- 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.
$200 Million Settlement – CMS Energy Corp. Securities LitigationIn 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.In re 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.. Milberg achieved a settlement for the class valued at $180 million.
$138 Million Settlement – Biovail Corp. Securities LitigationIn 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 – Deutsche Telekom AG Securities LitigationIn re CVS Corp. Securities Litigation, No. 01-11464 (D. Mass.)Milberg served as co-lead counsel in this securities action on behalf of a class of purchasers of American Depository Receipts. The 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 – CVS Corp. Securities LitigationIn 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.