Securities

In re Sears, Roebuck and Co. Securities Litigation, No. 02-07527 (N.D. Ill.).  Sears settled a class action lawsuit for $215 million in a case brought by shareholders.  The case alleged breach of fiduciary duty for failing to prevent improper bankruptcy collection practices under the company’s debt reaffirmation agreements.  Mr. Miller served as plaintiff’s liaison counsel in this nationwide securities case.

Abrams v. Van Kampen Funds, Case No. 01-7538 (N.D. Ill.) involving a mutual fund that was charged with improperly valuating its net asset value.  After extensive discovery, the case settled for in excess of $31 million and was granted final approval.

In re Archer-Daniels-Midland, Inc. Sec. Litig., No. 95-2287 (C.D. Ill.).  A class action arising out of the Archer-Daniels-Midland price-fixing scandal.  Plaintiffs brought claims for securities law violations which settled for $30 million.

In re Prudential Securities Incorporated Limited Partnerships Litig., MDL 1005 (S.D.N.Y.).  A nationwide multi-district class action arising out of Prudential Securities Incorporated’s marketing and sale of speculative limited partnership interests. The final settlements produced an aggregate of more than $132 million for injured investors.

Hoxworth v. Blinder Robinson & Co., 88-0285 (E.D. Pa.).  A securities fraud and RICO class action resulting from alleged manipulative practices and boiler-room operations in the sale of “penny stocks.”  Judgment in excess of $70 million was entered and that judgment was affirmed by the Third Circuit Court of Appeals, 980 F.2d 912 (3rd Cir. 1992).  See also Hoxworth v. Blinder, 74 F.3d 205 (10th Cir. 1996).

In re Salton/Maxim Sec. Litig., No. 91 7693 (N.D. Ill.).  Class action arising out of public offering of Salton/Maxim Housewares, Inc. stock.  Judge James S. Holderman (now Chief Judge of the United States District Court for the Northern District of Illinois) approved a multi-million dollar settlement.

Horton v. Merrill Lynch, Pierce Fenner & Smith, Inc., No. 91-276-CIV-5-D (E.D.N.C.).  A multi-million dollar settlement was approved on in this securities fraud class action arising out of a broker’s marketing of a speculative Australian security.  The Court stated that “the experience of class counsel warrants affording their judgment appropriate deference in determining whether to approve the proposed settlement.”  855 F. Supp. 825, 831 (E.D.N.C. 1994).

In re VMS Sec. Litig., 89 C 9448 (N.D. Ill.).  A securities fraud class action and derivative suit relating to publicly traded real estate investments.  The court certified a plaintiff class and subclasses of approximately 100,000 members, 136 F.R.D. 466 (N.D. Ill. 1991) and approved a class and derivative settlement worth $98 million.

In re Telesphere Sec. Litig., 89 C 1875 (N.D. Ill.)   In his opinion approving a class action settlement,  Judge Milton I. Shadur referred to Marvin A. Miller as “…an experienced securities law class action litigator and who also has 20 years [now 37 years] practice under his belt.  This Court has seen the quality of that lawyer’s work in other litigation, and it is first-rate.”  753 F.Supp. 716, 719 (N.D. Ill. 1990).

In re Baldwin-United Corporation Sec. Litig., MDL-581, (S.D.N.Y.). In this early multi-district securities class action, Plaintiffs counsel advanced the novel issue of whether Single Premium Deferred Annuities sold by the stock brokerage industry were securities and the sale of approximately $4.2 billion of were in violation of the federal and state securities laws.  A $180 million settlement was obtained was the largest securities class action settlements at the time and remains one of the larger securities class action settlements on record.  In awarding interim counsel fees, Judge Charles Brieant commented “…that plaintiffs’ attorneys [including Marvin A. Miller as co-lead counsel] had rendered extremely valuable services with diligence, energy and imagination, and are entitled to just compensation.”