Below are a few of the successful cases in which Labaton Sucharow has been able to effect significant corporate governance changes.
In re Waste Management, Inc. Securities Litigation
In the settlement of the Waste Management case, we achieved critical corporate governance improvements resulting in:
- A stronger and more independent audit committee;
- A board structure with greater accountability;
- Protection for whistleblowers.
In re Bristol-Myers Squibb Securities Litigation
In Bristol-Myers, we won unprecedented corporate governance concessions, including:
- Required public disclosure of the design of all clinical drug trials;
- Required public disclosure on the company's website of the results of all clinical studies on drugs marketed in any country throughout the world.
Cohen v. Gray
In this case against the Boeing aircraft company, we achieved a landmark settlement establishing unique corporate governance standards relating to ethics compliance including:
- At least 75 percent of Boeing's Board must be independent under NYSE criteria;
- Board members will receive annual corporate governance training;
- Direct Board supervision of an improved ethics and compliance program;
- Improved Audit Committee oversight of ethics and compliance;
- A $29 million budget dedicated to the implementation and support of these governance reforms.
In re Vesta Insurance Group Securities Litigation
In settling Vesta, we caused the company to adopt provisions that created:
- A Board with a majority of independent members;
- Increased independence of members of the company's audit, nominating and compensation committees;
- Increased expertise in corporate governance on these committees;
- A more effective audit committee.