Community Health Systems.  Lowey serves as lead counsel representing the New York City Pension Funds and the certified class of investors in Community Health Systems (“CHS”).  After more than 8-1/2 of hard-fought litigation at the district court and appellate levels, Lowey recently achieved a $53.0 million settlement with CHS and the company’s CEO and former CFO. Upon final approval in June 2020, the settlement will provide redress for investors in CHS common stock from July 2006 through October 2011.

Norfolk Retirement Systems v. Community Health Systems, Inc., No. 11-cv-00433 ( M.D. Tenn.) (ETR).

Xerox. Lowey Dannenberg served as class counsel, successfully challenging a multi-billion-dollar merger between Xerox Corp. and Affiliated Computer Systems (“ACS”), which overcompensated ACS’ former Chairman Darwin Deason at the expense of other shareholders. Following expedited proceedings, Lowey achieved a $69 million settlement, one of the five largest settlements in Chancery Court history at the time, as well as structural protections in the shareholder vote on the merger.

In re ACS Shareholder Litigation, Consolidated C.A. No. 4940-VCP (Del. Ch.)

In re Beacon Associates Litigation, Civ. Act. No. 09-CV-0777 (S.D.N.Y.); In re J.P. Jeanneret Associates, Inc., et al., 09-cv-3907 (S.D.N.Y.)

In re Juniper Networks, Inc. Sec. Litig., No. 06-04327 JW (N.D. Cal)

In re Philip Services Corp. Securities Litigation, No. 99-cv-835 (S.D.N.Y.)

In re WorldCom, Inc. Sec. Litig., No. 02 Civ. 3288 (S.D.N.Y.)

In In re New York Stock Exchange/Archipelago Merger Litigation, (N.Y. Sup. Ct.)

Lowey maintains a corporate governance practice group, which prosecutes actions designed to redress breaches of fiduciary duties by corporate boards. Lowey’s corporate governance group focuses on remedying wrongdoing pertaining to important social issues, including #MeToo related violations, sexual harassment, racial discrimination, environmental pollution, child labor, and many other issues plaguing American corporations. In prosecuting derivative shareholder actions, Lowey seeks meaningful corporate reforms and, if applicable, the return of executive exit packages through companies’ clawback policies, both of which greatly enhance the corporate brand, and therefore, return value to shareholders.
Lowey’s current efforts include, among other things, representation of a New York public fund against a corporate board of a Fortune 500 company for pervasive sexual harassment and race and gender discrimination, in which Lowey demands corporate reforms and the return of certain executive’s exit pay.
In the past, Lowey interceded in a multi-billion-dollar merger between Xerox Corp. and Affiliated Computer Systems (“ACS”), which grossly favored ACS’s CEO at the expense of our client, Federated Investors, and other shareholders. See In re ACS Shareholder Litigation, Consolidated C.A. No. 4940-VCP (Del. Ch.). There, the self-dealing was thwarted, and reforms adopted to the full satisfaction of Federated Investors, other shareholders, and the Court. At the end, Lowey achieved a $69 million settlement on the eve of trial, along with structural protections in the shareholder vote on the merger.
Additionally, Lowey has secured meaningful corporate reforms, which returned significant value to shareholders in Omnicare, Inc. v. NCS Healthcare, Inc. 818 A.2d 914 (Del. 2003), where Lowey enjoined a proposed merger between NCS Healthcare, Inc. and Genesis Health Ventures, Inc., based on unfair merger lock-up provisions, providing NCS’s shareholders with an additional $99 million.