In re Winstar Communications Securities Litigation
Case No. 01-CV-11522 (S.D.N.Y) Girard Gibbs represented Allianz of America, Inc., Fireman’s Fund Insurance Company and 23 other affiliates of Munich-based multinational Allianz AG in opt-out securities litigation against Grant Thornton LLP, Lucent Technologies and other defendants arising out of plaintiffs’ investments in Winstar Communications, Inc. Girard Gibbs negotiated partial settlements with Lucent (Winstar’s business partner) in 2003 and with Winstar’s officers and directors in 2006. After 11 years of litigation and on the eve of trial, the firm achieved a private settlement with the last remaining defendant, auditing firm Grant Thornton. The litigation resulted in overall recoveries to plaintiffs of over 50% of their estimated provable damages, exponentially higher than they would have recovered through the related class action case.