Finkelstein Thompson LLP, as Liaison Counsel and a member the Executive Committee of lead counsel for plaintiffs, obtained a $43.1 million settlement in Freeland v. Iridium World Communications.

Finkelstein Thompson LLP, as Liaison Counsel and a member the Executive Committee of lead counsel for plaintiffs, obtained a $43.1 million settlement in Freeland v. Iridium World Communications, Case No. CR 99-1002 (D.D.C.), a securities class action litigated in the United States District Court for the District of Columbia.

The complaint alleged that defendants misrepresented and omitted material facts concerning the Iridium satellite telephone system's functionality, readiness for commercial launch, and ability to attract subscribers and generate revenues sufficient to satisfy financial covenants Iridium had entered into with lenders in connection with an $800 million secured credit facility.

After nine years of intense litigation, plaintiffs reached settlement agreements with defendants that collectively resolved the entire litigation.  Notably, no objections were filed against the terms of the settlement.

At the Fairness Hearing held on October 16, 2008 where the Court gave final approval to the settlement, the Honorable Nanette K. Laughrey commended Finkelstein Thompson LLP and co-counsel for their performance in the case, stating, "[a]ll of the attorneys in this case have done an outstanding job, and I really appreciate the quality of work that we had in our chambers as a result of this case."