Berman Tabacco

El Paso Corp.

In re El Paso Corp. Securities Litigation, No. 4:02-CV-2717 (S.D. Tex.)

As co-lead counsel representing the Oklahoma Firefighters Pension and Retirement System, Berman Tabacco negotiated a $285 million settlement, including $12 million from the auditor, PricewaterhouseCoopers in this securities fraud class action. This action related to El Paso Corporation’s reporting of strong, proven global oil and natural gas reserves. Contrary to representations, as alleged, El Paso’s seemingly strong financial prospects were the direct result of defendants having artificially inflated the company’s proven reserves and, correspondingly, its potential future revenue stream.

Case Information

  • Settlement Amount:
    $285,000,000