As lead and co-lead counsel, Chitwood Harley Harnes LLP has achieved outstanding results and earned the praise of both courts and clients. The firm is one of only a handful of class action firms in the country with significant experience representing large public and private institutional clients in securities and derivative litigation. The firm prides itself both on its high ethical standards and its policy of only bringing cases which appear to have significant merit following extensive investigation and evaluation. The following are only a few representative cases out of the hundreds of cases in which Chitwood Harley Harnes LLP has achieved successful results on behalf of the firm's clients:
In re Bank of America Securities Litigation, MDL No. 1264 (E.D. Mo.):
As co-lead counsel, Chitwood Harley Harnes LLP obtained a $490 million recovery.
This was the second largest settlement since the passage of the PSLRA at the time it was announced. In approving the settlement, United States District Judge John F. Nangle, sitting by special designation for the Eastern District of Missouri, commented favorably on the firm’s performance stating: “Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients,” and, “[a]s the Court has remarked throughout this litigation, class counsel … have performed at exceptionally high levels, and all parties have been exceedingly well represented.”
In re Oxford Health Plans, Inc. Securities Litigation, MDL No. 1222 (CLB) (S.D.N.Y.):
As co-lead counsel, Chitwood Harley Harnes LLP obtained a $300 million recovery.
The $75 million portion of the settlement paid by KPMG was one of the largest recoveries ever from an accounting firm. United States District Judge Charles L. Brieant stated at the conclusion of this case, "[class counsel] working on this case . . . [have] been in my view excellent" and "[I] want[ed] to make note that all of you did a fine job and it is really a pleasure to work with you over half a decade."
In re Providian Financial Corporation Securities Litigation (No. C-01-3952-CRB (N.D. Cal.):
As sole lead counsel, Chitwood Harley Harnes LLP obtained a $65 million recovery.
Chitwood Harley Harnes LLP represented the Retirement Systems of Alabama as sole lead counsel, and settlement was achieved on the eve of trial. United States District Court for the Northern District of California Judge Charles R. Breyer stated at the end of the case: "I actually did want to tell you that I thought you did an excellent job. [A]nd if other cases come along the pike, I would be delighted to consider you [for lead counsel] again.”
In re 1996 Medaphis Corp. Securities Litigation, Civil Action No. 1:96-CV-2088-TWT (N.D.Ga):
As co-lead counsel, Chitwood Harley Harnes LLP obtained a $72.5 million settlement, the largest PSLRA recovery in the Northern District of Georgia at that time. United States District Judge Thomas W. Thrash commended the firm’s attorneys for their “competent and professional manner” and found that “lead counsel’s skill and diligence achieved an exceptional settlement for the benefit of the class.”
In re JDN Realty Corp. Securities Litigation, Civil Action No. 1-00-CV-0396-RWS (N.D.Ga):
As sole lead counsel, Chitwood Harley Harnes LLP obtained a $47 million recovery, which was at the time the second largest PSLRA recovery in the Northern District of Georgia.
In re CryoLife, Inc. Securities Litigation, Civil Action No. 1-02-CV-1868-BBM (N.D.Ga.):
As co-lead counsel, Chitwood Harley Harnes LLP obtained a $23.25 million recovery.
In re Premiere Technologies, Inc. Securities Litigation, Civil Action No. 1:98-CV-1804-JOF (N.D. Ga.): As co-lead counsel, Chitwood Harley Harnes LLP obtained a $20.75 million recovery.
In re M & F Worldwide Corp. Shareholder Litigation, Civil Action No. 18502 NC (Court of Chancery for the State of Delaware)
At the conclusion of the first week of trial, the Defendants settled for all of the relief that the plaintiffs sought – the complete rescission of the transaction. As a result of the settlement, the market price of the stock of M & F Worldwide went from approximately $3 per share – the point at which it had settled when Perelman announced the transaction – to almost $14 per share within a year of the rescission of the transaction. Vice-Chancellor Leo Strine of the Delaware Court of Chancery described the result in two words: “home run.”
Butler v. Provident Mutual Insurance Company, Civil No. 9901-0780 (Court of Common Pleas of Pennsylvania)
After two years of negotiation, the case settled for the complete relief sought by plaintiffs—a sponsored demutualization through a merger with Nationwide Financial Services, in which the policyholders received, in either cash or stock, all of the $1.2 billion value of Provident Mutual. “The result obtained here is in fact excellent, since plaintiffs recovered total benefits of over $53,000,000 for the class . . .” Stephen E. Levin Senior Judge, Court of Common Pleas.
In re Epson Ink Cartridge Cases, Judicial Council Coordination Proceeding No. 4347 (Superior Court for the State of California)
As co-lead counsel, Chitwood Harley Harnes LLP obtained a settlement for the class which provided credits and cash totaling $45 per class member. Epson also agreed to make significant changes to its product packaging and software.