Joint Declaration of Stickney and Kessler in Support of Motion for ...

Case 1:09-md-02017-LAK Document 807 Filed 03/08/12 Page 16 of 63
determining that the Settlements provide an outstanding recovery for their respective Settlement
Classes (54-88); (c) the Notices to the members of the Settlement Classes (89-96); (d) the
proposed Plans of Allocation for the Settlements (98-104); and (e) the fee and expense
application by Lead Counsel (105-40).
II.
PROSECUTION OF THE ACTION
A. Appointment Of Lead Plaintiffs And Lead
Counsel, Lehman’s Bankruptcy And The
Preparation Of The Consolidated Complaint
11. On June 18, 2008, plaintiffs filed the first class action in this Court, Operative
Plasterers and Cement Masons Int’l Ass’n Local 262 Annuity Fund v. Lehman Bros. Holdings
Inc. et al., No. 08-05523 (LAK). ACERA, GGRF, NILGOSC, Lothian, and Operating Engineers
timely moved for appointment as the lead plaintiffs. ECF Nos. 6-8. 3
Following full briefing, on
July 30, 2008, the Court consolidated the pending class actions and appointed Lead Plaintiffs and
approved Lead Plaintiffs’ choice of the law firms of Bernstein Litowitz and Kessler Topaz as
Lead Counsel. ECF No. 18.
12. Lead Counsel pursued an extensive investigation to prepare the first Consolidated
Complaint. Lead Counsel utilized their investigators to locate and interview former employees
of Lehman and others who might reasonably be expected to have relevant knowledge concerning
matters at issue in the case. The investigation also included consultation with experts and
analysis and review of a substantial volume of public information by and about Lehman,
including Lehman’s SEC filings; Lehman’s annual and quarterly financial statements; Lehman’s
press releases; transcripts of Lehman’s quarterly analyst conference calls; and a substantial
3 Unless otherwise noted, all references to the docket are to the Equity/Debt Action, 08-CV-5523-LAK.
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