Outstanding Recoveries

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Verdicts & Settlements

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  $500 Million Settlement – Managed Care Litigation

  In re Managed Care Litigation, MDL 1334 (S.D. Fla.)

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  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. The 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.
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  $25 Million Settlement – U.S. ex rel. Gonzales v. J.W. Carell Enterprises, Inc.

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

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  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.
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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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  $75 Million Settlement – Irvine v. ImClone Systems, Inc.

  Irvine v. ImClone Systems, Inc., No. 02-0109 (S.D.N.Y.)

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  Milberg served as Co-Lead Counsel in this case, in which the plaintiffs alleged that ImClone misrepresented the likelihood that its drug, Erbitux, would be approved, thereby artificially inflating the price of ImClone stock. The court approved a $75 million cash settlement in 2005.
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  $100 Million Settlement – General Electric Co. ERISA Litigation

  In re General Electric Co. ERISA Litigation, No. 04-1398 (N.D.N.Y.)

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  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.