Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...
Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...
Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...
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Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 19 <strong>of</strong> 74<br />
below <strong>in</strong> this Notice. In addition, the actual recovery <strong>of</strong> Class Members may be further reduced<br />
by the payment <strong>of</strong> fees and costs from the Settlement Fund.<br />
4. Statement <strong>of</strong> the Parties’ Position on Damages: Defendants deny all claims <strong>of</strong><br />
wrongdo<strong>in</strong>g, that they are liable to Pla<strong>in</strong>tiffs, Intervenors and/or the Settlement Class or that<br />
Pla<strong>in</strong>tiffs, Intervenors or other members <strong>of</strong> the Settlement Class suffered any <strong>in</strong>jury. Moreover,<br />
the parties do not agree on the amount <strong>of</strong> recoverable damages or on the average amount <strong>of</strong><br />
damages per certificate that would be recoverable if Pla<strong>in</strong>tiffs or Intervenors were to prevail on<br />
each <strong>of</strong> their claims. The issues on which the parties disagree <strong>in</strong>clude, but are not limited to: (1)<br />
whether the statements made or facts allegedly omitted were material, false or mislead<strong>in</strong>g; and<br />
(2) whether Defendants are otherwise liable under the securities laws <strong>for</strong> those statements or<br />
omissions.<br />
5. Statement <strong>of</strong> Attorneys’ Fees and Expenses Sought: Lead Counsel will apply<br />
to the Court <strong>for</strong> an award <strong>of</strong> attorneys’ fees from the Settlement Fund <strong>in</strong> an amount not to exceed<br />
20% <strong>of</strong> the Settlement Fund (or $8,000,000.00), net <strong>of</strong> Court-approved Litigation Expenses, plus<br />
<strong>in</strong>terest earned at the same rate and <strong>for</strong> the same period as earned by the Settlement Fund. In<br />
addition, Lead Counsel also will apply <strong>for</strong> the reimbursement <strong>of</strong> certa<strong>in</strong> Litigation Expenses paid<br />
or <strong>in</strong>curred <strong>in</strong> connection with the prosecution and resolution <strong>of</strong> the Action <strong>in</strong> an amount not to<br />
exceed $750,000, plus <strong>in</strong>terest earned at the same rate and <strong>for</strong> the same period as earned by the<br />
Settlement Fund. Litigation Expenses may <strong>in</strong>clude reimbursement <strong>of</strong> the expenses <strong>of</strong> Pla<strong>in</strong>tiffs<br />
<strong>in</strong> accordance with 15 U.S.C. §77a(4). Based on the total <strong>in</strong>itial face dollar value <strong>of</strong> the<br />
Certificates as stated <strong>in</strong> the prospectus supplements (without subtract<strong>in</strong>g the pr<strong>in</strong>cipal paydowns<br />
received on the Certificates), and assum<strong>in</strong>g all purchasers <strong>of</strong> the <strong>in</strong>itially <strong>of</strong>fered certificates elect<br />
to participate, if the Court approves Lead Counsel’s fee and expense application, the estimated<br />
5