Outstanding Recoveries

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Verdicts & Settlements

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  $62 Million Settlement – Comverse Technology, Inc. Derivative Litigation

  In re Comverse Technology, Inc. Derivative Litigation, No. 601272/2006 (N.Y. Sup. Ct. N.Y. Cnty.)

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  As Co-Lead Counsel, Milberg negotiated a $62 settlement which was approved by the court in 2010. The settlement also resulted in significant corporate governance reforms, including the replacement of various directors and officers; the amendment of the company’s bylaws to permit certain shareholders to propose in the company’s proxy materials nominees for election as directors; and the requirement that all equity grants be approved by both the compensation committee and a majority of the non-employee directors.
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  $500 Million Settlement – Exxon Valdez

  In re Exxon Valdez, No. 89-095 (D. Alaska)

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  Milberg was a member of the Plaintiffs’ Coordinating Committee and co-chair of the Plaintiffs’ Law Committee in the massive litigation resulting from the Exxon Valdez oil spill in Alaska. The plaintiffs obtained a jury verdict of $5 billion, which, after years of appeals by Exxon, was reduced to approximately $500 million by the United States Supreme Court. The United States Court of Appeals for the Ninth Circuit has since held that plaintiffs are entitled to post-judgment interest on the award in the amount of approximately $470 million.
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  $400+ Million Settlement – Chantix (Varenicline) Products Liability Litigation

  In re Chantix (Varenicline) Products Liability Litigation, MDL 2092 (U.S. District Court for the Northern District of Alabama, Southern Division)

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  Milberg attorneys served as Co-Lead Counsel in the Chantix Coordination in New York State Court and court-appointed member of the Plaintiffs Steering Committee in the MDL in Alabama.
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  $4 Billion Settlement – Prudential Insurance Co. Sales Practice Litigation

  In re Prudential Insurance Co. Sales Practice Litigation, No. 95-4704 (D.N.J.)

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  Serving as Lead Counsel, Milberg recovered more than $4 billion for certain policyholders in this landmark case challenging Prudential’s insurance sales practices.
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  $1 Billion Settlement – W.R. Grace & Co

  In re W.R. Grace & Co., Nos. 02-2210 and 02-2211 (D. Del.)

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  In this case, Milberg acted as Lead Counsel for the asbestos personal injury and property damage committees in two separate fraudulent conveyance actions within the W.R. Grace bankruptcy. Two settlements were achieved, consisting of cash and stock valued at approximately $1 billion.