Daniel E. Barenbaum

Daniel Barenbaum, a partner in Berman Tabacco’s San Francisco office and a member of the firm’s Executive Committee, works daily to seek financial justice for those who strive to save and invest for retirement but see the fruits of those labors disappear due to fraud or other bad behavior.  As a member of the firm’s Securities Practice Group, Daniel has represented some of the largest public pension funds in the United States.  A trusted advisor, he excels at partnering with clients to minimize burdens and maximize understanding and preparation.

Fighting for clients for over 20 years, Daniel has litigated significant cases for the firm’s institutional clients since joining the Firm in 2009—Daniel was formerly a partner at a San Francisco law firm where he represented clients in securities and antitrust litigation, as well as in mass tort and employment class actions and multidistrict litigation. With a business degree in finance in addition to his law degree, Daniel obtained his Series 7 and 66 licenses and worked for a financial services company, assisting clients with investment planning and risk mitigation.

Daniel has been ranked by Benchmark Litigation as a California State Litigation Star (2020-2026), San Francisco Local Litigation Star (2020-2026), and Noted Star (Plaintiff Work, Securities) (2020-2026), and as a Super Lawyer by Northern California Super Lawyers magazine (2020-2025).  He was also recognized as a Recommended Attorney in Securities Litigation by The Legal 500 (U.S. edition 2017-2020, 2024).  In 2024, The Legal 500 reported a client’s praise for Daniel, who stated that he is “super responsive and incredibly competent” and that if “you’ve got a fire drill, Daniel is the lawyer to call”; and in 2020 that he “is top-notch with superb attention to detail when drafting papers, arguing motions and negotiating.”  He has authored and lectured on issues pertinent to securities litigation.

Education

• Emory University (J.D., 2000)
• Emory University (M.B.A., 2000)
• Tufts University (B.A., English, 1994)

Experience

• Lead partner prosecuting novel action, Verthelyi v. PennyMac Mortgage Investment Trust, No. 2:24-CV-05028 (C.D. CAL.), brought on behalf of a nationwide class, seeking injunctive relief and restitution with regard to two series of PennyMac’s fixed-to-floating rate Preferred Shares. Plaintiffs allege that PennyMac unlawfully and unfairly replaced the LIBOR-based benchmark rate, which ceased publication in 2021, with the initial fixed rate instead of transitioning to the replacement benchmark under the LIBOR Act and LIBOR Rule, the Secured Overnight Financing Rate.
• One of the lead partners prosecuting the securities fraud class action Erwin v. Veradigm Inc., No. 1:23-cv-16205 (N.D. Ill.), on behalf of lead plaintiff Alameda County Employees’ Retirement Association against Veradigm, some of its former officers, and its auditor for alleged false statements regarding the company’s financials and lack of internal controls.
• Was an integral member of the litigation team recouping $255 million on behalf of CalPERS in a direct action against certain credit rating agencies, captioned California Public Employees’ Retirement System v. Moody’s Corp., No. CGC-09-490241 (Cal. Super. Ct. San Francisco Cty.). This landmark case (i) ranks as the largest known recoveries from S&P and Moody’s in a private lawsuit for civil damages; and (ii) resulted in a published appellate court opinion substantially chipping away at decades of First Amendment precedent by holding that credit rating agencies can, in certain circumstances, be liable for negligent misrepresentations under California law for their ratings of privately placed securities.
• Was the day-to-day partner overseeing In re Fannie Mae 2008 Securities Litigation, No. 1:08 Civ. 07831 (S.D.N.Y.), which settled for $170 million. The firm represented co-lead plaintiff for the common stock class Massachusetts Pension Reserves Investment Management Board and the case involved complex issues regarding the valuation of an enormous volume of “subprime” and “Alt-A” mortgages on its books leading up to the financial crisis of 2007-2009 as well as allegations of deficient internal controls.
• Was one of the lead partners on Hayden v. Portola Pharmaceuticals Inc., et al., No. 3:20-cv-00367-VC N.D. Cal.), a securities class action in which the firm represented the sole Lead Plaintiff Alameda County Employees’ Retirement Association. This case involved allegations that Portola violated GAAP by failing to comply with newly-adopted accounting rules regarding revenue recognition and improperly touted customer demand for and utilization of its sole product, Andexxa.
• Represents institutional investor clients in matters involving multi-party issues/disputes and complex discovery (for documents, individual depositions, and institutional “person most knowledgeable” depositions of key executives), including matters where they stand to collect millions of dollars as potential beneficiaries of certain government agencies’ investigations or civil actions.
• Acted as key trial-team member in a three-month mass-tort trial against a major pharmaceutical company.
• Has significant late-stage pretrial experience, taking several cases to the eve of trial, including the In re MetLife Demutualization Litigation in 2009.
• Managed a large and resource-heavy mass tort case, setting and helping implement strategy, coordinating with co-counsel around the world, and supervising more than two dozen attorneys and staff.

Honors & Distinctions

• Ranked by Benchmark Litigation as a California State Litigation Star (2020-2026), San Francisco Local Litigation Star (2020-2026), and Noted Star (Plaintiff Work, Securities) (2020-2026)
• Recognized as a Recommended Attorney in Securities Litigation by The Legal 500 (U.S. edition 2017-2020, 2024)
• Named a Super Lawyer by Northern California Super Lawyers magazine (2020-2025)
• Earned Most Outstanding Academic Accomplishment business school award

Admissions

• State Bar of California
• U.S. District Court for the Northern District of California
• U.S. District Court for the Central District of California
• U.S. District Court for the Southern District of California
• U.S. District Court for the Eastern District of California
• Ninth Circuit, U.S. Court of Appeals

Affiliations

• American Bar Association
• Bar Association of San Francisco
• Association of Business Trial Lawyers
• National Association of Public Pension Attorneys

Education

• Immediate Past President, Osher Marin Jewish Community Center

Publications, Presentations & Appearances

• Co-author of Why Event-Driven Securities Class Actions Often Succeed, Law360, Apr. 5, 2023
• Webinar panel presentation: Securities Class Action Litigation in the 2020 Landscape: What You Should Know and Do, The Knowledge Group (May 5, 2020)
• Co-author of The Currency of Capitalism With a Social Conscience, Financier Worldwide Magazine (June 2018)
• Co-author of Snap Judgment—S&P Dow Jones and FTSE Russell Indices Ensure That Investors Retain Voting Rights, Financier Worldwide Magazine (October 2017)
• Environmental, Social & Governance Risk and Your Fiduciary Future, presenter at National Conference on Public Employee Retirement Systems Public Safety Employee Pension & Benefits Conference (October 2013)
• Portfolio Transparency and ESG Risk Factors, presenter at National Council on Teacher Retirement Annual Trustee Workshop (July 28-31, 2013)
• Author of Delineating Covered Class Actions Under SLUSA, Securities Litigation Report (December-January 2005)
• Contributing author, California Class Actions Practice and Procedures (Elizabeth J. Cabraser, Editor-in-Chief, 2003)
• Co-Author, Class Certification of Medical Monitoring Claims in Mass Tort Product Liability Litigation (Leader Publications, 1999)