When Bill Lerach announced that his law firm recovered more than $651 million for investors who were not part of the class action lawsuits arising from the financial collapse of WorldCom, the high-profile lawyer hailed the recoveries as “unprecedented.”
“Recoveries represent premium over class action settlement,” screamed part of the headline announcing the settlement. “Our clients’ net recoveries on their WorldCom bond losses are substantially higher than the estimated recovery for the same bond losses in the WorldCom class action,” asserted Lerach, partner of Lerach Coughlin Stoia Geller Rudman & Robbins, in the press release. “Our clients are also recovering millions of dollars for December 2000 bond offering claims the class action did not pursue. They will also get a higher recovery than what class members are estimated to receive for their WorldCom stock losses.”
