Pensions Forensics provides investigative expertise, and economic analysis and consulting services to determine the source and nature of pension fund financial and actuarial problems, including funding shortfalls, investment losses and fiduciary mismanagement. Our expertise covers both public and private pension plans with experience in determining who bears responsibility for funding shortfalls and other deficiencies in pension fund operations, specifically in identifying imprudent and unsuitable investments sold to funds by product purveyors.
William S. Lerach
Mr. Lerach was one of the leading securities lawyers in the United States. He headed up the prosecution of hundreds of securities class and stockholder derivative actions which resulted in billions of dollars of recoveries for defrauded shareholders from Wall Street banks, big accounting firms, corporations and insurance companies. His career was recently chronicled in the best-selling book “Circle of Greed.”
Mr. Lerach was involved in many of the largest and highest profile securities class action and corporate derivative suits in recent years, including Enron, Dynegy, Qwest, WorldCom and AOLTW. He also pursued numerous high-profile human rights litigations, including suits on behalf of abused laborers in Siapan's garment factories and American WW II POWs forced to work in Japanese weapons factories. The $7 billion recovery he obtained for the Enron stockholders was the largest stockholder recovery in history. He was featured in the Oscar-nominated 2006 documentary, “Enron: The Smartest Guys in the Room.” Mr. Lerach frequently lectured on class and derivative actions, accountants’ liability, and attorneys’ fees, and has been a guest lecturer at Stanford University, University of California at Los Angeles and at San Diego, Harvard, Tel Aviv University, University of Pittsburgh, San Diego State University Law Schools, the Council of Institutional Investors and the International Corporate Governance Network.
For many years Mr. Lerach has written and spoken about the conditions of public and private pension systems here in the United States including how Wall Street firms have misled, cheated and otherwise abused pension plans and contributed to the underfunded status of many plans.
Mr. Lerach has testified before federal and state legislative committees concerning corporate governance and securities matters and is frequently quoted in the national media regarding financial issues. He has published numerous articles and op-ed pieces, including “Achieving Corporate Governance Enhancements Through Litigation,” keynote address to Council of Institutional Investors ; “Why Insiders Get Rich, and the Little Guy Loses,” L.A. Times, 2002; “The Alarming Decline in The Quality of Financial Reporting”; “The Chickens Have Come Home to Roost: How Wall Street, the Big Accounting Firms and Corporate Interests Chloroformed Congress and Cost America’s Investors Trillions”; “The Average Joe Deserves a Bailout,” San Francisco Chronicle, 2007; “Loser CEOs, Raking It In,” Washington Post, 2007; “Always an Insider’s Game,” AP 2008; and “What About the Rest of Us? Bailout Fails to Help the Little Guy,” Pittsburgh Post-Gazette, 2008. Mr. Lerach has addressed the Take Back America Convention in Washington, DC – highlights of his speech and comments are included in “Taking Back America: And Taking Down the Radical Right,” by Robert Borosage and Katrina Vanden Heuvel (2004), Chap. 11 “Holding Corporations Accountable.”
Mr. Lerach received his undergraduate and law degrees from the University of Pittsburgh. He gave the May 2003 Commencement Address “American Law: Instrument of Social Progress or Weapon of Repression?” at the University of Pittsburgh Law School. The University of Pittsburgh bestowed one of its highest awards on Mr. Lerach, designating him a “Legacy Laureate” – one of the University’s most outstanding graduates. Mr. Lerach was honored by President Clinton who appointed him to be a member of the United States Holocaust Memorial Council.
Mr Lerach was disbarred several years ago and no longer practices law.