Michael Schrag has over 20 years of experience representing individual and small business plaintiffs in a broad range of complex class actions against large corporations concerning banking, credit card, insurance, telecommunications, and real estate industries. He has also successfully represented plaintiffs in product liability, personal injury, medical malpractice, employment, and contingent breach of contract cases.
Mr. Schrag serves as co-lead counsel in Beaver v. Tarsadia Hotels, an unfair competition class action against real estate developers, which recently settled for $51.15 million (settlement pending Court approval). He also represents small business owners in a RICO and fraud action against insurer AIG. Mr. Schrag also represents purchasers of fractional condominium units in actions against developers.
He has helped initiate and prosecute several class actions against Visa, MasterCard, and major U.S. banks, such as Chase and Bank of America, for failing to disclose and fixing the price of currency conversion fees charged to cardholders using credit and debit cards abroad.
Michael began his career prosecuting securities class actions and serving as a law clerk to the Honorable Judith N. Keep, U.S. District Judge, Southern District of California. Before joining Gibbs Law Group, Michael was a partner and co-founder of Meade & Schrag, LLP, where he prosecuted class actions and also litigated personal injury, medical malpractice, breach of contract, and business litigation matters.
Michael is a partner at Gibbs Law Group and of counsel to Girard Gibbs.
Ammari v. Pacific Bell Directory – Served as co-lead counsel representing a class of small businesses that overpaid an AT&T subsidiary for advertising in Yellow Pages directories. Plaintiffs prevailed at trial and on two appeals to obtain a $27 million judgment for class members, a result the National Law Journal deemed as one of the top 100 verdicts in 2009.
In re Currency Conversion Fee Antitrust Litigation – After prevailing at trial in a related state court action, plaintiffs negotiated a $336 million global settlement for the class in this multidistrict antitrust litigation against the country’s largest credit card issuers and networks.
In re Sulzer Hip Prosthesis and Knee Prosthesis Liability Litigation – Recovered over $10 million on behalf of his clients in this multidistrict litigation that awarded a total of $1 billion to patients who received defective hip implants.ver
Publications and Presentations
Co-author, “H.R. 1215: Obliterating Access to Justice for Severe Medical Negligence ,” Impact Fund Practitioner Blog, May 2, 2017.