Case 2:08-cv MJP Document 345 Filed 01/29/16 Page 1 of 8 UNITED STATES DISTRICT COURT WESTERN DISTRICT OF WASHINGTON AT SEATTLE

Transcription

1 Case :0-cv-00-MJP Document Filed 0// Page of The Honorable Marsha J. Pechman IN RE WASHINGTON MUTUAL, INC. SECURITIES & ERISA LITIGATION IN RE WASHINGTON MUTUAL, INC. SECURITIES LITIGATION This Document Relates to: ALL CASES UNITED STATES DISTRICT COURT WESTERN DISTRICT OF WASHINGTON AT SEATTLE No. :0-md- MJP Lead Case No. C0- MJP PLC-0, PLC- NOTE ON MOTION CALENDAR (Settlement Hearing Date: February, 0 at :00 a.m. REPLY BRIEF IN FURTHER SUPPORT OF CLASS REPRESENTATIVE S MOTION FOR FINAL APPROVAL OF LEHMAN SETTLEMENT AND LEAD COUNSEL S MOTION FOR AN AWARD OF ATTORNEYS FEES AND REIMBURSEMENT OF LITIGATION EXPENSES 0 [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

2 Case :0-cv-00-MJP Document Filed 0// Page of CASES TABLE OF AUTHORITIES Page(s Bendixen v. Sprint Commc'ns Co. L.P., No. :-CV-0-RBL, 0 WL (W.D. Wash. June, 0... Flores v. Alameda Cty. Indus. Inc, No. -CV-00-JD, 0 WL 00 (N.D. Cal. Nov., 0... Patel v. Axesstel, Inc., No. :-CV--CAB-BGS, 0 WL 0 (S.D. Cal. Oct., 0... Roberti v. OSI Sys., Inc., No. CV--0 MWF (MRW, 0 WL (C.D. Cal. Dec., 0... Vanwagoner v. Siemens Indus., Inc., No. :-CV-0-KJM-EFB, 0 WL (E.D. Cal. Dec., [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

3 Case :0-cv-00-MJP Document Filed 0// Page of Class Representative Brockton Contributory Retirement System ( Brockton and Lead Counsel respectfully submit this reply brief in further support of Class Representative s Motion for Approval of Final Approval of Lehman Settlement (ECF No. and Lead Counsel s Motion for an Award of Attorneys Fees and Litigation Expenses (ECF No. 0. Brockton seeks final approval of a proposed Settlement with the bankruptcy estate of Lehman Brothers Inc. that will provide the Class with a $. million Allowed Class Claim in Lehman s SIPA Proceeding. The Settlement will result in a recovery for the Class of $. million promptly after its approval, plus an estimated additional amount of potentially $. million, for an estimated total recovery of approximately $. million, from a defendant that was initially not expected to be able to contribute at all to the recovery for investors in this Action. If approved, the Settlement, in addition to the $0. million in settlements previously achieved, will bring the aggregate total recovery achieved for the Class to approximately $. million. Lead Counsel s motion for fees and expenses requests attorneys fees in the amount of $,000, which is the equivalent of % of the estimated value of the Lehman Settlement, and reimbursement of $,.0 in litigation expenses. Brockton and Lead Counsel respectfully submit that their opening papers in support of their respective motions demonstrate why approval of each motion is warranted. Now that the time for objecting has passed, the reaction of the Class powerfully supports that conclusion. The 0 All capitalized terms not otherwise defined herein have the meaning set forth in the Stipulation and Order Regarding Proofs of Claim of Brockton Contributory Retirement System, et al. (No., as Amended by No. 0, and and Limited Related Stay Relief (ECF No. -; the Declaration of Hannah Ross in Support of Class Representative s Motion for Final Approval of Settlement of Class Claim Filed in the SIPA Liquidation of Lehman Brothers Inc. and Lead Counsel s Motion for an Award of Attorneys Fees and Litigation Expenses (ECF No. (the Ross Declaration ; or the Stipulation of Settlement with the Underwriter Defendants dated June 0, 0 (ECF No. -. All docket citations (ECF No. refer to entries in the master MDL docket, No. :0-md- MJP. [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

4 Case :0-cv-00-MJP Document Filed 0// Page of 0 deadline for filing objections to the motions was January, 0, and no objections have been filed or received. Pursuant to the Court s June, 0 Order Preliminarily Approving Proposed Settlement of Class Claim Filed in the SIPA Liquidation of Lehman Brothers Inc. (ECF No. (the Preliminary Approval Order, on July, 0, the Claims Administrator mailed copies of the Court-approved Summary Notice of Proposed Settlement of Class Claim Filed in the SIPA Liquidation of Lehman Brothers Inc. (the Summary Notice to all Class Members who (a received a distribution from the earlier settlement with the Underwriter Defendants in this Action and cashed their distribution check; or (b were claimants with a Claim-in-Process or Disputed Claim that would be eligible for payment from the Underwriter Settlement if their claim was approved. See Declaration of Stephen J. Cirami Regarding Mailing and Publication of Notice (ECF No. -, at. The Summary Notice contained, among other things, a summary description of the proposed Lehman Settlement, the reasons the Settlement is being recommended, information on how to obtain more information (including a copy of the longer Notice, Lead Counsel s intent to apply for an award of attorneys fees in an amount not to exceed.% of the proceeds of the Settlement and for reimbursement of litigation expenses in an amount not to exceed $,000, and information on how to object to the Settlement or the motion for fees and expenses. See id. at Ex. A. In addition, GCG caused the Summary Notice to be published over the PR Newswire on July, 0, and copies of the more detailed Notice were made available on and on Lead Counsel s website, on that date. See id. at -; Ross Declaration at -. On December, 0, pursuant to the Court s Preliminary Approval Order, Brockton filed its motion for final approval of the Settlement and Lead Counsel filed its motion for an award [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

5 Case :0-cv-00-MJP Document Filed 0// Page of 0 of attorneys fees and reimbursement of expenses in connection with the Lehman Settlement. The initial motion papers, including the Ross Declaration, explained in detail why the Lehman Settlement and the motion for fees and expenses should be approved. Lead Counsel s motion for fees and expenses requests attorneys fees in the amount of $,000, based on the lodestar of Plaintiffs Counsel at Seattle-based rates, which is equivalent to % of the estimated expected value of the Lehman Settlement ($. million and.% of the $. million that will be available for payment to the Class shortly after the Effective Date of the Settlement, and, thus, is substantially lower than the maximum fee request set out in the Summary Notice and Notice. The motion also seeks $,.0 in litigation expenses incurred in obtaining the Lehman Settlement, principally related to the retention of Bankruptcy Counsel, Lowenstein Sandler, LLP, which is lower than the $,000 in expenses that Class Members were informed could be sought. As provided for in the Preliminary Approval Order, the deadline for any objections to the motion for approval of the Settlement or the motion for fees and expenses was January, 0. That deadline has passed and no objections to the Settlement or the motion for attorneys fees and expenses have been received. The lack of any objections strongly supports approval of the Settlement. See Roberti v. OSI Sys., Inc., No. CV--0 MWF (MRW, 0 WL, at * (C.D. Cal. Dec., 0 ( the lack of objection favors final approval ; Flores v. Alameda Cty. Indus. Inc, No. -CV- 00-JD, 0 WL 00, at * (N.D. Cal. Nov., 0 ( no class members have objected to the proposed settlement, which is a significant factor in favor of final approval ; Patel v. Axesstel, Inc., No. :-CV--CAB-BGS, 0 WL 0, at * (S.D. Cal. Oct., 0 ( The absence of a single objection to the settlement is compelling evidence that the Proposed Settlement is fair, just, reasonable, and adequate.. [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

6 Case :0-cv-00-MJP Document Filed 0// Page of Similarly, with respect to Lead Counsel s motion for an award of attorneys fees and reimbursement of litigation expenses, the absence of objections supports approval of that motion. See Vanwagoner v. Siemens Indus., Inc., No. :-CV-0-KJM-EFB, 0 WL, at * (E.D. Cal. Dec., 0 ( the absence of objections from the class further demonstrates the reasonableness and fairness of the attorney s fee request ; Bendixen v. Sprint Commc'ns Co. L.P., No. :-CV-0-RBL, 0 WL, at * (W.D. Wash. June, 0 ( The absence of objections by class members to Settlement Class Counsel s fee-and-expense request further supports finding it reasonable.. For the foregoing reasons, and the reasons set forth in Brockton s and Lead Counsel s opening papers, Brockton and Lead Counsel respectfully request that the Court approve the proposed Lehman Settlement and the motion for attorneys fees and reimbursement of expenses. 0 Dated: January, 0 Respectfully submitted, BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP By: /s/ Hannah Ross Hannah Ross (pro hac vice Katherine M. Sinderson (pro hac vice New York, New York 00 Tel: ( -0 Fax: ( - hannah@blbglaw.com katherine@blbglaw.com Lead Counsel for the Class [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

7 Case :0-cv-00-MJP Document Filed 0// Page of BYRNES & KELLER LLP Bradley S. Keller, WSBA# Jofrey M. McWilliam, WSBA# 00 Second Avenue, Suite 00 Seattle, Washington Tel: (0-000 Fax: (0 - bkeller@byrneskeller.com jmcwilliam@byrneskeller.com Liaison Counsel for the Class 0 [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0

8 Case :0-cv-00-MJP Document Filed 0// Page of CERTIFICATE OF SERVICE I hereby certify that on January, 0, I electronically filed the foregoing with the Clerk of the Court using the CM/ECF system, which will send notification of such filing to the addresses on the Court s Electronic Mail Notice list. #0 BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP By: /s/ Hannah Ross Hannah Ross (pro hac vice Katherine M. Sinderson (pro hac vice New York, New York 00 Tel: ( -0 Fax: ( - hannah@blbglaw.com katherine@blbglaw.com Lead Counsel for the Class BYRNES & KELLER LLP Bradley S. Keller, WSBA# Jofrey M. McWilliam, WSBA# 00 Second Avenue, Suite 00 Seattle, Washington Tel: (0-000 Fax: (0 - bkeller@byrneskeller.com jmcwilliam@byrneskeller.com Liaison Counsel for the Class 0 [PLC-0, PLC-] Master No: :0-md- MJP New York, NY 00 ( -0