United States District Court, S.D. New York
May 12, 2004.
IN RE WORLDCOM, INC. SECURITIES LITIGATION; This Document Relates to: ALAMEDA COUNTY EMPLOYEES' RETIREMENT ASSOCIATION, et al., Plaintiffs -v- BERNARD J. EBBERS, et al., Defendants
The opinion of the court was delivered by: DENISE COTE, District Judge
Having received letters from counsel for the Underwriter Defendants,
counsel for third party Bradford & Marzec, Inc. ("B&M"), and counsel
for plaintiffs still participating in the above-captioned action (the
"Plaintiffs"), and having heard and considered arguments on April 29 and
May 10, 2004 from counsel regarding to what extent B&M must comply with
a subpoena for the production of documents issued to it by the
Underwriter Defendants on March 12, 2004 (the "Subpoena"), it is hereby
ORDERED as follows: 1. Transactional Documents
B&M must produce summary records reflecting all Plaintiffs'
transactions in WorldCom securities kept in the ordinary course on which
B&M relies in the conduct of its day-to-day business. 2. Investment Decisions/Investment Advice
B&M must produce all documents related to the reasons why investment
decisions regarding WorldCom were made by or on behalf of the
Plaintiffs, including investment advice related to those investment
decisions, communications with any Plaintiff regarding WorldCom or
WorldCom securities, and, to the extent not covered by the foregoing,
documents sufficient to identify all persons responsible for such
investment decisions, regardless of whether any such documents were
actually transmitted to any Plaintiff. 3. Contracts with Plaintiffs
B&M shall produce all documents concerning any fee arrangements and
retainer contracts for each Plaintiff.
4. Due Diligence Documents
To the extent it has not already done so,
(a) B&M shall produce all documents concerning due diligence,
research or other investigation documents concerning WorldCom securities
for all clients;
(b) B&M shall produce all of B&M's due diligence policies and
practices, including without limitation, all due diligence manuals or
instructions to B&M staff on the conduct of due diligence;
(c) B&M shall produce all B&M due diligence training or education
materials; (d) B&M shall produce all documents which specifically reference or
explain B&M's fiduciary duty to conduct due diligence;
(e) B&M shall produce all documents reflecting communications
concerning WorldCom between B&M and the Underwriter Defendants or
5. Time for Production
B&M's deadline for responding to the Subpoena shall be triggered by
the date any Plaintiff in the above-captioned action produces documents
and information responsive to the outstanding discovery issued to it. The
Underwriter Defendants will notify B&M when this occurs, and B&M's
production will be due within two weeks of the date of that notification.
The earliest date B&M's documents would be due is May 28, 2004.
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