Noelle Ruggiero's practice covers a wide variety of litigation matters in federal and state courts, and focuses on litigation involving securities fraud.
On March 15, 2013, the Honorable Colleen McMahon of the United States District Court for the Southern District of New York granted final approval of the $219 million settlement of Madoff feeder-fund litigation encompassing the In re Beacon Assoc. Litig., 09 Civ. 0777 (LBS)(AJP) (S.D.N.Y.) and In re J.P. Jeanneret Assoc. Inc., 09 Civ. 3907 (CM) (AJP) (S.D.N.Y.), in which she assisted in the prosecution. The settlement covers several additional lawsuits in federal and New York state courts against the Settling Defendants, including suits brought by the United States Secretary of Labor and the New York Attorney General. Plaintiffs in these cases asserted claims under the federal securities laws, ERISA and state laws arising out of hundreds of millions of investment losses sustained by unions and other investors in Bernard Madoff feeder funds.
Several notable decisions were reached during the course of these litigations, including the March 14, 2012 decision by Judge Sand granting class certification notwithstanding that the Madoff-related feeder funds were not traded in an efficient market and thus were not entitled to a presumption of reliance under the fraud on the market theory. In re Beacon Associates Litig., 282 F.R.D. 315, 322 (S.D.N.Y. 2012). This ruling is significant because it bolsters investor protections, most notably in endorsing a line of cases holding that the statute of repose on 10b-5 claims does not begin to run until the last misrepresentation is made by a defendant as part of a continuing fraud. Thus, this decision held that all plaintiffs’ claims, including those claims that go back more than five years, were timely filed.
Ms. Ruggiero graduated the University of Miami (B.B.A. cum laude 2007), and St. John's University School of Law (J.D. magna cum laude 2010) where she served as a senior staff member on the St. John's Law Review. Ms. Ruggiero is admitted to practice in New York, and in the U.S. District Court for the Southern District of New York. She is a member of the Westchester Women's Bar Association.