NEW YORK, March 11, 2016 /PRNewswire/ -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced a $219 million class action settlement resolving investors' claims against Virginia-based insurance company Genworth Financial, Inc. ("Genworth" or the "Company"). The settlement is the largest recovery ever obtained in a securities class action in Virginia.
BLB&G represents Co-Lead Plaintiff Fresno County Employees' Retirement Association ("FCERA") in the action. The settlement was achieved eight weeks before trial and after extensive discovery and investigation, including the review of millions of pages of documents, expert testimony, and over 20 depositions.
The class action was filed on behalf of purchasers of Genworth securities from October 30, 2013 through November 5, 2014 (the "Class Period"). Plaintiffs alleged that Genworth and certain senior executives made false and misleading statements about Genworth's long-term care insurance business and the Company's financial statements during the Class Period. FCERA diligently served throughout the litigation as Co-Lead Plaintiff, along with Alberta Investment Management Corporation, who was represented by Co-Lead Counsel, Bleichmar Fonti & Auld LLP. The Lead Plaintiffs' supervision over the vigorous prosecution of the litigation was critical to this historic settlement.
BLB&G partners David Stickney, Blair Nicholas, and Jonathan Uslaner led the firm's trial team. On the result, Mr. Uslaner commented: "True to the firm's values, we prepared this case for trial from day one, demonstrating our resolve and putting the firm in a position to achieve a substantial recovery for investors." He added, "Our team needed to be at its best, and it was, and we are very pleased to be able to obtain this result for our client and the Class."
The settlement remains subject to Court approval.
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Widely recognized as one of the leading law firms worldwide advising institutional investors on securities fraud, corporate governance and shareholders' rights issues, BLB&G is unique among its peers, having obtained 5 of the 10 largest securities recoveries in history and having recovered nearly $30 billion on behalf of defrauded investors. The firm has also prosecuted groundbreaking corporate governance litigation related to breaches of fiduciary duty, corporate transactions which violated fair process and fair price, the applicability of the business judgment rule, issues of corporate waste, shareholder voting rights claims, and executive compensation. More information about BLB&G can be found online at www.blbglaw.com.
More information on Bernstein Litowitz Berger & Grossmann LLP can be found online at www.blbglaw.com.
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