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

Case 1:09-md-02017-LAK Document 807 Filed 03/08/12 Page 2 of 63
TABLE OF CONTENTS
Page
I.
II.
PRELIMINARY STATEMENT ........................................................................................ 1
PROSECUTION OF THE ACTION .................................................................................. 5
A.
B.
C.
D.
E.
F.
Appointment Of Lead Plaintiffs And Lead Counsel, Lehman’s
Bankruptcy And The Preparation Of The Consolidated Complaint ....................... 5
Consolidation, Coordination, And Establishment Of The Plaintiffs’
Executive Committee .............................................................................................. 7
The Second Amended Complaint And Defendants’ Motions To
Dismiss .................................................................................................................... 9
The Bankruptcy Examiner’s Report, Lead Counsel’s Continued
Investigation And Preparation Of Third Amended Class Action
Complaint .............................................................................................................. 12
Defendants’ Second Round Of Motions To Dismiss And Lead
Plaintiffs’ Responses ............................................................................................. 13
Other Significant Actions Taken By Lead Counsel .............................................. 16
1. Monitoring Of Bankruptcy Proceedings ................................................... 16
2. Coordination Among Plaintiffs’ Counsel ................................................. 16
3. The Rule 26(f) Discovery Plan ................................................................. 17
4. Establishing A Lehman Brothers Securities Litigation
Website ..................................................................................................... 18
5. Lead Counsel’s Use Of Experts And Consultants .................................... 19
III.
THE SETTLEMENTS ...................................................................................................... 19
A.
D&O Settlement.................................................................................................... 20
1. Negotiation Of The Settlement With The Directors And
Officers ..................................................................................................... 20
2. D&O Stipulation ....................................................................................... 22
3. Reasons For The Settlement With The Directors And
Officers ..................................................................................................... 23
B.
Underwriter Settlement ......................................................................................... 28
i