SRKW In The News
- On November 10, 2010, SRKW sponsored a CLE program at the Pyramid Club titled “Sports & Antitrust: Know the Score.” The program featured SRKW partners Eugene A. Spector and Jeffrey J. Corrigan, as well as Comcast SportsNet Anchor Michael Barkann. (Materials relating to this CLE program can be accessed here.)
SRKW is pleased to announce that a price roll-back for hundreds of prescription drugs has occurred as scheduled on September 26. The roll-back of Average Wholesale Price ("AWP") mark-ups was obtained as part of settlements with First DataBank and Medi-Span, publishers of AWP prices, who were accused of publishing fraudulently inflated prices. The roll-back means prices charged by pharmacies on many of America’s most widely prescribed drugs will come down, saving consumers and health plans hundreds of millions of dollars. SRKW, as co-lead counsel, was successful in obtaining this landmark settlement and then defending the roll-back from a series of attacks by large pharmacy chains. SRKW obtained an important ruling from the First Circuit Court of Appeals upholding the roll-back. Just a day before the roll-back was to take effect Justice Breyer of the U.S. Supreme Court denied the pharmacies’ final, desperate attempt to stay the roll-back.
SRKW has also obtained final Court approval for the $350 million cash settlement with defendant McKesson, for its part in the AWP manipulation scheme. These settlement funds will be divided between consumers and health plans that over paid for prescription drugs at prices based on fraudulent AWPs. In approving the settlement the Court stated that SRKW and the other lead firms "have been excellent in this complex, hard-fought litigation..." More details can be found on the settlement website: http://www.mckessonawpsettlement.com.
- SRKW has recovered $120 million for clients in a major antitrust case alleging a conspiracy in the selling of oriented strand board (OSB), a wood-based building material used in most residential construction. The In re OSB Antitrust Litigation alleges that the major OSB manufacturers conspired to fix, raise, maintain and stabilize the prices at which OSB was sold in the United States. Judge Paul S. Diamond has approved the $120 settlements and commented favorably on SRKW in the process: "Counsel have represented their clients with consummate skill and efficiency, bringing this massive matter to conclusion in less than three years. Lead class counsel – Jeffrey Corrigan and the other lawyers from Spector Roseman Kodroff & Willis – performed brilliantly in this exceptionally difficult case."
- SRKW acted as co-lead counsel in the Converium/Scor action where we negotiated a $145 million recovery on behalf of a global class of investors. In an unprecedented move, the case was settled on two continents, in the Southern District of New York and the Amsterdam Court of Appeals. This was the first such trans-Atlantic resolution to a securities class action.
- SRKW was nominated in 2007 and 2008 for the prestigious Class Action Law Firm of the Year award by Global Pensions magazine. Nominees are selected by pension funds around the world.
- SRKW has been among three firms leading the Parmalat action (Europe’s Enron), where we have obtained settlements thus far valued at $90 million, as well as “first of its kind” governance reforms.
- SRKW is currently working with distinguished law firms in Europe to protect the rights of European investors who purchased shares of European Aeronautic Defence & Space Co. (EADS), and Royal Bank of Scotland.
- SRKW represented a large European investor in the pan-European settlement of the Royal Dutch Shell action in the Netherlands. There, European investors will share in the distribution of $450 million.
- SRKW is seeking to maximize shareholder value by instituting a shareholder derivative suit on behalf of Genentech. This suit alleges that when Roche Holding AG, which owns approximately 56% of Genentech, sought to acquire the remaining shares, it did so at an unfair price — in breach of the fiduciary duties it and Genentech’s directors owed to the company’s shareholders.
- SRKW’s client, the Northern Ireland Local Governmental Officers’ Superannuation Committee (NILGOSC), was recently appointed as a co-lead plaintiff in the Lehman Brothers Holdings securities class action pending in the Southern District of New York. Partner Robert Roseman noted that NILGOSC’s role "shows that European institutional investors, in the appropriate case, are taking an active role in US class actions when they have no other legal recourse in their own country."
- SRKW acted as co-lead counsel in the Chicago Bridge securities fraud action, recovering $10.5 million for investors, as well as innovative governance reforms regarding insider trading.
In the Average Wholesale Price ("AWP") litigation, in which SRKW is co-lead counsel, the First Circuit Court of Appeals has recently upheld Plaintiffs’ theory of the case, as well as a bench trial victory obtained by SRKW and others against four drug manufacturers. This ruling clears the way for a nationwide class trial against the remaining defendant AstraZeneca, over fraudulent pricing of its drug Zolodex.
In a related ruling, the First Circuit also upheld plaintiffs’ challenges to the dismissal of defendant Johnson & Johnson, concerning fraudulent pricing of its drugs Procrit and Remicade. This ruling allows SRKW and its co-counsel to again advocate that a jury should determine whether Class members, consumer Medicare Part B beneficiaries, were overcharged for Procrit and Remicade. Claims against Johnson & Johnson and AstraZeneca are all that remain of the sprawling AWP litigation. SRKW and its co-counsel have already obtained settlements totaling more then $230 million from over 15 other pharmaceutical manufacturer defendants.
- In Pennsylvania Federation, BMWE v. Norfolk Southern Corp., the Firm represented 401(k) plan participants in an innovative ERISA case which resulted in important changes to the plan. SRKW was able to demand that all future employer contributions will go into the investment vehicles chosen by the plan participants (rather than plan managers, who had previously invested the employer’s contributions in the company’s stock in violation of their fiduciary obligations). The Firm was also able to insist that going forward plan participants would be provided with additional information about the merits of diversified investments. The defendants also agreed to pay the costs of litigation, attorney’s fees, and $1 million to the class.
- SRKW acted as Lead Counsel in In re Mercedes-Benz Antitrust Litigation (D.N.J.), a price-fixing class action against Mercedes-Benz U.S.A. and its New York tri-state area dealers. The case settled for $17.5 million, which compensates the vast majority of class members at 140% of their damages. At a May 18, 2009 hearing, U.S. District Court Judge William Walls stated: "I think that this is a fitting resolution of what has been a very protracted course of litigation. And I think overall you are to be commended."