Outstanding Recoveries
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Verdicts & Settlements
Since Milberg’s founding in 1965, the firm has recovered more than $50 billion for our clients while prompting meaningful changes in corporate governance.
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See More$138 Million Settlement – Biovail Corp. Securities Litigation
In 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. -
See More$54 Million Settlement – Miller v. CareCore National LLC
U.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 CareCore violated the False Claims Act by approving “prior authorizations” for expensive diagnostic procedures (such as MRIs) without reviewing them for medical necessity, as required. 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. -
See More$1.14 Billion Settlement – Nortel Networks Corp. Securities Litigation
In 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. -
See More$62 Million Settlement – Comverse Technology, Inc. Derivative Litigation
In 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. -
See More$500 Million Settlement – Managed Care Litigation
In re Managed Care Litigation, MDL 1334 (S.D. Fla.)This litigation involved a series of lawsuits by physicians and medical associations alleging that the defendant insurers engaged in a scheme to obstruct, reduce, delay, and deny payments and reimbursements to health care providers. The court approved a similar settlement between a nationwide class of physicians and defendant CIGNA Healthcare valued in excess of $500 million. The settlements produced sweeping changes in the health care industry.
