Wolf Popper LLP Recovers $190 Million From Motorola, Inc. In Securities Fraud Class Action
Wolf Popper recovered $190 million in a securities fraud action against Motorola. Inc. on the eve of trial (In re Motorola Sec. Litig., No. 03 C 287 (RRP) (N.D. Ill.)). The recovery was obtained after more than four years of litigation. During the litigation, Wolf Popper, among other things, defeated Motorola’s motion to dismiss the complaint (2004 U.S. Dist. LEXIS 18250 (Sept. 9, 2004, N.D. Ill.)) and Motorola’s motions for summary judgment (2007 U.S. Dist. LEXIS 9530 (Feb. 8, 2007, N.D. Ill.)).
In approving the settlement, the Court addressed Wolf Popper as follows: "You did a great very professional job here. This was hard fought, but extremely professionally fought battle and I appreciate it. Thank you."
Wolf Popper represented the State of New Jersey’s Division of Investment, which served as the court-appointed lead plaintiff in this Action. Arnold & Porter LLP represented the defendants.
On March 2, 2009, Judge Pallmeyer issued a decision overruling an objection filed in opposition to Lead Plaintiff’s motion for distribution of the Settlement Fund. Lead Plaintiff will submit a revised distribution order as soon as possible and there should be no further delay in the distribution of the Settlement Fund.