Milberg Weiss Settles Securities Fraud Cases

San Diego’s Milberg Weiss Bershad Hynes & Lerach, which split into two law firms this week, settled securities fraud cases worth $2.1 billion in 2003, the most among firms that represent investors, according to a list released Tuesday by Institutional Shareholder Services.

Milberg Weiss surpassed New York’s Bernstein Litowitz Berger & Grossman, which had $950 million in settlements in 2003, and Grant & Eisenhofer in Wilmington, Del., which had $611 million.

The settlements occurred in a year of multimillion-dollar securities-fraud settlements, including eight that cost companies more than $100 million each, said Bruce Carton of Institutional Shareholder.

“There were several massive settlements, among the top ten of all time,” including those against Lucent Technologies Inc. and Oxford Health Plans Inc., he said.