Barbara A. Podell is a shareholder in the Securities practice
group at Berger & Montague. She concentrates her practice
on securities class action litigation.
Ms. Podell was one of the firm's senior attorneys representing
the Pennsylvania State Employees' Retirement System ("SERS") as the
lead plaintiff in the In re CIGNA Corp.
Sec. Litig., No. 02-CV-8088 (E.D. Pa.), a federal
securities fraud class action in which SERS moved for, and was
appointed, lead plaintiff. CIGNA allegedly concealed crucial
operational problems, which, once revealed, caused the company's
stock price to fall precipitously. The firm obtained a $93
million settlement. This was a remarkable recovery because
there were no accounting restatements, government investigations,
typical indicators of financial fraud, or insider trading.
Moreover, the case was settled on the eve of trial (22.7% of losses
Before joining Berger & Montague, Ms. Podell was a founding
member of Savett Frutkin Podell & Ryan, P.C., and before that,
a shareholder at Kohn, Savett, Klein & Graf and an associate at
Dechert LLP, all in Philadelphia.
Prominent Judgments & Settlements