Wolf Popper has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the Firm in shareholder and other class action litigation has been repeatedly recognized by the courts, which have appointed the Firm to major positions in complex multi-district and consolidated litigations.

When a class action case prosecuted by Wolf Popper ultimately succeeds, our client does not pay any fees to us directly, rather we ask the court for an award of attorney fees and reimbursement of our expenses from the funds we recover on behalf of all investors.

Our success rate in winning litigated cases for our clients has resulted in national recognition of the Firm. Wolf Popper's complaints have been sustained over defendants' motions to dismiss in 83% of cases which it has filed and been appointed a lead counsel which is substantially in excess of the national average. We have also outperformed other national average results as measured by settlement dollar value.

Representative cases in which Wolf Popper has represented an institutional investor or lead plaintiff and obtained recovery of over $25 million are listed as follows:

Mattel Litigation: In two separate cases brought against Mattel, Inc., Thurber v. Mattel, Master File No. CV-99-10368-MRP(CWx) (C.D. Cal.) (asserting securities fraud and controlling person liability claims) and Dusek v. Mattel, Master File No. CV-99-10864-MRP(CWx) (C.D. Cal.) (asserting proxy violation and controlling person liability claims), both before Hon. Mariana R. Pfaelzer, Wolf Popper was appointed by the Court to be a member of the Executive Committee of Plaintiffs' counsel, and was also specifically chosen by the Federal Court to have primary responsibility for the prosecution of the Dusek proxy violation claims. Wolf Popper's clients, wealthy individuals who lost more than $1 million, served as lead plaintiffs with The Birmingham Retirement & Relief Fund. After more than three years of extremely hard-fought litigation, including two rounds of motions to dismiss, the production of millions of documents, and the taking or defending of more than 40 depositions, both cases settled for the aggregate sum of $122 million. The $61 million allocated for the Dusek claims is believed to be the largest settlement ever of a federal proxy violation case.

Upon approving the settlement, the Judge specifically found that "Wolf Popper LLP vigorously prosecuted the Dusek action and zealously represented the interests of the Dusek class members," and performed in a "very capable and professional manner." (Thurber v. Mattel, Master File No. CV-99-10368-MRP(CWx) (C.D. Cal.), and Dusek v. Mattel, Master File No. CY-99-10864-MRP(CWx) (C.D. Cal.).) The approval of the settlement was affirmed by the Court of Appeals for the Ninth Circuit on July 29, 2005.

Safeskin Litigation, Lead Case No. 99cv454?BTM(LSP) (Consolidated) (S.D. Cal.): Wolf Popper served as Court-appointed Co-Lead Counsel for Plaintiffs against Safeskin, in a securities fraud action against Safeskin Corporation and certain of its officers and directors, alleging accounting improprieties, including improper recognition of revenue. Following discovery of well over a million documents and the taking of over 75 fact depositions (many of which were multi-day depositions), the parties reached a settlement in the amount of $55 million. The U.S. District Court for the Southern District of California approved the $55 million settlement on March 20, 2003. At the settlement approval hearing, Judge Moskowitz noted his "incredible respect for the work that the lawyers did" and described Plaintiffs' counsel as "highly skilled in these cases." Judge Moskowitz also commented that he was "kind of looking forward to trying this case, because it would have the best lawyers in the country trying [it]...."

Sunbeam Litigation, 988258-CIV Middlebrooks (S.D. Fl.): Wolf Popper served as Co-Lead Counsel in an open market securities fraud class action. Several such actions were filed in the Southern District of Florida in 1998. Defendants' motions to dismiss were denied (two members of the board of trustees were dismissed). Significant discovery was undertaken, including the review of approximately one million pages of documents and the depositions of approximately 90 fact witnesses over nearly 200 deposition days. After approximately eight months of negotiations, a settlement was entered into with defendant Arthur Andersen LLP for $110 million - one of the largest settlements ever with an accounting firm - and $31 million from the remaining defendants (including a $15 million personal contribution from "chainsaw" Al Dunlap, agreed to only days prior to the start of trial). (Decision denying defendants' motion to dismiss is reported at 89 F. Supp. 2d 1326 (S.D. Fla. 1999); decision denying motion to stay reported at 261 B.R. 534 (2001).) (In re Sunbeam Securities Litigation, 988258-CIV Middlebrooks (S.D. Fl.).)

In re Providian Financial Corporation Securities Litigation, Civil Action No. 00-1467, MDL No. 1301 (E.D. Pa): Wolf Popper represented the Xerox (G.B.) Pension Scheme as co-lead class counsel in a securities fraud action against Providian Financial Corp. arising out of misstatements concerning Providian's business practices (as well as against two of its officers). The Xerox Pension Scheme manages approximately $2.5 billion in retirement funds for the employees of Xerox Corp.'s British subsidiary. The Xerox Pension Scheme was the sole institutional lead plaintiff that was certified by the District Court as a class representative.

Wolf Popper recovered $38 million for the plaintiff class in that action after defeating defendants' motion to dismiss. See In re Providian Financial Corporation Sec. Litig., 152 F. Supp. 2d 826 (E.D. Pa. 2001). The recovery, obtained in slightly less than three years, was equivalent to approximately two-thirds of the defendants' potentially recoverable assets. This recovery, obtained in a case where there was no SEC or Justice Department investigation, no accounting restatement, and no insider trading, is truly exceptional.

Wolf Popper prosecuted an action in New York State Supreme Court on behalf of holders of the Dreyfus Premier Aggressive Growth Fund alleging that defendants failed to adhere to the Fund's stated fundamental objectives in investing in securities. We obtained a precedent-setting decision from Justice Herman Cahn that "holders" of securities may assert claims against investment companies for failure to adhere to stated fundamental principles. See Schoenfeld v. The Dreyfus Corporation, Index No. 604167/98, slip op. (N.Y. Sup. Ct., Nov. 19, 1999). The action was subsequently settled, in conjunction with the federal "purchaser" class, for $20 million.

In June 2002, Wolf Popper, as co-lead counsel in Buxbaum v. Deutsche Bank, A.G., 98 Civ. 8460 (JGK) (S.D.N.Y.), recovered $58 million in a major securities fraud action pending against Deutsche Bank, A.G. and its senior officer. That action alleged that Deutsche Bank defrauded Bankers Trust shareholders by misrepresenting the status of takeover negotiations for Deutsche Bank to acquire Bankers Trust. The District Court's opinion denying defendants' motion to dismiss is reported at Fed. Sec. L. Rep. (CCH) ¶ 90,969 (S.D.N.Y. 2000). The decision denying defendants' motion for summary judgment is reported at 2002 U.S. Dist. LEXIS 1893 (S.D.N.Y. Jan 30, 2002). The $58 million recovery, obtained on the eve of trial, was equivalent to approximately 48% of the class's maximum possible recovery, and approximately 96% of the class's most likely recovery.

The Danis v. USN Communications, Inc., No. 98 C 7482 (N.D. Ill.), litigation, in which the Firm was lead counsel, related to an initial public offering of USN common stock. After the issuer filed for bankruptcy, we continued to prosecute claims against the corporation's senior management, co-lead underwriters and six venture capital firms with representatives on USN's Board. The case involved challenging legal and factual issues concerning, among other things, the defendants' due diligence obligations and loss causation, and was settled on the eve of trial after plaintiffs' counsel had conducted approximately 90 depositions. The case settled for $44.7 million for the class. The settlement returned to class members between 32% and 41% of maximum provable damages. The Court's decisions (i) denying defendants' motion to dismiss is reported at 73 F. Supp. 2d 923 (1999), (ii) granting plaintiffs' motion for class certification is reported at 189 F.R.D. 391 (1999), and (iii) denying in part and granting in part (as to the auditors) defendants' motion for summary judgment is reported at 121 F. Supp. 2d 1183 (2000).

Another litigation in which we served as sole lead counsel was highly significant because we obtained a successful result in a complex area of the law in which other firms have been unable to obtain any recovery for their clients. We sued Dean Witter Reynolds & Co. and Trust Company of the West concerning the TCW/DW North American Government Income Trust mutual fund (In re TCW/DW North American Government Income Trust Securities Litigation, 95 Civ. 0167 (PKL) (S.D.N.Y.)). The action related to the Trust's investment in highly volatile derivative instruments (inverse floaters) in violation of representations contained in the Trust's prospectuses. The $30 million settlement returned to investors 100% of their out of pocket losses attributable to the Trust's investments in the inverse floaters. To achieve that settlement, Wolf Popper had to withstand not only defendants' initial motion to dismiss (941 F. Supp. 326 (1996)), but also two successive motions to reargue based on Southern District and Second Circuit authorities affirming the dismissal of similar complaints against mutual funds that invested in derivative instruments. See 941 F. Supp. at 334 (1996); 1997 U.S. Dist. LEXIS 18485 (Nov. 20, 1997).

In re Service Corporation International, Civil Action No. H-99-280 (S.D. Tex.), Wolf Popper served as court appointed counsel to the lead plaintiff in an action brought against Service Corp. International and various officers and individuals, on behalf of open market purchasers and shareholders who exchanged their Equity Corp. International shares for Service Corp. shares in an acquisition by Service Corp. Plaintiffs alleged in the action, among other things, that Service Corp. failed to disclose a material adverse change in its business prior to the date of the acquisition of Equity Corp. A settlement of $65 million was obtained for the class in 2004.

In In re Anicom Securities Litigation, Case No. 00-C-4391 (JWD)(N.D. Ill.), Wolf Popper was retained as Special Advisory Counsel to the State of Wisconsin Investment Board. Wolf Popper was instrumental in drafting the Consolidated Complaint that was subsequently sustained by the Northern District of Illinois over defendants' motion to dismiss. The case settled globally for approximately $40 million.

We currently represent institutions or Funds in the following significant pending litigations:

In re Motorola Securities Litigation, No. 03 C 287 (RAP) (N.D. Ill.): Wolf Popper represents the State of New Jersey (on behalf of the State's Division of Investment) as the lead plaintiff in a securities fraud class action against Motorola, Inc., and three of Motorola's former senior officers. The case concerns alleged omissions and false statements by defendants about Motorola's provision of $2 billion in vendor financing to Telsim, a Turkish wireless telecommunications start-up. After extensive briefing and oral argument, on August 26, 2004, U.S. District Judge Rebecca Pallmeyer sustained the class action complaint filed by the State of New Jersey over Defendants' Motion to Dismiss. Plaintiff's class certification motion is pending.

Wolf Popper represents lead plaintiff, the State of New Jersey, Department of the Treasury, Division of Investment, Hon. C. Judson Hamlin (Retired), Outside Counsel to The Attorney General for Securities Litigation, Purcell, Ries, Shannon, Mulcahy & O=Neill, One Pluckemin Way, Crossroads Business Center, P.O. Box 754, Bedminster, New Jersey 07921, Tel.: 908-658-3800. The Firm serves as a member of the State's pool of outside securities counsel.

In re Franklin/Templeton Market Timing Litigation, Case No. 04-MD-15862 (D. Md.): Wolf Popper represents the Deferred Compensation Fund 457 Plan of Nassau County NY (a large pension plan representing the retirement funds of the municipal employees of one of the most populous counties in the country) in a class action case filed against the Franklin/Templeton Mutual Funds. In this widespread litigation affecting much of the mutual fund industry, asserting claims under the PSLRA, the Investment Company Act, and the common law, defendants are implicated in a scheme in which they allegedly permitted unlawful late trading and market timing by hedge funds and other preferred clients, negatively impacting long-term investors in the funds. In addition to being appointed as Lead Counsel in the Franklin/Templeton, PIMCO, and American Funds vertical tracks of the mutual fund litigation, Wolf Popper was named as one of several law firms on the horizontal steering committee, coordinating actions among more than 15 mutual fund litigations, all transferred by the Judicial Panel on Multidistrict Litigation to the U.S. District Court, District of Maryland. The amended complaint was filed on September 29, 2004. Defendants' motions to dismiss were recently argued and are sub judice.

In re American Funds Market Timing Litigation, Case No. 04-MD-1586l (D. Md.): In another of the Mutual Fund Litigation cases, Wolf Popper is representing four § 457 Deferred Compensation Plans from the State of Illinois, namely Alton Police, Bloomington Police, Evanston Police and Granite City Firefighters (the "Illinois Public Funds") who were appointed lead plaintiffs.

In re Allianz Dresdner Market Timing Litigation, Case No. 04-MD-15863 (D. Md.): In a third mutual fund market timing case against the "PIMCO" family of funds, also asserting claims under the federal securities laws, the Investment Company Act, and the common law, Wolf Popper is representing The Combined Welfare Fund, a Taft-Hartley fund based in Bronxville, New York, and Glendale, New York. The Fund was appointed lead plaintiff in the case in November 2004. Wolf Popper was appointed lead counsel at that time. Defendants' motion to dismiss was recently denied in substantial part.

Friedman, Billings, Ramsey Group, Inc. Securities Litigation, Case No. FBR: 1:05-cv-4617 (S.D.N.Y.): Wolf Popper recently filed a lead plaintiff motion in a class action securities case brought under the PSLRA against Friedman, Billings, Ramsey Group, Inc., et al, ("FBR") in the United States District Court for the Southern District of New York on behalf of the Public Employees' Retirement System of Mississippi.

The case is based on FBR's statements regarding its financial condition and its failure to disclose the seriousness of SEC and NASD investigations into a PIPE transaction that the Company placed in 2001, that its earnings would be adversely affected by charges related to the investigations into the PIPE transaction, and that rising interest rates were having a negative impact on the Company's business and earnings. FBR revealed that it had recorded a $7.5 million charge in its 2005 first quarter with respect to the offer of settlement to the SEC and NASD.

Mercury Interactive Corporation Securities Litigation, Case No. Mercury: 5:05-cv-3395 (N.D. Cal.): Wolf Popper recently moved to be appointed lead counsel on behalf of its client, proposed lead plaintiff, the Public Employees' Retirement System of Mississippi, in a class action securities case brought under the PSLRA against Mercury Interactive Corporation ("Mercury"). The motion is still pending. The case, which is pending in the United States District Court for the Northern District of California, is based on defendants knowingly or recklessly allowing company employees, including its CEO, CFO, and General Counsel, to change the grant dates on employee stock options in order to reap financial benefits associated with more favorable strike prices on the options. As a result of these manipulations, Mercury was caused to under report the corresponding compensation expense and over report net income on its financial statements. As news of the wrongdoing at the company was revealed, Mercury's CEO, CFO and General Counsel resigned from their positions and Mercury will be delisted from the Nasdaq Stock Market after it missed a deadline to restate its financial results.