/raid1/www/Hosts/bankrupt/CAR_Public/140418.mbx
C L A S S A C T I O N R E P O R T E R
Friday, April 18, 2014, Vol. 16, No. 77
Headline
* Notable Class Action Settlements in 2013
Settlement Amount Class Action
----------------- ------------
$5,700,000,000 In re Payment Card Interchange Fee And
Merchant Discount Antitrust Litigation,
No. 05-MD-1720 (E.D.N.Y.)
$2,500,000,000 In re DePuy Orthopaedics, Inc. ASR Hip
Implant Products Litigation, MDL Docket
No. 1:10 md 2197 (N.D. Ohio)
$2,425,000,000 In re Bank of America Securities,
Derivative and Employee Retirement Income
Security Act (ERISA) Litigation, No.
09-MDL-2058 (S.D.N.Y.)
$1,600,000,000 In re Toyota Motor Corp. Unintended
Acceleration Marketing, Sales Practices,
and Products Liability Litigation, Case
No. 8:10ML 02151 JVS (C.D. Cal.)
C$887,000,000 Manuge v. Her Majesty the Queen, Court
File No. T-463-07
$730,000,000 In re Citigroup Inc. Bond Litigation,
No. 08-9522 (S.D.N.Y.)
$688,000,000 In re Schering-Plough Corp./Enhance
Securities Litigation, 08-cv-397 (D.N.J.);
and In re Merck & Co., Vytorin/Zetia
Securities Litigation, 08-2177 (D.N.J.)
$590,000,000 In re Citigroup Inc. Securities Litigation,
07-cv-9901 (S.D.N.Y.)
$546,000,000 In re MF Global Inc, No. 11-2790 (Bankr.
S.D.N.Y.); and DeAngelis v. Corzine, No.
11-7866 (S.D.N.Y.)
$500,000,000 Maine State Retirement System v.
Countrywide Financial Corp. et al., No.
10-00302; Western Conference of Teamsters
Pension Plan v. Countrywide Financial Corp.
et al., No. 12-05122; and Luther v.
Countrywide Financial Corp. et al., No.
12-05125 (C.D. Cal.)
$300,000,000 In re Alfred Herrick, Sydell Herrick,
Alberto Barreto, Carol Lynn Upshaw,
and Salvatore Saccoccio, on behalf of
themselves and all others similarly
situated, Plaintiffs, v. JP Morgan
Chase Bank, N.A., individually and as
successor in interest to Chase Home
Finance, LLC, Chase Home Finance, LLC,
Chase Insurance Agency, Inc., Assurant,
Inc., American Security Insurance Company,
and Voyager Indemnity Insurance Company,
1:13-cv-21107 (S.D. Fla.)
$229,000,000 In re Avandia Marketing, Sales Practices
and Products Liability Litigation,
MDL 1871 (E.D. Pa.)
*********
* Notable Class Action Settlements in 2013
------------------------------------------
Settlement Amount Class Action
----------------- ------------
$5,700,000,000 In re Payment Card Interchange Fee And
Merchant Discount Antitrust Litigation,
No. 05-MD-1720 (E.D.N.Y.)
Merchants operating commercial businesses
throughout the U.S. and trade
associations alleged that the defendants
conspired to fix the prices for general
purpose card network services and
otherwise imposed unreasonable restraints
on trade, resulting in the payment of
inflated interchange fees, in violation of
the antitrust laws.
Pursuant to the settlement, the defendants
agreed to collectively pay $6.05 billion
to a class of eight million merchants and
temporarily reduce interchange fees by an
amount equal to $1.2 billion. In addition,
Visa and MasterCard agreed to drop their
bans on surcharging, a change that took
effect in January 2013 and allows merchants
to add an extra fee to customers who pay
with a credit card.
The settlement amount decreased to
$5.7 billion after thousands of merchants
opted out.
Settlement was reached in July 2012.
Preliminary approval was granted in
November 2012.
Final approval was granted on December 13,
2013. That order is on appeal.
Judge: Hon. John Gleeson
Class Plaintiffs: Photos Etc. Corporation;
Traditions, Ltd.; Capital Audio
Electronics, Inc.; CHS Inc.; Coborn's
Incorporated; Crystal Rock LLC; D'Agostino
Supermarkets; Discount Optics, Inc.; Jetro
Holdings, Inc. and Jetro Cash & Carry
Enterprises, LLC; Leon's Transmission
Service, Inc.; Parkway Corp.; Payless
ShoeSource, Inc.; Affiliated Foods Midwest
Cooperative, Inc.; NATSO, Inc.; National
Community Pharmacists Association; National
Cooperative Grocers Association; National
Grocers Association; and National
Restaurant Association
Co-Lead Counsel for Class Plaintiffs:
H. Laddie Montague, Jr., Esq.
Merrill G. Davidoff, Esq.
Bart D. Cohen, Esq.
Michael J. Kane, Esq.
BERGER & MONTAGUE, PC
1622 Locust Street
Philadelphia, PA 19103
- and -
K. Craig Wildfang, Esq.
Thomas J. Undlin, Esq.
Ryan W. Marth, Esq.
ROBINS, KAPLAN, MILLER & CIRESI
800 LaSalle Avenue, Suite 2800
Minneapolis, MN 55402
- and -
Patrick J. Coughlin, Esq.
Bonny E. Sweeney, Esq.
David W. Mitchell, Esq.
Alexandra S. Bernay, Esq.
Carmen A. Medici, Esq.
ROBBINS GELLER RUDMAN & DOWD LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
Attorneys for Defendants Visa Inc., Visa
U.S.A. Inc., and Visa International Service
Association:
Robert J. Vizas, Esq.
ARNOLD & PORTER LLP
Three Embarcadero Center, Seventh Floor
San Francisco, CA 94111-4024
- and -
Robert C. Mason, Esq.
ARNOLD & PORTER LLP
399 Park Avenue
New York, NY 10022-4690
- and -
Mark R. Merley, Esq.
Matthew A. Eisenstein, Esq.
ARNOLD & PORTER LLP
555 12th Street, N.W.
Washington, DC 20004-1206
Attorneys for Defendants MasterCard
Incorporated and MasterCard International
Incorporated:
Keila D. Ravelo, Esq.
Wesley R. Powell, Esq.
Matthew Freimuth, Esq.
WILLKIE FARR & GALLAGHER LLP
787 Seventh Avenue
New York, NY 10019-6099
- and -
Kenneth A. Gallo, Esq.
Joseph J. Simons, Esq.
PAUL, WEISS, RIFKIND, WHARTON
& GARRISON LLP
2001 K Street, N.W.
Washington, DC 20006-1047
- and -
Andrew C. Finch, Esq.
Gary R. Carney, Esq.
PAUL, WEISS, RIFKIND, WHARTON
& GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019-6064
Attorneys for Defendants Bank of America,
N.A., BA Merchant Services LLC (f/k/a
Defendant National Processing, Inc.), Bank
of America Corporation, and MBNA America
Bank, N.A.:
Mark P. Ladner, Esq.
Michael B. Miller, Esq.
MORRISON & FOERSTER LLP
1290 Avenue of the Americas
New York, NY 10104-0050
Attorneys for Defendants Barclays Financial
Corp. and Barclays Bank plc:
Wayne D. Collins, Esq.
Lisl J. Dunlop, Esq.
SHEARMAN & STERLING LLP
599 Lexington Avenue
New York, NY 10022-6069
Attorneys for Defendants Capital One Bank
(USA), N.A., Capital One F.S.B., and
Capital One Financial Corp.:
Andrew J. Frackman, Esq.
O'MELVENY & MYERS LLP
Times Square Tower
7 Times Square
New York, N.Y. 10036
Attorneys for Defendants JPMorgan Chase &
Co., JPMorgan Chase Bank, N.A., Chase Bank
USA, N.A., Chase Manhattan Bank USA, N.A.,
Chase Paymentech Solutions, LLC, Bank One
Corporation, Bank One Delaware, N.A., and
J.P. Morgan Chase Bank, N.A. as acquirer
of certain assets and liabilities of
Washington Mutual Bank:
Peter E. Greene, Esq.
Peter S. Julian, Esq.
SKADDEN, ARPS, SLATE, MEAGHER &
FLOM LLP
Four Times Square
New York, NY 10036
- and -
Michael Y. Scudder, Esq.
SKADDEN, ARPS, SLATE, MEAGHER &
FLOM LLP
155 North Wacker Drive
Chicago, IL 60606-1720
Attorneys for Defendants Citibank (South
Dakota), N.A., Citibank, N.A., Citigroup
Inc., and Citicorp:
David F. Graham, Esq.
Eric H. Grush, Esq.
SIDLEY AUSTIN LLP
One South Dearborn Street
Chicago, IL 60603
- and -
Benjamin R. Nagin, Esq.
SIDLEY AUSTIN LLP
787 Seventh Ave
New York, N.Y. 10019
Attorneys for Defendant Fifth Third
Bancorp:
Richard L. Creighton, Esq.
Joseph M. Callow, Jr., Esq.
KEATING MUETHING & KLEKAMP PLL
Drew M. Hicks, Esq.
One East Fourth Street, Suite 1400
Cincinnati, OH 45202
Attorneys for Defendant First National Bank
of Omaha:
John P. Passarelli, Esq.
James M. Sulentic, Esq.
KUTAK ROCK LLP
The Omaha Building
1650 Farnam Street
Omaha, NE 68102-2186
Attorneys for Defendants HSBC Finance
Corporation and HSBC North America
Holdings Inc.:
David S. Lesser, Esq.
WILMER CUTLER PICKERING HALE AND
DORR LLP
399 Park Avenue
New York, NY 10022
- and -
Ali M. Stoeppelwerth, Esq.
Perry A. Lange, Esq.
WILMER CUTLER PICKERING HALE AND
DORR LLP
1875 Pennsylvania Ave., N.W.
Washington, D.C. 20006
Attorneys for Defendants National City
Corporation and National City Bank of
Kentucky:
John M. Majoras, Esq.
Joseph W. Clark, Esq.
JONES DAY
51 Louisiana Avenue, NW
Washington, DC 20001
Attorneys for Defendant Texas Independent
Bancshares, Inc.:
Jonathan B. Orleans, Esq.
Adam S. Mocciolo, Esq.
PULLMAN & COMLEY, LLC
850 Main Street
Bridgeport, CT 06601-7006
Attorneys for Defendants SunTrust Banks,
Inc. and SunTrust Bank:
Teresa T. Bonder, Esq.
Valarie C. Williams, Esq.
Kara F. Kennedy, Esq.
ALSTON & BIRD LLP
1201 W. Peachtree Street, N.W.
Atlanta, GA 30309
Attorneys for Defendants Wachovia Bank,
NA., Wachovia Corporation, and Wells Fargo
& Company and for Wells Fargo Bank, N.A.:
Robert P. LoBue, Esq.
Norman W. Kee, Esq.
PATTERSON BELKNAP WEBB & TYLER LLP
1133 Avenue of the Americas
New York, NY 10036
Claims Administrator:
Epiq Systems, Inc.
P.O. Box 2530
Portland, OR 97208-2530
Voice: 1 (800) 625-6440
Fax: 1 (855) 539-9556
E-mail: info@PaymentCardSettlement.com
https://www.paymentcardsettlement.com/en
Settlement Amount Class Action
----------------- ------------
$2,500,000,000 In re DePuy Orthopaedics, Inc. ASR Hip
Implant Products Litigation, MDL Docket
No. 1:10 md 2197 (N.D. Ohio)
This is an agreement between (i) DePuy
and (ii) the Settlement Oversight
Committee, which is a committee comprised
of certain counsel appointed by the Hon.
David A. Katz to the Plaintiffs' Executive
Committee in the MDL, which is venued in
the District Court for the Northern
District of Ohio, and plaintiffs'
leadership counsel in state court
coordinated proceedings currently pending
in state courts in California before Judge
Richard Kramer, JCCP 4649; Illinois before
Judge Deborah Dooling, Case No. 10 L 10506
and New Jersey before Judge Brian
Martinotti, Master Docket No. BER-L-
3971-11. The Agreement establishes a
private settlement program to resolve
the actions, disputes and claims -- whether
filed or unfiled -- of U.S. claimants
against DePuy relating to the implantation,
use and removal of the ASR(TM) XL
Acetabular Hip System or the ASR(TM) Hip
Resurfacing System and any and all
component and ancillary parts.
The agreement settles 8,000 lawsuits over
defective DePuy Hip Replacement ASR devices
-- leaving another 4,000 to 5,000 lawsuits
unresolved. According to news reports, the
deal could reach more than $4 billion.
Settlement was announced on November 19,
2013.
Judge: Hon. David A. Katz
Counsel to the Settlement Oversight
Committee:
Steven J. Skikos, Esq.
SKIKOS CRAWFORD SKIKOS & JOSEPH
625 Market Street, 11th Floor
San Francisco, CA 94105
Tel: 415-546-7300
Fax: 415-546-7301
E-mail: sskikos@skikoscrawford.com
- and -
Michael A. Kelly, Esq.
WALKUP, MELODIA, KELLY & SCHOENBERGER
650 California Street
San Francisco, CA 94108
Tel: 415-981-7210
Fax: 415-391-6965
E-mail: mkelly@walkuplawoffice.com
Counsel to DePuy:
Susan M. Sharko, Esq.
DRINKER BIDDLE & REATH LLP
500 Campus Drive
Florham Park, NJ 07932
Telephone: 973-549-7350
Facsimile: (973) 360-9831
E-mail: susan.sharko@dbr.com
Claims Administrator:
BROWNGREER PLC
250 Rocketts Way
Richmond, VA 23231
Telephone: (804) 521-7202
Facsimile: (804) 521-7299
https://www.usasrhipsettlement.com/
Settlement Amount Class Action
----------------- ------------
$2,425,000,000 In re Bank of America Securities,
Derivative and Employee Retirement Income
Security Act (ERISA) Litigation, No.
09-MDL-2058 (S.D.N.Y.)
This is a securities fraud class action
arising out of the merger between Bank of
America Corp. and Merrill Lynch & Co.
which was announced on September 15, 2008
and closed on January 1, 2009.
The agreement provides for a payment by
Bank of America of $2.425 billion and
the institution and/or continuation of
certain Bank of America corporate
governance enhancements until the later of
January 1, 2015 or 18 months following the
court's final approval of the settlement.
In exchange, the plaintiffs released
their claims against all defendants and
certain other persons or entities
affiliated with defendants.
Settlement entered on November 30, 2012.
Preliminary approval was granted on
December 4, 2012.
Final approval was granted on April 5,
2013.
Judge: Hon. P. Kevin Castel
Lead Plaintiffs: The State Teachers
Retirement System of Ohio, the Ohio Public
Employees Retirement System, the Teacher
Retirement System of Texas, Stichting
Pensioenfonds Zorg en Welzijn, represented
by PGGM Vermogensbeheer B.V., and Fjarde
AP-Fonden.
Lead plaintiffs' counsel:
Max W. Berger, Esq.
Steven B. Singer, Esq.
BERNSTEIN LITOWITZ BERGER &
GROSSMANN LLP
1285 Avenue of the Americas
New York, NY 10019
- and -
Robert N. Kaplan, Esq.
Frederic S. Fox, Esq.
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, NY 10022
- and -
David Kessler, Esq.
Gregory M. Castaldo, Esq.
KESSLER TOPAZ MELTZER & CHECK, LLP
280 King of Prussia Road
Radnor, PA 19087
Defendants: Bank of America; Merrill Lynch;
BofA CEO Kenneth D. Lewis; former Chief
Financial Officer Joe L. Price; Chief
Accounting Officer Neil A. Cotty; Merrill
CEO John A. Thain; BofA's board of
directors; and underwriters Banc of America
and Merrill subsidiary Merrill Lynch,
Pierce, Fenner & Smith Inc.
Defendants' counsel:
Mitchell A. Lowenthal, Esq.
Lewis J. Liman, Esq.
CLEARY GOTTLIEB STEEN & HAMILTON
One Liberty Plaza
New York, NY 10006
E-mail: mlowenthal@cgsh.com
- and -
Peter C. Hein, Esq.
Eric M. Roth, Esq.
Joshua A. Naftalis, Esq.
Kevin S. Schwartz, Esq.
Olivia A. Maginley, Esq.
WACHTELL LIPTON ROSEN & KATZ
51 West 52nd Street
New York, NY 10019
E-mail: PCHein@wlrk.com
Claims Administrator:
The Garden City Group, Inc.
P.O. Box 9876
Dublin, Ohio 43017-5776
Tel: (855) 733-8308
http://www.boasecuritieslitigation.com/
Settlement Amount Class Action
----------------- ------------
$1,600,000,000 In re Toyota Motor Corp. Unintended
Acceleration Marketing, Sales Practices,
and Products Liability Litigation, Case
No. 8:10ML 02151 JVS (C.D. Cal.)
Plaintiffs alleged that certain vehicles
manufactured by Toyota Motor Corporation
and Toyota Motor Sales, U.S.A., Inc.,
equipped with electronic throttle control
systems are defective and can experience
acceleration that is unintended by the
driver. The lawsuit pursued claims for
breach of warranties, unjust enrichment,
and violations of various state consumer
protection statutes, among other claims.
Preliminary approval was granted on
December 28, 2012.
Final approval was granted on July 24,
2013.
Judge: Hon. James V. Selna
Class Representatives: Karina Brazdys,
John Moscicki, Dale Baldisseri, Peggie
Perkin, Kathleen Atwater, Georgann Whelan,
Ann Fleming-Weaver, Nancy Seamons, Israel
Flor, Donald Graham, Shirley Ward, John and
Mary Ann Laidlaw, Judy Veitz, Victoria and
Barry Karlin, Elizabeth Van Zyl, Green Spot
Motors Co., Deluxe Holdings Inc. and Auto
Lenders Liquidation Center, Inc.
Co-Lead Plaintiffs' Counsel for Economic
Loss Cases:
Steve W. Berman, Esq.
HAGENS BERMAN SOBOL SHAPIRO LLP
1918 Eighth Avenue, Suite 3300
Seattle, WA 98101
Telephone: (206) 623-7292
Facsimile: (206) 623-0594
E-mail: steve@hbsslaw.com
- and -
Marc M. Seltzer, Esq.
SUSMAN GODFREY L.L.P.
1901 Avenue of the Stars, Suite 950
Los Angeles, CA 90067
Telephone: (310) 789-3100
Facsimile: (310) 789-3150
E-mail: mseltzer@susmangodfrey.com
Co-Lead Plaintiffs' Counsel for Economic
Loss Cases and Lead Counsel for Non-
Consumer Economic Loss Plaintiffs:
Frank M. Pitre, Esq.
COTCHETT, PITRE & MCCARTHY
840 Malcolm Road, Suite 200
Burlingame, CA 94010
Telephone: (650) 697-6000
Facsimile: (650) 697-0577
E-mail: fpitre@cpmlegal.com
Toyota's Counsel:
John P. Hooper, Esq.
REED SMITH
599 Lexington Avenue, 22nd Floor
New York, NY 10022
- and -
J. Gordon Cooney, Jr., Esq.
MORGAN LEWIS & BOCKIUS LLP
1701 Market Street
Philadelphia, PA 19103-2921
Claims Administrator:
GILARDI & CO. LLC
P.O. Box 8090
San Rafael, CA 94912-8090
https://www.toyotaelsettlement.com/
Settlement Amount Class Action
----------------- ------------
C$887,000,000 Manuge v. Her Majesty the Queen, Court
File No. T-463-07
Under the terms of the Service Income
Security Insurance Plan (SISIP) Long Term
Disability benefits, a disabled former
Canadian Forces member's benefits were
reduced by the amount of their Pension Act
disability pension. The Plaintiff, Dennis
Manuge, brought this class action to
challenge the legality of the Offset.
The Settlement includes C$424 million in
retroactive payments to veterans dating
back to 1976. Over C$82 million has been
set aside to cover interest. The rest of
the settlement is an estimate of the amount
the veterans will be owed in the future.
The current estimated value of the
settlement is roughly C$887.8 million.
Settlement was approved on April 4, 2013.
Judge: Hon. Justice Robert Barnes
Solicitors for Plaintiff Class:
Peter Driscoll
Daniel Wallace
McINNES COOPER
PO Box 730, Halifax, NS
B3J 2V1, Canada
E-mail:
peter.driscoll@mcinnescooper.com
daniel.wallace@mcinnescooper.com
SISIPClassAction@mcinnescooper.com
Tel: (902) 444-8417 (English)
(506) 877-0831 (French)
- and -
Ward K. Branch
BRANCH MACMASTER LLP
777 Hornby St #1410
Vancouver, BC
V6Z 1S4, Canada
Tel: 604-654-2999
Solicitors for Defendant:
William F. Pentney
Deputy Attorney General of Canada
Per:
Paul Vickery
Lori Rasmussen
Travis Henderson
DEPARTMENT OF JUSTICE
1400-5251 Duke Street
Halifax, NS B3J 1P3
Settlement Amount Class Action
----------------- ------------
$730,000,000 In re Citigroup Inc. Bond Litigation,
No. 08-9522 (S.D.N.Y.)
Investors in Citigroup bonds and preferred
stock -- which include pension funds and an
insurance company -- accused the bank of
misstating the value of its collateralized
debt obligations and understating its loss
reserves by tens of billions of dollars
between 2006 and mid-November 2008. The
lawsuit also named as defendants a
Citigroup subsidiary, eight of its trusts,
28 current and former executive
officers and directors, and roughly 80
banks that served as underwriters of the
securities offerings.
Judge: District Judge Sidney H. Stein
Preliminary approval was granted in
March 2013.
Final approval was granted in July 2013.
Plaintiffs' counsel:
Steven B. Singer, Esq.
Mark Lebovitch, Esq.
Kurt Hunciker, Esq.
John Rizio-Hamilton, Esq.
BERNSTEIN LITOWITZ BERGER & GROSSMANN
1285 Avenue of the Americas
New York, NY 10019
Tel: (800) 380-8496
E-mail: blbg@blbglaw.com
markl@blbglaw.com
kurt@blbglaw.com
johnr@blbglaw.com
- and -
Ira M. Press, Esq.
Peter S. Linden, Esq.
KIRBY MCINERNEY
825 Third Avenue
New York, NY 10022
E-mail: ipress@kmllp.com
plinden@kmllp.com
- and -
Robert D. Klausner, Esq.
KLAUSNER & KAUFFMAN
10059 Northwest 1st Court
Plantation, FL 33324
Tel: (954) 916-1202
Fax: (954) 916-1232
E-mail: bob@robertdklausner.com
- and -
Brian F. Rice, Esq.
RICE MICHELS & WALTHER LLP
10 Second Street NE, Suite 206
Minneapolis, MN 55413
Tel: (612) 676-2300
Fax: (612) 676-2319
E-mail: brice@ricemichels.com
- and -
David Kessler, Esq.
Sharan Nirmul, Esq.
Benjamin Sweet, Esq.
BARROWAY TOPAZ KESSLER MELTZER &
CHECK LLP
280 King of Prussia Road
Radnor, PA 19087
Telephone: (610) 822-2235
Mobile: (215) 779-1143
E-mail: dkessler@btkmc.com
snirmul@btkmc.com
bsweet@btkmc.com
- and -
Marc I. Gross, Esq.
Joshua B. Silverman, Esq.
POMERANTZ, HAUDEK BLOCK GROSSMAN
& GROSS
600 Third Avenue
New York, NY 10016
E-mail: migross@pomlaw.com
jbsilverman@pomlaw.com
Counsel to the Citigroup defendants:
Brad S. Karp, Esq.
Richard A. Rosen, Esq.
Susanna M. Buergel, Esq.
Karen R. King, Esq.
PAUL, WEISS, RIFKIND, WHARTON
& GARRISON
1285 Avenue of the Americas
New York, NY 10019-6064
Tel: 212-373-3316
Fax: 212-492-0316
E-mail: bkarp@paulweiss.com
rrosen@paulweiss.com
sbuergel@paulweiss.com
kking@paulweiss.com
Counsel to the underwriter defendants:
Jay B. Kasner, Esq.
George A. Zimmerman, Esq.
SKADDEN, ARPS, SLATE, MEAGHER & FLOM
4 Times Square
New York, NY 10036
E-mail: jay.kasner@skadden.com
george.zimmerman@skadden.com
Settlement Amount Class Action
----------------- ------------
$688,000,000 In re Schering-Plough Corp./Enhance
Securities Litigation, 08-cv-397 (D.N.J.);
and In re Merck & Co., Vytorin/Zetia
Securities Litigation, 08-2177 (D.N.J.)
Investors sued Merck & Co. and Schering-
Plough Corp., merged in 2009 under the
Merck name, claiming that they concealed
clinical trial results of the Vytorin drug
showing that the drug was no more effective
than cheaper alternatives. The plaintiffs
further alleged that the trial ended in May
2006, but the companies disclosed partial
results in January 2008, and did not
release the full results until several
months later to avoid damaging their common
stock price. The Settlement for the
Schering Action provides for the payment of
$473,000,000 in cash. The Settlement for
the Merck Action provides for the payment
of $215,000,000 in cash.
Lead Plaintiffs in the Merck Action:
Stichting Pensioenfonds ABP, International
Fund Management, S.A. (Luxemburg), the
Jacksonville Police and Fire Retirement
System, and the General Retirement System
of the City of Detroit
Co-Lead Plaintiff in Schering Action: The
Massachusetts Pension Reserves Investment
Management Board.
Final approval was granted on October 1,
2013.
Judge: Hon. Dennis M. Cavanaugh
Merck Plaintiffs' Co-Lead Counsel:
Salvatore J. Graziano, Esq.
Max W. Berger, Esq.
BERNSTEIN LITOWITZ BERGER &
GROSSMANN LLP
1285 Avenue of the Americas
New York, NY 10019
Tel: (800) 380-8496
E-mail: blbg@blbglaw.com
- and -
Jay W. Eisenhofer, Esq.
Daniel L. Berger, Esq.
John C. Kairis, Esq.
Jeff A. Almeida, Esq.
Kyle J. McGee, Esq.
GRANT & EISENHOFER P.A.
485 Lexington Avenue
New York, NY 10017
Tel: (646) 722-8500
E-mail: dberger@gelaw.com
Schering-Plough Plaintiffs' Co-Lead
Counsel:
Christopher McDonald, Esq.
LABATON SUCHAROW LLP
140 Broadway
New York, NY 10005
Tel: 212-907-0861
Fax: 212-883-7061
E-mail: cmcdonald@labaton.com
- and -
BERNSTEIN LITOWITZ BERGER & GROSSMAN
LLP
Merck and Schering-Plough Counsel:
Douglas Scott Eakeley, Esq.
LOWENSTEIN SANDLER PC
65 Livingston Avenue &
6 Becker Farm Road
Roseland, NJ 07068
Tel: 973-597-2500
E-mail: deakeley@lowenstein.com
- and -
Daniel J. Kramer, Esq.
Theodore V. Wells Jr., Esq.
Alex Young K. Oh, Esq.
Andrew G. Gordon, Esq.
PAUL WEISS RIFKIND WHARTON &
GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
- and -
William B. McGuire, Esq.
TOMPKINS MCGUIRE WACHENFELD &
BARRY LLP
100 Mulberry Street, Suite 5
Newark, NJ 07102-4056
Telephone: 973-623-7750
Facsimile: 973-623-7780
E-mail: wmcguire@tompkinsmcguire.com
Claims Administrator in Merck Action:
EPIQ SYSTEMS, INC.
P.O. Box 4178
Portland, OR 97208-4178
E-mail:
info@merckvytorinsecuritieslitigation.com
Settlement Amount Class Action
----------------- ------------
$590,000,000 In re Citigroup Inc. Securities Litigation,
07-cv-9901 (S.D.N.Y.)
The class action was brought on behalf of
investors who bought Citigroup Inc. common
stock between February 26, 2007 and April
18, 2008, inclusive. The lawsuit alleges
violations of the federal Securities
Exchange Act of 1934 by Citigroup and
certain of its former senior officers and
directors. Following arm's-length
negotiations, Plaintiffs, through their
lead counsel, and the Defendants entered
into the agreement to settle the lawsuit.
Judge: Hon. Sidney Stein
Settlement announced on August 29, 2012.
Final approval was granted on August 1,
2013.
Class Representatives: Jonathan Butler,
M. David Diamond, David K. Whitcomb both
individually and as trustee for the David
K. Whitcomb 2001 Trust, Henrietta
Whitcomb as trustee for the Henrietta C.
Whitcomb 2004 Trust, John A. Baden III,
Warren Pinchuk, Anthony Sedutto, Edward
Claus, Carol Weil, and Public Employees'
Retirement Association of Colorado
Defendants: Citigroup Inc., David Bushnell,
Gary Crittenden, Robert Druskin, Michael
Klein, Thomas Maheras, Charles Prince, and
Robert Rubin. These defendants were
dismissed by Court order: Steven Freiberg,
John Gerspach, Lew Kaden, Salle Krawcheck,
Vikram Pandit, Todd Thompson and Stephen
Volk.
Lead Class Counsel:
Peter S. Linden, Esq.
Ira M. Press, Esq.
Andrew McNeela, Esq.
KIRBY McINERNEY LLP
825 Third Avenue
New York, NY 10022
Defendants' Counsel:
Brad S. Karp, Esq.
Richard A. Rosen, Esq.
Susanna M. Buergel, Esq.
Jane B. O'Brien, Esq.
Asad Kudiya, Esq.
PAUL, WEISS, RIFKIND, WHARTON &
GARRISON LLP
1285 Avenue of the Americas
New York, NY 10019
Claims Administrator:
THE GARDEN CITY GROUP, INC.
PO Box 9899
Dublin, Ohio 43017-5799
http://www.citigroupsecuritiessettlement.com/
Settlement Amount Case
----------------- ------------
$546,000,000 In re MF Global Inc, No. 11-2790 (Bankr.
S.D.N.Y.); and DeAngelis v. Corzine, No.
11-7866 (S.D.N.Y.)
MF Global Inc.'s brokerage trustee James
Giddens, JPMorgan Chase Bank NA, and
customers filed class action lawsuits
over MF Global's collapse. Under the deal,
JPMorgan agreed to (i) pay $100 million
that will be made available for
distribution to former MF Global customers;
(ii) return more than $29 million of the
brokerage's funds held by the bank, and
(iii) release claims on $417 million that
was previously returned to Mr. Giddens.
JPMorgan was the lead arranger on a
$1.2 billion loan to MF Global and was
also one of its primary clearing banks
before the broker-dealer went bankrupt.
Judges: Hon. Victor Marrero, District Judge
Hon. Martin Glenn, Bankr. Judge
Settlement announced March 2013.
Settlement approved on July 3, 2013.
Co-Lead counsel to MF Global Customers:
Andrew Entwistle, Esq.
ENTWISTLE & CAPPUCCI LLP
280 Park Avenue
26th Floor West
New York, NY 10017
Tel: 212-894-7200
Fax: 212-894-7272
E-mail: aentwistle@entwistle-law.com
- and -
Merrill Davidoff, Esq.
BERGER & MONTAGUE, P.C.
1622 Locust Street
Philadelphia, PA 19103
Tel: 215-875-3084
Fax: 215-875-4671
E-mail: mdavidoff@bm.net
MF Global Trustee:
James W. Giddens, Esq.
HUGHES HUBBARD & REED LLP
One Battery Park Plaza
New York, NY 10004-1482
Tel: (212) 837-6000
Fax: (212) 422-4726
Counsel to JPMorgan Chase Bank, N.A.:
Peter V. Pantaleo, Esq.
Bryce L. Friedman, Esq.
Michael D. Kibler, Esq.
Morris J. Massel, Esq.
SIMPSON THACHER & BARTLETT LLP
425 Lexington Avenue
New York, New York 10017
Telephone: (212) 455-2000
Facsimile: (212) 455-2502
Settlement Amount Class Action
----------------- ------------
$500,000,000 Maine State Retirement System v.
Countrywide Financial Corp. et al., No.
10-00302; Western Conference of Teamsters
Pension Plan v. Countrywide Financial Corp.
et al., No. 12-05122; and Luther v.
Countrywide Financial Corp. et al., No.
12-05125 (C.D. Cal.)
Investors alleged they were misled into
buying risky mortgage debt between 2005 and
2007 by Countrywide, which Bank of America
acquired during the 2008 financial crisis.
Preliminary approval was granted on October
28, 2013.
Final approval was granted on December 6,
2013.
Judge: Hon. Mariana Pfaelzer
Plaintiffs' Lead Counsel:
Steven J. Toll, Esq.
Julie Goldsmith Reiser, Esq.
Daniel Rehns, Esq.
COHEN MILSTEIN SELLERS & TOLL PLLC
1100 New York Ave NW
Washington, DC 20005
Tel: 202-408-4600
E-mail: stoll@cohenmilstein.com
jreiser@cohenmilstein.com
drehns@cohenmilstein.com
Counsel to Some Plaintiffs:
Spencer Burkholz, Esq.
ROBBINS GELLER RUDMAN & DOWD
655 West Broadway, Suite 1900
San Diego, CA 92101
Tel: (619) 231-1058
Fax: (619) 231-7423
E-mail: spenceb@rgrdlaw.com
Counsel to Countrywide:
Brian Pastuszenski, Esq.
GOODWIN PROCTER LLP
Exchange Place
53 State Street
Boston, MA 02109
Tel: 617-570-1094
- and -
The New York Times Building
620 Eighth Avenue
New York, NY 10018
Tel: 212-459-7279
E-mail:
Bpastuszenski@goodwinprocter.com
Settlement Amount Class Action
----------------- ------------
$300,000,000 In re Alfred Herrick, Sydell Herrick,
Alberto Barreto, Carol Lynn Upshaw,
and Salvatore Saccoccio, on behalf of
themselves and all others similarly
situated, Plaintiffs, v. JP Morgan
Chase Bank, N.A., individually and as
successor in interest to Chase Home
Finance, LLC, Chase Home Finance, LLC,
Chase Insurance Agency, Inc., Assurant,
Inc., American Security Insurance Company,
and Voyager Indemnity Insurance Company,
1:13-cv-21107 (S.D. Fla.)
Homeowners alleged that JPMorgan and
Insurer Assurant Inc. conspired to inflate
premiums for so-called force-placed
insurance and that the bank received
kickbacks for referring customers to
Assurant. Force-placed insurance, also
known as creditor-placed, lender-placed or
collateral protection insurance is an
insurance policy placed by a lender, bank
or loan servicer on a home when the
property owners' own insurance is
cancelled, has lapsed or is deemed
insufficient and the borrower does
not secure a replacement policy. This
insurance allows the lender to protect its
financial interest in the property
(more information regarding force-placed
insurance: http://is.gd/metL2X).
Preliminary settlement approval was granted
in October 2013.
Class Counsel is to receive $20 million in
fees.
Judge: Hon. Federico Moreno
Counsel for Named Plaintiff and Class:
Adam M. Moskowitz, Esq.
Harley S. Tropin, Esq.
Tucker Ronzetti, Esq.
Rachel Sullivan, Esq.
Robert J. Neary, Esq.
KOZYAK TROPIN & THROCKMORTON, P.A.
2525 Ponce de Leon Blvd., 9th Floor
Coral Gables, FL 33134
Telephone: (305) 372-1800
Facsimile: (305) 372-3508
Counsel for Chase Defendants:
Robert M. Brochin, Esq.
Brian M. Ercole, Esq.
MORGAN LEWIS & BOCKIUS LLP
200 South Biscayne Blvd, Suite 5300
Miami, Florida 33131-2339
Telephone: (305) 415-3000
Facsimile: (305) 415-3001
Counsel for Assurant Defendants:
Frank G. Burt, Esq.
Farrokh Jhabvala, Esq.
Landon K. Clayman, Esq.
JORDEN BURT LLP
1025 Thomas Jefferson Street, NW
Suite 400 East
Washington DC 20007-5208
Telephone: (202) 965-8140
Facsimile: (202) 965-8104
Claims Administrator:
GARDEN CITY GROUP
PO Box 35103
Seattle, WA 98124-5103
http://www.saccocciosettlementinfo.com/
Settlement Amount Class Action
----------------- ------------
$229,000,000 In re Avandia Marketing, Sales Practices
and Products Liability Litigation,
MDL 1871 (E.D. Pa.)
GlaxoSmithKline PLC reached an agreement
in principle with the attorneys general
of eight states in the U.S. to settle
actions commenced by those and several
other states that accuse the company of
deceptive marketing of the diabetes drug
Avandia(R). The eight states are Kentucky,
Louisiana, Maryland, Mississippi, New
Mexico, South Carolina, Utah and West
Virginia. These states opted out of a
settlement the company entered into in 2012
with 37 other states and the District of
Columbia wherein it agreed to pay $90
million to settle Avandia-related claims.
In 2011, Glaxo agreed to pay $3 billion to
the U.S. government to settle civil and
criminal investigations into its sales
practices. The company has set aside
$6.4 billion to pay for Avandia-related
litigation and settlement costs.
Settlement with eight states was announced
on July 24, 2013.
Judge: Hon. Cynthia M. Rufe
Plaintiffs' Liaison Counsel:
Stephen A. Corr, Esq.
STARK & STARK, P.C.
777 Township Line Road, Suite 120
Yardley, PA 19067-5559
Tel: (267) 759-9684
Fax: (267) 907-9659
E-mail: SCorr@Stark-Stark.com
Chair, Plaintiffs' Steering Committee:
Vance R. Andrus, Esq.
1775 Sherman Street, Suite 3100
Denver, CO 80203
Tel: (303) 376-6360
Fax: (303) 376-6361
Defendant's Liaison Counsel:
Nina Gussack, Esq.
PEPPER HAMILTON, LLP
3000 Two Logan Square
18th & Arch Streets
Philadelphia, PA 19103
Tel: (215) 981-4000
Fax: (215) 981-4750
State Liaison Counsel:
Dianne M. Nast, Esq.
NASTLAW LLC
1101 Market Street, Suite 2801
Philadelphia, PA 19107
Tel: (215) 923-9300
Fax: (215) 923-9302
Administrator of Avandia Litigation
Common Benefit Fund:
Andrew A. Chirls
FINEMAN KREKSTEIN & HARRIS P.C.
BNY Mellon Center
1735 Market Street Suite 600
Philadelphia, PA 19103
Tel: 215-893-9300
Auditor of Avandia Litigation
Common Benefit Fund:
Alan B. Winikur
ZELNICK MANN AND WINIKUR PC
Triad Plaza, Suite 200
201 N. Presidential Blvd.
Bala Cynwyd, PA 19004-1257
Tel: 610-664-0450
Fax: 610-664-0955
*********
S U B S C R I P T I O N I N F O R M A T I O N
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