Milberg Investigators & Forensic Accountants
Investigative Pioneers, Maximizing Recoveries for Investors & Consumers
International Investigations and Global Reach
Argentina
Argentinian Bonds
Milberg represents hundreds of international clients in connection with Argentina’s 2001 default on its sovereign debt obligations. Milberg’s investigation of these matters has been global. Recent victories by Milberg and its co-counsel in the cases include the issuance, in January 2010, of a restraining order and writs of execution against several dozen New York financial institutions to block the transfer of hundreds of millions of dollars of assets assertedly held on behalf of the Banco Central de la RepĂşblica Argentina and the Argentine government.
The court orders were based on judgments obtained by Milberg’s clients, who are hundreds of smaller individual and corporate bondholders from 19 countries.
Australia
Charles Slidders
Charles Slidders is an experienced Australian lawyer who joined Milberg’s New York office in December 2008. Before joining Milberg, Charles was a litigator in Melbourne, Australia, where he represented plaintiffs in high-profile contract disputes over property developments, and in securities disputes involving derivative contracts, as well as victims of bushfires. He was the founding partner of one of Australia’s premier boutique litigation firms, “Slidders Lawyers.” Charles has been frequently quoted in the media. Milberg is investigating several matters for Australian investors.
Austria
Austrian Banks
This was a tortious interference and violation of international law case filed along with similar actions against German banks for their role and participation in the Nazi regime’s seizure of assets belonging to Jews. Milberg participated along with others in filing class actions against the Austrian banks for various torts and violations of international law in cooperation with the Nazi regime to steal plaintiffs’ assets on deposit with defendant banks and to exploit and profit from slave and forced labor. In March 1999, the plaintiff class reached a settlement agreement in the amount of $40 million on behalf of 27,883 Austrian Holocaust survivors.
Canada
Biovail
Milberg, serving as co-lead counsel, litigated this highly complex securities class action brought on behalf of a class of defrauded investors, alleging that defendants made a series of materially false and misleading statements concerning Biovail’s publicly reported financial results and the company’s hypertension/blood pressure drug, Cardizem LA.
The investigation involved interviewing numerous witnesses from Canada, where Biovail is headquartered, who provided information supporting the allegation that aggressively positive forecasts by the company that inflated its stock price were overreaching and lacked a reasonable basis. Additionally, witnesses stated that Biovail was reporting new sales on products that had not been fully launched.
Counsel took numerous depositions across the U.S. and Canada and obtained documents from defendants and several third parties, including, among others, UBS, McKinsey & Co., and Merrill Lynch. The case resulted in a $138 million recovery for the class, and Biovail agreed to institute significant corporate governance changes.
Nortel
In this federal securities fraud class action, Milberg served as lead counsel for the class against a Canadian telecommunciations company.  The numerous cross-border witnesses interviewed by Milberg’s investigators and the unwinding of the complex accounting at the heart of this case by Milberg’s forensic accountants contributed to the excellent settlement of $1.142 billion.
China
51Jobs
Milberg represented plaintiffs in this securities litigation, which involved an investigation by Milberg in Shanghai, China, that required cooperation and coordination with local investigators.
China Life
This securities litigation focused on the company’s failure to disclose certain adverse negative facts. Milberg’s investigation, including in China, helped plaintiffs allege that China Life’s predecessor company had significant accounting irregularities, totaling $652 million.
Colombia
Chiquita Banana/FARC Rebels
In this groundbreaking case, Milberg represents members of a family pursuing claims under the Anti-Terrorism Act against Chiquita in connection with its alleged sponsorship of terrorism in Colombia.
England
Chiron
This securities case stemmed from the highly publicized events surrounding the United States influenza vaccine shortage in 2004, exacerbated by the shutdown of Chiron’s Liverpool, England vaccine facility due to safety issues. When these events came to light, the price of Chiron securities plummeted. Milberg represented investors in a securities fraud action against Chiron, and Milberg’s investigators aggressively pursued evidence in the case, ultimately culminating in a settlement described by the presiding judge as “a good settlement for class members.”
France
Vivendi
Milberg played a vital role in every aspect of the successful prosecution of a four-month securities fraud trial against French conglomerate Vivendi S.A., resulting in a verdict for the plaintiffs. On behalf of an international class of investors, Milberg represented lead plaintiff the Retirement System for the General Employees of the City of Miami Beach. Plaintiffs filed the action in New York federal court in 2002, alleging that defendants concealed Vivendi’s true liquidity condition from the investing public during the period from October 30, 2000, to August 14, 2002. In 2007, the court certified a class of investors from France, the United States, England, and the Netherlands.
The trial began on October 5, 2009, and nearly four months later the jury found Vivendi liable for 57 fraudulent statements. The plaintiffs succeeded in thematically juxtaposing Vivendi’s internal communications with its public statements — a contrast that one French reporter called the “masterpiece” of the plaintiffs’ presentation. In describing the work of the attorneys trying the case, Judge Richard J. Holwell stated, “I can only say that this is by far the best tried case that I have had in my time on the bench. I don’t think either side could have tried the case better than these counsel have.”
At the trial, senior partners Matthew Gluck and Michael Spencer conducted the examinations of the most important fact witnesses, including Vivendi’s former CEO and CFO, and examined both parties’ accounting and economic loss causation experts. Milberg attorneys also argued motions on numerous evidentiary disputes as well as complex dispositive motions. Defendants were represented by four of the country’s largest law firms. The efforts of Milberg’s attorneys, investigators and support staff enabled plaintiffs to achieve this excellent outcome.
The case is captioned In re Vivendi Universal, S.A. Securities Litigation, No. 02-5571 (S.D.N.Y.).
Media coverage:Â
Bloomberg Press: Jan. 30, 2010Â
Bloomberg Press: Feb. 22, 2011
Germany
Slave/Forced Labor Case
Milberg filed a series of class action suits against German companies that exploited slave and forced labor during World War II. After very long and contentious negotiations among the parties, German, U.S. and Israeli governments, as well as international Jewish organizations, a framework agreement of an approximately $5 billion settlement was reached. The settlement is now funding several programs including slave labor and medical experimentation compensation, insurance and asset claims, as well as educational programs.
Indonesia
Asia Pulp & Paper
This securities fraud class action involved significant investigation into the Jakarta, Indonesia-based corporate defendant. Specifically, information provided by Milberg’s sources allowed plaintiffs to allege that Asia Pulp & Paper issued press releases and filed financial statements that failed to disclose, among other things, that the Company had entered into two derivative contracts involving Indonesian rupiah/US dollar and Japanese yen/US dollar swaps that were not properly accounted for and disclosed to investors.
Isle of Man/India/Cyprus
AremisSoft
Milberg filed and investigated this complex multinational securities fraud class action alleging the embezzlement of hundreds of millions of dollars by former officers of AremisSoft. AremisSoft was a multinational software company, headquartered in New Jersey, with operations in Cyprus and India. Most of its non-United States operations allegedly were failing or nonexistent. Milberg helped craft a settlement that allowed for AremisSoft to be reorganized in bankruptcy court so it could continue operations, while simultaneously establishing a litigation trust to pursue claims against AremisSoft’s auditors and the insiders who looted AremisSoft. The class members were given a majority interest in the equity of a new company consisting of the legitimate assets of AremisSoft, as well as their pro rata share of money recovered by the litigation trust.
Milberg instituted litigation in the Isle of Man to freeze assets deposited there by one of the wrongdoers. As a result, over $200 million was recovered and returned. The litigation is continuing in the United States, Switzerland and Cyprus against a fugitive former officer of AremisSoft and several banks that are alleged to have assisted the fraud.
Italy
Milberg has established numerous contacts in Italy and upon special request has been invited to educate lawyers, jurists, and legal scholars about class action litigation, as Italy expands its own class action landscape.
Japan
Toshiba, Toyota
 Milberg has spearheaded several actions involving Japanese companies that required cross-border investigations. Several consumer actions against Toshiba have resulted in meaningful recoveries for consumers. Milberg is also investigating Toyota relating to the massive recalls in early 2010 of many vehicle models for sudden unintended acceleration.
Korea
Korean Air
This antitrust class action has been brought on behalf of direct purchasers of passenger flights between the United States and Korea against Korean Airlines Co. and Asiana Airlines Inc. The suit alleges that the two airlines conspired to fix prices on United States-Korean routes by, among other things, setting fuel surcharges and components of passenger fares. Milberg is co-lead counsel in this matter, which involves significant investigation in South Korea.
Netherlands
Milberg investigators and foresnsic accountants were critical in achieving meaningful recoveries for investors injured by fraud perpetrated by Netherlands-based Baan Corporation. The case involved improperly recognized revenue from related party transactions, prematurely recognized revenue from licensing transactions, and improperly recognized revenue from transactions for which BAAN guaranteed payment.
Royal Dutch
This was an ERISA breach of fiduciary duty class action against the Royal Dutch/Shell Oil Group of Companies on behalf of certain of the companies’ U.S. employee investment plan participants. Notably, the $90 million settlement included important provisions regarding the monitoring and training of individuals appointed to be ERISA fiduciaries.
Nigeria
In this matter, the plaintiffs, Nigerian children and their families, asserted claims under the Alien Tort Statute (“ATS”) in connection with Pfizer’s clinical trial of the drug in Nigeria, which is alleged to have led to 11 deaths and caused blindness, deafness, paralysis, and brain damage in many other children. More than 80 families filed suit under the ATS, alleging that the company violated international law prohibiting medical experiments on people without their consent. Milberg’s investigation was extensive and required trips to Nigeria.
Russia
Potash
Milberg represents a litigant in this antitrust class action lawsuit alleging that major international suppliers of potash conspired and combined to fix, raise, maintain, and stabilize prices for potash products that were sold to indirect purchaser plaintiffs in the United States since 2003. Defendants, who include three former Soviet Union producers and three Canadian producers, account for approximately 71% of the world’s potash market.
Switzerland
Swiss Banks
Milberg investigated and filed this class action suit on behalf of victims of Nazi persecution against several Swiss banks for their collaboration with the Nazis, including retaining accounts and laundering illegal assets. The case settled in 1998 for $1.25 billion and the money has been distributed among several categories of survivors.
