January 29, 2024
ISS Securities Class Action Services released its “Largest Securities-Related Class Action Settlements of 2023” Insights report this month. Robbins Geller Rudman & Dowd LLP had more top cases cited by ISS SCAS than any other law firm – five of the Top 10 largest securities recoveries noted in the post and two of the three largest fiduciary class action settlements – one of which will be included in ISS SCAS’ upcoming “Top 100 U.S. Class Action Settlements of All-Time” report.
These results underscore our commitment to advocating for investors. Last year in its post “The Largest Class Action Settlements of 2022,” ISS recognized our Firm’s recovery of 45% of the total recoveries listed and more top settlements than any other law firm noted, including $809.5 million in Twitter, $100 million in Novo Nordisk, and $100 million in Stamps.com.
In 2023, Robbins Geller obtained five of the Top 10 largest securities class action recoveries:
- $300 million in Wells Fargo. For years, Wells Fargo allegedly unlawfully charged its auto borrowers for duplicative auto insurance, leading many to face delinquency and repossession. We recovered the fourth-largest securities class action recovery ever in the Northern District of California.
- $173 million in Exelon. Exelon subsidiary Commonwealth Edison allegedly concealed from investors a massive bribery scheme, seeking favorable legislation by influencing a former elected official. We secured the seventh-largest securities class action recovery ever obtained in the Seventh Circuit.
- $141 million in McKesson. The nation’s largest wholesale distributor of prescription drugs allegedly profited from a conspiracy among generic drugmakers to raise drug prices, doubling its stock price.
- $109 million in Cardinal Health. One of the country’s largest health care organizations allegedly concealed supply chain and inventory problems with Cordis, a company which it acquired from Johnson & Johnson.
- $107.5 million in Micro Focus. Micro Focus allegedly defrauded investors about the company’s troubled merger with HPE Software. We secured seven times more than investors secured in a separate federal case for the alleged fraud.
“This is a wonderful recognition for our clients and our team. Each result obtained on the Top 10 list was hard fought, and it required serious determination from our clients to maximize the recovery for injured investors. We’re really proud of them and this recognition,” said partner Darren Robbins.
About Robbins Geller
Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex litigation firms, representing plaintiffs in securities fraud, shareholder derivative, antitrust, corporate takeover, and consumer fraud and privacy cases. With 200 lawyers in 10 offices, Robbins Geller is one of the world’s largest plaintiffs’ firms, and the Firm’s attorneys have obtained many of the largest securities, antitrust, and consumer class action recoveries in history.
The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 — the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. The Firm secured the largest-ever securities fraud class action settlement — $7.2 billion — inIn re Enron Corp. Securities Litigation.
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Practice Areas
- Class Action Litigation
- Securities Fraud
