Joint Declaration of Lynn L. Sarko and Marc I ... - Cohen Milstein

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TABLE OF CONTENTS I. INTRODUCTION ............................................................................................................ 1 II. PROCEDURAL AND LITIGATION HISTORY............................................................ 2 A. Investigation and Preparation of Comprehensive Claims..................................... 2 B. The Motions to Dismiss........................................................................................ 4 C. Discovery .............................................................................................................. 6 D. Settlement Negotiations........................................................................................ 7 E. Terms of the Settlement...................................................................................... 11 1. Settlement Class...................................................................................... 11 a. Settlement Amount ..................................................................... 12 b. Released Claims.......................................................................... 12 c. Plan of Allocation ....................................................................... 12 d. Confirmation............................................................................... 13 III. THE FORMS AND METHODS OF NOTICE EMPLOYED HERE SATISFY RULE 23 AND DUE PROCESS................................................................... 13 IV. THE SETTLEMENT WARRANTS THE COURT’S APPROVAL.............................. 15 A. The Complexity, Expense, and Likely Duration of the Litigation ..................... 15 B. The Class’s Reaction to the Settlement .............................................................. 17 C. The Stage of the Proceedings and Discovery Completed................................... 18 D. The Risk of Establishing Liability ...................................................................... 19 E. The Risk of Establishing Damages..................................................................... 24 F. The Risk of Maintaining the Class Action Through Trial .................................. 27 G. The Ability of Defendants to Withstand a Greater Judgment............................. 27 H. The Reasonableness of the Settlement in Light of the Best Possible Recovery and the Attendant Risks of Litigation................................................. 28 V. CLASS CERTIFICATION............................................................................................. 28 i
A. Class Certification is Warranted Here ................................................................ 28 B. Co-Lead Counsel Easily Meet the Requirements of Rule 23(g)......................... 29 VI. THE PROPOSED PLAN OF ALLOCATION SHOULD BE APPROVED.................. 29 VII. TIME AND EFFORT DEDICATED TO THIS CASE.................................................. 31 VIII. THE RECORD FULLY SUPPORTS THE AWARD OF REQUESTED ATTORNEYS’ FEES ..................................................................................................... 35 A. The Time and Labor Expended By Counsel....................................................... 36 B. The Magnitude and Complexities of the Litigation............................................ 37 C. Risk of the Litigation .......................................................................................... 38 D. The Quality of Representation............................................................................ 38 1. Co-Lead Counsel .................................................................................... 39 a. Keller Rohrback L.L.P................................................................ 39 b. Cohen Milstein Sellers & Toll PLLC ......................................... 42 2. Additional Plaintiffs’ Counsel ................................................................ 45 E. The Requested Fee in Relation to the Settlement ............................................... 46 F. Public Policy ....................................................................................................... 47 IX. PLAINTIFFS’ COUNSEL SHOULD BE REIMBURSED FOR THEIR REASONABLE THE EXPENSES ADVANCED IN THE LITIGATION ................... 48 X. NAMED PLAINTIFFS SHOULD BE GRANTED A CASE CONTRIBUTION AWARD .......................................................................................... 50 XI. CONCLUSION............................................................................................................... 50 ii
Page 1: -----------------------------------
Page 5 and 6: “27.5% fee request,” which is m
Page 7 and 8: 12. The initial and subsequent Comp
Page 9 and 10: C. Discovery 18. Plaintiffs started
Page 11 and 12: 25. Plaintiffs insisted that any se
Page 13 and 14: of Merrill’s balance sheet identi
Page 15 and 16: (including spouses of deceased Pers
Page 17 and 18: class members at their last known a
Page 19 and 20: 50. Plaintiffs’ claims raise a ho
Page 21 and 22: Fees, Expenses, and Case Contributi
Page 23 and 24: 9 documents cannot relieve fiduciar
Page 25 and 26: f. Defendants argue that neither Me
Page 27 and 28: turmoil experienced in the financia
Page 29 and 30: 77. With respect to breaches in 200
Page 31 and 32: H. The Reasonableness of the Settle
Page 33 and 34: 92. Defendants had no role in formu
Page 35 and 36: own firms and to the others involve
Page 37 and 38: Firm Hours Lodestar Harwood Feffer
Page 39 and 40: expenses of $372,312.94. In additio
Page 41 and 42: 116. Despite the complexity and unc
Page 43 and 44: 125. Keller Rohrback’s work as le
Page 45 and 46: litigation are also debtors in bank
Page 47 and 48: evaluating the fairness of both sec
Page 49 and 50: Sterling, LLP, and Simpson Thacher
Page 51 and 52: See, e.g., ERISA § 502(a), 29 U.S.
Page 53:
X. NAMED PLAINTIFFS SHOULD BE GRANT
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Joint Declaration of Lynn L. Sarko and Marc I ... - Cohen Milstein

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