Our Track Record

Lieff Cabraser has a proven record of recovering a significant percentage of our clients' losses.

Lieff Cabraser's rate of recovery in securities cases is very high compared to peer averages. We have a proven record of recovering a significant percentage of our clients' losses. The following summaries profile several of our resolved securities and financial fraud cases:

In re Qwest Communications International, Inc. Securities and "ERISA" Litigation

Lieff Cabraser represented the New York State Common Retirement Fund, Fire and Police Pension Association of Colorado, Denver Employees' Retirement Plan, San Francisco Employees' Retirement System, and over thirty separate mutual funds formerly managed by Merrill Lynch Investment Managers (now BlackRock, Inc.) in individual opt-out securities fraud actions filed in federal court against Qwest Communications International, Inc., and senior executives at Qwest. In 2007, these cases were settled for amounts significantly in excess of what our clients would have received from the class settlement.

Alaska State Department of Revenue v. Time Warner

In December 2006, a $50 million settlement was reached in a securities fraud action brought in Alaska State Court on behalf of the Alaska State Department of Revenue against Time Warner, Inc. The settlement was well in excess of Alaska's "recoverable damages" and more than 50 times what the client would have recovered had they remained members in the federal class action. In commenting on the verdict and Lieff Cabraser, a spokesperson for the Alaska Attorney General stated, "We appreciate the diligence and expertise of our counsel in achieving an outstanding resolution of the case."

Merrill Lynch Fundamental Growth Fund and Merrill Lynch Global Value Fund v. McKesson HBOC

Lieff Cabraser served as counsel for two Merrill Lynch mutual funds in a California State Court action involving accounting fraud. In a significant published discovery ruling, the California Court of Appeal held that defendants waived the attorney-client and work product privileges with regard to an audit committee report and interview memoranda prepared in anticipation of shareholder lawsuits by disclosing the information to the U.S. Attorney and SEC. Lieff Cabraser's clients recovered approximately $145 million, representing nearly 104% of damages suffered by the funds. This amount was approximately $115-120 million more than the Merrill Lynch funds would have recovered had they participated in the federal class action settlement.

Claghorn v. Edsaco ("Scorpion Technologies | Edsaco")

Lieff Cabraser served as Lead Counsel in class action suits arising out of a fraudulent scheme by Scorpion Technologies, Inc. and business affiliates to inflate the company's earnings through reporting fictitious sales. In April 2002, after a multi-week trial, a federal jury in San Francisco returned a $170.7 million verdict against Edsaco Ltd. The jury found that Edsaco aided Scorpion in setting up phony European companies as part of the scheme in which Scorpion reported fictitious sales of its software, thereby inflating its earnings. The jury verdict was one of the largest in the nation in 2002 and produced a recovery for the class of nearly 100%.

In re Informix/Illustra Securities Litigation

Lieff Cabraser represented Richard H. Williams, the former Chief Executive Officer and President of Illustra Information Technologies, Inc. ("Illustra") and a class of Illustra shareholders in suit on behalf of all former Illustra securities holders who tendered their Illustra preferred or common stock, stock warrants or stock options in exchange for securities of Informix Corporation ("Informix") in connection with Informix's 1996 purchase of Illustra. Pursuant to that acquisition, Illustra stockholders received Informix securities representing approximately 10% of the value of the combined company.

The complaint alleged claims for common law fraud and violations of Federal securities law arising out of the acquisition. The global settlement of the litigation for $136 million constituted one of the largest settlements ever involving a high technology company alleged to have committed securities fraud. Our clients, the Illustra shareholders, received approximately 30% of the net settlement fund.

Kofuku Bank Ltd. and Namihaya Bank Ltd. v. Republic New York Securities Corp., et al.; and Kita Hyogo Shinyo-Kumiai v. Republic New York Securities Corp., et al. ("Republic/HSBC")

Lieff Cabraser represented three Japanese financial institutions (and their successor-in-interest, the Resolution Collection Corporation of Japan) in individual lawsuits against HSBC, Inc., the successor-in-interest to Republic New York Corporation, Republic New York Bank and Republic New York Securities Corporation, and Martin A. Armstrong for alleged violations of federal securities and racketeering laws. Through a group of interconnected companies owned and controlled by Armstrong -- the Princeton Companies -- Armstrong and the Republic Companies promoted and sold notes to the largest companies and financial institutions in Japan.

Plaintiffs alleged that the Princeton and Republic Companies made fraudulent misrepresentations in the promotion and sale of the notes. In December 2001, all the claims in the litigation were settled. As part of the settlement, Lieff Cabraser's clients recovered more than $50 million, which represented 100% of the value of their principal investments.

In re California Micro Devices Securities Litigation

Lieff Cabraser served as Liaison Counsel for the Colorado Public Employees' Retirement Association, the California State Teachers' Retirement System, and the class they represented. Through a series of settlements, class members received an almost complete return on their losses. The settlement with the company included multi-million dollar contributions by the former Chairman of the Board and Chief Executive Officer.

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Judicial Praise

Lieff Cabraser is "one of the most foremost law firms in the country in both securities law and class actions."

-- U.S. District Court Judge William Alsup

"Counsel for the plaintiffs did a very good job in a very tough situation of achieving an excellent recovery for the class here. You were opposed by extremely capable lawyers. It was an uphill battle... The recovery that was achieved is remarkable, almost a hundred percent."

-- U.S. District Judge Susan Illston on Lieff Cabraser's work in Claghorn v. Edsaco

"It is highly unusual for a class action in the securities area to recover anywhere close to the percentage of loss that has been recovered here, and counsel and the lead plaintiffs have done an admirable job in bringing about this most satisfactory conclusion of the litigation."

-- U.S. District Judge Vaughn R. Walker on the nearly 100% recovery for the class in the California Micro Devices Securities Litigation

News

November 21, 2009, Ohio Sues Rating Firms for Losses in Funds

November 20, 2009, Ohio Attorney General Richard Cordray sues rating agencies Standard & Poor's, Moody's and Fitch over state pension fund losses

November 20, 2009, Ohio Attorney General Sues National Credit Rating Agencies for False and Misleading Ratings

September 29, 2009, Broadcom Shareholder Deal Receives Tentative Approval