Our involvement in class action and complex commercial litigation has led to the recovery of billions of dollars for our clients.
Here are examples of a number of settlements:
Brand Name Prescription Drugs — $700 million+
The Firm served on the steering committee in a case which obtained over $700 million for independent retail pharmacies. The pharmacies claimed that the manufacturers and wholesalers of brand name prescription drugs conspired to withhold discounts offers to pharmacies, while offering substantial discounts to hospitals, mail order companies, and health maintenance organizations.
Graphite Electrodes — $134 million+
The Firm recovered more than $134 million for a class of direct purchasers of graphite electrodes which are used in electric arc furnaces to melt scrap iron and steel. These direct purchasers alleged that certain manufacturers and distributors conspired to manipulate the price and allocate the market for graphite electrodes.
BP Propane — $52 million
The Firm represented a class of direct purchasers of both physical propane and propane futures contracts. The Firm obtained $52 million from BP to distribute to class members.
NASDAQ Market Makers — $1 billion
The Firm represented a class of investors who traded certain securities listed on the NASDAQ Market. The class claimed that certain NASDAQ market-makers had conspired to maintain a spread between “bid” and “ask” prices of at least one-quarter of a point. All of the defendants named in the action settled the claims, and the class of investors recovered approximately $1 billion.
American Mobile Systems —$107 million+
The Firm was counsel for a class of AMS stock purchasers defrauded by an elaborate scheme that misrepresented the assets of the company. More than $107 million of unauthorized transfers were made between the accounts of AMS and other companies controlled by its president. Shareholders suffered substantial losses when the scheme collapsed. The Firm achieved settlements against both the company and its auditors.
Polybutylene Plumbing — $1.1 billion
The more than $1 billion settlement reached in this case has been widely hailed and used as a model for other large-scale product failure cases.
The Firm served as co-lead counsel represented a national class of owners with homes containing polybutylene plumbing. This type of plumbing leaked and caused substantial property damage. The settlement provides complete re-plumbing and property damage reimbursement to qualifying homeowners.