Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...

More documents

Recommendations

Info

Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 25 of 74 • whether the Settled Claims against Defendants and the other Released Parties should be dismissed with prejudice and fully and finally released by Lead Plaintiff and the Settlement Class as set forth in the Stipulation of Settlement entered into by the Settling Parties as of January 12, 2012 (the “Stipulation”); • whether the proposed Plan of Allocation is fair and reasonable and should be approved by the Court; and • whether Lead Counsel’s request for an award of attorneys’ fees and reimbursement of certain litigation expenses should be approved by the Court. 12. This Notice does not express any opinion by the Court concerning the merits of any claim in the Action, and the Court still has to decide whether to approve the Settlement. If the Court approves the Settlement, payments to Authorized Claimants (defined below) will be made after any appeals are resolved, and after the completion of all claims processing. Please be patient. WHAT IS THIS CASE ABOUT WHAT HAS HAPPENED SO FAR 13. On June 19, 2008, the Alaska Electrical Pension Fund filed a putative class action in the Supreme Court of the State of New York asserting claims under Sections 11 and 15 of the Securities Act against SASCO and certain other defendants, Case No. 08-011341 (N.Y. Sup.) (“Alaska Electrical Action”). The Alaska Pension Fund Complaint specifically brought suit on behalf of a class comprising purchasers of 35 offerings of mortgage backed securities that were all sold pursuant to SASCO’s 2006 Registration Statement accompanying prospectuses and prospectus supplements. 14. On July 23, 2008, plaintiff New Jersey Carpenters filed a complaint against SASCO and certain other defendants in the Supreme Court for the State of New York, New York County, Index No. 2008-602158 (the “State Court Action”), asserting claims under §§ 11, 12 and 15 of the Securities Act of 1933 (the “Securities Act”). On July 29, 2008, Defendants removed the Alaska Electrical Action and the State Court Action to the United States District Court for the Southern District of New York, Case No. 08-CV-06762-LAK (the “MBS Class Action”). On 11
Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 26 of 74 October 30, 2008, pursuant to the Private Securities Litigation Reform Act of 1995 (the “PSLRA”), New Jersey Carpenters published a notice of its action to investors, which provided a deadline to seek lead plaintiff appointment by December 31, 2008. 15. On December 31, 2008, Operating Engineers moved for appointment as lead plaintiff and for the appointment of Schoengold Sporn Laitman & Lometti, P.C. (“Schoengold Sporn”) as lead counsel. By Order dated January 9, 2009, the Court consolidated the MBS Class Action for pre-trial purposes with In re Lehman Brothers Securities Litigation, Civ. No. 08-5523 (LAK)(“Lehman Debt/Equity Action”) and In re Lehman Brothers ERISA Litigation, Civ. No. 08-5598 (LAK) (“Lehman ERISA Action”) under the caption In re Lehman Brothers Securities and ERISA Litigation, No. 09-md-2017 (LAK), and appointed Operating Engineers as Lead Plaintiff of the MBS Class Action and Schoengold Sporn as Lead Counsel. 16. On February 23, 2009, Plaintiffs filed the Consolidated Class Action Securities Complaint (“Complaint”) against Defendants, Moody’s Corp., as a result of the activities of its division Moody’s Investor Service, Inc. (“Moody’s”), and The McGraw-Hill Companies, Inc., as a result of the activities of its Standard & Poor’s division (“S&P” with Moody’s collectively referred to herein as the “Ratings Agencies”). Plaintiffs did not name SASCO, LBHI or Lehman Brothers, Inc. (“LBI”) as defendants because on September 15, 2008, LBHI and SASCO filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code and on September 19, 2008, the Securities Investor Protection Corporation initiated a proceeding placing LBI in liquidation under the Securities Investor Protection Act (“SIPA”). 17. On June 3, 2009, the Court granted Plaintiffs’ motion to substitute Cohen Milstein Sellers & Toll PLLC (“Cohen Milstein”) as Lead Counsel for Schoengold Sporn. 12
Page 1 and 2: Case 1:09-md-02017-LAK Document 666
Page 27: Case 1:09-md-02017-LAK Document 666
Page 79 and 80:
Case 1:09-md-02017-LAK Document 666
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
show all

Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?