Lowey Dannenberg Secures Record Settlement From Canadian Accounting Firm

WHITE PLAINS, NY – March 23, 2007 – The law firm of Lowey Dannenberg Bemporad Selinger & Cohen announced that the United States District Court for the Southern District of New York has approved a $79.75 million settlement in the class-actionIn Re Philip Services Corp. Securities Litigation. The lawsuit was brought on behalf of United States investors against officers and directors of Philip ServicesCorp., a Canadian resource recovery company that traded on the New York Stock Exchange from 1996 to 1998; a group of U.S.-based investment firms that acted as underwriters of Philip’s secondary offering in the fall of 1997; and Philip’s former auditors, Deloitte & Touche, LLP.

“Deloitte & Touche will pay $50.5 million of the settlement, which we believe is the largest recovery from a Canadian auditing firm in a securities class action, and among the largest obtained from any accounting firm,” said Lowey Dannenberg attorney Neil Selinger, who together with Lowey Dannenberg partner Jeanne D’Esposito handled the case for its entire nine year history.

The case clarified the principles involved in determining when United States citizens can sue foreign companies that fraudulently sell their securities in the United States. It alleged accounting fraud having to do with Philip’s false financial statements, including overstatement of the firm’s copper inventory.

Lowey Dannenberg served as co-lead counsel in the case with the Boston office of the law firm Berman, DeValerio, Pease, Tabacco, Burt & Pucillo.

                                        ###

Lowey Dannenberg Bemporad Selinger & Cohen, P.C., represents institutional and other investors in a wide range of complex business litigation, including securities and commodities fraud litigation, and shareholder and board actions surrounding corporate governance disputes. The firm also represents health insurance companies and health and pharmacy benefit plans in prescription overcharge recovery litigation. For more information see www.lowey.com.