Robert S. Stern

Partner

Los Angeles, (213) 892-5484

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Education

University of Illinois (B.S., 1972)
;
University of Chicago Law School (J.D., 1975)

Practices

Financial Services Litigation

Class Actions

Banking + Financial Services

Bar Admissions

California

Clerkships

Hon. John Minor Wisdom, U.S. Court of Appeals, Fifth Circuit (1975-1976)

Bob Stern's practice focuses on the defense of financial services litigation, primarily in the banking, securities, and accounting sectors.

In the area of banking litigation, Mr. Stern regularly represents banks in matters involving, for example, an antitrust action challenging interchange fees in ATM transactions, consumer class actions challenging various credit card practices and fees, and major contract disputes involving credit card processing. He has also represented numerous companies and their directors and officers in the defense of shareholders' class actions and SEC investigations involving accounting and financial disclosure issues. His clients also include national accounting firms on audit and tax malpractice issues, and in connection with regulatory and other concerns.

Mr. Stern is a recommended antitrust attorney by Legal 500 US. He is also recognized by SuperLawyers as a leading lawyer in the areas of business litigation, securities litigation, and professional liability defense. He has lectured and written on a variety of auditing and related litigation topics, and has twice been a panelist for the annual Accountants' Liability Program sponsored by the Practicing Law Institute.

Equally dedicated to community service organizations, Mr. Stern has held leadership roles in such organizations as the Jewish Federation Council's Community Relations Committee and the Constitutional Rights Foundation, where he has long served as a member of the Executive Committee of the Board of Directors and is its Chief Financial Officer. He recently concluded a three-year term as a Central District of California lawyer representative to the Ninth Circuit Judicial Conference and is regularly named a Southern California “Super Lawyer.”

Mr. Stern has passed the CPA exam and, before becoming a lawyer, worked for both public and private accounting firms in the areas of auditing and tax services. He clerked for the Honorable John Minor Wisdom of the Fifth Circuit Court of Appeals, and then held a management position in the Carter-Mondale Presidential Campaign in 1976.

Mr. Stern graduated from of The University of Chicago Law School in 1975, where he served on the Managing Board of The Law Review. In 1972, he graduated from the University of Illinois with a B.S., where he majored in accountancy and was elected to membership in Beta Gamma Sigma, the business college analogue to Phi Beta Kappa, and was named Outstanding Senior in the College of Commerce.

In re ATM Fee Antitrust Litigation

(N.D. Cal.). On behalf of JPMorgan Chase Bank and the joint defense group, won summary adjudication of claim that setting of network-wide ATM interchange fee was per se illegal in class action alleging price-fixing in violation of Section 1 of the Sherman Act. 554 F. Supp.2d 1003 (N.D.Cal. 2008). Defeated plaintiffs' attempt to obtain interlocutory appellate review of that order. Then successfully moved to dismiss the amended complaint that followed, 2009 U.S. Dist. LEXIS 83199 (N.D. Cal. 2009). Motion to dismiss most recent amended complaint with prejudice is pending. (Ongoing)

SP Syntax LLC v. Ernst & Young LLP, et al.

Following a three-week trial in California Superior Court, won a unanimous jury verdict on behalf of Ernst & Young (EY), defeating claims that the accounting firm had made negligent representations in connection with financial statements issued by Syntax-Brillian, a manufacturer of flat-screen televisions that filed for bankruptcy in 2008. Silver Point, a hedge fund, sought $50 million that it wasn't able to recover from Syntax-Brillian's bankruptcy proceedings, alleging that a $130 million loan it had extended to Syntax-Brillian would not have occurred but for alleged misrepresentations in EY's audit of the company. The jury, by a 12-0 vote, concluded that Ernst & Young had made no misrepresentations of any kind. (2010)

Grande, et al. v. Grant Thornton LLP

(C.D. Cal.). Defeated class certification, then obtained dismissal with prejudice for Grant Thornton in a class action brought by former clients who had acquired tax shelters later deemed abusive by the Internal Revenue Service.

Shaner v. Chase Bank USA, N.A.

(D. Mass.). On behalf of Chase Bank USA, N.A., won dismissal, then First Circuit affirmance of dismissal, of Massachusetts class action alleging bank's practice of adjusting credit card interest rate upon consumer's default violated Truth in Lending Act and state state law. 570 F. Supp.2d 195 (E.D. Mass. 2008), aff'd, 587 F.2d 488 (1st Cir. 2009).

In re MTI Technology Corp. Securities Litigation

(C.D. Cal.). Represented a computer storage company in a securities fraud class action that, after obtaining motion to dismiss rulings from the court that substantially narrowed the issues to be tried, our client settled on very favorable terms before any material discovery had occurred.

Garfield Bank v. Grant Thornton LLP

(LA County Super. Ct.). Obtained complete defense verdict for Grant Thorton in a three-week trial in an audit malpractice case brought by a former bank client of the firm.

Hauk v. Chase Bank USA, N.A.

(C.D. Cal.). On behalf of Chase Bank USA, N.A., won summary judgment, then Ninth Circuit affirmance of that judgment, dismissing Truth In Lending Act claim in nationwide class action challenging interest rate practices for credit card balance transfers. Obtained a broad opinion about TILA that will have a far-reaching effect on the interpretation of that statute. 552 F.2d 1114 (9^th Cir. 2009).

Evans v. Chase Bank USA, N.A.

(N.D. Cal). On behalf of Chase Bank USA, N.A., won dismissal, then Ninth Circuit affirmance of that dismissal, of nationwide class action alleging bank’s default credit card interest rate practices violated the Truth In Lending Act, California, and Delaware law. 2006 U.S. Dist. LEXIS 5259 (N.D. Cal. 2006); 2008 U.S. App. LEXIS 4581 (9^th Cir. 2008).

AICPA Disciplinary Trial.

(AICPA). Represented Grant Thornton partner in a trial before a five-member Hearing Panel of the AICPA's Professional Ethics Division. After a two-year investigation, the Division accused the CPA of numerous violations of AICPA rules and professional standards in the provision of audit and tax services. At the conclusion of the trial, the Panel found the CPA innocent of all charges.

Huynh v. Chiao Tung Bank, et al.

(N.D.Cal.). On behalf of Chaio Tung Bank, obtained dismissal, then Ninth Circuit affirmance of dismissal, of class action seeking recovery of the dollar value of bank deposits made in Saigon, South Vietnam, before April 1975 and lost upon overthrow of government. 465 F.2d 992 9th Cir. (2006).