Thomas F. Berndt



Tom represents both major corporations and small businesses in complex civil lawsuits. He has extensive experience in high-stakes disputes involving alleged fraud, breach of contract, breach of fiduciary duty, shareholder oppression, antitrust violations, and unfair trade practices. Through his experience in some of the country’s highest profile financial litigations—including Lehman Brothers’ bankruptcy, Bernie Madoff fraud, and LIBOR-manipulation scandal—Tom has developed an in-depth understanding of shareholder rights and other corporate governance issues, equity and debt securities, futures contracts and options, and benchmark manipulation. 

Insulate SB, Inc. v. Advanced Finishing Systems, Inc., Lead counsel for fluid-handling equipment manufacturer Graco Inc. in putative nationwide antitrust class action alleging unlawful business acquisitions and boycott, exclusive-dealing, and monopolization conspiracies. We obtained the dismissal of all claims with prejudice, 2014 U.S. Dist. LEXIS 31188 (D. Minn. Mar. 11, 2014), and we represented Graco in the appeal, where the judgment was affirmed. __ F.3d __, 2015 U.S. App. LEXIS 14233 (8th Cir. Aug. 13, 2015).  

In re Bernard L. Madoff (Bankr. S.D.N.Y.): Representing numerous victims of Madoff Ponzi scheme against SIPC trustee’s clawback suits.

In re Lehman Brothers Holdings Inc. (Bankr. S.D.N.Y.): Representing institutional investor seeking damages for material misrepresentations made in sale of mortgage-backed securities.

Represent class of employee-shareholders in high-profile action to stop attempted seizure of voting rights and forced sale of Bremer Bank through unlawful stock transfers and conversion. This and accompanying suit by Bremer Bank recently spurred Minnesota Attorney General investigation into share transfers. Class claims include breach of fiduciary duty, shareholder oppression, and violation of Minnesota’s Control Share Acquisition Act.

In re Libor-Based Financial Instruments Antitrust Litigation (S.D.N.Y.): Representing plaintiff financial company in suit alleging panel of sixteen global investment banks manipulated benchmark interest rates.

Represented Special Committee of the Fiesta Bowl Board of Directors formed to investigate allegations that Fiesta Bowl had reimbursed employees for campaign contributions, covered up criminal conduct, and made other improper expenditures. The investigation led to numerous criminal prosecutions and the guilty pleas of two Fiesta Bowl executives, including ex-CEO John Junker. 

Numerous Plaintiffs v. Cargill Flavor Systems: Defended flavoring company against product liability claims of numerous former employees.

Jermyn v. Best Buy Stores, L.P. (S.D.N.Y.): Represented retailer in consumer class action.

State of New Mexico v. Hartford Steam Boiler Inspection & Ins. Co.: Defended insurer in New Mexico state court against numerous claims stemming from alleged damage to MRI.

Wright v. Chicago Laborers’ Pension Fund (D.Minn.): Brought ERISA claims on behalf of retired construction worker and secured 100% of wrongfully-denied pension benefits.

The Wilko Group v. Jazwares, Inc. (D.Minn.): Defended toy manufacturer against former sales representative’s claims under Minnesota Termination of Sales Representatives Act and Minnesota Prompt Payment of Commissions Act.

Represented minority shareholder in closely-held corporation asserting breach of fiduciary duty and fraud claims against controlling shareholders and directors.

Super Lawyers 2018
  • Named a “Minnesota Rising Star,” Super Lawyers (2018)
  • Named a “North Star Lawyer” by the Minnesota State Bar Association for providing at least 50 hours of pro bono legal services (2014-2016)
  • Burton Award Winner for Excellence in Legal Writing (2006)
  • YMCA – Downtown Minneapolis, Board of Directors
  • Standish Ericcson Neighborhood Association (SENA), Board of Directors
Bar Admissions
  • Minnesota
  • U.S. Bankruptcy Court, District of Minnesota
  • U.S. District Court, Minnesota
  • U.S. District Court, Nebraska
  • U.S. District Court, North Dakota
  • U.S. Court of Appeals, Second Circuit
  • U.S. Court of Appeals, Eighth Circuit
  • William Mitchell College of Law, J.D., summa cum laude
  • St. John's University, B.A., magna cum laude
Professional Associations
  • American Bar Association
  • Federal Bar Association
  • Hennepin County Bar Association
  • Minnesota State Bar Association
  • Appellate Practice Appellate Ethics for Lawyers and Judges
    Hennepin County Bar Association, Minneapolis, Minnesota (April 23, 2015)
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