HOUSTON, March 14, 2013 – Gibbs & Bruns LLP announced today that it reached a $400 million settlement with Credit Suisse Securities LLC (“Credit Suisse”) on behalf of its clients in the National Century Financial Enterprises (“NCFE”) Securities Litigation.
The $400 million settlement was reached two weeks before jury selection was slated to begin in what was expected to be a six-week trial in the Southern District of New York before the Honorable James L. Graham. Judge Graham, a judge in the Southern District of Ohio, presided over the consolidated multi-district pretrial proceedings and was assigned to try the case in the Southern District of New York. NCFE was an Ohio-based health care finance company that went bankrupt in 2002. The litigation against Credit Suisse related to notes issued by affiliates of NCFE between 1998 and 2002.
In total, Gibbs & Bruns has now recovered $1 billion for its clients in NCFE–related litigation. Earlier settlements were achieved with Deloitte & Touche LLP, PricewaterhouseCoopers LLP, JPMorgan, Bank One, and others.
Kathy Patrick, lead counsel for the Arizona Noteholders, said, “This settlement closes the last, important chapter in the 10-year NCFE litigation. Our Gibbs & Bruns team, which included Bob Madden, Scott Humphries, Jeff Cotner, Aundrea Gulley, Sydney Ballesteros, Jennifer Greer and Laura Carlock, was steadfast in their determination to recover our clients’ losses.”
Bob Madden said, “We are deeply grateful for the time and dedication Judge Graham and his staff committed to coordinate and resolve the many intricate legal issues raised by this complex case.”
Scott Humphries added, “We are honored by our clients’ confidence in us.”
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Gibbs & Bruns is a leading boutique law firm engaging in high-stakes business and commercial litigation. The firm is renowned for its representation of both plaintiffs and defendants in complex matters, including significant securities and institutional investor litigation, director and officer liability, contract disputes, fraud and fiduciary claims, energy, oil and gas litigation, construction litigation, insurance litigation, trust and estate litigation, antitrust litigation, legal and professional malpractice, and partnership disputes. Gibbs & Bruns is recognized as a top commercial litigation firm in the US. For more information, visit www.gibbsbruns.com.