Matthew L. Tuccillo joined Pomerantz in 2011 and was named a Partner in December 2013. He is responsible, on an ongoing basis, for the Firm’s litigation of numerous securities fraud class actions pending nationwide, currently including: In re KaloBios Pharmaceuticals, Inc. Securities Litigation, No. 15-cv-05841 (N.D. Cal.); Perez v. Higher One Holdings, Inc., No. 14-cv-00755-AWT (D. Conn.); and In re Toronto-Dominion Bank Securities Litigation, No. 17-cv-01735 (D.N.J.).
Matt oversees and is the lead litigator on the Firm’s securities fraud lawsuits arising from BP’s 2010 Gulf oil spill, pending in Multidistrict Litigation 2185, In re BP p.l.c. Securities Litigation, No. 10-md-2185 (S.D. Tex.). He briefed and argued successful oppositions to three rounds of BP’s motions to dismiss the claims of roughly 100 institutional investors, drawing the court’s praise for the “quality of lawyering,” which it called “uniformly excellent.” In leading the BP litigation, Matt has secured some of the Firm’s most ground-breaking rulings:
- He successfully argued that foreign and domestic investors had asserted viable “holder claims” seeking to recover investment losses due to their retention of already-owned shares in reliance upon the fraud, which is believed to be the first ruling by a U.S. court sustaining such a theory under English common law.
- He successfully argued against forum non conveniens dismissal, obtaining the first ruling after the Supreme Court’s decision in Morrison v. National Australia Bank Ltd., 561 U.S. 247 (2010), to permit foreign investors pursuing foreign law claims to seek recovery for losses on a foreign stock exchange in a U.S. court.
- He successfully argued that the Securities Litigation Uniform Standards Act of 1998 (SLUSA), which extinguishes U.S. state law claims in deference to the U.S. federal securities laws, should not be extended to foreign common law claims being pursued by both domestic and foreign investors.
- He successfully argued that the pendency of a class action extends tolling under American Pipe & Construction Co. v. Utah, 414 U.S. 538 (1974), to both the statute of limitation and the statute of repose applicable to the Securities Exchange Act of 1934.
Matt also fulfills Pomerantz’s roles as MDL 2185 Individual Action Plaintiffs Steering Committee member and sole Liaison with BP and the Court. The Firm’s BP clients include nearly three dozen public and private pension funds, investment management firms, limited partnerships, and investment trusts from the U.S., Canada, the U.K., France, the Netherlands, and Australia, seeking recovery for losses in BP’s common stock (traded on the London Stock Exchange) and American Depository Shares (traded on the NYSE).
As the Firm’s lead litigator in Perez v. Higher One Holdings, Inc., No. 14-cv-00755-AWT (D. Conn.), Matt overcame an initial dismissal to secure an order upholding the pleading in a second amended complaint of five separate threads of fraud over a multi-year period by an education funding company and its executives. Among other rulings, the court agreed that the company’s reported financial and operating results violated Regulation S-K, Item 303, 17 C.F.R.
§ 229.303, for failure to disclose known trends regarding the underlying misconduct and its impacts on reported results – a rare ruling in the absence of any accounting restatement. The matter has been settled on a class-wide basis for $7.5 million, pending court approval.
As the Firm’s lead litigator in In re KaloBios Pharmaceuticals, Inc. Securities Litigation, No. 15-cv-05841 (N.D. Cal.), Matt negotiated two separate class-wide settlements worth over $3.25 million in the aggregate, from a bankrupt pharmaceutical company, its jailed former CEO, and two separate D&O insurers. Significantly, he secured payments of cash and stock directly from the bankrupt company, which were twice approved by the bankruptcy court.
Matt was the Firm’s lead litigation lawyer in In re Silvercorp Metals, Inc. Securities Litigation, No. 12-cv-09456 (S.D.N.Y.), a securities class action involving a Canadian company with mining operations in China and stock traded on the NYSE. He worked closely with mining, accounting, damages, and market efficiency experts to defeat a motion to dismiss and oversee discovery. After two mediations, the case was resolved for a $14 million all-cash fund. In granting final approval of the settlement, Judge Rakoff noted that the case was “unusually complex,” given the technical nature of mining metrics, the need to compare mining standards in Canada, China, and the U.S., and the volume of Chinese-language evidence requiring translation.
Matt’s prior casework also includes litigation and resolution of complex disputes over roll-ups of consulting companies and of commercial real estate interests. At Pomerantz, he was on the multi-firm team that litigated and settled In re Empire State Realty Trust, Inc. Investor Litigation, No. 650607/2012 (N.Y. Sup. Ct.), representing investors in public and private commercial real estate interests against the long-term lessees/operators, the Malkin family and the Estate of Leona Helmsley, regarding a proposed consolidation, REIT formation, and IPO centered around New York’s iconic Empire State Building. These efforts achieved broad relief for the class, including a $55 million cash/securities settlement fund, a restructured deal creating a tax benefit estimated at $100 million, expansive remedial disclosures, and important deal protections.
Matt has also handled shareholder books and records demands, as well as shareholder derivative, consumer, wage and hour, and mergers and acquisitions litigation. His handling of GSS 5-08 Trust v. Arch Chemicals, Inc., No. X08 FST-CV11-6010654-S (Conn. Sup. Ct.), concerning a Swiss multi-national’s acquisition of a Connecticut-based chemicals company, earned the court’s praise for his “preparation” and “hard work.”
Before joining Pomerantz, Matt began his career at a large full-service Boston firm, litigating primarily for corporate clients. He also worked at plaintiff-side firms in Boston and Connecticut, litigating securities, consumer, and wage and hour class actions, as well as complex sale of business disputes. He has helped negotiate numerous multi-million-dollar settlements, at times through the use of alternative dispute resolution. His pro bono work includes securing Social Security benefits for a veteran suffering from non-service-related disabilities.
Since 2016, Matt has been a recommended securities litigator by The Legal 500, which evaluates law firms worldwide for cutting edge, innovative work based on client feedback, practitioner interviews, and independent research. He was honored as a 2016, 2017, and 2018 Super Lawyers® “Top-Rated Securities Litigation Attorney,” a recognition bestowed on no more than 5% of eligible attorneys in the New York Metro area, after a rigorous process overseen by Thompson Reuters. Since 2014, he has maintained Martindale-Hubbell’s highest-available AV® Preeminent™ peer rating, scoring 5.0 out of 5.0 in Securities Law, Securities Class Actions, and Securities Litigation while being described as a “First class, top flight lawyer, especially in complex litigation.” In 2018, he was chosen for inclusion in the Class Action Trial Lawyers Association Top 25 for New York. Matt graduated from the Georgetown University Law Center in 1999, where he made the Dean’s List. He graduated from Wesleyan University in 1995, and he currently serves as President of the Wesleyan Lawyers Association.
Matt is a member of the Bars of the Supreme Court of the United States; the State of New York; the State of Connecticut; the Commonwealth of Massachusetts; the Second and Ninth Circuit Courts of Appeals; and the United States District Courts for the Southern and Eastern District of New York, Connecticut, Massachusetts, the Northern District of Illinois, and the Southern District of Texas. He is regularly admitted to practice pro hac vice in state and federal courts nationwide.