BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP MATTHEW P...
Transcript of BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP MATTHEW P...
Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page1 of 43
1 BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
DAVID R. STICKNEY (Bar No. 188574) TIMOTHY A. DeLANGE (Bar No. 190768) NIKI L. MENDOZA (Bar No. 214646) MATTHEW P. JUBENVILLE (Bar No. 228464) JONATHAN D. USLANER (Bar No. 256898) PAUL M. JONNA (Bar No. 265389) 12481 High Bluff Drive, Suite 300 San Diego, CA 92130 Tel: (858) 793-0070 Fax: (858) 793-0323 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Attorneys for Lead Plaintiffs Alameda County Employees’ Retirement Association, Government of Guam Retirement Fund, New Orleans Employees’ Retirement System and Louisiana Sheriffs’ Pension and ReliefFund
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA - SAN JOSE DIVISION
IN RE WELLS FARGO MORTGAGE-BACKED CERTIFICATES LITIGATION
SUPPLEMENTAL DECLARATION OF DAVID R. STICKNEY REGARDING PLAINTIFFS’ COUNSEL’S LODESTAR
Judge: Hon. Lucy H. Koh Date: October 27, 2011 Time: 1:30 p.m. Courtroom: 4, 5 th Floor
Civil Action No. 09-cv-01376-LHK (PSG)
CONSOLIDATED CLASS ACTION ECF
SUPP. STICKNEY DECL.
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Case No. CV-09-01376-LHK(PSG)
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I, David R. Stickney, do hereby state, under the penalty of perjury, as follows:
1. I am a partner of the law firm of Bernstein Litowitz Berger & Grossmann LLP
(“Bernstein Litowitz”), Court-appointed Lead Counsel in this Action and counsel for Court-appointed
Lead Plaintiffs Alameda County Employees’ Retirement Association, Government of Guam
Retirement Fund, New Orleans Employees’ Retirement System, and Louisiana Sheriffs’ Pension and
Relief Fund (“Lead Plaintiffs”). I have personal knowledge of all material matters related to the Action
based upon my active supervision and participation in the prosecution of this Action since its inception.
If called upon to do so, I could and would testify to the matters set forth herein. 1
2. This declaration supplements my prior declaration of September 22, 2011 (ECF No.
453). To avoid repetition, this declaration incorporates herein my prior declaration.
3. Pursuant to the Court’s request at the October 27, 2011 Final Approval Hearing, I am
attaching Exhibit 1, which is a chart detailing the time spent by each attorney and paraprofessional at
my firm and Additional Counsel for Lead Plaintiff Louisiana Sheriffs’ Pension and Relief Fund,
Klausner & Kaufman, P.A. The total time spent by each attorney and paraprofessional was reported in
my prior declaration dated September 22, 2011 (ECF No. 453) (“Stickney Decl.”). Exhibit 1 to this
declaration itemizes the amount of that total time spent in each of the twelve described tasks. Similar
charts detailing the time of the other Plaintiffs’ Counsel are attached to the Supplemental Declarations
attached hereto as Exhibit 2. My prior declaration describes the work done in each of these categories
and how that work benefitted the Class.
4. The following explains the tasks performed by the attorneys at my firm who were
primarily responsible for the prosecution of this litigation, demonstrating how work was divided up
amongst the attorneys on the case based on their experience and skill level required. In addition,
biographical information for the attorneys is contained in Lead Counsel’s firm resume, previously
submitted as Exhibit H to my prior Stickney Declaration (ECF No. 453-8).
1 Unless otherwise noted, all capitalized terms herein have the meanings set forth in the Stipulation of Settlement. Nothing herein is intended to alter, nor shall it be construed as altering, the terms of the Stipulation of Settlement.
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SUPP. STICKNEY DECL. -1- Case No. CV-09-01376-LHK(PSG)
Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page3 of 43
a. As summarized in ¶¶11-80 of my prior declaration, I was the lead partner at
Bernstein Litowitz responsible for the day-to-day prosecution of the action. I
oversaw and was involved in all aspects of the action, including conducting the
investigation; communicating regularly with Lead Plaintiffs, class
representatives and counsel for additional plaintiffs; drafting the complaints;
opposing Defendants’ motions to dismiss; retaining and working with experts;
developing evidence through discovery and arguments supporting the claims;
formulating Lead Plaintiffs’ class certification submission and opposing
Defendants’ motion for judgment on the pleadings and motion for partial
summary judgment; pursuing the appeal to the Ninth Circuit Court of Appeals;
and negotiating the ultimate resolution for the benefit of the Settlement Class.
b. Timothy DeLange, a Bernstein Litowitz partner, was involved in the daily
prosecution of the case. In this role, he drafted the complaints, opposed
Defendants’ motions to dismiss, and formulated and implemented the discovery
plan. He was also integrally involved in preparing the class certification briefing
and consulting with experts regarding the claims both for purposes of the class
certification and on the merits.
c. Matthew Jubenville, Jonathan Uslaner, and Takeo Keller, current or former
Bernstein Litowitz associates, were largely responsible for the massive
undertaking necessary to compile and review the records necessary to provide
the factual support for the complaints and to review the voluminous discovery
obtained in this case. They were also involved in drafting the oppositions to
Defendants’ motions to dismiss. They reviewed and analyzed the documents
obtained through discovery and assisted and prepared preliminary drafts related
to discovery, class certification, and Defendants’ motion for judgment on the
pleadings and motion for partial summary judgment.
d. Staff attorneys Adam Donaton, Andrew Kushnick, Paula Miller, Michelle
Samuels, Nathan Shultz and Eva Taylor reviewed the voluminous documents
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SUPP. STICKNEY DECL. -2- Case No. CV-09-01376-LHK(PSG)
Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page4 of 43
obtained in this case, prepared files for depositions, and regularly met with and
updated the additional attorneys on developments in evidence in the case.
5. The lodestar amounts for the attorneys and professional support staff of the firm who
were involved in this litigation as indicated in Exhibit 1 are based on their current billing rates. These
billing rates are based on qualifications and experience of each partner, associate, and staff attorney.
See Firm Resume, Exhibit H to Stickney Declaration (ECF No. 453-8).
6. Lead Counsel’s rates are based on its annual survey of the industry standard using
available information, including rates charged by law firms who regularly defend securities class
actions. Lead Counsel surveyed four other securities litigation specialist firms on the plaintiffs’ side,
and five securities litigation specialist firms that we regularly face on the defense side. The information
on rates for the plaintiffs’ counsel firms was typically obtained from attorneys’ fees applications in
other securities class actions. The information on rates for the defense firms was typically obtained
from bankruptcy court filings, in which approval to pay attorneys’ fees was requested.
7. Lead Counsel’s rates are comparable to, or less than, the known hourly rates charged by
defense counsel as reported by The American Lawyer . For example, between August 2008 and August
2009 – i.e., 2-3 years ago – the rates for partners at Cadwalader, Wickersham & Taft LLP (who
represented Wells Fargo and the Individual Defendants at times in this case) ranged from $700 to
$1,050 per hour (with a median rate of $900) and the rates for its associates ranged from $335 to $620
per hour (with a median rate of $480). See “Top Firms Ranked by Medium Partner Hourly Rate,” The
American Lawyer (Jan. 26, 2010) (attached as Exhibit 3 hereto). During the same time frame, the
reported rates for partners at Fried, Frank, Harris, Shriver & Jacobson LLP (“Fried Frank”) (who
represented the Underwriter Defendants in this case) ranged from $735 to $895 (with a median rate of
$835) and the reported rates of its associates ranged from $360 to $600 (with a median rate of $470).
Id. A recent bankruptcy fee application submitted by Fried Frank in 2011 reflects that today its current
partner rates range from $970 to at least $1,100 per hour, and that its associate rates range from $395 to
at least $580 per hour. See Third Interim Fee Application, In re Innkeepers USA Trust , Case No. 10-
13800 (SCC), ECF No. 2087 (S.D.N.Y. Bankr. Sept. 14, 2011).
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SUPP. STICKNEY DECL. -3- Case No. CV-09-01376-LHK(PSG)
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8. Lead Counsel’s current rates are in line with or lower than those reported rates. The
rates for the partners who worked on this case range from $700 to $975 per hour (with a median rate
of $800), and the rates for the associates who worked on the case range from $425 to $500 per hour
(with a median rate of $475). See Exhibit 1.
I declare under penalty of perjury that the foregoing facts are true and correct and that this
declaration was executed this 3rd day of November, 2011.
/s/ David R. Stickney DAVID R. STICKNEY
SUPP. STICKNEY DECL. -4-
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Case No. CV-09-01376-LHK(PSG)
Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page6 of 43
EXHIBIT 1
Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page7 of 43
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Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page8 of 43
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soli
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f th
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lass
act
ions
an
d th
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intm
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of
Lea
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lain
tiff
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(2)
Def
enda
nts
' mo
tion
s to
tra
nsf
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he a
ctio
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(3)
Dra
ftin
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itia
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d co
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lidat
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com
pla
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, inc
ludi
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evie
win
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d an
aly
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Sec
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and
Exc
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"SE
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fil
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and
ana
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rep
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s, f
actu
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nves
tiga
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, lo
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sear
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and
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wit
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(4)
Def
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firs
t ro
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moti
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to d
ism
iss
(5)
Dra
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he a
men
ded
co
nso
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com
pla
int
(6)
Bri
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gum
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rela
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to
cla
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base
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WFM
BS
200
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(7)
Def
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The
app
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Dis
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neg
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ase
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relim
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rm:
Kla
usn
er &
Kau
fman
, P.A
.
Rep
orti
ng P
erio
d: I
nce
pti
on t
hro
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Sep
tem
ber
12,
201
1
78,
000.0
0
65
0
120.0
0
24.0
0
24
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24
.00
CA
TEG
OR
IES:
(12)
Me
diat
ion
(inc
ludi
ng p
rep
arati
on a
nd b
rief
ing
for,
an
d part
icip
atio
n in
, m
edi
atio
n),
sett
lem
ent
ana
lysi
s (i
nclu
ding
con
sult
atio
n w
ith
expert
s) a
nd
conti
nuin
g se
ttle
men
t neg
oti
atio
ns;
neg
oti
atio
n an
d p
rep
arati
on o
f se
ttle
men
t do
cum
enta
tion
and br
iefs
in
supp
ort
of
Set
tlem
ent;
pre
par
atio
n o
f p
lan
of
all
ocat
ion;
pre
par
ati
on f
or a
nd
par
tici
pati
on i
n p
relim
inar
y a
pp
rov
al hea
ring
(9)
Dis
cov
ery
an
d an
aly
sis
of
evid
ence
, dr
afti
ng of di
scov
ery,
neg
otia
tion
s w
ith
Def
enda
nts
an
d th
ird
par
ties
reg
ardi
ng s
cop
e, t
imin
g an
d fo
rm o
f di
scov
ery,
rev
iew
an
d an
aly
sis
of di
scov
ery,
dep
osit
ions
, dr
afti
ng a
nd
neg
otia
ting
dis
cove
ry r
ela
ted
ord
ers,
Cas
e M
anag
emen
t O
rder
s, a
nd
rep
orts
(10)
Cla
ss c
erti
fica
tion
bri
efin
g, i
nclu
ding
leg
al r
esea
rch
and
wor
king
wit
h ex
per
ts w
ith r
esp
ect
to c
lass
cer
tific
ati
on;
disc
over
y r
egar
ding
cla
ss c
erti
fica
tion
(3)
Dra
ftin
g in
itia
l an
d co
nso
lidat
ed
com
pla
ints
, inc
ludi
ng r
evie
win
g an
d an
aly
zing
Sec
uri
ties
an
d E
xcha
nge
Com
mis
sion
("S
EC")
fil
ing
s, m
edi
a an
d an
aly
st r
eport
s, f
actu
al i
nves
tiga
tion
, lo
cati
ng a
nd
inte
rvie
win
g w
itn
esse
s, l
egal
res
earc
h an
d an
aly
sis
and
cons
ult
ing
wit
h ex
per
ts
(5)
Dra
ftin
g t
he
amen
ded
cons
olid
ate
d co
mp
lain
t
(7)
Def
enda
nts
' sec
on
d ro
un
d o
f m
oti
ons
to d
ism
iss
(2)
Def
enda
nts
' moti
ons
to t
ran
sfer
the
act
ion
(4)
Def
enda
nts'
firs
t ro
un
d o
f m
otio
ns t
o d
ism
iss
(6)
Bri
efin
g an
d ar
gu
men
t re
lati
ng t
o c
laim
s ba
sed
on W
FM
BS
200
6-A
R15
Tru
st
(1) T
he c
om
men
cem
ent
and
cons
olid
atio
n o
f th
e c
lass
act
ions
an
d th
e ap
po
intm
ent
of
Lea
d P
lain
tiff
s
(11)
Moti
on f
or j
udg
men
t on
the
ple
adi
ngs
and
par
tial
su
mm
ary
judg
men
t br
iefi
ng, i
nclu
ding
leg
al r
esea
rch
and
wor
king
wit
h ex
per
ts
(8) T
he a
pp
eal
to t
he N
inth
Cir
cuit
Cou
rt o
f A
ppea
ls
Par
tner
Robert K
lausn
er
TO
TA
L
LOD
EST
AR
RA
TE
T
OT
AL
HO
UR
S
NA
ME
1 2 3
4 5 6
7 8
9 1
0 1
1 12
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TA
TU
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78,0
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0.00
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T
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24.0
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24
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0.00
24
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0.00
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00
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EXHIBIT 3
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HOME THE AM LAW DAILY LITIGATION DAILY THE ASIAN LAWYER RANKINGS VIDEOS MAGAZINE ADVERTISE SUBSCRIBE
Home › Top Firms Ranked by Medium Partner Hourly Rate
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Order the 2009 Bankruptcy Billing Rates Report
Median
Partner
Number of
Median
Associate
Number of Firm Partner
Rate
Partners in
Associate
Rate
Associates in
Notable Filings Rate*
Range
the Filings
Rate
Range
the Filings
Simpson $980
$785 –30 $530
$280 –85
Thacher $1,000 $690
Lehman Brothers, Washington Mutual, Inc.
Cleary $725 – $235 – Nortel Networks,
Gottlieb $960
$980 47 $495
$910 132 Apex Silver
Mines Limited
Shearman &Worldspace, Inc.,
$850 – $345 – $950 12 $525 28 Washington
Sterling $1,065 $675
Mutual
Davis Polk $948 $730 –
14 $530 $440 –
66 $985 $695
BearingPoint, Star Tribune Holdings Corporation
Skadden $945 $743 –
38 $540 $356 –
96 $1,050 $680
BearingPoint, Mrs. Fields’ Original Cookies, Inc.
Buffets Holdings, $800 – $395 –
Paul, Weiss $925 24 $520 41 Inc., Tronox $1,025 $660
Incorporated
Lyondell $700 – $335 –
Cadwalader $900 29 $480 114 Chemical $1,050 $620
Company
Milbank, $700 – $420 – Tweed
$900 $995
55 $550 $710
171 Lehman Brothers
Bingham $575 – $300 – BearingPoint, McCutchen
$880 $995
31 $440 $665
45 Lehman Brothers
Quinn $860
$660 – 24 $420
$370 – 33
Emanuel $970 $760
Lehman Brothers, Washington Mutual, Inc.
Willkie Farr $855
$690 – 26 $520
$290 – 72
Journal Register & Gallagher $995 $685 Co.
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Gibson, $840
$635 – 29 $495
$345 – 38
Dunn $995 $710
Building Materials Holding Corp, Special Devices, Inc.
Fried, Frank $835 $735 –
18 $470 $360 –
34 $895 $600
Aleris International Inc, Cooper-Standard Holdings Inc.
Latham & $600 – Eddie Bauer
Watkins $830
25 57 $490
$350 –5
76 Holdings, Spansion, Inc.
Paul, $695 – $345 – Hastings
$825 $950
39 $505 $655
54 Spansion, Inc.
White & $825
$700 – 21 $598
$365 – 46
WCI Case $1,050 $685 Communities Inc.
Dechert $825 $690 13 $490
$355 – 29 $965 $665
AGT Crunch Acquisition LLC, Arclin US Holdings
METHODOLOGY: The Bankruptcy Billing Rates project contains over 13,000 bankruptcy entries for the period August 2008 through August 2009, encompassing the Southern District of NY and Delaware courts. The rates are merely a snapshot of what lawyers were charging in 2008 and 2009, and were culled exclusively from court documents
submitted to the nation's two busiest bankruptcy courts - the Southern District of NY and Delaware - by firms
seeking compensation for legal work done in Chapter 11 cases filed between Aug. 1, 2008, and Aug. 31, 2009.
* Median rates exclude discounts on lawyers’ travel time. Source: ALM Legal Intelligence