Ira Neil Richards

A lawyer's lawyer, since co-founding the firm, Ira has been the lead attorney in some of the firm's most complex cases. Ira is widely recognized as a premier litigator, successfully representing clients in multidistrict antitrust cases in a variety of industries. Ira represents institutional and private investors in matters involving corporate governance, mergers and acquisitions, and securities sales and valuations. As an appellate advocate, Ira has argued cutting edge issues in federal and state appellate courts. Ira is a magna cum laude graduate of the University of Pennsylvania Law School and received a B.S. in industrial and labor relations from Cornell University. As a community leader, Ira serves as an officer and board member of philanthropic and religious organizations, as well as a leader in local politics.

Securities Litigation

In the securities area, Ira served as co-counsel for four Pennsylvania government funds in litigation arising from the funds’ purchases of AOL and Time Warner securities. The litigation resulted in a $23 million settlement for the funds. In addition, Ira served as co-lead counsel in In re KLA Tencor Securities Litigation (N.D. Cal.), obtaining a $65 million settlement for the class of securities purchasers. Ira has also litigated claims relating to corporate governance and mergers and acquisitions. For example, Ira played a key role as counsel for plaintiffs in Lucas v. Hill, (D. NJ), which involved claims relating to the management of Commerce Bank and TD Bank’s acquisition of Commerce. Ira served as counsel to the City of Philadelphia Board of Pensions in derivative litigation arising from a corporation’s alleged backdating of stock options. Ira has had a substantial role in a number of other securities matters, including, Riley v. Simmons, 43 F.3d 764 (3d Cir. 1994), in which Ira successfully argued for the reversal of a district court’s order dismissing annuity investors’ claims on abstention grounds.

Antitrust Cases

In the antitrust field, Ira served as co-lead counsel for plaintiffs in In re Pillar Point Partners Patent and Antitrust Litigation, MDL No. 1202 (D. Ariz.), a multi-district litigation involving antitrust claims asserted against manufacturers of excimer lasers used in vision correction procedures. The litigation resulted in a $50 million settlement on behalf of a class of direct purchasers. Ira served as co-lead counsel for plaintiffs in In re Pressure Sensitive Labelstock Antitrust Litigation, MDL No. 1556 (M.D. Pa.), which resulted in settlements totaling over $46 million for the class in multidistrict litigation involving allegations of market allocation, output restriction, and price fixing. Ira also served as co-lead counsel and a member of the trial team in an action against the major domestic airlines, see In re Airline Ticket Commission Antitrust Litigation, 898 F. Supp. 685 (D. Minn. 1995), which resulted in an $86 million settlement for travel agency owners. In Meijer, Inc. v. 3M (E.D. Pa), Ira served as counsel in an action brought on behalf of direct purchasers of private label tape, alleging monopolization of the tape market. The litigation resulted in a $28.8 million settlement for the class. Ira has been involved in numerous other antitrust actions in a variety of capacities. For example, Ira serves as a team leader for plaintiffs in In re Urethane Antitrust Litig. (“Polyether Polyols” cases) (D. Kan.), was a member of the deposition team in In re Linerboard Antitrust Litigation, MDL No. 1261 (E.D. Pa.), was one of plaintiffs’ counsel in In re Mercedes Benz Antitrust Litigation, No. 99-4311 (D.N.J.), and was counsel for the City of Philadelphia in In re Hydrogen Peroxide Antitrust Litigation, No. 05-666 (E.D. Pa.).

Complex Commercial Litigation

In addition, Ira has represented a variety of individuals and businesses in a range of litigation matters involving employment, contract, defamation, and other claims in both state and federal courts. For example, Ira served as co-counsel to the City of Philadelphia and the Philadelphia City Commissioners in litigation relating to the acquisition of voting equipment. Ira also successfully represented the Philadelphia Housing Authority in an appeal before the Pennsylvania Commonwealth Court (en banc) involving an issue of first impression under the Expedited Eviction of Drug Traffickers Act.

Publications, Appointments & Honors

 Ira has lectured on antitrust, class action, discovery, financial services, and litigation issues. In addition, Ira serves as a member of the Board of Directors and as chair of the Budget and Finance Committee of Arthur Ashe Youth Tennis and Education, as President of Congregation Beth Tikvah-B’nai Jeshuran, and was Municipal Chair of the Whitemarsh Township Democratic Committee. In 1999, Ira was named one of the Philadelphia Business Journal’s “40 Under 40.” From 2004 through 2011, Ira was named one of Pennsylvania’s “Super Lawyers.”

Admissions to Practice

Ira is admitted to practice in the States of New York and Pennsylvania, the United States District Courts for the Eastern District of Pennsylvania, the Middle District of Pennsylvania, the Southern District of New York, and the District of Nebraska, as well as the United States Court of Appeals for the Third Circuit, the United States Court of Appeals for the Second Circuit, the United States Court of Appeals for the Eighth Circuit and the United States Supreme Court.