- Outstanding Recoveries
Since Milberg’s founding in 1965, the firm has recovered more than $50 billion for our clients while prompting meaningful changes in corporate governance.
$4 Billion Settlement – Prudential Insurance Co. Sales Practice LitigationIn 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 – Tyco International Securities LitigationIn 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 – Nortel Networks Corp. Securities LitigationIn 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 Trial Verdict – Vivendi Universal, S.A. Securities LitigationIn 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.
$1 Billion Settlement – NASDAQ Market-Makers Antitrust LitigationIn 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.