US disputes firm Kessler Topaz Meltzer & Check (KTMC) has announced that name partner David Kessler, a high-flying plaintiffs lawyer, is retiring at the end of the year after 28 years at the firm.

The firm said that Kessler had played an integral role in building it into a respected player in securities class action litigation. 

Kessler has acted in a number of significant securities class actions in the US, including as lead counsel in the Tyco fraud and mismanagement litigation, which resolved for more than $3bn in 2007 – at the time the largest securities class action recovery from a single corporate defendant in history. 

Following the 2008 financial crisis, he was invovlved in recovering more than $5bn for clients and class members invested in companies including Wachovia, Bank of America, Citigroup and Lehman Brothers. 

More recently he has represented institutional investors in cases against pharmaceutical, technology and electric vehicle companies, including a class action against Pfizer that was resolved in 2016 after 12 years of litigation. Pfizer agreed to pay the shareholder class $486m, the largest-ever securities fraud settlement against a pharmaceutical company in the Southern District of New York.

Kessler began his career in the wake of the Private Securities Litigation Reform Act (PSLRA) of 1995, which dramatically altered the landscape of securities litigation, including increasing the amount of evidence plaintiffs had to present to file a securities fraud case and imposing limitations on recoverable damages and lawyers' fees. Joining in 1996 as one of just six lawyers, Kessler helped the firm adapt to the new law. 

With a background as a certified public accountant, Kessler also gave the firm credibility in complex financial fraud cases, KTMC said, allowing it to compete with more established players. Under his leadership, the Radnor, Pennsylvania-based firm firm has grown to nearly 100 attorneys and 80 staff members. In 2009 the firm – then known as Barroway Topaz Kessler Meltzer & Check – also opened a second office in San Francisco.

“We started out as the new kid on the block,” commented Kessler. “Today, the market sees us as one of the go-to firms. I am incredibly proud of what we have built.”

KTMC said that Kessler, who co-heads the firm's securities litigation practice, has been focused on succession planning for the past two years. 

Reflecting on his departure, Kessler emphasised the importance of knowing when to step aside.

“Our training motto has always been to teach somebody to replace yourself, and then you can move on to something bigger or something different,” Kessler said. “But at this point, I’ve really accomplished everything I’ve set out to do. The firm is in great shape, my departure will allow for its continued growth and I’m still young enough to enjoy my retirement. That’s how I know it’s the right time.”

Joseph Meltzer, a partner at KTMC, said the firm is poised for its next chapter, with the talent and leadership in place to maintain its legacy.

“David has been a steadying influence around here for longer than I can remember—especially as we found our footing in the early years,” Meltzer said. “David’s approach to management and leadership has been a great example for us, myself included, and has put us on a path toward continued success.”  

Yesterday, it emerged that Kennedys’ longtime leader, Nick Thomas, is standing down as senior partner in January, ending a marathon tenure at the head of the UK insurance law firm that has spanned 27 years. He will stay on as a partner.