Key Successes

In approving a fee award in connection with the settlement in Stott v. Capital Financial Services, Inc., the United States District Court for the Northern District of Texas in connection in commented on Zwerling Schachter. The Court stated that “The amount requested by class counsel in this case is not just reasonable but also restrained considering the complexity of this litigation and the enormous effort it took to reach this settlement.” The Court also noted that it “has consistently observed throughout this litigation, the work of the attorneys in this case has been diligent, effective, and of extremely good quality. This is especially important in terms of class counsel because of the extremely effective work of opposing counsel …. class counsel has managed to obtain a settlement when the alternative for most or all class members was very likely nothing at all …. Class counsel in this case possesses great competence and experience, and the result reached in this case perfectly exemplifies its abilities. The Court has been extremely impressed with the conduct, skill, and accomplishment of class counsel throughout this litigation.”

In December 2008,  the Court approved a settlement reached with Marsh McLennan and related entities ("Marsh") for sixty-nine million dollars to resolve and settle the claims of plaintiffs against Marsh. The settlement was reached in a class action lawsuit alleging that brokers and insurers, including Marsh, engaged in an insurance brokerage scheme involving the receipt of undisclosed payments or kickbacks from insurance carriers, steering insurance policyholders to carriers paying the most in “contingent commissions,” and rigging bids for insurance policies, all allegedly in violation of law and to the detriment of insurance policyholders. Zwerling Schachter played a leading role in this litigation and continues to be heavily involved in those portions of the litigation which are continuing. 

In re BP Prudhoe Bay Royalty Trust Securities Litigation, W.D. Wa., C06-1505 (MJP), as lead counsel in securities fraud class action involving failure of operator to maintain oil pipelines, Zwerling Schachter recovered $43.25 million on behalf of investors.

A nationwide class was certified on behalf of all those who paid for a bar review course from BAR/BRI from August 1, 1997 through July 31, 2006. Plaintiffs alleged that West Corporation (as owner of BAR/BRI) violated the antitrust laws by agreeing with Kaplan, Inc. to prevent competition in the market for full-service bar review courses, and, as a result, consumers paid more for BAR/BRI bar review courses than they should have. Zwerling Schachter is one of three law firms representing the Class in this action. A $49 million settlement was reached in February 2007. As a result of the settlement, over 88,000 Claim Forms representing claims for over 130,000 BAR/BRI courses have been processed by the Claims Administrator. On September 10, 2007, after a preliminary approval hearing and multiple final approval hearings, the District Court granted final approval of the Settlement. A few class member objectors appealed this order. On April 23, 2009, the Ninth Circuit Court of Appeals affirmed the Settlement and remanded the award of attorneys’ fees to Class Counsel and Objectors’ Counsel to the District Court for further proceedings. In August and September, 2009, a few class member objectors filed Notices of Appeal with the Ninth Circuit Court of Appeals regarding the District Court’s order on the remand. Those appeals are currently pending. No date for argument has been set by the Ninth Circuit.

In re Old Banc One Shareholders Securities Litigation, N.D. Ill., Civ. No. 00 C Z100 (WRA), a securities class action where Zwerling Schachter achieved a settlement of $28 million for all claims asserted against Bank One by class members who (a) purchased shares of Banc One Corporation (“Old Banc One”) common stock during the period from August 6, 1998 through October 1, 1998, both dates inclusive, and (b) received Bank One common stock through the conversion of their Old Banc One common stock to Bank One common stock issued in connection with the merger between Old Banc One and First Chicago NBD (“First Chicago”) effective on October 2, 1998 (the “Class”). 

The Class alleged that the Prospectus issued by Bank One in connection with the merger of Old Banc One and First Chicago contained materially false and misleading statements, including financial statements contained in the Prospectus relating to Old Banc One's credit card subsidiary, First USA Bank, N.A.

In re First Bancorp Securities Litigation, D.P.R., 3:05-CV-02148-PG, co-lead counsel in securities fraud class action involving sham mortgage sales transactions between Puerto Rico banks. Zwerling Schachter achieved a $74.25 million settlement in less than eighteen months of litigation.

Hayman v. PriceWaterhouseCoopers, LLP, N.D. Ohio, 01-cv-1078, brought on behalf of investors in Telxon Corp. securities against the company's auditors for issuing false opinions on the company's financial statements. Zwerling Schachter obtained a recommendation for a default judgment against Price WaterhouseCoopers, LLP and subsequently settled the action for $27.9 million.

In re Telxon Corp. Securities Litigation, N.D. Ohio, 5:98-cv-2876, a securities fraud class action where Zwerling Schachter, as sole counsel, obtained a settlement of $40 million on behalf of investors. Class members in the Hayman and Telxon actions received over 70% of their losses in the two settlements.