WASHINGTON, Oct. 8, 2013 /PRNewswire/ -- On Friday, September 20, following a fairness hearing held the previous day, the Honorable T.S. Ellis, III entered an Order of Final Approval and Judgment in In re Computer Sciences Corporation Securities Litigation, Civ. No. 11-610-TSE-IDD (E.D. Va.), approving and finalizing the second highest settlement ever in the United States District Court, Eastern District of Virginia, and third highest ever in the Fourth Circuit Court of Appeals.
The $97.5 million proposed settlement resolved all claims in the class action, in which the Ontario Teacher's Pension Fund, one of Canada's largest pension investors, alleged that Computer Sciences Corporation (CSC) fraudulently inflated its stock price by misrepresenting and omitting the truth about the state of its most visible contract and the state of its internal controls. Subsequent disclosure of the company's problems precipitated a 50 percent drop in stock prices, leading to substantial losses for stock holders.
Attorneys from Labaton Sucharow LLP and Patton Boggs LLP were appointed by the Judge Ellis to represent the Ontario Teacher's Pension Fund and the Settlement Class. Benjamin G. Chew of Patton Boggs' Litigation and Dispute Resolution practice served as Local Counsel for Class Representative and the Settlement Class. Joseph A. Fonti, of the Securities Litigation team at Labaton Sucharow, served as Lead Counsel. Jay B. Kasner, head of the Securities Litigation practice in the New York office of Skadden Arps, led the defense for CSC.
The Honorable Leonie M. Brinkema served as settlement judge and hammered out a settlement over a two-day period. The case itself, however, had been vigorously contested in Alexandria over a period of two years—which is a particularly long period for the E.D.Va., which is committed to trying cases within six months of the filing of a complaint.
Patton Boggs maintains a robust practice in the E.D.Va., usually in Alexandria, Richmond and Norfolk, primarily led by Mr. Chew. "Whether in Alexandria, Norfolk or Richmond, Judges in the Eastern District are especially adept at cutting to the heart of the matter, and producing efficient, just, results," stated Mr. Chew. "That's certainly what happened here."
Patton Boggs undertakes a broad scope of matters in the E.D.Va., typically commercial in nature, for a diverse client base. In recent years, the firm—with Mr. Chew at the helm—has represented public and private sector clients, as plaintiff or defendant, in matters involving breach of contract, intellectual property claims, and tortious interference, among others. In addition to his work in the Litigation and Dispute Resolution practice, Mr. Chew is also co-chair of the firm's Commercial Litigation and Antitrust Matters group.
Patton Boggs handles the full scope of securities-related litigation, including private civil actions, Securities and Exchange Commission (SEC)/Commodity Futures Trading Commission (CFTC) investigations, and criminal matters. A number of the firm's litigators are veterans of the SEC and CFTC enforcement staff, and many others possess deep experience in securities transactions, which strongly augments their abilities in contentious matters.
In claims of securities fraud, Patton Boggs has represented clients regarding alleged accounting irregularities, false statements or misrepresentations, market manipulation, initial public offering issues, pump-and-dump schemes, broker/dealer disputes, Regulation S violations, fair treatment violations, improper registration, derivative actions, insider trading, and audit committee and internal investigations.
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SOURCE Patton Boggs LLP