Cases & Investigations

Ashworth Securities Litigation

CASE NUMBER: 99-CV-0121-L
CASE STATUS: Settled
SETTLEMENT AMOUNT: $15.25 million
COURT: United States District Court for the Southern District of California

As co-lead counsel representing the New Hampshire Retirement System, Berger Montague also helped secure substantial corporate governance benefits.  A substantial monetary recovery ($15.25 million) was coupled with wide-ranging corporate governance relief crafted to strengthen the power and discretion of the independent members of the Board of Directors, including among other things, an increase of independent directors, limits on the length directors may serve, retention by senior management of specified amounts of stock, and the establishment and implementation of a Lead Independent Director.  Plaintiffs sacrificed nothing in terms of monetary recovery to secure the corporate governance relief, and the $15.25 million cash settlement amounted to approximately one-half of the recoverable damages.

Request A Free Consultation

  • This field is for validation purposes and should be left unchanged.