Specifications include, but are not limited to: Securities Litigation, Class Action Monitoring, and Asset Recovery: APERS will engage outside counsel to provide legal services in, but not limited to, the areas of securities litigation, class action monitoring and advice, and asset recovery. Counsel will be expected to provide expert legal advice, services, and representation concerning securities litigation, including class action monitoring and advice; lead plaintiff status; calculation of losses, damages and claims; proofs of claim; possible objections to lead plaintiffs or to fee applications; investment policies; and potential liabilities of trustees and other APERS fiduciaries. Securities law and litigation counsel must be experienced and qualified in matters relating primarily to class action shareholder litigation (fraud and related theories of recovery), including representation in either class or individual actions in federal or state courts. Due to the nature of the services requested, APERS prefers a national law firm with expertise in these areas. To be qualified, counsel must be admitted to practice in both federal and state courts. Counsel may be asked to advise APERS with respect to the best method for asserting securities fraud claims in litigation (e.g., lead plaintiff vs. class member vs. separate federal or state action) and must be qualified to represent APERS either as sole plaintiff or as lead plaintiff in a class action. Counsel may also be asked to analyze APERS trading data for purpose of calculating losses and class-period damages for lead plaintiff and claims purposes and to advise APERS regarding fee requests by lead counsel and class action settlement proposals. Counsel may be asked to intervene and appear in class action litigation on behalf of APERS to object to fee requests or settlement proposals. (APERS generally files proofs of claim in class actions).
