Bloomberg anoints Sean Coffey of Bernstein Litowitz as the new class action king. BusinessWeek made a similar proclamation two years ago. Suffice to say these guys (the folks who took down Worldcom, so respect) are probably seeing a few new opportunities come their way given the spectacular Milberg/Lerach indict-o-rama flameout.

-- MDT

Labels: Bernstein Litowitz and Berger, class action, Sean Coffey, securities

And yea the shareholders were very pleased, as Sean Coffey had once again brought them to the promised land.

-- MDT

Labels: Bernstein Litowitz and Berger, class action, Nortel, Sean Coffey

Make that alleged role. But the plaintiffs, they are a'comin for Mayer, Brown, Rowe & Maw. While the Chicago firm hasn't been named as a defendent just yet, it has been acknowledged as a negotiator of some of the aledgedly fraudulent transactions that preceded Refco's implosion. While the lawyers representing, notably Sean Coffey of plaintiff powerhouse firm, Bernstein, Litowitz Berger, haven't commented yet on Mayer Brown's culpability the law firm's records are being poured over by the SEC and through suit or settlement, odds are that Mayer Brown will be paying for their involvement with Refco in more ways that one.

More here.

-- MDT

Labels: Bernstein Litowitz and Berger, Mayer Brown Rowe and Maw, Refco, Sean Coffey

Federal investigation or no, the hits just keep coming for Bill Lerach & Co... CIBC's multi-billion dollar settlement officially makes the Enron debacle, in which Lerach was the lead plaintiff attorney, the undisputed top-dog when it comes to securities class action settlements. Enron's $7 billion total now surpasses the $6 billion garnered in Worldcom-related litigation, which was led by rival plaintiff counsel Sean Coffey of Bernstein Litowitz (link goes to a great article about Coffey - check it out).

Via CFO.com:

Enron Settlements Hit Record $7 Billion

With the Canadian Imperial Bank of Commerce's $2.4 billion settlement, the energy giant pulls ahead of WorldCom. Also, Credit Suisse bulks up Enron litigation reserves.

by Stephen Taub, CFO.com
August 03, 2005

Canadian Imperial Bank of Commerce's agreement late yesterday to pay $2.4 billion to settle a securities fraud class-action suit stemming from Enron Corp.’s bankruptcy brought the total amount recovered in litigation involving the company to $7.12 billion, according to William Lerach, of Lerach Coughlin Stoia Geller Rudman & Robbins LLP, counsel for the University of California’s Board of Regents, the lead plaintiff.

The amount tops the $6.1 billion awarded to WorldCom investors, making the Enron settlements the largest sum ever recovered in a group of securities class-action lawsuits.

The CIBC pact is the largest settlement in the Enron litigation. Officials at the University of California alleged that CIBC participated in an elaborate scheme to defraud investors by helping Enron to inflate earnings, according to press reports.

CIBC management noted that the settlement does not include any admission of wrongdoing, and that the company agreed to the settlement solely to eliminate the uncertainties, burden, and expense of further protracted litigation. “By settling this case and maintaining what we believe are adequate reserves for our remaining Enron related legal issues, we can better focus our energies on our other priorities,” said Gerry McCaughey, president and chief executibe officer.

Through its Enron-related suits, The University of California has also recovered $2.2 billion from JPMorganChase, $2 billion from Citigroup, $222.5 million from Lehman Brothers, $69 million from Bank of America, $168 million from Enron’s outside directors, and $32 million from Andersen Worldwide.

The University will also secure a distribution of about $32 million for investors through the bankruptcy proceeding for the LJM2 partnership that was used as part of the Enron scheme to hide losses and inflate earnings....

Full article appears here.

-- MDT

Labels: Bernstein Litowitz and Berger, Enron, Sean Coffey

Business Week has run a story profiling prominent securities plaintiff attorneys, Max Berger and Sean Coffey of Bernstein, Litowitz Berger & Grossman:

The Kings Of Class Actions

May 16, 2005

Max Berger and Sean Coffey are riding high after making WorldCom's bankers pay up. Here's what life is like for Max W. Berger these days: The maitre d' at Manhattan restaurant Cité prances around the 58-year-old founding partner of plaintiffs' law firm Bernstein Litowitz Berger & Grossmann LLP (BLBG) as Berger is delivered to his favorite corner table. He is offered a sampling of fine wine, and his filet mignon is on the house after he complains that the first one is too fatty. Berger soaks up the attention. But the real treat arrives with dessert. Jonathan J. Lerner, a partner at venerable law firm Skadden, Arps, Slate, Meagher & Flom LLP, who opposed Berger in a massive shareholder lawsuit five years ago, saunters up and says to his dinner companion: "This guy took $3 billion from me. He's the best lawyer in New York."

The article kinda goes on like that, listing some of Berger and Coffey's greatest hits. But it provides interesting view into one of the preeminent firms and some of the most prominent personalities in securities litigation.

Read the rest here.

Many thanks to the 10b-5 Daily for the link.

-- MDT

Labels: Bernstein Litowitz and Berger, Sean Coffey

....with Worldcom, that is. Amount undisclosed thusfar.

Via Bloomberg:

WorldCom Auditor Arthur Andersen Settles Fraud Suit

April 25, 2005

Arthur Andersen LLP, the lone remaining defendant in the three-year investor lawsuit stemming from WorldCom Inc.'s 2002 collapse, agreed to settle its liability in the case, U.S. District Judge Denise Cote said.

The settlement, announced in an order issued by the judge today, also ends a four-week trial in New York federal court at which a jury of five women and four men heard evidence suggesting that the accounting firm overlooked accounting manipulations and fraud at the long distance company.

``That fraud could have been stopped dead in its tracks if Arthur Andersen had been looking to do its job instead of looking to line its pockets,'' lead investor lawyer Sean Coffey said during opening arguments.

The settlement ends the largest securities fraud class action in U.S. history. Lawsuits against former WorldCom officers, 12 ex- directors, 17 investment banks and Andersen were first filed in Spring 2002 after the U.S. Securities and Exchange Commission requested documents from the company.

To read the rest click here.

-- MDT

Labels: Sean Coffey