- 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.
$75 Million Settlement – Irvine v. ImClone Systems, Inc.Irvine v. ImClone Systems, Inc., No. 02-0109 (S.D.N.Y.)Milberg served as co-lead counsel in this case, in which the court approved a $75 million cash settlement in 2005. The plaintiffs alleged that ImClone misrepresented the likelihood that its drug, Erbitux, would be approved, thereby artificially inflating the price of ImClone stock.
$62 Million Settlement – Comverse Technology, Inc. Derivative LitigationIn re Comverse Technology, Inc. Derivative Litigation, No. 601272/2006 (N.Y. Sup. Ct. N.Y. Cnty.)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.
$54 Million Settlement – Miller v. CareCore National LLCU.S. ex rel. Miller v. CareCore National LLC et al., No. 13-1177 (S.D.N.Y)Milberg, along with co-counsel, represented a whistleblower or “relator” in a false claims act case against CareCore, a company that provides benefit management services to Medicare Advantage and Medicaid Managed Care Organizations. The relator alleged that violated CareCore violated the false claims act by approving “prior authorizations” for expensive diagnostic procedures (such as MRIs) without reviewing them for medical necessity, as it was required to do. The Government intervened and the case settled in May 2017 for $54 million and the relator’s share of the settlement was $10.5 million.
$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.)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.
$10 Million Settlement – Target Corporation Customer Data Security Breach LitigationIn re Target Corporation Customer Data Security Breach Litigation, No. 14-md-02522-PAM (D. Minn.)Milberg represented as many as 110 million Target customers whose personal information was compromised in this landmark data breach case. Milberg, together with co-counsel, achieved compensation of $10 million, entitling individual consumers to recover losses of up to $10,000. An appeal to the settlement has been remanded to the District Court of Minnesota and remains pending.