December 15, 2009
Daily Journal, "Judge Approves Broadcom Settlement"
A federal judge in Los Angeles refused to overturn Broadcom's $118 million settlement with shareholders over stock option backdating, despite defense lawyers' arguments that it has become unfair given recent developments in parallel criminal proceedings. One lawyer told U.S. District Judge Manuel L. Real that plaintiff lawyers had excluded three defendants from the settlement because they face criminal charges or have pleaded guilty to a felony related to stock option backdating.
"What you're asking me to do is rule against the settling defendants for the benefit of Mr. Samueli and Nicholas and it isn't fair to the [settling defendants]," Real said. "Please, please don't do that to me." The shareholders' lawyer, Richard Heimann, of Lieff, Cabraser, Heimann & Bernstein, said he considered a variety of factors when he excluded the three defendants, of which criminal liability is only one.
November 21, 2009
New York Times, "Ohio Sues Rating Firms for Losses in Funds"
Already facing a spate of private lawsuits, the legal troubles of the country's largest credit rating agencies deepened on Friday when the attorney general of Ohio sued Moody's Investors Service, Standard & Poor's and Fitch, claiming that they had cost state retirement and pension funds some $457 million by approving high-risk Wall Street securities that went bust in the financial collapse. More...
November 20, 2009
The Plain Dealer, "Ohio Attorney General Richard Cordray sues rating agencies Standard & Poor's, Moody's and Fitch over state pension fund losses"
Ohio Attorney General Richard Cordray has filed suit against securities rating agencies Standard & Poor's, Moody's and Fitch as part of an ongoing effort to recover money for state pension funds that represent police, firefighters, teachers and state and local government workers. More...
November 20, 2009
Ohio Attorney General Sues National Credit Rating Agencies for False and Misleading Ratings
Ohio Attorney General Richard Cordray has filed a lawsuit against credit rating agencies Standard & Poor’s, Moody’s and Fitch. The lawsuit, filed in federal court in Ohio on behalf of five Ohio public employee retirement and pension funds, alleges the rating agencies wreaked havoc on U.S. financial markets by providing unjustified and inflated ratings of mortgage-backed securities in exchange for lucrative fees from securities issuers. Lieff Cabraser and co-counsel are assisting the Ohio Attorney General in the prosecution of the litigation. Learn more...
September 29, 2009
Daily Journal, "Broadcom Shareholder Deal Receives Tentative Approval"
A federal judge on Monday preliminarily approved a $118 million partial settlement in the Broadcom shareholder derivative litigation. Lawyers for shareholders asked U.S. District Judge Manuel L. Real to impose a $50,000 fine against Skadden, Arps, Slate, Meagher & Flom for discovery violations, but the judge declined. More...
September 1, 2009
National Law Journal, "Broadcom Settles Stock Options Backdating Claims for $118 Million"
Broadcom Corp. has agreed to pay $118 million to settle allegations of stock options backdating, in one of the largest such deals in a derivative action to date. The proposed settlement, subject to approval by U.S. District Judge Manuel Real of the Central District of California, would be the second largest in a derivative action involving stock options backdating, according to lead plaintiffs counsel Richard Heimann, name partner at San Francisco's Lieff Cabraser Heimann & Bernstein. More...
August 31, 2009
Daily Journal, "Broadcom Agrees to Settle Backdating Case"
Irvine-based Broadcom Corp. has reached a tentative $118 million settlement with its shareholders over a derivative action over stock option backdating, including $11.5 million in fees for the plaintiffs' attorneys. It marks the one of the largest settlements in a derivative action related to stock options backdating, and may be the largest ever. More...
April 2009
California Lawyer Securities Round Table
Lieff Cabraser's Richard Heimann participated in California Lawyer's April 2009 Securities Law Round Table discussion. Click here to read a copy of the discussion.
Click here to read Earlier News Article Excerpts
