On June 26, 2008, United States District Judge Gerald Rosen, of the Eastern District of Michigan, entered an order granting final approval of a $38.25 million settlement between Lead Plaintiffs and Defendant Deloitte & Touche LLP. The Court’s order renders a final judgment in the securities fraud case against Deloitte, which arose from its role
News Year: 2008
NPR Reaches Large Securities Settlement on Behalf of Public Retirement System
Nix Patterson & Roach reached a settlement in a securities class action, in which they served as co-lead counsel, on behalf of its client, the Arkansas Public Employees Retirement System. The $160 million settlement will return funds to stockholders of Brocade Communications Systems, Inc. based on the company’s improper back-dating of stock options. Gail Stone
NPR Secures $38 Million From Deloitte in Securities Class Settlement
Accounting firm Deloitte & Touche has agreed to pay $38.25 million to settle claims that it helped bankrupt auto parts maker Delphi Corp. in committing securities fraud. This case was a separate arm of securities litigation surrounding Delphi’s restating of its financials from 2005 back to its original split from General Motors in 1999. Deloitte