December 8, 2011
BLB&G partner Max Berger was named "Litigator of the Week" for the second time this year by The American Lawyer, for his role in negotiating the recent $417 million settlement in In re Lehman Brothers Equity/Debt Securities Litigation. This settlement, which was brokered with over 40 of the company's underwriters, is in addition to the $90 million settlement agreement reached with Lehman Brothers' former directors and officers, bringing the total recovery in the case to $507 million to date. The combined settlements represent the third largest recovery so far by plaintiffs as a result of the financial crisis.
According to Mr. Berger, the $507 million settlement is substantial because "three years after Lehman Brothers collapsed, no one's been prosecuted for playing a role in the crisis...In the Lehman case, there was no financial restatement. The auditors have never disavowed the statements, though we're still suing them."
