CMS Derivative Litigation
Mr. Weiser was co-lead counsel in the CMS Derivative Litigation. In that case, plaintiff alleged that CMS’ Board of Directors failed to develop and implement adequate corporate governance practices and internal controls. Plaintiff alleged that the Board’s internal control failures caused the Company to suffer enormous damages to its reputation and prestige. In settling the CMS Derivative Litigation, the Weiser Firm was able to recover $12 million for the Company, and the Board agreed to adopt what one commentator called “some of the most substantial corporate governance reforms” ever undertaken by a publicly traded corporation.
Klotz v. Parfet, et al., Case No. 03-06483-CK (In the Circuit Court of Jackson County, Michigan) (the “CMS Derivative Litigation”)