-day litigation and resolution of In re Broadcom Corporation Derivative Litigation, Merrill Lynch Mutual Fund Litigation (McKesson), Alaska State Department of Revenue v. America Online, Allocco v. Gardner, and In re Network Associates, Inc. Securities Litigation cases. In both McKesson and America Online, Ms. Kruse had substantial responsibility for client communications (with the Merrill Lynch funds and the State of Alaska, respectively).
“We appreciate the diligence and expertise of our counsel in achieving an outstanding resolution of the case,” said Mark Morones, spokesperson for the Alaska Department of Law, following announcement of the America Online settlement.
In McKesson, an opt-out case brought by two Merrill Lynch mutual funds against McKesson Corp., the funds recovered 104% of their damages ($145 million). This amount was approximately $15-120 million more than the Merrill Lynch funds would have recovered had they participated in the federal class action settlement.
The Broadcom stock options backdating derivative litigation resulted in a $118 million partial settlement in which Broadcom Corporation’s insurance carriers paid $118 million to Broadcom. In addition, the Broadcom team pursued claims against three executives resulting in a separate settlement valued at $79 million. The total recovery was approximately $197.5 million, which constitutes the third largest settlement to date in a derivative action involving stock options backdating.
Prior to joining our firm, Ms. Kruse served more than a decade as a criminal defense attorney, including four years as an Assistant Federal Public Defender in the Northern District of California and four years working in a white collar criminal defense firm in San Francisco.