UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA ) ) In re: WACHOVIA SECURITIES, LLC WAGE & HOUR LITIGATION

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1 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA 0 In re: WACHOVIA SECURITIES, LLC WAGE & HOUR LITIGATION This document relates to: Dewayne, C.D. Cal. SACV 0-0 DOC DiLustro, C.D. Cal. SACV 0- DOC Gauhar, C.D. Cal. SACV 0- DOC Badain, W.D.N.Y. 0-0 MAT Goldstein, S.D.N.Y. 0- KMK Janowsky, S.D.N.Y. 0-0 KMK Panasenko, E.D.N.Y. 0-0 JS MDL NO. 0 MASTER FILE NO.: 0-ml-00-DOC-RNB ORDER GRANTING JOINT MOTION FOR FINAL APPROVAL OF CLASS ACTION SETTLEMENT AND JUDGMENT WITH PRUDENTIAL DEFENDANTS Date: May, 00 Time: :00 p.m. Dept.: D

2 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 0 On May, 00, a hearing was held on ( the joint motion of plaintiffs Shawn P. Dewane, Charles Badain, Michael DiLustro, Paul Firth, Jason Goldstein, Peter Janowsky, Mary O Reilly, Gene Panasenko, Dean Rudofker, and Scott Standel (collectively, "Plaintiffs" or Class Representatives and Defendants Prudential Financial, Inc., Prudential Equity Group, LLC and Prudential Securities, Inc. (collectively referred to as Prudential or the Prudential Defendants for final approval of the proposed class action settlement and ( Plaintiffs counsel s motion for an award of attorney s fees, litigation expenses, Plaintiffs enhancement awards and costs of claims administration. (Class Representatives and Prudential Defendants are called the Parties. After considering the Parties written submissions, the arguments of counsel, and the law, and good cause appearing therefor, IT IS ORDERED, ADJUDGED, AND DECREED as follows:. All terms used in this order (the Final Approval Order will have the same meaning as defined in the Parties Stipulation Of Settlement Of Claims Against The Prudential Defendants (the Stipulation, a copy of which is attached as Exhibit A to this order.. This Court has jurisdiction over the subject matter of this litigation and the consolidated actions (the Actions and over all parties, including all Class Members.. Pursuant to this Court s Order Granting Joint Motion For Preliminary Approval of Class Action Settlement With Prudential Defendants dated December, 00 (the Preliminary Approval Order, the Court conditionally certified for settlement purposes only the Class defined in therein (the Class. The Class is now finally certified for settlement purposes only and is defined as: a. Financial Advisors, producing Financial Advisors in Training ( FAITs and producing Financial Advisors in Career Development Program ( FACDPs (collectively, Producing FAITs and FACDPs, and Assistant Branch Managers, Assistant Branch Managers-Producing, Associate Branch Managers, Sales

3 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 0 Managers, and Satellite Branch Managers (collectively Producing Managers actively employed by Prudential in the State of California at any time from September, 00 to June 0, 00; b. Financial Advisors and Producing FAITs and FACDPs actively employed by Prudential in the State of Pennsylvania at any time from August, 00 to June 0, 00; c. Financial Advisors and Producing FAITs and FACDPs actively employed by Prudential in the State of New York at any time from August 0, to June 0, 00; d. Unregistered FAITs and unregistered FACDPs actively employed by Prudential in the State of New York at any time from June, 000 to June 0, 00; and e. Producing Managers (as defined above actively employed by Prudential in the State of New York at any time from April, 00 to June 0, 00.. This Final Approval Order shall not be cited in any matter for the purpose of seeking class or collective action certification or class or collective action notice.. In accordance with the Preliminary Approval Order, the Parties caused Garden City Group, Inc. ( GCG, the duly-appointed Claims Administrator, to mail the following notice materials to the Class: ( Notice of Class Action Settlement, ( a pre-printed, personalized Claim Form, ( a Request for Exclusion form, and ( a postage-prepaid return envelope (collectively Settlement Documents. GCG mailed the Settlement Documents via first-class mail within the time mandated in the Preliminary Approval Order, and adequately informed the Class of: ( the pendency of the Settlement; ( all material elements of the Settlement; ( the April, 00, hearing date for final approval of the proposed Settlement; and ( the opportunity to be excluded from or object to the proposed Settlement. Additionally, GCG caused the Summary of Notice of Class Action Settlement ( Summary Class Notice to be published in the Wall Street Journal and published the Summary Class Notice on a

4 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 0 website created and dedicated to this Settlement.. On April, 00, the Parties filed the Declaration of CGC s Jennifer M. Keough in Support of Final Approval of Settlement concerning the dissemination of the Settlement Documents to the Class and the status of claims, exclusions and objections. The Keough Declaration provides proof that GCG has fully implemented this Court s orders regarding class notice.. The Court finds and concludes that the distribution of the Settlement Documents and publication of the Summary Class Notice provided adequate, due, sufficient and valid notice to Class Members, constituted the best notice practicable and possible under the circumstances, fully met the requirements of due process, and complied fully with all applicable laws and statutes.. In accordance with the requirements of the Class Action Fairness Act of 00, U.S.C., Prudential caused to be mailed a copy of the Stipulation and all other documents required by law to the Attorneys General in each of the following jurisdictions where class members reside: the States of Arizona, California, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Montana, New Hampshire, New Jersey, New York, Oklahoma, Pennsylvania, Rhode Island, Texas, Utah, Virginia, Vermont, and Wisconsin. None of these Attorneys General filed objections to the Settlement.. The Court finds, for settlement purposes only, that the proposed Class meets the requirements for ( a collective action under the Fair Labor Standards Act ( FLSA, U.S.C. (b, and ( class certification under Rule of the Federal Rules of Civil Procedure in the settlement context in that: (a the proposed Class is ascertainable and so numerous that joinder of all members of the Class is impracticable; (b there are questions of law or fact common to the proposed Class that predominate over individual issues; (c the claims of the Class Representatives are typical of the claims of the members of the proposed Class; (d the Class Representatives will fairly and adequately protect the interests of the Class Members; (e a class action is superior

5 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 0 to other available methods for an efficient adjudication of this controversy; and (f the counsel of record for plaintiffs are qualified to serve as class counsel. 0. The Court finds and concludes that the Settlement was the product of protracted, arms-length negotiations between experienced counsel, assisted by a respected mediator. The Court has thoroughly considered such factors as: the strength of plaintiffs claims; the risk, expense, complexity, and likely duration of further litigation; the risk of maintaining class action status throughout the trial; the amount offered in settlement; the extent of discovery completed and the stage of the proceedings; the experience and views of counsel; and the Class Members reaction to the proposed Settlement. The Court finds that the Settlement is fair, reasonable, adequate, and in the best interests of the Class and hereby grants final approval of the Settlement.. Paragraphs - of this Court s Preliminary Approval Order, including but not limited to Paragraphs - concerning the Settlement Account, shall continue in full force and effect.. The Claims Administrator will pay the claims of Participating Class Members out of the Settlement Account in accordance with Section VIII of the Stipulation. Any portion of the Settlement Consideration (including any uncashed or returned settlement checks remaining in the Settlement Account 0 days after the Effective Date shall be distributed in accordance with Section VIII.R. of the Stipulation. Prudential will have no further liability for costs, expenses, interest, attorneys fees, or for any other charge, expense, or liability, except as provided in the Stipulation.. Class Counsel, defined in Section III B of the Stipulation, are awarded attorney s fees in the amount of $,0, and litigation expenses in the amount of $,0. pursuant to Section V of the Stipulation. These amounts shall be paid by the Claims Administrator from the Settlement Account within 0 court days following the Effective Date.

6 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 0. Named Plaintiffs Shawn P. Dewane, Charles Badain, Michael DiLustro, Paul Firth, Jason Goldstein, Peter Janowsky, Mary O Reilly, Gene Panasenko, Dean Rudofker, and Scott Standel are each hereby awarded $0, as enhancement awards pursuant to Section VI of the Stipulation. These amounts shall be paid by the Claims Administrator from the Settlement Account within ten (0 court days following the Effective Date.. The Court hereby approves payment of $,. to GCG, as the Claims Administrator, as Administrative Costs and full compensation for its services in administering the Settlement and the Settlement Fund. This amount shall be paid from the Settlement Account within ten (0 court days following the Effective Date.. Upon the Effective Date, every Class Member who did not submit a timely and valid Request for Exclusion shall be bound by the release and waiver set forth in section IX of the Stipulation and the Notice of Class Action Settlement, and this Final Approval Order will have the force and effect of res judicata as to him or her.. Class Representatives are bound by the release and waiver set forth in Section IX of the Stipulation, including but not limited to the release and waiver set forth in Section IX.D, and this Final Approval Order will have the force and effect of res judicata as to them.. The Settlement is not an admission by Prudential nor is this Final Approval Order a finding of the validity of any claims in the Actions or any wrongdoing by Prudential. In addition, the Settlement is not an admission nor is this Final Approval Order a finding that the certification of the Class is proper for any purpose or proceeding other than for settlement purposes in the present case. Furthermore, neither the Stipulation, nor any document, statement, proceeding or conduct related to the Stipulation, nor any reports or accounting of those matters, will be (i construed as, offered or admitted in evidence as, received as, or deemed to be evidence for any purpose adverse to Prudential, including, but not limited to, evidence of a presumption, concession, indication or admission by Prudential of any liability,

7 Case :0-ml-00-DOC-RNB Document Filed 0//00 Page of 0 fault, wrongdoing, omission, concession or damage; or (ii disclosed, referred to or offered in evidence against Prudential, in any further proceeding in the Actions, or any other civil, criminal or administrative action or proceeding except for purposes of effectuating the Settlement. However, the Stipulation may be admitted in evidence and otherwise used in any and all proceedings to enforce any or all terms of the Settlement or in defense of any claims released or barred by the Settlement.. The claims alleged in the complaints filed in the Actions are hereby dismissed with prejudice, provided, however, and without affecting the finality of this Final Order in any way, this Court retains continuing jurisdiction over the interpretation, implementation, administration and enforcement of the terms of the Settlement. 0. This Final Approval Order is a judgment as defined by Federal Rule of Civil Procedure (a(. Dated: May, 00. David O. Carter United States District Judge 0 WACHOVIA: