FacultyFaculty/Author Profile

Sherrie R. Savett

Berger & Montague, P. C.
Managing Principal and Chair of the Securities Litigation Department
Philadelphia, PA, USA


Sherrie R. Savett, Chair of the Securities Litigation Department, and member of the Management Committee of the law firm of Berger & Montague, has practiced in the area of securities litigation and class actions since 1975. Eight securities class actions in which Ms. Savett served as lead counsel, are among the 100 largest securities class actions settled in the United States in the last 10 years. She has advanced investor protection by helping to establish several significant legal precedents. Ms. Savett speaks and writes often on professional topics, and is also a business and community leader.

Securities Litigation

Ms. Savett serves or has served as lead or co-lead counsel or as a member of the executive committee in a large number of important securities and consumer class actions in federal and state courts across the country.

Investor Protection

Ms. Savett has helped establish several significant precedents. Among them is the holding (the first ever in a federal appellate court) that municipalities are subject to the anti-fraud provisions of SEC Rule 10b-5 under ' 10(b) of the Securities Exchange Act of 1934, and that municipalities that issue bonds are not acting as an arm of the state and therefore are not entitled to immunity from suit in the federal courts under the Eleventh Amendment.  Sonnenfeld v. City and County of Denver, 100 F.3d 744 (10th Cir.1996) 

In the U.S. Bioscience securities class action, a biotechnology case where critical discovery was needed from the federal Food and Drug Administration, the court ruled that the FDA may not automatically assert its administrative privilege to block a subpoena and may be subject to discovery depending on the facts of the case.  In re U.S. Bioscience Secur. Litig., 150 F.R.D. 80 (E.D. Pa. 1993)

In the CIGNA Corp. Securities Litigation, the Court denied defendants' motion for summary judgment, holding that a plaintiff has a right to recover for losses on shares held at the time of a corrective disclosure and his gains on a stock should not offset his losses in determining legally recoverable damages.  In re CIGNA Corp. Securities Litigation, 459 F. Supp. 2d 338 (E.D. Pa. 2006).


Professional Leadership
 

Ms. Savett is active in her profession, and is a frequent author and lecturer on prosecuting shareholder and consumer class actions. She was formerly on the board of the Philadelphia Bar Foundation.

In May 2007, Ms. Savett spoke in Rome, Italy at the conference presented by the Litigation Committee of the Dispute Resolution Section of the International Bar Association and the Section of International Law of the American Bar Association on class certification.  Ms. Savett participated in a mock hearing before a United States Court on whether to certify a worldwide class action that includes large numbers of European class members.   

She has lectured at the Wharton School of the University of Pennsylvania and at the Stanford Law School on prosecuting shareholder class actions.  She is frequently invited to present and serve as panelist in American Bar Association, American Law Institute/American Bar Association and Practicing Law Institute (PLI) conferences on securities class action litigation and the use of class actions in consumer litigation. She has been a presenter and panelist at PLI's Securities Litigation and Enforcement Institute annually since 1995.  She has also spoken at major institutional investor and insurance industry conferences, and DRI -- the Voice of the Defense Bar.  In February 2009, she was a member of a six person panel who presented an analysis of the current state of securities litigation before over 1,000 underwriters and insurance executives at the PLUS (Professional Liability Underwriting Society) Conference in New York City.  She has presented at the Cyber-Risk Conference in 2009 and will present at the PLUS Conference in Chicago on November 16, 2009 on the subject of litigation involving security breaches and theft of personal information.

Ms. Savett is a member of the Editorial Board of the Securities Litigation Report and has been a contributor to this publication.


Honors

Ms. Savett is widely recognized as a leading litigator and a top female leader in the profession by local and national legal rating organizations.

The Legal Intelligencer and Pennsylvania Law Weekly named her one of the "56 Women Leaders in the Profession" in 2004. 

In 2003-2005 and 2007-2009, Berger & Montague was named to the National Law Journal's "Hot List" of 12-20 law firms nationally "who specialize in plaintiffs' side litigation and have excelled in their achievements."  Having achieved this designation in 6 out of 7 years, the firm is on the National Law Journal's "Hall of Fame." Ms. Savett's achievements were mentioned, among others, in each year.

Ms. Savett was named a "Pennsylvania Top 50 Female Super Lawyer" and a "Pennsylvania Super Lawyer" from 2004 through 2009 by Philadelphia Magazine after an extensive nomination and polling process among Pennsylvania lawyers. 

In 2006 and 2007, she was named one of the "500 Leading Litigators" and "500 Leading Plaintiffs' Litigators" in the United States by Lawdragon. In 2008, Ms. Savett was named as one of the "500 Leading Lawyers in America."  Also in 2008, she was named one of 25 "Women of the Year" in Pennsylvania by The Legal Intelligencer and Pennsylvania Law Weekly which stated on May 19, 2008 in the Women in the Profession in The Legal Intelligencer that she "has been a prominent figure nationally in securities class actions for years, and some of her recent cases have only raised her stature."

In June 2008, Ms. Savett was named by Lawdragon as one of the "100 Lawyers You Need to Know in Securities Litigation."


Business and Community Leadership

A business leader, Ms. Savett is a member of The Forum of Executive Women and a member of the Union League of Philadelphia.

Ms. Savett is active in community affairs, serving for decades on the Board of Trustees of The Jewish Federation of Philadelphia and its 29 member Executive Committee called the Board of Directors. She is Vice Chairperson of the Board of Directors of the National Liberty Museum, and is Chairperson of the Southeastern Pennsylvania State of Israel Bonds and is a member of the National Cabinet of Israel Bonds. In 2005, she received The Spirit of Jerusalem Medallion, the State of Israel Bonds' highest honor. She is a former board member of the Philadelphia Chapter of the Weizman Institute, and the American Jewish Committee.

Education

She earned her J.D. from the University of Pennsylvania Law School, and a B.A. summa cum laude from the University of Pennsylvania.

Personal

Ms. Savett and her husband have five children and four grandchildren. In addition to her family, she enjoys tennis, physical training, travel and collecting art, especially glass and sculpture.

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