Noteworthy Results

 

As counsel to several leading international institutional investors, Ms. Sturman has recovered hundreds of millions of dollars for defrauded investors. Among Ms. Sturman’s recent cases, she acted as counsel to lead plaintiff Union Asset Management Holding AG in In re Dell, Inc. Securities Litigation, No. A-06-CA-726-SS (W.D. Tex.), a securities fraud class action that alleged that Dell and certain of its senior executives manipulated financial announcements to meet performance objectives that were tied to executive compensation. After an appeal to the United States Court of Appeals for the Fifth Circuit, the case settled for $40 million in 2011.

 

Following the collapse of Washington Mutual, Inc., Ms. Sturman represented co-lead plaintiff Metzler Investment GmbH in South Ferry LP #2 v. Killinger, No. C04-1599C (W.D. Wash.), a particularly complex securities fraud class action that involved an appeal to the United States Court of Appeals for the Ninth Circuit and the interplay of federal bankruptcy laws. Despite the significant procedural impediments, the case resolved for $41.5 million in 2012.

 

In Minneapolis Firefighters’ Relief Association v. Medtronic, Inc., No. 08-6324 (PAM/AJB) (D. Minn.), Ms. Sturman served as counsel to co-lead plaintiff Union Asset Management Holding AG in a securities fraud class action that alleged that Medtronic engaged in a pervasive campaign of illegal off-label marketing in which the company advised doctors to use Medtronic’s Infuse Bone Graft in ways that were not approved by the FDA, resulting in severe complications in patients. Once the market learned that the FDA and Department of Justice were investigating Medtronic’s off-label marketing, the company’s stock price dropped significantly. The court granted final approval to an $85 million settlement that resolved these claims on November 8, 2012.

 

In City of Sterling Heights General Employees’ Retirement System v. Hospira, Inc., No. 1:11-cv-08332-AJS (N.D. Ill.), Ms. Sturman represented co-lead plaintiff KBC Asset Management NV in a securities fraud class action that alleged that Hospira and certain of its executives artificially inflated Hospira’s stock price by concealing significant deteriorating conditions, manufacturing and quality control deficiencies at its largest manufacturing facility located in North Carolina and the costly effects of these deficiencies on production capacity. The case settled for $60 million in 2014.

 

Most recently, in In re Hewlett-Packard Co. Securities Litigation, No. 8:11-cv-01404-AG (RNBx) (C.D. Cal.), Ms. Sturman served as counsel to co-lead plaintiff Union Asset Management Holding AG. The action alleged that between November 22, 2010 and August 18, 2011, Hewlett-Packard misled investors about its ability to release over one hundred million webOS-enabled devices by the end of 2011. On September 15, 2014, the court granted final approval to a $57 million settlement to resolves these claims. In Hill v. State Street Corporation, No. 09-cv-12146-NG (D. Mass.), Ms. Sturman acted as counsel for co-lead plaintiff Union Asset Management Holding AG in a case alleging that State Street misled investors about its exposure to high risk investments and its income from illegal foreign-exchange overcharges. A $60 million settlement is awaiting final approval from the court.

 

In addition, Ms. Sturman has counseled clients in a range of other securities-related cases, including In re Citigroup Inc. Securities Litigation, No. 07 Civ. 9901 (SHS) (DCF) (S.D.N.Y.) ($590 million recovery), and Alaska Electrical Pension Fund v. Pharmacia Corp., No. 03-1519 (AET) (D.N.J.) ($164 million recovery).

 

Quick Links

Deborah Sturman, founder of Sturman LLC, is a frequently published thought leader providing analysis on current trends and issues affecting the global business community. Several of her recent articles are provided below.


Acht-Milliarden-Dollar-Rechnung
für BP
Manager Magazin, 08.06.2010


Das Ende der Versuchung
Manager Magazin, 21.05.2010


Bringing the Banks to Court
CNBC Squawk Box Europe, 19.3.09