Livent Noteholders Litigation

This action alleged that Livent and its insiders inflated its revenues by over $100 million by improperly recording revenues and shifting expenses. The accounting fraud was so rampant that Livent insiders maintained a second set of books simply to keep track of the accounting manipulations at issue.

The Firm obtained over $17 million in settlements from the Company's accountants, directors, and underwriters. The Firm then successfully obtained summary judgment in the amount of over $36 million against the Company's top two officers who are believed to be the ringleaders of the fraud. That judgement was twice affirmed on appeal, and in July 2008 the Court of Appeal in Canada affirmed the lower court's order.

The Livent settlement and judgment award represent over 100% of Class damages.