Greg is a partner at Bailey & Glasser. He has extensive experience litigating complex pension, consumer fraud, insurance sales, and RICO class actions in federal and state courts throughout the United States. Greg has sued and represented many Fortune 500 companies in class actions under the federal Employee Retirement Income Security Act (ERISA). Greg also represents whistleblowers in qui tam, securities, and commodities frauds.
Greg currently represents employees in several retirement plan class actions, including claims that large financial institutions have limited employee 401(k) plan investment options to inferior in-house mutual funds, that fiduciaries of 401(k) plans have imprudently invested employee retirement savings in employer stock, and that financial institutions have mismanaged securities lending programs. Greg has also defended companies, trustees and individuals in several landmark cases. Greg has argued ERISA appeals in the Second, Fourth, Sixth and Eighth United States Circuit Courts of Appeal.
Greg is a member of the Employee Benefits Committee of the American Bar Association’s Labor and Employment Section. He is a contributing author to the Committee’s respected treatise on employee benefits law and a former co-chair of the Committee’s Preemption and Benefit Claims sub-committees. He is a regular speaker at the Committee’s annual meeting and speaks at other conferences about employee benefits litigation, including the American Conference Institute’s annual ERISA conference. Greg served for four years in the United States Infantry, including 18 months on the DMZ in Korea.
National City Corp., Securities, Derivative & ERISA Litigation
Recovered $43 million for class members in settlement of breach of fiduciary duty claims for mismanaging 401(k) plan investments.
Figas v. Wells Fargo & Company
Serving as co-lead counsel, we recovered $17.5 million in settlement of breach of fiduciary duty claims against Wells Fargo & Co. for mismanaging Wells Fargo 401(k) plan.
Bilewicz v. Fidelity Investments
Bailey & Glasser was named co-lead counsel representing nearly 100,000 current and former employees of Fidelity, who had been compelled to invest in Fidelity mutual funds despite the availability of better, cheaper investment options. The case settled for $12 million plus reforms to Fidelity’s employee 401(k) plan.
Diebold v. Northern Trust
As co-lead counsel, Bailey & Glasser secured a $36 million cash settlement on behalf of hundreds of ERISA retirement plans who complained about mismanagement of class collateral pools.
Brundle v. Wilmington Trust
Bailey & Glasser recovered $30 million for the participants in the Constellis Employee Stock Ownership Plan following a two-week trial. The court’s decision set important new standards for ESOP trustees representing plans and participants in ESOP transactions.
Jessop v. Larsen
In 2016 Bailey & Glasser negotiated a settlement under which the former top officers and owners of once-high flying nutritional juice company MonaVie, and plan trustee Bankers Trust Co. of South Dakota, agreed to pay $19.8 million to settle a lawsuit over an employee stock program that lost nearly all of its value within about two years. Bankers Trust also agreed to a permanent injunction barring it from serving as an ESOP trustee. Notably, we recovered well more than the available insurance coverage from the defendants.
District of Columbia, 1998
Commonwealth of Virginia, 1996
Prior to joining the firm in March 2009, Mr. Porter was a partner at McTigue & Porter, LLP. Before joining McTigue & Porter, Greg practiced in the Washington office of O’Melveny & Myers LLP for six years, where he focused on employee benefit and complex class actions.
U.S. Court of Appeals for the First Circuit
U.S. Court of Appeals for the Second Circuit
U.S. Court of Appeals for the Third Circuit
U.S. Court of Appeals for the Fourth Circuit
U.S. Court of Appeals for the Fifth Circuit
U.S. Court of Appeals for the Sixth Circuit
U.S. Court of Appeals for the Seventh Circuit
U.S. Court of Appeals for the Eighth Circuit
U.S. Court of Appeals for the Ninth Circuit
U.S. District Court for the District of Columbia
U.S. District Court for the Northern District of Ohio
U.S. District Court for the Eastern District of Virginia
Q: Let’s start out with a general overview of your practice. How do you describe to recruits or family what it is you do?
A: I represent retirement plan investors who have lost retirement savings from bad or unscrupulous money managers.
Q: What do you like about your practice? What is professionally satisfying?
A: I make a real difference in my client’s quality of life by recovering hard-earned retirement savings. I like the challenge of battling big financial companies and their Wall Street lawyers.
Q: What cases are keeping you busy these days?
A: Cases involving self-dealing investment decisions by large financial companies when they force their employees to invest in the company’s high fee products. Cases involving bogus herbal supplements where producers are lying about the contents of the bottle. Cases involving misuse of retirement plan funds in loaning securities.
Q: How were you hired for those matters?
A: I have been hired lots of different ways – direct client contacts, referrals from other lawyers, and advertising.
Q: Can you describe for us their current procedural posture, or resolution?
A: Some cases have settled and others are just starting. This year, I settled three cases for a collective cash settlement value of $82 million.
Q: What were/are some of the challenges you face?
A: The biggest challenge is federal court hostility to class actions.
Q: What is the impact on clients or the industry from this case?
A: The biggest impact that I have seen is a steady decline in fees charged to 401K plan investors. Since I first started filing the cases in 2006, fees in the industry have dropped substantially.
Q: Are there any trends you are seeing that stand out?
A: The top plaintiffs’ lawyers are getting more and more sophisticated about the cases they file and the detail they put in complaints.
Q: Is this the type of practice you imagined yourself practicing while in law school?
A: Yes, in the sense that I wanted to do something that helped real, everyday people.
Q: Why did you pursue a career in the law in the first place?
A: Intellectual challenge. The competitive and adversarial challenge of litigating big cases.
Q: What do you wish you had known or done differently in school? Or, put another way, do you have advice now for current law school students?
A: My advice is basic: go to every class so that you know what the professor cares about; take notes at every class; generate an outline from your notes to prepare for finals; go see the professor if you have any questions about your outline.
Q: Is there anything in particular early in your career that you consider key to arriving at your current level of excellence?
A: I was fortunate to be hired in my third year out of law school by O’Melveny & Myers to do class action litigation, mainly about retirement plans, on the defense side. I learned from fantastic partners about federal court litigation and class actions.
Q: How has your practice changed since the early part of your career?
A: I sue companies instead of defending them.
Q: Can you share a lawyer you have come up against in a case/negotiation that you admire, and why?
A: Brian Boyle at O’Melveny & Myers. I worked for Brian when I was at O’Melveny on very complex class litigation. I learned a lot from him. It has therefore been especially enjoyable to litigate a case against him because I now I am facing a real challenge.
Q: Is there a case/deal/client in your career that stands out as a “favorite” or one that is particularly memorable?
A: A case against State Street Bank and Trust, where we won every substantive motion – motion to dismiss, motion for class certification, and two motions for summary judgment – against Wilmer Cutler Hale & Door, a mega international law firm. I argued the motion to dismiss and both motions for summary judgment. The case eventually settled for $10 million paid by State Street to our client class of retirement plans.
Q: Tell us about how you interact with clients. Do you view it as important to develop business, and if so, how do you?
A: Most of my clients are individual plaintiffs with whom I do not have a long-term client relationship. That is the nature of most plaintiff’s contingent practices.
Q: Tell us about your career path. Did you start at your current firm? If so, what kept you there? If not, what persuaded you to join your current firm?
A: I started as a class action defense lawyer. Although I enjoyed the firm, O’Melveny & Myers, the work, and my colleagues, I decided I would rather represent workers and consumers than employers and businesses. I also like the challenge and risk of a contingent practice and the entrepreneurial approach to the business.
Q: How did you come to get your position in firm/practice management. Was this something you were always interested in doing?
A: I was hired as a partner because I came with my own book of business. Of course, one wants to be a partner if one is practicing law in the private bar.
Q: What are some of the challenges now in your current leadership role?
A: Maintaining a steady pipeline of profitable cases so that I can keep the members of the team profitable engaged.
Q: How has your firm been able to grow recently?
A: Yes. We have experienced a lot of growth.
Q: There are many high-quality firms out there. What do you do try to “sell” about your firm to potential recruits – how is it unique?
A: A real chance to succeed as a young lawyer. Young lawyers get the chance to prove themselves early and often both in working partner-generated work and developing their own business. We reward business development immediately and the promotion and profit-sharing processes are very transparent.