Final Approval of $53 Million Settlement Granted in Community Health Systems, Inc. Securities Litigation

by | Jun 24, 2020 | Homepage, News | 0 comments

On June 19, 2020, U.S. District Judge Eli Richardson granted final approval of the settlement in Norfolk County Ret. Sys. v. Community Health Systems, Inc., No. 11-cv-0433 (M.D. Tenn.).  The $53 million settlement resolves claims against Community Health Systems and its senior executives after nearly nine years of hard-fought litigation.  Lowey, led by Barbara Hart, served as Lead Counsel to the certified Class and to Lead Plaintiff New York City Pension Funds, collectively the fourth largest public pension fund in the nation with nearly $250 billion pension assets under management.  When enumerating the factors that supported final approval, Judge Richardson observed that not a single Class member had submitted a timely and valid objection or request to be excluded from the class action.  By separate order approving Lowey’s ’ fees and expenses, Judge Richardson cited “the highly favorable result achieved for the Class” and the “quality of legal services provided by Lead Plaintiff’s counsel in light of the complexity of the case and significant litigation risks.”