Outstanding Recoveries

$4 Billion Settlement – In re Prudential Insurance Co. Sales Practice Litigation, No. 95-4704 (D.N.J.)

Serving as lead counsel, Milberg recovered more than $4 billion for certain policyholders in this landmark case challenging Prudential’s insurance sales practices.

$3.2 Billion Settlement – In re Tyco International Ltd., Securities Litigation, MDL 1335 (D.N.H.)

Milberg served as co-lead counsel in this litigation, which involved federal securities claims against Tyco and its former CEO, CFO, general counsel, and certain former directors arising out of alleged insider trading and the overstatement of billions of dollars in income. In 2007, the court approved a $3.2 billion settlement.

$1.14 Billion Settlement – In re Nortel Networks Corp. Securities Litigation, No. 01-1855 (S.D.N.Y.)

Milberg served as lead counsel for the class and the court-appointed lead plaintiff, the Trustees of the Ontario Public Service Employees’ Union Pension Plan Trust Fund, in this federal securities class action. In January 2007, the court approved a settlement valued at more than $1.14 billion.

$1 Billion-plus Settlement – In re Merck & Co., Inc. Securities Litigation, Nos. 05-1151 and 05-2367 (D.N.J.)

Milberg served as co-lead counsel in this federal securities fraud class action, and after more than 12 years of hard-fought litigation, ultimately obtained a combined settlement totaling $1.062 billion, the largest securities class action settlement ever against a pharmaceutical company. The Court described the settlement as “a settlement which is fair and just and which, in fact, is the best settlement which possibly could have been achieved in this case.” Plaintiffs successfully appealed the dismissal of this action on statute of limitations grounds to the Third Circuit Court of Appeals, and prevailed in defendants’ further appeal to the Supreme Court, resulting in a unanimous decision by the Supreme Court in Plaintiffs’ favor which clarified the law regarding the application of the statute of limitations to federal securities fraud claims. Plaintiffs’ claims also survived additional motions to dismiss and motions for summary judgment, and the parties reached settlement less than three months before trial was scheduled to commence.

Jury Trial Verdict in Excess of $1 Billion – In re Vivendi Universal, S.A. Securities Litigation, No. 02-CV-5571 (S.D.N.Y.)

Milberg was one of two lead trial counsel in this securities fraud case tried to a jury over four months in 2009-2010. The jury found Vivendi liable for dozens of false or misleading statements and awarded damages valued at well over a billion dollars. Six months later, in an unrelated case, the Supreme Court ruled that purchasers on foreign securities exchanges could not recover under U.S. law. Our case against Vivendi continued with post-verdict proceedings under the new standard, and damages have been distributed to U.S. class members totaling over $100 million. The case involved highly contested issues of loss and transaction causation and damage methodologies, and established workable standards for plaintiffs’ successful presentation of those issues in pre-trial and trial proceedings.

$1 Billion Settlement – In re NASDAQ Market-Makers Antitrust Litigation, No. 94-3996 (S.D.N.Y.)

Milberg served as co-lead counsel for a class of investors alleging that NASDAQ market-makers set wide spreads pursuant to an industry-wide conspiracy in one of the largest and most important antitrust cases in recent history. Following more than three years of litigation, the case settled for over $1 billion.

$1 Billion Settlement – In re W.R. Grace & Co. , Nos. 02-2210 and 02-2211 (D. Del.)

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.

$775 Million Settlement – In re Washington Public Power Supply System Securities Litigation, MDL 551 (D. Ariz.)

In this massive securities fraud litigation, Milberg served as co-lead counsel for a class that obtained, after several months of trial, settlements totaling $775 million, the largest securities fraud settlement at that time.

$750 Million Settlement – Carlson v. Xerox Corp., No. 00-1621 (D. Conn.)

Milberg served as plaintiffs’ co-lead counsel in these consolidated cases alleging that Xerox and several officers violated the federal securities laws by issuing false financial statements. Plaintiffs’ claims survived three motions to dismiss and a motion for summary judgment, ultimately resulting in a $750 million settlement in 2009.

$600 Million Settlement – In re Lucent Technologies, Inc. Securities Litigation, No. 00-621 (D.N.J.)

Milberg served as co-lead counsel in this securities action, which alleged that Lucent and its senior officers misrepresented the demand for Lucent products and improperly recognized hundreds of millions of dollars in revenues. The case settled for $600 million.

$586 Million Settlement – In re Initial Public Offering Securities Litigation, No. 21-92 (S.D.N.Y.)

Milberg represented investors in 310 securities class actions alleging a market manipulation scheme involving hundreds of initial public offerings and approximately 55 defendant investment banks. This scheme, plaintiffs alleged, significantly contributed to the high-tech “bubble” of the late 1990s and early 2000s…In approving a $586 million settlement in 2009, the court described the law firms on Plaintiffs’ Executive Committee as the “cream of the crop.”

$500 Million Settlement – In re Managed Care Litigation, MDL 1334 (S.D. Fla.)

This litigation involved a series of lawsuits by physicians and medical associations alleging that the defendant insurers engaged in a scheme to obstruct, reduce, delay, and deny payments and reimbursements to health care providers…court approved a similar settlement between a nationwide class of physicians and defendant CIGNA Healthcare valued in excess of $500 million. The settlements produced sweeping changes in the health care industry.

$500 Million Settlement – In re Exxon Valdez, No. 89-095 (D. Alaska)

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. 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.

$460 Million Settlement – In re Raytheon Co. Securities Litigation, No. 99-12142 (D. Mass.)

Milberg served as lead counsel in this case, which alleged that a major defense contractor failed to properly write down assets on construction contracts. In 2004, Raytheon and its auditor, PricewaterhouseCoopers LLP, settled for a total of $460 million.

$330 Million Settlement – In re Rite Aid Corp.Securities Litigation, No. 99-1349 (E.D. Pa.)

Milberg served as co-lead counsel in this case, in which plaintiffs asserted federal securities fraud claims based on Rite Aid’s alleged failure to disclose material problems with its store expansion and modernization program resulting in artificially inflated earnings. The court approved settlements totaling over $330 million.

$200 Million Settlement – In re CMS Energy Corp. Securities Litigation, No. 02-72004 (E.D. Mich.)

In this securities fraud case arising out of CMS Energy’s alleged “round-trip” trading practices, the court approved a cash settlement of more than $200 million. Milberg served as co-lead counsel for the class.

$180 Million Settlement – Blessing v. Sirius XM Radio, Inc., No. 09-10035 (S.D.N.Y.)

This antitrust case stemmed from the 2008 merger of Sirius Satellite Radio, Inc. and XM Satellite Holdings, Inc. that created Sirius XM, the nation’s only satellite radio company. The plaintiffs alleged that the merger of the only two U.S. satellite radio providers was an illegal move to eliminate competition and monopolize the satellite radio market. Before the merger, Sirius CEO Mel Karmazin convinced regulators not to block the deal by promising that “the combined company will not raise prices” and that the merger would actually result in “lower prices and more choice for the consumer.” After the merger, Sirius quickly reversed course, raised prices by 15-40%, and eliminated multiple radio stations. Milberg achieved a settlement for the class valued at $180 million.

$138 Million Settlement – In re Biovail Corp. Securities Litigation, No. 03-8917 (S.D.N.Y.)

Milberg, representing Local 282 Welfare Trust Fund and serving as co-lead counsel, litigated this securities action alleging that defendants made misleading statements concerning Biovail’s financial results and its drug, Cardizem LA. Following substantial discovery, including depositions across the U.S. and Canada, Milberg obtained a $138 million settlement for the class, and Biovail agreed to institute significant corporate governance changes.

$120 Million Settlement – In re Deutsche Telekom AG Securities Litigation, No. 00-9475 (S.D.N.Y.)

Milberg served as co-lead counsel in this securities action on behalf of a class of purchasers of American Depository Receipts. Plaintiffs alleged that Deutsche Telekom improperly failed to disclose plans to make a major corporate acquisition and overstated the value of real estate assets. In 2005, following extensive discovery, including depositions in Germany, the court approved a $120 million cash settlement.

$110 Million Settlement – In re CVS Corp. Securities Litigation, No. 01-11464 (D. Mass.)

Milberg served as co-lead counsel in this securities class action alleging that defendants issued false and misleading statements, which artificially inflated the price of CVS stock. In 2005, the court approved a $110 million settlement.

$100 Million Settlement – In re Chase Bank USA, N.A. “Check Loan” Contract Litig., No. 09-2032 (N.D. Cal.)

Milberg served on the Executive Committee representing the class in this action against JP Morgan Chase & Co. The complaint alleged that Chase improperly increased by 150% the minimum monthly payment requirement for customers who entered into balance transfer loans with “fixed” interest rates that were guaranteed to remain so for the “life of the loan.” Milberg and its co-counsel, achieved a $100 million settlement for the class.

$100 Million Settlement – In re American Express Financial Advisors Securities Litigation, No. 04-1773 (S.D.N.Y.)

This case involved allegations that American Express Financial Advisors violated securities laws by representing to class members that the company would provide tailored financial advice, when the company actually provided “canned” financial plans and advice designed to steer clients into American Express and certain nonproprietary mutual funds. The case settled for $100 million and required the company to adopt various remedial measures.

$100 Million Settlement – In re General Electric Co. ERISA Litigation, No. 04-1398 (N.D.N.Y.)

Milberg, serving as co-lead counsel, achieved a $40 million settlement on behalf of current and former G.E. employees who claimed that G.E.’s 401(k) Plan fiduciaries imprudently invested more than two-thirds of the Plan’s assets in company stock. The settlement included important structural changes to G.E.’s 401(k) plan valued at more than $100 million.

$90 Million Settlement – In re Royal Dutch/Shell Transport ERISA Litigation, No. 04-1398 (D.N.J.)

This was an ERISA breach of fiduciary duty class action against the Royal Dutch/Shell Oil Group of Companies on behalf of certain of the companies’ U.S. employee investment plan participants. The $90 million settlement included important provisions regarding the monitoring and training of individuals appointed to be ERISA fiduciaries.

$85 Milliion Settlement – Mason v. Medline, No. 07-05615 (N.D. Ill.)

Milberg successfully represented a healthcare worker in a False Claims Act case against his former employer, Medline Industries, Inc., one of the nation’s largest suppliers of medical and surgical products, along with its charitable arm, The Medline Foundation. The suit alleged that Medline engaged in a widespread illegal kickback scheme targeting hospitals and other healthcare providers that purchase medical products paid for by federal healthcare programs. Although a party to the settlement agreement, the U.S. Department of Justice chose not to intervene in the lawsuit. Milberg pursued the case on a non-intervened basis and recovered $85 million on behalf of the federal government — one of the largest settlements of a False Claims Act case in which the government declined to intervene. The whistleblower was awarded 27.5% of the proceeds.

$75 Million Settlement – Irvine v. ImClone Systems, Inc., No. 02-0109 (S.D.N.Y.)

Milberg served as co-lead counsel in this case, in which the court approved a $75 million cash settlement in 2005. Plaintiffs alleged that ImClone misrepresented the likelihood that its drug, Erbitux, would be approved, thereby artificially inflating the price of ImClone stock.

$62 Million Settlement – In re Comverse Technology, Inc. Derivative Litigation, No. 601272/2006 (N.Y. Sup. Ct. N.Y. Cnty.)

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.

$54 Million Settlement – U.S. ex rel. Miller v. CareCore National LLC et al., No. 13-1177 (S.D.N.Y)

Milberg, along with co-counsel, represented a whistleblower or “relator” in a false claims act case against CareCore, a company which provides benefit management services to Medicare Advantage and Medicaid Managed Care Organizations. Relator alleged that violated CareCore violated the false claims act by approving “prior authorizations” for expensive diagnostic procedures (such as MRIs) without reviewing them for medical necessity, as it was required to do. The Government intervened and the case settled in May 2017 for $54 million and the relator’s share of the settlement was $10.5 million.

$25 Million Settlement – U.S. ex rel. Gonzales v. J.W. Carell Enterprises, Inc. et al., No. 12-00389 (M.D. Tn.)

Milberg represented a whistleblower or “relator” in a false claims act case against one of Tennessee’s largest home healthcare providers which alleged the company’s fraudulent submissions of Medicare and Medicaid claims. The Government intervened and the case settled in November 2014 for $25 million and the relator’s share of the settlement was $3.9 million.

$10 Million Settlement – In re Target Corporation Customer Data Security Breach Litigation, No. 14-md-02522-PAM (D. Minn.)

Milberg represented as many as 110 million Target customers whose personal information was compromised in this landmark data breach case. Milberg, together with co-counsel, achieved compensation of $10 million, entitling individual consumers to recover losses of up to $10,000. An appeal to the settlement has been remanded to the District Court of Minnesota and remains pending.

In re Trump Hotels Shareholder Derivative Litigation, No. 96-7820 (S.D.N.Y.)

The plaintiff shareholders asserted various derivative claims on behalf of the company against certain Trump entities and senior Trump executives in connection with the sale of a casino to a company in which the plaintiffs owned stock. Milberg negotiated a settlement requiring the company to increase the number of directors and the review of certain future transactions by a special committee.