CHARLESTON -- Not everyone in West Virginia has bad things to say about Milberg Weiss.
The firm was responsible for a $600 million settlement in a 2003 accounting fraud class action lawsuit led by Teamsters West Virginia Pension Trust Funds. The was repaid to Lucent Technologies investors as part of the settlement.
Pension Trust Funds at Local 175 and Local 505 in Huntington were the court-appointed lead plaintiffs in the lawsuit. All purchasers of Lucent Technologies stock during the class period were eligible to file claims in the settlement.
"The Teamsters take our responsibility to our members' pensions very seriously," Ken Hall, President of Teamsters Local 175 in Charleston, said at the time. "These lost investments will be restored to Teamster pensions and we will continue our battle to hold corporations accountable for their actions."
James P. Hoffa, Teamsters General President, issued a similar sentiment.
"Our efforts to protect our members' retirement savings and to punish corporate fraud and malfeasance are clearly working," Hoffa said in a statement at the time. "West Virginia Teamsters should be proud of the fight waged on their behalf by its leaders and the law firm Milberg, Weiss, Bershad, Hynes & Lerach. We will continue to protect our investments and fulfill our fiduciary duties to our membership."
Hall was unavailable for comment last week to further discuss Milberg Weiss.
Also, Milberg Weiss was the law firm that represented a Boone County man in 2002 on behalf of Massey Energy stockholders derivative against the company's Board of Directors and several officers for breach of fiduciary duty, misappropriation of corporate information and waste of Massey's corporate assets arising out of defendants' refusal to cause Massey to comply with applicable environmental, labor and securities laws. That case eventually was settled.