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Lieff Cabraser's rate of recovery in securities cases
is very high compared to peer averages. We have a proven
record of recovering a high percentage of our clients'
losses, including 100% recoveries in multiple cases where
we served as Lead Counsel or Co-Lead Counsel. The following
summaries profile several of these cases: |
Alaska State Department of Revenue v. Time Warner,
No. 1JU-04-503 (Alaska Supr. Ct.). |
In December 2006, a $50 million settlement was reached
in a securities fraud action brought by the Alaska State
Department of Revenue against Time Warner Inc. that alleged
that defendants misrepresented the advertising revenues
and growth of AOL. When the action was filed, the losses
were estimated at $70 million. Lieff Cabraser served
as securities counsel for the state. "We appreciate
the diligence and expertise of our counsel in achieving
an outstanding resolution of the case," stated a
spokesperson for the Alaska Attorney General. |
Merrill Lynch Fundamental Growth Fund and Merrill Lynch
Global Value Fund v. McKesson HBOC, No. 02-405792 (Cal.
Superior Ct.). |
Lieff Cabraser served as counsel for two Merrill Lynch
mutual funds in a private lawsuit filed alleging that
a massive accounting fraud occurred at HBOC before and
following its 1999 acquisition by McKesson Corporation.
In a significant published discovery ruling, the California
Court of Appeal held that defendants waived the attorney-client
and work product privileges in 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. In 2006, the parties entered
into a settlement on favorable terms to Merrill Lynch
Funds. |
Claghorn v. Edsaco, No. 98-3039 (N.D. Cal.). |
In 2002, a federal jury returned a $171 million verdict
against Edsaco Ltd. The jury found that Edsaco aided
Scorpion Technologies, Inc., in setting up phony European
companies as part of a scheme in which Scorpion reported
fictitious sales of its software to these companies,
thereby inflating its earnings. Following the Edsaco
trial, the parties reached a settlement of the action
on favorable monetary terms to the class. |
In re Informix/Illustra Securities Litigation, No.
C-97-1289-CRB (N.D. Cal.). |
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 a class action
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. |
In re Media Vision Technology Securities Litigation,
No. CV-94-1015 (N.D.Cal.). |
Lieff Cabraser served as Co-Lead Counsel in a class
action lawsuit that alleged Media Vision's officers,
outside directors, accountants and underwriters engaged
in a fraudulent scheme to inflate the company's earnings.
Settlements with Media Vision's officers and directors,
accountants and underwriters totaled $31 million. The
evidence that Lieff Cabraser developed in the civil case
led prosecutors to commence an investigation and ultimately
file criminal charges against Media Vision's former Chief
Executive Officer and Chief Financial Officer. In the
criminal proceedings, the CEO pled guilty on several
counts, and the CFO was convicted at trial. Subsequently,
the Court granted plaintiffs' motions for summary judgment
and entered a judgment in favor of the class against
these two defendants in the amount of $188 million. |
In re California Micro Devices Securities Litigation,
No. C-94 2817. |
Lieff Cabraser served as Liaison Counsel for the Colorado
Public Employees' Retirement Association and 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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Submit Your Case |
Lieff Cabraser represents investors nationwide in securities and investor fraud lawsuits. Click
here to submit your case. |
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 sastisfactory 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 |
February 11, 2008: "Class
Actions Feel Effects of Milberg Case" |
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