Securities Fraud

REPRESENTATIVE CASES

Rosen v. Textron, Inc., 1:02ev190 (RWL) (Dist. R.I.). The firm was co-lead counsel for three affiliated pension and employee benefit funds of the International Brotherhood of Teamsters, Local 710, the lead plaintiff in a securities fraud class action. The complaint alleged that the defendants made material misrepresentations and omitted material facts concerning matters that required accounting adjustments that would have reduced reported earnings nearly a year before the charges were taken. The case settled for $7 million in late 2005.

Stewart Weltman acted as lead attorney or lead counsel in several securities fraud matters including:

  • Lead attorney for his client Pacific Life Insurance Company in its individual actions brought against various underwriter defendants arising out of the (1) Worldcom frauds and (2) Republic Bank frauds.  Each case settled on favorable terms for his client.
  • Co-lead counsel with Susman Godfrey in a securities fraud class action that resulted in a combined settlement of $31 million against a law firm and a national accounting firm.