PROVEN RESULTS

Our lawyers have repeatedly obtained significant recoveries from corporate and individual defendants in courts or across a negotiating table, including serving as lead or co-counsel in the following groundbreaking cases:

    • In Re Tyco International Ltd. Securities Litigation, MDL No. 02-1335-PB (D.N.H)

Secured a landmark $3.2 billion settlement, encompassing the then-largest securities class-action recovery from a single corporate defendant ($2.975 billion) and the second-largest auditor settlement ($225 million). The case involved acquisition accounting fraud and the misappropriation of company assets, leading to the imprisonment of Tyco’s former CEO, Dennis Kozlowski.

    • In re Petrobras Securities Litigation, 1:14-cv-09662 (S.D.N.Y.)

Played a leading role in achieving a $3 billion securities class-action settlement, marking the largest payout by a foreign issuer in securities class action history. Notably, the settlement represented a sixty-five percent premium over settlements of various opt-out plaintiffs who did not participate in the class action.

    • In re Bank of America Corporation Securities Litigation, 09-MDL-2058 (S.D.N.Y.)

$2.425 billion settlement to resolve a securities class action related to Bank of America Corporation’s 2008 acquisition of Merrill Lynch & Co., Inc. The settlement also included significant corporate governance improvements.

    • In re Citigroup Inc. Bond Litigation, 08-CV-9522 (S.D.N.Y.)

Secured a $730 million securities class action settlement, addressing allegations that Citigroup concealed its exposure to subprime mortgage debt on the eve of the 2008 financial crisis. This marked the second-largest recovery under Section 11 of the Securities Act.

    • In re Lehman Brothers Equity/Debt Securities Litigation, 08-cv-5523 (S.D.N.Y.)

Successfully resolved a securities class action against Lehman Brothers Holdings Inc., resulting in settlements totaling $616 million. The case stemmed from Lehman’s historic bankruptcy and addressed undisclosed repurchase and resale transactions, failures to adhere to risk limits, and misstatements concerning Lehman’s concentration of mortgage and real estate-related assets.

    • In re Wachovia Corp. Preferred Securities and Bond/Notes Litigation, 09-cv-6351 (S.D.N.Y.)

A securities class action was brought on behalf of Wachovia debt holders who alleged that the bank sold over billions of dollars in bonds to investors, misrepresenting the true nature and quality of Wachovia’s “Pick-A-Pay” Option ARM mortgage loan portfolio and its exposure to significant losses in mortgage-related assets. Following the court’s denial of Defendants’ motions to dismiss, a settlement was reached with all defendants, resulting in a total recovery of $627 million.

    • In re Initial Public Offering Securities Litigation, 21 MC 92 (S.D.N.Y.)

Over 306 securities class actions were consolidated, alleging artificial inflation of stock prices due to improper laddering and the payment of excessive commissions to secure IPO stock allocations during the hot 1990s’ “dotcom” boom. The consolidated actions settled for $586 million.

    • In Re Delphi Corporation Securities, Derivative & “ERISA” Litigation, MDL No. 1725 (E.D. Mich.)

$300 million class-action settlement with auto-parts manufacturer Delphi Corporation, including an additional $38 million recovery from Delphi’s outside auditor. The consolidated complaint featured 16 separate counts based on allegations of fraud stemming from misrepresentations in Delphi’s SEC filings and various stock and bond offering materials.

    • In re Brocade Securities Litigation, 05-cv-02042 (N.D. Cal.)

Defendants were accused of violating federal securities laws by backdating options grants to top executives and falsifying the date of stock option grants to numerous employees from 2000 through 2004. The case, which led to Brocade restating its financial statements from 2000 through 2005, settled for $160 million after the court denied defendants’ motions to dismiss and certified a class of affected Brocade investors.

    • CVS Corporation Securities Litigation, 01-11464-JLT (D. Mass.)

Marking one of the largest securities settlements in First Circuit history, a $110 million recovery was achieved on behalf of injured shareholders. The securities class action asserted that CVS engaged in a scheme to artificially inflate its stock price by making false and misleading statements about its financial condition and business prospects.

    • In Re Mutual Funds Investment Litigation, MDL 1586 (D. Md.)

After over six and one-half years of litigation, settlements totaling more than $80 million were reached in over sixteen subtracts of mutual funds, including Alliance, Alger, and Excelsior. The action arose from alleged market-timing and late-trading practices within certain families of mutual funds, and through these practices, certain traders were given preferential treatment to the disadvantage of other institutional and retail investors.

    • In re Safeway Inc. Stockholders Litigation, 9445-VCL (Delaware Court of Chancery)

Representing the Louisiana Municipal Police Employees’ Retirement System, a class action complaint alleged that Safeway’s Board breached its fiduciary duties in connection with the sale of Safeway to Cerberus Capital Management, L.P. The settlement resulted in defendants withdrawing a poison pill and paying fair value for certain contingent value rights, thereby increasing the value to Safeway shareholders by at least $80 million.

    • In re Marvell Technology Group, Ltd. Securities Litigation, 06-06286 (N.D. Cal.)

A securities class action filed against Marvell Technology Group Ltd. and three executive officers involved an alleged options backdating scheme from June 2000 through June 2006. Marvell settled the litigation for $72 million, marking one of the largest settlements in an options backdating securities class action.

    • Deora v. Nanthealth Inc., et al., 2:17-cv-01825 (C.D. Cal)

KLF served as co-lead counsel in this securities class action that alleged violations of federal securities law and artificial inflation of stock prices by NantHealth’s founder, Patrick Soon-Shiong. After the court denied the defendant’s motion to dismiss and certified a class of investors, the case settled for $16.5 million.

    • In re United Development Funding IV Securities Litigation, 3:15-cv-4030-M (N.D. Texas)

Serving as co-lead counsel, we alleged that UDF IV and UDF V were operating Ponzi-like schemes in violation of federal and Texas state law, using money raised in new offerings to pay investors in earlier offerings through opaque lending practices and misleading disclosures. On February 15, 2019, the Court granted final approval to a $13.5 million settlement on behalf of investors.

    • Buffalo Grove Police Pension Fund (derivatively) v. William M. Deifenderfer et al., 19-0062 (E.D. Pa)

Representing the Buffalo Grove Police Pension Fund, we alleged that a national private and federal student loan servicer committed payment errors and failed to implement internal controls necessary to appropriately service student loans, leading to misapplied payments, misinformation sent to borrowers, and false reporting to credit agencies. From this litigation, the servicer (Navient) agreed to implement numerous corporate governance reforms, including, adding new independent directors, hiring a Senior VP responsible for loan servicing and collections compliance, forming a new executive-level committee to perform audits on loan servicing and collections and oversee the company’s loan servicing controls, and adopting additional risk oversight disclosures.

    • Al’s Discount Plumbing et al., v Viega LLC, 1:19-cv-00159 (M.D. Pa)

KLF attorneys represented heating and plumbing companies in related cases alleging antitrust violations by Viega LLC. On December 18, 2020, the court granted final approval to a $15 million antitrust settlement on behalf of damaged purchasers.

    • In re Vitamins Antitrust Litigation, 99-197 (D.D.C.)

Class action and numerous individual actions involving companies that purchased bulk vitamin products seeking to recover overcharges from an alleged international price fixing cartel throughout the 1990s. The case settlements, totaling well over two billion, were among the largest recoveries in antitrust history.

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