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IN RE WORLDCOM

United States District Court, S.D. New York


February 17, 2004.

IN RE WORLDCOM, INC. SECURITIES LITIGATION, This Document Relates to: 03 Civ. 0169, 03 Civ. 0168, 03 Civ. 0171, 03 Civ. 0338, 02 Civ. 9520, 03 Civ. 8981, 03 Civ. 0892, 03 Civ. 0891, 03 Civ. 4499, 03 Civ. 1283, 03 Civ. 0998, 03 Civ. 3859, 03 Civ. 6592, 03 Civ. 6227, 03 Civ. 6226, 03 Civ. 7806, 03 Civ. 3593, 03 Civ. 6221, 03 Civ. 3599, 03 Civ. 6220, 03 Civ. 3597, 03 Civ. 3594, 03 Civ. 3598, 03 Civ. 6224, 03 Civ. 6223, 03 Civ. 1284, 03 Civ. 9823, 03 Civ. 8924, 03 Civ. 0167, 03 Civ. 0170, 03 Civ. 0337, 03 Civ. 0890, 03 Civ. 2839, 03 Civ. 3860, 03 Civ. 6225, 03 Civ. 3595, 03 Civ. 2840, 03 Civ. 3591, 03 Civ. 3596, 03 Civ. 6228, 03 Civ. 9824, 03 Civ. 8271, 02 Civ. 9518, 03 Civ. 4500

The opinion of the court was delivered by: DENISE COTE, District Judge

ORDER

By letters to the Court dated January 27, 2004, defendants against whom the Individual Actions are not stayed ("Defendants") raised certain disputes regarding the scope of the Individual Actions plaintiffs' ("Plaintiffs") review and production of documents and information responsive to Defendants' First Request to Plaintiffs in Certain of the Individual Actions For the Production of Documents (the "Document Request"), and Defendants' First Set of Interrogatories to Plaintiffs in Certain of the Individual Actions (the "Interrogatories;" together with the Document Request, the "Discovery Requests"). On January 28, Page 2 2004, the Court received a submission from Liason Counsel in the Individual Actions regarding the Discovery Requests. Having reviewed the various submissions from counsel regarding the Discovery Requests, and having heard argument from counsel at the conference of January 29, 2004, for the reasons stated on the record at January 29 conference, it is hereby

ORDERED: 1. Time Period for Search and Production

  Plaintiffs are required to search for and produce responsive documents and information for the time period beginning January 1. 1999, or six months before a plaintiff's first WorldCom investment (whether debt or equity and whether or not the plaintiff has brought a claim on that WorldCom Investment), whichever is earlier, but in no event before January 1, 1997.

 2. Records of Trading in WorldCom Debt and Equity Securities

  Plaintiffs are required to produce summary trading records of their investments in WorldCom securities, whether debt or equity, which are kept in the ordinary course ("Summary Trading Records"). Plaintiffs are not required to produce the transactional documents underlying their Summary Trading Records. If after production of Summary Trading Records, there is a reasonable basis to believe that the Summary Trading Records produced by any Plaintiff are unreliable, then targeted discovery of some underlying documents may be requested to test whether the Summary Trading Records are reliable. Page 3

 

3. The Investment Decision-Making Carve Out for Institutional Plaintiffs
  If there was a complete segregation of investment decision-making between WorldCom equity trading and WorldCom debt trading on behalf of and within an institutional Plaintiff and that Plaintiff is asserting only Securities Act claims, that Plaintiff need not search or produce its equity files (except for Summary Trading Records) in response to the Discovery Requests, provided however that the Plaintiff establishes by affidavit that there was a complete segregation during the relevant time period in decision-making between debt and equity trading in WorldCom securities. This ruling is without prejudice to Defendants' right to seek documents and information relating to such Plaintiff's WorldCom equity transactions upon a showing that the Plaintiff's WorldCom equity decision-makers provided information to the Plaintiff's WorldCom debt decision-makers, or otherwise influenced the Plaintiff's decisions to purchase or sell WorldCom debt.

 4. Transactions in Securities Other Than WorldCom

  Plaintiffs asserting only Securities Act claims are not required to produce documents with respect to their non-WorldCom investments. Plaintiffs asserting Exchange Act or fraud-based claims must produce summary records, created in the ordinary course, of all of their non-WorldCom securities investments. Plaintiffs asserting Exchange Act or fraud-based claims shall meet and confer with Defendants concerning the production of summary trading records of the purchase and sale of securities in Page 4 the telecommunications sector. If the parties are unable to agree upon the appropriate scope of such discovery, they shall inform the Court no later than March 5.

 5. Personnel Files

  Plaintiffs are required to produce documents sufficient to identify each of the persons who made investment decisions regarding WorldCom securities. Plaintiffs are not required to search or produce personnel files, resumes or curriculum vitae for such individuals. If a Defendant shows that there is reason to believe that a decision-maker has been disciplined or sanctioned in connection with any WorldCom investment decision, then the Defendant may request documents relating to such disciplinary action or sanction.

 6. Individual Discovery Disputes

  Plaintiffs in the action captioned Public Employees Ret. Svs. of Ohio, et al. v. Ebbers, et al., No. 03 Civ. 0338 (DLC) shall produce documents responsive to Document Request No. 2, subpart (b).

  Plaintiffs in the following actions, which were commenced on or after February 6, 2003 and on or before June 25, 2004, shall meet and confer with Defendants regarding the production of documents responsive to Document Request No. 14. If the parties are unable to agree upon the appropriate scope of discovery, they shall inform the Court no later than March 5.

 

Clark, et al. v. Ebbers, et al., 03 Civ. 6228 (S.D.N.Y.) (filed 2/12/03)
  The Maryland-National Capital Park & Planning Commission Employes' Retirement System v. Citigroup, Inc., et al., 03 Civ. 3859 (S.D.N.Y.) (filed 2/27/03) Page 5

 

Heavy & General Laborers' Locals 472 and 172 Pension & Annuity Funds, et al. v. Citigroup, Inc., et al., 03 Civ. 3860 (S.D.N.Y.) (filed 3/3/03)
Maintenance Employees Teamsters Local 416 Pension Funds, et al. v. Bernard J. Ebbers, et al., 03 Civ. 4500 (S.D.N.Y.) (filed 3/27/03)
State of Alaska Dept. of Revenue, et al. v. Citigroup, Inc., et al., 03 Civ. 6592 (S.D.N.Y.) (filed 4/21/03)
Pacific Life Ins. Co., et al. v. J.P. Morgan Chase & Co., et al., 03 Civ. 6225 (S.D.N.Y.) (filed 4/25/03)
Municipal Employees Ret. Sys. of Michigan v. Citigroup, Inc., et al., 03 Ci. 6227 (S.D.N.Y.) (filed 4/30/03)
Maine State Ret. Sys. v. Citigroup, et al., 03 Civ. 6226 (S.D.N.Y.) (filed 5/9/03)
Brinson, et al. v. Ebbers, et al., 03 Civ. 6230 ((S.D.N.Y.) (filed 5/16/03)
The Northwestern Mut. Life Ins. Co. v. Citigroup, Inc., et al., 03 Civ. 9824 (S.D.N.Y.) (filed 5/30/03)
American International Group Annuity Insurance Company, et al. v. Bernard J. Ebbers, et al., 03 Civ. 9823 (S.D.N.Y.) (filed 6/11/03)
Carpenters Pension Trust for Southern CA v. Bernard J. Ebbers, et al., 03 Civ. 7806 (S.D.N.Y.) (filed 6/11/03)
7. Any plaintiff in an Individual Action who is served with the Discovery Requests and a copy of this Order, and who did not have any opportunity to be heard on these issues on or before January 29, 2004, shall be governed by this Order unless it objects by February 27, 2004, or within two weeks of such service, whichever is later.

  SO ORDERED.

20040217

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