Noteworthy Cases and Judges' Comments

The Firm has had the privilege of serving as lead or co-lead counsel in some of the more prestigious class action litigations of the past 25 years. Below are some examples of its successes.

• In In re Charter Communications Securities Litigation, the Pomerantz Firm, as sole lead counsel, reached a settlement with Charter and several of its officers for $146.25 million in cash and securities in a complex accounting manipulation case relating to Charter's alleged inflation of its customer count and operating results. As part of the settlement, Charter has additionally agreed to enact several substantive corporate governance measures. The settlement was approved by the Court in June 2005. This is a partial settlement, and the Pomerantz Firm will continue to vigorously prosecute the claims for securities fraud against other defendants.
  
  
• In In re Livent Noteholders Securities Litigation, the Pomerantz Firm, as co-lead counsel, was recently granted summary judgment against defendants Garth Drabinsky and Myron Gottlieb, who orchestrated a massive accounting fraud at Livent. Drabinsky and Gottlieb were ordered by the Court to pay over $23 million in damages. Together with the previous settlements in this case, the total damages awarded by the Court now exceed $40 million.
  
  
• In In re Elan Corporation, plc, the Pomerantz Firm, as co-lead counsel, recently reached a settlement with the Irish-based pharmaceutical company for $75 million in cash. The complaint asserted accounting and disclosure claims on behalf of investors for the period February 7, 2000 through July 1, 2002. The settlement is significant, particularly in light of a recommendation by the Magistrate Judge that a substantial portion of these claims be dismissed. The settlement was also achieved despite the fact that Elan has been losing money and has a substantial debt load. The recovery represents one of the largest ever achieved against a foreign corporation.
  
  
• In In re Safety-Kleen Corp. Stockholders Litigation, the Pomerantz Firm, as co-lead counsel, obtained settlements of $54.5 million from the Company's outside auditor and numerous other defendants in a complicated accounting manipulation case.
  
  
• In In re Summit Metals, Inc., the Pomerantz Firm, as sole lead counsel, obtained a $43 million judgment and required turn over of the stock of two corporations after vigorously pursuing derivative claims against a defendant who had tried to conceal his control of assets by creating a maze of shell companies.
  
  
• In In re First Executive Corporation Securities Litigation, the Firm, as sole lead counsel, achieved settlements worth $102 million for the class and exposed a massive securities fraud arising out of the Michael Milken debacle.
  
  
• In In re Methionine Antitrust Litigation, the Pomerantz Firm, as co-lead counsel, obtained a $107 million settlement in a complex antitrust class action against manufacturers of methionine who were charged with fixing the price of this product during a fifteen year period.
  
  
• In In re Salomon Brothers Treasury Litigation, the Pomerantz Firm went head to head with numerous top-line corporate defense firms and eventually achieved a $100 million settlement for the class in a complicated antitrust and securities fraud case.
  
  
• In Snyder v. Nationwide Insurance Co., a "vanishing premium" life insurance case, the Firm served as co-lead counsel. This action was settled for benefits totaling $100 million on behalf of 650,000 policyholders.
  
  
• In In re Sorbates Direct Purchaser Antitrust Litigation, the Pomerantz Firm served as a member of an Executive Committee of Plaintiffs' Counsel and helped achieve settlements of over $80 million in a major antitrust case.
  
  
• In In re National Health Laboratories, Inc. Securities, the Pomerantz Firm, as co-lead counsel, helped obtain a $64 million recovery arising out of one of the largest ever Medicare frauds.
  
  
• In Mardean Duckworth v. Country Life Insurance Co., the Pomerantz Firm, as co-lead counsel, helped obtain a $45 million settlement in a securities fraud action.
  
  
• In In re Boardwalk Marketplace Securities Litigation, the Firm, serving as lead counsel, obtained a benefit of over $66 million - including a $16 million case recovery plus a reduction in class members' indebtedness on promissory notes of over $50 million.
  
  

What Courts Have Said About the Pomerantz Firm

Courts have consistently acknowledged the ability of the Pomerantz Firm to vigorously pursue the claims of class members.

• In Snyder v. Nationwide Insurance Co. where as co-lead counsel the Pomerantz Firm helped recover a settlement valued at $100 million for defrauded life insurance policy customers, Judge Tormey stated:

  The Court approves the settlement in all respects. It is so ordered, and I compliment you all, not only the manner in which you arrived at this result today, but the time that you - in which it was done. And I think you all did a very, very good job for all the people. You made attorneys look good. I thank you very much. It was nice working with you all.

• In Charter Communications Securities Litigation, where the Firm obtained a $146.25 million recovery, the Court commended Pomerantz for the "vigor" of its prosecution, which resulted in "an excellent" recovery in a case, "where the risk of obtaining a significantly smaller recovery, if any, was substantial."
  
  
• Judge McLaughlin in Mercury Savings and Loan commended the firm for the "absolutely extraordinary job in this litigation."
  
  
• In the Boardwalk Marketplace Securities Litigation, Judge Eginton described the Firm's services as "exemplary," commended it for its "usual fine job of lawyering…[in] an extremely complex matter," concluding that the case was "very well-handled and managed."
  
  
• Judge Broderick of the Southern District of New York observed in Nodar v. Weksel, " that the services rendered [by the Pomerantz Firm] were excellent services from the point of view of the class represented, [and] the result was an excellent result. . . . "
  
  
• Judge Goettel praised the firm in Klein v. A.G. Becker Paribas, Inc. for providing "excellent . . . absolutely top-drawer representation for the class, particularly in light of the vigorous defense offered by the defense firm."
  
  
• In the Digital Securities Litigation, Judge Young of the District of Massachusetts complimented the Firm for its "[v]ery fine lawyering."
  
  
• In In re Wiring Devices Antitrust Litigation, where the Pomerantz Firm was lead counsel, Chief Judge Jack B. Weinstein stated:

  Counsel for the plaintiffs I think did an excellent job . . . . They are outstanding and skillful. The litigation was and is extremely complex. They assumed a great deal of responsibility. They recovered a very large amount given the possibility of no recovery here which was in my opinion substantial.

• In Rauch v. Bilzerian, the Court referred to the partners from the Pomerantz Firm who had litigated the case as "exceptionally competent counsel," and as having provided "top drawer, topflight [representation], certainly as good as I've seen in my stay on this court".
  
  
• In Steinberg v. Nationwide Mutual Insurance Co., Judge Spatt, in granting class certification and appointing the Pomerantz Firm as class counsel, observed: "The Pomerantz Firm has a strong reputation as class counsel and has demonstrated its competence to serve as class counsel in this motion for class certification."
  
  
• In certifying the class in DeMarco v. Robertson Stephens, Judge Lynch stated that the Pomerantz Firm had "ably and zealously represented the interests of the class."