ACHIEVEMENTS

CASE
SUCCESSES

Valeant Pharmaceuticals-Pershing Square Capital: Kessler Topaz Secures $250 Million Settlement of Unprecedented Insider Trading Claims

Kessler Topaz represented the Iowa Public Employees Retirement System as Co-Lead Counsel in a certified class action challenging a brazen insider trading scheme by Valeant Pharmaceuticals to tip Bill Ackman’s hedge fund Pershing Square Capital (“Pershing”) that it intended to launch a hostile takeover attempt to buy rival pharma company Allergan. The case was brought on behalf of Allergan investors who sold stock while Pershing was buying on the basis of this inside information. After three years, Kessler Topaz settled the case just weeks before trial (set for January 2018) for $250 million. At the final approval hearing, U.S. District Judge David O. Carter commented as follows about the litigation and the efforts of plaintiffs’ counsel: “Let me just humbly say, it’s been quite a walk. It has been an extraordinary unique case and extraordinarily well litigated.”

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