- 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.
$1 Billion Settlement – W.R. Grace & CoIn 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.
$1 Billion-plus Settlement – Merck & Co., Inc. Securities LitigationIn 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.”
$775 Million Settlement – Washington Public Power Supply System Securities LitigationIn 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 CorpIn re 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. The 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 – Lucent Technologies, Inc. Securities LitigationIn 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.