Ed Posner served for eight years as chair of the firm's litigation group. His practice is centered on class actions and complex litigation, including securities fraud and other shareholder litigation.
Securities Litigation and Other Complex Litigation. Ed represented Ernst & Young LLP in the IKON Office Solutions, Inc. Securities Litigation, a securities fraud class action that Ernst & Young won on a motion for summary judgment; in EquiMed v. Ernst & Young LLP, a professional liability action that Ernst & Young won after 27 days of arbitration hearings; and in the PNC Financial Services Group, Inc. Securities Litigation, a securities fraud class action that settled favorably in April 2007. He has represented Johnson & Johnson in a series of "fraudulent marketing" cases brought by states' attorneys general and by class action plaintiffs. Earlier, he represented Firstrust Savings Bank in a two-week trial of a multimillion dollar class action in the Philadelphia Court of Common Pleas - and won on post-trial motions after the jury was unable to reach a decision. He was counsel for First Fidelity Bancorporation in 21 consolidated "fraud on the market" securities fraud actions. He represented a company and two of its senior officers in an SEC fraud/insider trading enforcement action. He tried and won a securities fraud class action for Meritor Savings Bank and its former CEO. And he was co-lead counsel for more than 100 thrift institutions in the EPIC Mortgage Insurance Litigation, a complicated insurance and securities fraud action that was won on appeal after a five-week trial.
Ed represented Prudential Bancorp in shareholder rights litigation. He has represented other financial institutions, including IBS Financial Corporation, Firstrust Savings Bank and Meritor Savings Bank in similar matters, including proxy contests and disclosure litigation.
Recently, Ed was asked by the United States Court of Appeals for the Third Circuit to serve as a "friend of the court" to brief and argue a question of federal securities law that had split the Courts of Appeal.
Special Counsel Assignments. From time to time, Ed has served as special independent counsel, investigating allegations of corporate wrongdoing, and advising senior management or committees of independent directors. For example, he was engaged by the audit committee of a New York Stock Exchange listed company to investigate a "whistleblower" complaint charging improprieties in accounting at a subsidiary. He has worked closely with board committees in the evaluation of shareholder demands and claims in derivative suits.
Administrative Proceedings and Investigations. Ed has represented clients testifying before grand juries, the SEC and the IRS. He has handled investigations by the Department of Justice, the Federal Trade Commission, the SEC and the Organized Crime Strike Force.
Antitrust Litigation and Counseling. Ed represented Georgia-Pacific Corporation in the Linerboard Antitrust Litigation. He has represented a variety of other manufacturing concerns and financial institutions - The B.F. Goodrich Company, Armstrong Rubber Company, Control Laser Corporation, PSFS and others - in civil and criminal antitrust matters. He has counseled clients on pricing and distribution issues, and has been lead counsel in several Robinson-Patman and Sherman Act cases. He has also represented clients before the Federal Trade Commission.