Berman Tabacco, as co-lead counsel representing the Massachusetts Laborers’ Pension Fund, alleged that International Rectifier engaged in numerous accounting improprieties to inflate its financial results. Berman Tabacco and its co-counsel were successful in defeating the bulk of defendants’ motions to dismiss and conducted months of discovery before finally reaching an agreement with defendants to resolve the case for $90 million.
At the settlement approval hearing, Judge John F. Walter praised counsel, stating: “I think the work by the lawyers – all the lawyers in this case – was excellent. … In this case, the papers were excellent. So it makes our job easier and, quite frankly, more interesting when I have lawyers with the skill of the lawyers that are present in the courtroom today who have worked on this case … the motion practice in this case was, quite frankly, very intellectually challenging and well done. … I’ve presided over this consolidated action since its commencement and have nothing but the highest respect for the professionalism of the attorneys involved in this case. … The fact that plaintiffs’ counsel were able to successfully prosecute this action against such formidable opponents is an impressive feat.”