Thomas W. Elrod — Kirby McInerney LLP

Thomas W. Elrod is a partner based in our New York office focusing on securities, commodities, and antitrust litigation.

Mr. Elrod joined the firm in 2011.

Practice Areas

Securities
Commodities
Antitrust
Whistleblower

Education

University of Chicago (B.A. 2005)
Boston University School of Law (J.D. 2009)

Admissions

New York State Bar
New Jersey State Bar
United States District Courts for the Southern and Eastern Districts of New York
United States District Court for the District of New Jersey
United States Courts of Appeals for the Second, Third, Seventh, Eighth, Ninth, and Tenth Circuits

Awards & Recognition

Super Lawyers, Top Rated Attorney - Securities Litigation, 2021-2024
Super Lawyers Rising Star, 2015-2020

Experience

Some of Mr. Elrod’s securities experience includes:

Representation of the Lead Plaintiff in Local 295 IBT Employer Group Welfare Fund v. Compass Minerals Int'l, Inc., a putative class action alleging that Compass Minerals and three of its former officers misled investors about the progress and cost savings associated with its implementation of a new salt mining initiative. The matter resulted in a settlement of $48 million.
Lead counsel representing Wespath, the General Board of Pension and Health Benefits of the United Methodist Church, in Doyle v. Reata Pharmaceuticals, a securities class action alleging that Reata made false and/or misleading statements — including in connection with its secondary public stock offerings — concerning, inter alia, the FDA guidance regarding the design of the clinical trial (CARDINAL) for Reata’s drug candidate, bardoxolone methyl. When the FDA revealed serious concerns it had previously raised to Reata, the share price declined materially. The case has resulted in a settlement of $45 million.
Co-lead counsel in Macovski v. Groupon Inc. et al., a securities class action alleging that the company made materially false and misleading statements and failed to disclose to investors its financial health before ending its sale of physical goods and announcing the departure of two top executives. The case resulted in a $13.5 million settlement that has received final approval.
Lead counsel in In re Citigroup Inc Securities Litigation, a class action arising out of Citigroup’s alleged misrepresentations regarding their exposure to losses associated with numerous collateralized debt obligations. This case settled for $590 million.
Class counsel in Shah v. Zimmer Biomet Holdings, a securities class action alleging that a medical device company did not disclose systemic quality issues at its manufacturing facility. The case resulted in a $50 million settlement.
Co-lead counsel in Kokareva v. Bristow Group Inc., a securities class action alleging that an aviation services provider focused on the oil and gas sector made materially false and misleading statements about its internal controls relating to covenants in the company’s secured financing agreements. The case resulted in a $6.25 million settlement that has received final approval.
Lead counsel in In re Hi-Crush Partners L.P. Securities Litigation, a securities class action alleging that fracking sand producer Hi-Crush Partners misled shareholders regarding a major customer relationship. This case resulted in a $3.8 million settlement.
Lead counsel in Barfuss v. DGSE Companies, Inc., a securities class action alleging that a company that sold precious metals to wholesale and retail customers filed materially misleading financial statements. The case resulted in a $1.7 million settlement.
Co-lead counsel in In re Resonant Inc. Securities Litigation, a securities class action alleging that a mobile phone component company misled investors concerning its ability to meet the terms of a development agreement. The case resulted in a $2.75 million settlement.
Representation of municipal issuers, including governmental entities and hospital systems, in FINRA arbitrations alleging misrepresentations by underwriters in connection with Auction Rate Securities issuances.

Some of Mr. Elrod’s antitrust and commodities experience includes:

Selected by the Court as co-lead counsel in In re J.P. Morgan Treasury Futures Spoofing Litigation, alleging that defendants manipulated U.S. Treasury futures for more than a decade and that this conduct contributed to the bank’s recent $920 million settlement with the DOJ, CFTC, and SEC. The case has a putative settlement of $15.7 million.
Representation of the exchange-based class in In re LIBOR-Based Financial Instruments Antitrust Litigation, an antitrust case alleging that defendant banks colluded to misreport and manipulate LIBOR. The case resulted in settlements totaling $190.45 million, which combined represent the largest recovery in a “futures-only” commodities class action litigation.
Special fiduciary representation for the exchange-based class in In re Foreign Exchange Benchmark Rates Antitrust Litigation for a putative class of participants who traded futures and options in the FX market. The case has already resulted in partial settlements of more than $2.3 billion.
Court-appointed executive committee member and class counsel in In re Cattle and Beef Antitrust Litigation, representing cattle producers and cattle futures traders. The suit alleges that the “Big 4” meatpacking firms conspired to suppress prices for fed cattle and manipulate live cattle futures and options prices. The case has already resulted in a $83.5 million settlement with one of the defendants.
Lead counsel on behalf of a proposed class of Brent crude oil futures traders manipulation of the Platts Brent Crude Oil benchmark by major oil producers, which harmed traders who transacted in derivatives tied to the benchmark in In re North Sea Brent Crude Oil Futures Litigation.
Representation of exchange-based investors in Shak v. J.P. Morgan Chase & Co., alleging monopolization and manipulation of the silver futures market in violation of federal antitrust and commodity exchange laws. The parties successfully reached a private settlement. The case preceded a related Department of Justice criminal investigation into J.P. Morgan that remains ongoing.

Some of Mr. Elrod’s other relevant experience includes:

Representation of a whistleblower who received the largest-ever individual award (nearly $200 million) arising under the Dodd-Frank whistleblower reward program after he provided information regarding the manipulation of crucial financial benchmarks used by global banks as the basis for the pricing of fixed income securities and derivative products.
Representation of a nationwide class of residential mortgage loan borrowers in Rothstein v. GMAC Mortgage LLC, a class action alleging violations of the Racketeer Influence and Corrupt Organizations Act. This litigation resulted in a $13 million settlement against GMAC Mortgage.
Representation of SEC, CFTC, and FCA whistleblowers who claim that their companies have violated federal law or defrauded the United States Government.