Michael Schrag Email & Phone Number

Emeryville, California, United States

For 27 years, I have represented consumers and small businesses in complex class actions and multi-plaintiff lawsuits against some of the country’s largest banks, insurers, credit card, and telecommunication companies. My practice covers a broad range of legal areas including antitrust, fraud, and consumer protection and I have recovered hundreds of millions of dollars for my clients. While at Gibbs Law Group, I recently recovered $52 million for borrowers wrongfully denied home loan modifications by Wells Fargo Bank. As Co-Lead class counsel in Hernandez v. Wells Fargo Bank, my team recovered $40 million for over one thousand borrowers who lost their homes after Wells Fargo wrongfully foreclosed. The Court praised our work for bringing “significant” relief to the class. In a related case, my team recovered an additional $12 million for borrowers.I was also on the Expert Committee and trial team in the In re: Disposable Contact Lens Antitrust Litigation, a nationwide class action lawsuit alleging that manufacturers and distributors conspired to fix prices of contact lenses sold to consumers. The case settled for a total of $118 million after the court certified a nationwide class and denied Defendants’ motions for summary judgment. I am currently on the court-appointed Plaintiffs’ Executive Committee in the In Re Cattle Antitrust Litigation.

Oakland, Ca

As a partner at Gibbs Law Group LLP, I represented plaintiffs in complex class actions against large corporations and individual personal injury and fraud cases. In addition to the Wells Fargo and Contact Lens Antitrust cases, I served as co-lead class counsel in Beaver v. Tarsadia Hotels, recovering over $51 million for a class of purchasers of hotel-condominium units at the Hard Rock Hotel in San Diego. The class action alleged that sellers concealed information about buyers' rights to rescind, causing financial harm. After obtaining an important victory in the Ninth Circuit (Beaver v. Tarsadia Hotels, 816 F.3d 1170 9th Cir. 2016)), the case settled for $51.15 million. In granting final approval, Judge Curiel concluded that the settlement was "an excellent result" for the class, and noted "Class Counsel overcame several hurdles that reflect their skill and experience."In Asokan v. American General Insurance, Co., I represented small business owners who alleged that AIG misrepresented purported tax benefits of a certain life insurance policies. The case proceeded to a jury trial. I had primary responsibility for damages expert testimony at trial. The case settled for a confidential sum 8 days into the jury trial after our expert testified. My team also represented several other clients in a related action in federal court in California that settled for a confidential sum after the Asokan trial.I also served on the Plaintiffs' Steering Committee in the MDL action, In re Wells Fargo Collateral Protection Insurance Litigation representing consumers who took out car loans from Wells Fargo and were charged for auto insurance they did not need. The case settled in 2019 for $393.5 million.I also helped initiate a class action against Umpqua Bank for aiding and abetting a real estate Ponzi scheme. The court certified a nationwide class and denied Umpqua’s motion for summary judgment.

Berkeley, Ca

Ammari Electronics, et al. v. Pacific Bell Directory. After a jury trial and two successful appeals in this breach of contract litigation, we obtained a $27 million judgement in a result recognized by the National Law Journal as one of the top 100 verdicts in 2009. The Regents of the University of California, et al. v. Ameriprise Financial Services, Inc., et al. We represented a class of 75 charities in an action involving a fraudulent will and trust and elder abuse. The action settled for $3 million.Obscura Digital, Inc. v. Doe, Inc. Our firm obtained favorable confidential settlement for San Francisco-based technology and media company, Obscura Digital, in a multimillion dollar breach of contract action against a large multinational corporation. Roth v. Aon Corp. We assisted Lead Counsel in discovery in this securities fraud action that settled for $30 million.International Brotherhood of Electrical Workers Local 234, et al. v. The Ryan Company Inc. We represented employees in a wage and hour class action involving misclassification and denial of overtime pay and rest breaks. The case settled for $2 million.Peter Rundberg, et al. v. Intrawest Napa Development Company, LLC, et al. (Napa County Superior Court Case No. 26-56986). We represented condominium purchaers in a class action alleging violations of Interstate Land Sales Full Disclosure Act. The action settled for $1.4 million.In re Late Fee and Over-Limit Fee Litigation 741 F.3d 1022 (9th Cir. 2014). We represented a putative nationwide class of credit cardholders who paid exorbitant late fees and over-limit fees to the nation’s largest banks. We alleged a groundbreaking theory that laws authorizing credit card late fees are constrained by the Due Process Clause. Although the action was dismissed, two of the three judges on the 9th Circuit panel signed a concurring opinion indicating their belief that principles of fairness and equity were on plaintiffs’ side.

In re Currency Conversion Fee Antitrust LitigationI was part of a team that litigated several actions concerning credit card fees charged when consumers traveled to foreign countries. After prevailing at trial in a related state court action, we obtained a $336 million global settlement for the class in this MDL against Visa. MasterCard and their largest credit card issuing banks.In re Sulzer Hip Prosthesis and Knee Prosthesis Liability LitigationIn this mass tort MDL, I helped recover over $10 million on behalf of our clients who received defective hip implants and had to undergo a revision hip replacement surgery. In all, plaintiffs received over $1 billion in compensation.

San Diego, Ca

San Diego, Ca

Master’S Degree, Public Policy--Goldman School Of Public Policy

B.A., Economics