Declaration Of Helen J. Hodges In Support Of Lead Counsel's ...

More documents

Recommendations

Info

Crafting the stipulation of settlement was time-consuming because, once again, we were breaking new ground in the settlement of a PSLRA case. As with all the prior settlements, the funds quickly started earning interest for the benefit of the class. Andersen’s settlement funds began earning interest on December 13, 2005. XIII. MOTIONS AT THE CLOSE OF DISCOVERY AS THE LAW SHIFTS – DURA AND LOSS CAUSATION 256. On June 3, 2005, Citigroup filed a motion for partial judgment on the pleadings (Docket Nos. 3563, 3564), which argued that the FACC failed to adequately allege loss causation in conformity with Dura, 544 U.S. 336, and scienter in conformity with Southland Sec. Corp. v. INSpire Ins. Solutions, Inc., 365 F.3d 353 (5th Cir. 2004). On June 7, 2005, JPMorgan also filed a motion for partial judgment on the pleadings (Docket No. 3573), which made the same arguments regarding JPMorgan. The Court ruled the motions moot, because the parties had requested Court approval of a settlement. See 6/22/05 Order re Mooting Citigroup and JPMorgan Motions (Docket No. 3642) at 1-2. 257. On June 16, 2005, defendant Barclays filed a motion for partial judgment on the pleadings (Docket No. 3615), which sought judgment on Lead Plaintiff’s claims under §§10(b) and 20(a) for failure to plead loss causation in conformity with Dura, 544 U.S. 336. On July 6, 2005, Lead Counsel filed Lead Plaintiff’s Opposition to Defendant Barclays PLC, Barclays Bank PLC and Barclays Capital Inc.’s Motion for Partial Judgment on the Pleadings (Docket No. 3682), which argued that Lead Plaintiff had adequately pled loss causation concerning Barclays. On August 2, 2005, Lead Counsel filed Lead Plaintiff’s Motion to File Sur-Reply and Sur-Reply in Opposition to Barclays’ Motion for Partial Judgment on the Pleadings (Docket No. 3751), to address argument raised in Barclays’ reply. The Court, in ruling on the motion addressed not only loss causation, but the issue of whether the FACC stated a primary violation of the securities laws against Barclays. See 7/20/06 Opinion and Order re Barclays Judgment on the Pleadings (Docket No. 4874) at 42. The - 140 -
Court ruled that Lead Plaintiff failed to state a claim for a primary violation against Barclays, and accordingly granted the motion. Id. at 63, 66. 258. On July 27, 2005, Merrill Lynch filed a motion for judgment on the pleadings (Docket No. 3734), which argued for judgment because the FACC failed to plead loss causation and scienter. On August 16, 2005, Lead Plaintiff filed Lead Plaintiff’s Opposition to Merrill Lynch’s Motion for Judgment on the Pleadings (Docket No. 3820), which argued that Merrill Lynch was liable because it made false and misleading statements with scienter; Merrill Lynch faced joint and several liability; and Lead Plaintiff adequately alleged loss causation as to Merrill Lynch. In further support of its motion, on July 21, 2006, Merrill Lynch filed supplemental authority (Docket No. 4887), viz., the Court’s recent decision dismissing Barclays; on August 1, 2006, a supplemental memorandum concerning loss causation; and on August 3, 2006 a notice of supplemental authority (Docket No. 4911) concerning the decision filed on August 1, 2006 by the United States Court of Appeals for the Fifth Circuit in United States v. Brown, which reversed certain convictions of former Merrill Lynch employees based on Merrill Lynch’s participation in the barge transaction. In response, on August 23, 2006, Lead Counsel filed Lead Plaintiff’s Response to Merrill Lynch’s Supplemental Memoranda Filed in Support of Motion for Judgment on the Pleadings (Docket No. 4976), totaling 126 pages, which argued that Merrill Lynch committed acts of deception and manipulation; criminal and regulatory proceedings against Merrill Lynch and its executives provided evidence of deceptive and manipulative conduct; and Lead Plaintiff’s loss causation allegations continued to be sufficient as to Merrill Lynch. For the same reason the Court granted Lead Plaintiff’s Motion for Reconsideration, or in the Alternative, Clarification of Order Granting Barclays’ PLC Motion for Summary Judgment on the Pleadings, the Court mooted Merrill Lynch’s motion for judgment on the pleadings. See 12/4/06 Opinion and Order (Docket No. 5242) at 11-12. - 141 -
Page 1 and 2:
UNITED STATES DISTRICT COURT SOUTHE
Page 3 and 4:
2. The Parties Establish a Document
Page 5 and 6:
I, HELEN J. HODGES, declare as foll
Page 7 and 8:
• Reviewed over 70 million pages
Page 9 and 10:
6. The above recoveries were based
Page 11 and 12:
gathered and which the banks and En
Page 13 and 14:
14. In this endeavor, Coughlin Stoi
Page 15 and 16:
17. Lead Counsel prosecuted the lit
Page 17 and 18:
[T]his representation has been unde
Page 19 and 20:
and the necessary involvement with
Page 21 and 22:
case. The Court hereby awards attor
Page 23 and 24:
published an article, “Enron Jolt
Page 25 and 26:
statements. We compiled profiles on
Page 27 and 28:
34. We had no way of knowing whethe
Page 29 and 30:
which witnesses to pursue, but cont
Page 31 and 32:
the market in October 2001. The ana
Page 33 and 34:
said it was unable to determine whe
Page 35 and 36:
depositions because discovery was p
Page 37 and 38:
65. After the motion was filed, The
Page 39 and 40:
institutional plaintiffs, their rep
Page 41 and 42:
drawing on the expertise of our in-
Page 43 and 44:
83. On May 3, 2002, the Preferred P
Page 45 and 46:
finance certain of the partnerships
Page 47 and 48:
and participated in a scheme to def
Page 49 and 50:
(j) Arthur Andersen LLP (Docket No.
Page 51 and 52:
Lead Plaintiff had adequately alleg
Page 53 and 54:
(a) The Court ruled that Lead Plain
Page 55 and 56:
director of New Power, and issuance
Page 57 and 58:
94. On September 26, 2002, Lead Pla
Page 59 and 60:
mandamus review, and that the Court
Page 61 and 62:
106. On May 6, 2003, defendant Citi
Page 63 and 64:
scheme, and certain specific allega
Page 65 and 66:
pled with the requisite particulari
Page 67 and 68:
Merrill Lynch and Deutsche Bank Ent
Page 69 and 70:
4. Motions to Intervene Additional
Page 71 and 72:
Gramm, Jaedicke, LeMaistre, Meyer,
Page 73 and 74:
professionals and experts, and atte
Page 75 and 76:
121. On May 7, 2003, the Outside Di
Page 77 and 78:
of Enron’s prominence and magnitu
Page 79 and 80:
131. As part of discovery, Lead Cou
Page 81 and 82:
Third Parties and Defendants Date S
Page 83 and 84:
Third Parties and Defendants Date S
Page 85 and 86:
133. Document requests and subpoena
Page 87 and 88:
139. In responding to the document
Page 89 and 90:
146. In addition to JPMorgan’s in
Page 91 and 92:
10. Requests for Admission 152. In
Page 93 and 94: Protocol Order provided for the ord
Page 95 and 96: privilege. And the defendants agree
Page 97 and 98: Deponent Entity Date[s] Location No
Page 105 and 106: promptly responded to all discovery
Page 107 and 108: Enron securities, and questions con
Page 109 and 110: securities, understanding of a repr
Page 111 and 112: 187. Lead Counsel made further supp
Page 113 and 114: April 16, 2004, Lead Counsel filed
Page 115 and 116: 195. On April 13, 2004, defendants
Page 117 and 118: Plaintiffs’ Investors Partner Lif
Page 119 and 120: • Outside Directors’ Memorandum
Page 121 and 122: 208. A two-day hearing was held reg
Page 123 and 124: Expert Entity Area of Opinion Dorri
Page 125 and 126: and is the basis for a presumption
Page 127 and 128: nature of Enron’s financial condi
Page 129 and 130: economically valid method and frame
Page 131 and 132: primarily involving Deutsche Bank,
Page 133 and 134: We filed a notice of request for se
Page 135 and 136: 236. Bankruptcy Examiner Batson him
Page 137 and 138: egarding the §11 claims, which wer
Page 139 and 140: proceeds for our settlement. Thus,
Page 141 and 142: egarding the policies and he moved
Page 143: team; for example, we reviewed info
Page 147 and 148: Opposition to Deutsche Bank’s Mot
Page 149 and 150: Sec. Litig., 443 F.3d 987 (8th Cir.
Page 151 and 152: Plaintiff’s Opposition to Motion
Page 153 and 154: dated June 5, 2006 as It Pertains t
Page 155 and 156: the Pleadings (Docket No. 5019). On
Page 157 and 158: joint-and-several liability for kno
Page 159 and 160: pricing or trade volume data, estim
Page 161 and 162: y the court and cited in In re Cend
Page 163: 296. Attached hereto as Ex. 2 is a
Page 166 and 167: ADDITIONAL SERVICE LIST Stuart Yoes
Page 168 and 169: ENRON COUGHLIN STOIA GELLER RUDMAN
Page 170 and 171: Name Title Hours Rate Lodestar Meye
Page 172 and 173: ENRON - SUMMARY OF PLAINTIFFS' FIRM
Page 178: EXHIBIT 4
Page 182 and 183: TOP SECURITIES SETTLEMENTS Case Nam
Page 184 and 185: Exhibit Listings and Notes regardin
show all

Declaration Of Helen J. Hodges In Support Of Lead Counsel's ...

Create successful ePaper yourself

Delete template?

Save as template?