Case Number: No. 2202-CC
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $99 million
Court: Delaware Chancery Court
Berger Montague served as lead counsel and obtained a settlement valued at over $99 million on behalf of a former trader who brought a shareholder class action on behalf of minority shareholders of the Philadelphia Stock Exchange. The litigation, captioned Ginsburg v. Philadelphia Stock Exchange, Inc., No. 2202 (Del. Ch.), alleged breaches of fiduciary duty by directors of the exchange and the exchange itself. Led by Lawrence Deutsch of Berger Montague, the settlement was reached on the eve of trial, and also provided for significant changes to corporate governance to prevent the recurrence of the disenfranchisement that occasioned the litigation in the first place.
In approving the settlement, Chancellor William Chandler, III of the Delaware Chancery Court stated:
“All I can tell you, from someone who has only been doing this for roughly 22 years, is that I have yet to see a more fiercely and intensely litigated case than this case. Never in 22 years have I seen counsel going at it, hammer and tong, like they have gone at it in this case. And I think that’s a testimony – Mr. Valihura correctly says that’s what they are supposed to do. I recognize that; that is their job, and they were doing it professionally.”
Ginsburg v. Philadelphia Stock Exchange, Inc., No. 2202 (Del. Ch., Oct. 22, 2007).
If you are an investor and have questions about a potential securities fraud lawsuit, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.