Gibbs & Bruns Announces $400 Million Settlement In National Century Financial
HOUSTON, March 14, 2013
HOUSTON, March 14, 2013 /PRNewswire/ --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."
ABOUT GIBBS & BRUNS LLP
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.
SOURCE Gibbs & Bruns, LLP
Contact: Tanya Urban, Gibbs & Bruns LLP, firstname.lastname@example.org,
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