Leonard Barrack

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Leonard Barrack
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Born (1943-06-08) June 8, 1943 (age 80)
Philadelphia
NationalityAmerican
CitizenshipUnited States of America
Occupation
  • Philanthropist
  • lawyer
  • civic leader

Leonard Barrack (born June 8, 1943) is an American philanthropist, lawyer, civic leader, and native Philadelphian who is known for his active support of the Jewish community, Democratic politics, and educational institutions.

Barrack rose to professional prominence serving as lead or co-counsel in dozens of securities cases throughout the United States, including three of the largest case settlements in securities class action history. He is renowned for leadership in Democratic politics at the state and national level, generous support of Barrack Hebrew Academy and Temple University, and long-standing involvement with the Jewish Federation of Greater Philadelphia, all of which have had deep and lasting impact.

Early Life

Barrack was born in Philadelphia on June 8, 1943. His parents were immigrants; they arrived in the United States in 1923, escaping what was then Russia, now Ukraine. As a boy, Barrack attended Akiba Hebrew Academy, then began his studies at Emory University. During his first semester, tragedy struck the Barrack family; Leonard’s father and elder brother, Jack, were killed in a plane crash. This prompted Leonard to return to Philadelphia and transfer to Temple University, where he completed his undergraduate degree.

Following college graduation, Barrack enrolled in the Temple University School of Law (now the Temple University Beasley School of Law), where he earned his Juris Doctorate and served as Editor in Chief of the Temple Law Reporter. He graduated from law school in 1968 and began an illustrious legal career.

Career

Barrack began his legal career as a law clerk for the Delaware Court of Chancery. He was admitted to the bar of the Supreme Court of Pennsylvania in 1969, and maintains his membership on the bars of the United States Supreme Court, the United States Courts of Appeals for the First, Third, Eighth and Tenth Circuits, and the United States District Court for the Eastern District of Pennsylvania.

In 1976, Barrack became the senior and founding partner of Barrack, Rodos & Bacine, which litigates securities and antitrust class actions and complex commercial litigation.

Barrack’s notable legal victories include:

  • In re WorldCom, Inc. Securities Litigation, before the Honorable Denise L. Cote in the Southern District of New York.[1][2] Barrack led the vigorously prosecuted litigation, including the five-week trial against Arthur Andersen. He simultaneously negotiated groundbreaking settlements totaling more than $6.19 billion with WorldCom’s underwriters, its outside directors, and Arthur Andersen, on behalf of the New York State Common Retirement Fund.
  • In re Cendant Corporation Litigation, before the Honorable William H. Walls in the District of New Jersey,[3] which, at $3.3 billion, was the highest recovery ever achieved in a securities fraud class case at the time.
  • In re McKesson HBOC, Inc. Securities Litigation, before the Honorable Ronald M. Whyte in the Northern District of California,[4] which settled for $1.052 billion.
  • In re Merrill Lynch & Co. Securities, Derivative and ERISA Litigation, before the Honorable Jed S. Rakoff in the Southern District of New York,[5] in which he reached a settlement of $475 million, approved in August, 2009.
  • In re American International Group, Inc. Securities Litigation, before the Honorable Laura Taylor Swain in the Southern District of New York,[6] which settled for $970.5 million.

Barrack was the first person to represent an institutional investor, the Pennsylvania Public School Employees' Retirement System, as lead plaintiff under the PSLRA in two major securities class actions initiated in early 1996.

He has had extensive trial and deposition experience in complex actions including the successful trial of derivative lawsuits under Section 14(a) of the Securities Exchange Act of 1934; Gladwin v. Medfield, CCH Fed. Sec. L. Rep. 95,012 (M.D. Fla. 1975), aff’d, 540 F.2d 1266 (5th Cir. 1976);[7] Rafal v. Geneen, CCH Fed. Sec. L. Rep. 93,505 (E.D. Pa. 1972).[8]

In addition, Barrack has lectured on class actions to sections of the American and Pennsylvania Bar Association and is the author of Developments in Class Actions, The Review of Securities Regulations, Volume 10, No. 1 (January 6, 1977)[9]; Securities Litigation, Public Interest Practice and Fee Awards, Practicing Law Institute (March, 1980)[10]

Community and Public Service

Barrack is deeply devoted to several important causes and institutions, and demonstrates his commitment through active service, volunteerism, and financial support.[11][12]

Political Activity

Barrack has served the Democratic party in the following capacities:

  • Political Finance Chair for the 1991 campaign of U.S. Senator Harris Wofford (D. Pa.); he worked closely with Paul Begala and James Carville, among others.
  • Member, Democratic Senatorial Campaign Committee from 1990 through 1996.
  • Managing Trustee, Democratic National Committee.
  • National Finance Chairman of the Democratic National Committee,[13] appointed by President Bill Clinton

Temple University

Barrack’s philanthropic efforts have included major gifts to Temple University,[14] including support for a significant expansion of the Law School in 2002, in which the historic College Hall on North Broad Street was renovated and renamed the Morris and Sylvia Barrack Hall,[15] in honor of Leonard’s parents. Barrack and his wife, Lynne, also endowed the Kohn and Weiner Chairs to attract world-class legal scholars to the Law School.

He established the Barrack Public Interest Fellowship Program in 1991, which has benefited hundreds of students. The aim of this fellowship was to remove some of the financial obstacles that often discourage young lawyers from entering public interest jobs after graduation.

In 2002, Barrack was appointed by then-Chairman of the Board of Trustees Howard Gittis and then-president David Adamany to chair Temple University's first effort at a comprehensive capital campaign, which closed at $30 million above its initial goal of $350 million.

Barrack serves as a member of the Board of Trustees of Temple University, and for many years he chaired the Board's Academic Affairs Committee. He served as the Chair of the Board's Alumni Relations and Development Committee, and has served as Chair of the Beasley School of Law Board of Visitors since 2008.

Barrack Hebrew Academy

In September 2007, the Jack M. Barrack Hebrew Academy launched at its new Radnor Campus. Founded as Akiba Hebrew Academy,[16] the oldest community Jewish secondary day school in North America, the Jack M. Barrack Hebrew Academy welcomed students to its new 86,000 square foot campus in September 2008. The school was named in honor of Leonard's older brother, Jack, who was killed in a 1960 plane crash along with their father, Morris Barrack.

Jewish Federation of Greater Philadelphia

Leonard has actively supported the Jewish Federation of Greater Philadelphia for much of his adult life. He served as President of The Federation for four years and has held many other roles, including his service as a member of the Young Leadership Cabinet of the United Jewish Appeal and as the Philadelphia Cabinet Chairman from the late 1970's through early 1980's. He served as Chairman of the Lawyer's Division of the Jewish Federation of Greater Philadelphia, later becoming the General Chairman of its entire Campaign. Barrack also served as Treasurer of the Federation, as well as the Co Chairman of the Operation Exodus Campaign for the Committee of 100. He participated in and led over 15 missions to Israel and Eastern Europe.

Recognitions and Honors

  • Federation Allied Jewish Appeal, Distinguished Service Award, Chairman, December 1987 – November 1989
  • Federation Allied Jewish Appeal, Salute to Israel Award, for service as General Chairman, 1988
  • Temple University, The Maxwell Society Award for Outstanding Philanthropic Support, October 1988
  • Jewish Federation of Greater Philadelphia, Distinguished Service as Vice President Award, 1992-1995, December 15, 1995
  • Temple Law School Centennial Society, Charter Member, October 18, 1996
  • SuperLawyers, Honored for Seven Consecutive Years of Outstanding Achievement, 2004-2010
  • Jack Barrack Hebrew Academy, L’Dor V’dor Award, From Generation to Generation, September 10, 2007
  • Jewish Federation of Greater Philadelphia, Hear O’Israel Award, April 17, 2008
  • Temple University, Distinguished Service as Trustee Award, 2009-2013[17]
  • Temple University School of Law, Honored by Student Public Interest Network (SPIN), Robert J. Reinstein Public Interest Award, March 4, 2010
  • Temple University, Distinguished Service as Trustee Award, 2013-2017
  • Jewish Federation of Greater Philadelphia, May 2019 - Legacy & Leadership Award
  • Rosalie and Meyer Feinstein Award, given by the Philadelphia Jewish community for outstanding leadership.
  • Honorary Degree of Humane Letters from Temple University, awarded to honor major contributions to the University, 2019.[18]

References

  1. ↑ In Re: WorldCom, Inc. Securities Litigation, No. 1:2002cv03288 - Document 3342 (S.D.N.Y. 2009)
  2. ↑ Prosecuting WorldCom: Setting a New Paradigm for Securities Class Actions
  3. ↑ In re Cendant Corporation Prides Litigation, 235 F.3d 176 (3d Cir. 2000)
  4. ↑ In re McKesson HBOC, Inc. Sec. Litig., Master File No. 99-CV-20743 RMW (PVT) (N.D. Cal. Nov. 28, 2012
  5. ↑ IN RE MERRILL LYNCH & CO., INC. SECURITIES, DERIVATIVE AND ERISA LITIGATION, No. 1:2007cv09633 - Document 366 (S.D.N.Y. 2011)
  6. ↑ In RE AMERICAN INTERNATIONAL GROUP, INC. 2008 SECURITIES LITIGATION 08 Civ. 4772 (LTS)(KNF)
  7. ↑ Fed. Sec. L. Rep. P 95, harold C. Gladwin et al., Plaintiffs-appellees, v. Medfield Corporation et al., Defendants-appellants, 540 F.2d 1266 (5th Cir. 1976)
  8. ↑ Statement Of Leonard Barrack To Third Circuit Task Force On Selection Of Class Counsel
  9. ↑ Developments in Class Actions, The Review of Securities Regulations, Volume 10, No. 1 (January 6, 1977).
  10. ↑ Securities Litigation, Public Interest Practice and Fee Awards, Practicing Law Institute (March, 1980).
  11. ↑ In Temple Universtiy – Alumni Spotlight - A Tradition of Giving
  12. ↑ In Philadelphia Jewish Exponent - Barrack Foundation Announces $1M Scholarship Fund
  13. ↑ In Philadelphia Business Journal - Philadelphia lawyer donates $5M to Temple Law
  14. ↑ In Philadelphia Business Journal - Philadelphia lawyer donates $5M to Temple Law
  15. ↑ In Philadelphia Business Journal - Philadelphia lawyer donates $5M to Temple Law
  16. ↑ In Main Line Today - Giving On The Main Line: Big Hearts:
  17. ↑ Temple University - Alumni Spotlight: https://law.temple.edu/about/alumni-spotlight/len-barrack/
  18. ↑ Temple University - Past Honorary Degree Recipients

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