Case Number: No. 99 CV 1349
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $334 million
Court: United States District Court for the Eastern District of Pennsylvania
Berger Montague served as co-lead counsel and obtained settlements totaling $334 million against Rite Aid Corp.’s outside accounting firm and certain of the company’s former officers. Led by Sherrie R. Savett of Berger Montague, the case was litigated in the United States District Court for the Eastern District of Pennsylvania and captioned In re Rite Aid Corp. Securities Litigation, No. 99 CV 1349 (E.D. Pa.).
From U.S. District Court Judge Stewart Dalzell of the Eastern District of Pennsylvania:
“Thanks to the nimble class counsel, this sum, which once included securities worth $149.5 million is now all cash. Seizing on an opportunity Rite Aid presented, class counsel first renegotiated what had been stock consideration into Rite Aid Notes and then this year monetized those Notes. Thus, on February 11, 2003, Rite Aid redeemed those Notes from the class, which then received $145,754,922.00. The class also received $14,435,104 in interest on the Notes.”
“Co-lead counsel … here were extraordinarily deft and efficient in handling this most complex matter… they were at least eighteen months ahead of the United States Department of Justice in ferreting out the conduct that ultimately resulted in the write down of over $1.6 billion in previously reported Rite Aid earnings. In short, it would be hard to equal the skill class counsel demonstrated here.”
In re Rite Aid Corp. Securities Litigation, 269 F. Supp. 2d 603, 605, n.1, 611 (E.D. Pa. 2003).
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.