Berman Tabacco

Philip Services

In re Philip Services Corp. Securities Litigation, No. 98-cv-0835 (S.D.N.Y).

As co-lead counsel, Berman Tabacco negotiated settlements totaling $79.75 million with the bankrupt company’s former auditors, top executives and underwriters. The case alleged that Philip Services and its executives made false and misleading statements regarding the company’s publicly reported revenues, earnings, assets and liabilities. The district court initially dismissed the claims on grounds of forum non conveniens, but the firm successfully obtained a reversal by the United States Court of Appeals for the Second Circuit.

Case Information

  • Settlement Amount:
    $79,750,000