American Lawyer’s Litigation Daily blog quoted Joseph Tabacco, Jr. as applauding Berman DeValerio’s client and lead plaintiff the State Universities Retirement System of Illinois for stepping forward to represent the class in the complex securities case.
The Litigation Daily article also quoted Mr. Tabacco’s written statement to the judge in support of the settlement agreement. “This substantial proposed settlement represents an excellent result for the Settlement Class, particularly given the numerous and substantial risks the Lead Plaintiff faced in this litigation,” Mr. Tabacco wrote.
The 2009 lawsuit accused General Electric of misrepresenting its financial situation by failing to disclose that its GE Capital unit held hundreds of billions of dollars in subprime and non-investment grade debt. Two individual defendants, General Electric CEO Jeffrey Immelt and CFO Keith Sherin also agreed to the settlement provisions.
*In August 2017, our firm name changed to Berman Tabacco. Case references and content published before that date may refer to the firm under our prior name, Berman DeValerio.