The partners of the Kehoe Law Firm, John A. Kehoe and Michael K. Yarnoff, while practicing at national class-action law firms, gained significant, prior litigation experience as lead, co-lead or counsel in the following actions:
In Re Tyco International Ltd. Securities Litigation, MDL No. 02-1335-PB (D.N.H)
A landmark $3.2 billion settlement including the then largest securities class-action recovery from a single corporate defendant ($2.975 billion) and the second largest auditor settlement ($225 million).
In re Bank of America Corporation Securities Litigation, 09-MDL-2058 (S.D.N.Y.)
A securities class action on behalf of certain shareholders of Bank of America Corporation (“BoA”) arising from materially misleading statements and omissions regarding BoA’s acquisition of Merrill Lynch & Co., Inc. The parties reached an agreement to settle the action for a total of $2.425 billion in cash and certain corporate governance improvements to be implemented or continued by BoA, which has been approved by the Court.
In re Lehman Brothers Equity/Debt Securities Litigation, 08-cv-5523 (S.D.N.Y.)
A securities class action on behalf of certain shareholders and bondholders of Lehman Brothers Holdings Inc.’s (“Lehman”) in connection with untrue statements and omitted materials facts regarding, among other things, Lehman’s use of undisclosed repurchase and resale transactions, failures to adhere to risk limits, and misstatements concerning Lehman’s concentration of mortgage and real estate-related assets, preventing investors from meaningfully assessing Lehman’s exposure to these risky assets. The Court subsequently approved settlements totaling $615,218,000 in connection with the litigation, to resolve claims against the individual officer and director defendants, underwriters of certain Lehman offerings, and against Ernst & Young LLP, Lehman’s former auditor.
In re Wachovia Corp. Preferred Securities and Bond/Notes Litigation, 09-cv-6351 (S.D.N.Y.)
A class action on behalf of certain Wachovia debt holders alleged that Wachovia sold more than $35 billion of bonds to investors in a series of public offerings while misrepresenting the true nature and quality of Wachovia’s “Pick-A-Pay” Option ARM mortgage loan portfolio, and Wachovia’s exposure to billions of dollars of losses in mortgage-related assets. On March 31, 2011, the court issued an Opinion and Order substantially denying Defendants’ motions to dismiss. On August 5, 2011, Plaintiffs announced that they reached a settlement with all the defendants for a total recovery of $627 million.
In re Initial Public Offering Securities Litigation, 21 MC 92 (S.D.N.Y.)
A case alleging artificial inflation of stock prices due to improper laddering and the payment of excessive commissions to secure IPO stock allocations during the 1990s’ “dot-com” boom. The action settled for $586 million.
In Re Delphi Corporation Securities, Derivative & “ERISA” Litigation, MDL No. 1725 (E.D. Mich.)
A $300 million class-action settlement against auto-parts manufacturer Delphi Corporation (reduced as a result of bankruptcy), including an additional $38 million recovery against Delphi’s outside auditor.
CVS Corporation Securities Litigation, 01-11464-JLT (D. Mass.)
A $110 million recovery on behalf of a group of injured shareholders, representing one of the largest settlements in a securities class-action in First Circuit history.
In Re Mutual Funds Investment Litigation, MDL 1586 (D. Md.)
A six-year litigation that resulted in more than $80 million in recoveries against a number of mutual fund companies, including Alliance, Alger, and Excelsior.
In re Marvell Technology Group, Ltd. Securities Litigation, 06-06286 (N.D. Cal.)
A securities class action filed against Marvell Technology Group Ltd. (“Marvell”) and three executive officers, involving an alleged options backdating scheme from June 2000 through June 2006, which enabled Marvell’s executives and employees to receive options with favorable option exercise prices selected with the benefit of hindsight, violating Marvell’s stock option plan while avoiding hundreds of millions of dollars in compensation expenses on Marvell’s books. Eventually, Marvell conceded that it understated the effect of its compensation expense and overstated net income. Marvel settled the litigation for $72 million, a settlement among the largest reached in an options backdating securities class action.
In re Brocade Securities Litigation, 05-cv-02042 (N.D. Cal.)
A securities class action alleging that Defendants engaged in repeated violations of federal securities laws by backdating options grants to top executives and falsifying the date of stock option grants and other information regarding options grants to numerous employees from 2000 through 2004, which, ultimately, caused Brocade to restate all of its financial statements from 2000 through 2005. In addition, concurrent SEC civil and Department of Justice criminal actions against certain individual defendants were commenced. After denying defendants’ motions to dismiss and certifying a class of Brocade investors who were damaged by the alleged fraud, the case settled for $160 million and was approved by the Court.
In re Vitamins Antitrust Litigation, 99-197 (D.D.C.)
A class action and numerous individual actions involving companies that purchased bulk vitamin products seeking to recover overcharges from an alleged international price fixing cartel. The case settlements were among the largest recoveries in antitrust history.