Nationality American Name Edward Millstein | Occupation Lawyer | |
Edward (Ted) Millstein is an attorney in Philadelphia. He is best known for representing plaintiffs in lawsuits against large corporations such as Visa, MasterCard, and Volkswagen. Millstein is also well known for his representation of victims of the Holocaust. He was instrumental in obtaining reparations for victims and their families, which resulted in the formation of a foundation with over $5 billion in assets.
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Legal and Finance Career
In addition to his legal practice, Millstein was among the early entrants in the U.S. in the Third Party Litigation Funding (TPLF) industry (focused on large commercial cases), and spent over three years researching, conducting diligence and developing deep industry relationships across all aspects of the industry.
From 2007 to 2009, Millstein served as managing director of Context Balance Capital, a nascent private equity fund focused on TPLF. Before his involvement in TPLF, Millstein was a partner at Berger and Montague. Millstein is “AV” rated by Martindale-Hubbell, and was named a “Super Lawyer” by Law and Politics and Philadelphia Magazine in 2006 and 2007. Mr. Millstein is a summa cum laude graduate of Temple University, where he was selected as a Presidential Scholar and elected to Phi Alpha Theta. He earned his JD from the University of Pennsylvania Law School.
Visa and MasterCard
Millstein was of primary counsel in Currency Conversion Fee Antitrust Litigation, MDL 1409, where a settlement was negotiated to provide a $336 million fund and injunctive relief for a class of U.S. cardholders of Visa and MasterCard-branded credit and debit/ATM cards who had used their cards to make foreign denominated transactions.
Digital Music Antitrust
While at Berger and Montague, Millstein was appointed as chair of the executive committee in Digital Music Antitrust Litigation, MDL 1780, a case involving collusion between and among the five major record labels to fix the price of digital music.
Slave Labor and The Aryanization
Millstein served as counsel in cases filed against fourteen German industrial companies and banks arising out of the use of slave labor and the Aryanization of Jewish assets during the Holocaust. He was among a small group of American lawyers who participated in international negotiations sponsored by the Governments of the U.S. and Germany that resulted in the creation of a German Foundation with assets of $5 billion, established for the benefit of the victims of slave labor Aryanization, as well as other wrongs of the Nazi era. Mr. Millstein was a signatory of the Joint Statement affirming the establishment of the German Foundation.