Goldman Sachs and Bain Capital Agree to $121 Million Settlements in LBO
Antitrust Violations Case
MINNEAPOLIS, June 11, 2014
MINNEAPOLIS, June 11,2014 /PRNewswire/ --Robins, Kaplan, Miller & Ciresi
L.L.P. is pleased to announce that The Goldman Sachs Group and Bain Capital
Partners have agreed to pay a total $121 million in settlement of the firm's
class of plaintiffs clients in Dahl v. Bain Capital Partners. Bain has agreed
to a settlement for $54 million, and Goldman Sachs agreed to a $67 million
settlement, as two of seven defendants in that case. Plaintiffs are former
shareholders of certain public companies who sold their shares to the
Defendant private equity firms in large leveraged buyouts ("LBOs") announced
between 2003 and 2007.
In 2007, the defendants, all major U.S. private equity firms, were charged in
the U.S. District Court, District of Massachusetts, with a market allocation
and bid-rigging conspiracy that violates Section 1 of the Sherman Act, 15
U.S.C. § 1. The five other private equity firms include The Blackstone Group
L.P., The Carlyle Group LLC, Kohlberg Kravis Roberts & Co., L.P., Silver Lake
Technology Management L.L.C. and TPG Capital L.P. Plaintiffs sought damages as
a result of the defendants' alleged collusion to not bid against each other on
deals to drive down the prices of many takeovers of publicly traded companies.
"We went toe-to-toe with the defendants over the past seven years and Bain and
Goldman Sachs are the first defendants to agree to settlement terms. We look
forward to a trial against the remaining defendants, currently scheduled for
November," said K. Craig Wildfang, co-lead counsel for plaintiffs and co-chair
of the Antitrust & Trade Regulation practice at the firm.
Wildfang, who led the class plaintiffs reached an historic $7.25 billion
antitrust settlement in 2013 on behalf of a class of over eight million U.S.
merchants who accept Visa and MasterCard credit cards, was trial counsel in
the Dahl case, along with firm partners Thomas Undlin and Stacey Slaughter.
The law firms Scott and Scott and Robbins Geller Rudman & Dowd also acted as
co-counsel for plaintiffs.
About Robins, Kaplan, Miller & Ciresi L.L.P.
Robins, Kaplan, Miller & Ciresi L.L.P. (http://www.rkmc.com) is a litigation
firm whose clients include numerous Fortune 500 corporations, emerging markets
companies, entrepreneurs, and individuals as both plaintiffs and defendants.
With more than 220 lawyers located in Atlanta, Boston, Los Angeles,
Minneapolis, New York and Naples (FL), the firm is frequently engaged in
high-stakes, complex litigation with significant bottom-line implications for
clients. Its business lawyers handle complex transactions in a variety of
market segments and industries. Chambers USA 2014 ranked the firm in the first
band nationally in the Antitrust: Plaintiffcategory, and regularly gives it
top rankings for litigation. Corporate Counsel has named the firm a "Go-To Law
Firm" and Multicultural Law has ranked the firm as one of the top national law
firms for diversity. The American Lawyer ranked the firm seventh in the
country in the 2013 Pro Bono Survey, and twice named the firm to the A-List.
In 2014 Chambers and Partners ranked the firms antitrust practice group in the
first tier nationally among law firm antitrust practices.
SOURCE Robins, Kaplan, Miller & Ciresi L.L.P.
Contact: Vivian Hood, Phone: 904-220-1915, Email: firstname.lastname@example.org
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