- 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.
$100 Million Settlement – American Express Financial Advisors Securities LitigationIn 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 non-proprietary mutual funds. The case settled for $100 million and required the company to adopt various remedial measures.
$100 Million Settlement – Chase Bank USA, N.A. “Check Loan” Contract LitigationIn 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 required 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 – General Electric Co. ERISA LitigationIn 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 – Royal Dutch/Shell Transport ERISA LitigationIn 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 Million Settlement – Mason v. MedlineMason 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.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