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IN RE WORLDCOM

United States District Court, S.D. New York


February 1, 2005.

IN RE WORLDCOM, INC. SECURITIES LITIGATION. This Document Relates To: ALL ACTIONS.

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

ORDER

WHEREAS plaintiff class members Richard Entenmann and Shari Galitzer ("Claimants") did not request exclusion from the plaintiff class in the above-referenced action by the September 1, 2004 deadline established by this Court;

WHEREAS on November 12, 2004, this Court issued a Judgment Approving Settlement and Dismissing Action Against the Citigroup Defendants (the "Judgment") in the above-referenced action, which released and dismissed certain defined Released Claims against certain defined Released Parties, and which permanently barred and enjoined class members from instituting, commencing, or prosecuting any Released Claims against any Released Parties;

  WHEREAS on December 29, 2004, Claimants submitted to an NASD arbitration panel an Amendment to Claim of Shari Galitzer and Richard Entenmann (the "Amendment") setting forth certain enumerated claims against Respondents Salomon Smith Barney Inc., Phil Spartis, David Hobby, and Amy Elias which Claimants asserted were not covered by the release and injunction contained in the Judgment; Page 2

  WHEREAS on January 14, 2005, the Citigroup Defendants applied to this Court seeking enforcement of the release and injunction contained in the Judgment as against the claims asserted by Claimants in their Amendment;

  WHEREAS on January 17, 2005, this Court issued an Order, instructing Claimants to show cause why they should not be enjoined from arbitrating the claims asserted in their Amendment against one or more of the Citigroup Defendants;

  WHEREAS on January 20, 2005, Claimants submitted to this Court a memorandum opposing the issuance of an injunction barring Claimants from proceeding to arbitrate the claims asserted in their Amendment and further stating that Claimants did not wish to attend a hearing and would prefer to have the issues presented resolved on the papers submitted by each party;

  WHEREAS on January 21, 2005, this Court issued an Order scheduling a hearing for January 27, 2005 and declaring that Claimants had satisfied the January 17 Order without need for their attendance at the hearing;

  WHEREAS on January 26, 2005, the Citigroup Defendants submitted a Reply Memorandum of Law in Further Support of Their Application for Enforcement, as Against the Entenmann and Roberts Claimants, of the Court's Judgment Approving Settlement and Dismissing Action Against the Citigroup Defendants, and the supporting declaration of Eric S. Goldstein;

  WHEREAS a hearing on Claimants' application was held on January 27, 2005; and,

  WHEREAS the Court has considered all of the arguments presented by Claimants and the Citigroup Defendants in the above-described submissions; Page 3

  IT IS HEREBY ORDERED that for the reasons stated on the record at the January 27 hearing, the arguments offered by Claimants as to why the Judgment should not be enforced against them to preclude further prosecution of the claims set forth in Paragraphs 1, 2 and 3 of their Amendment are without merit;

  IT IS HEREBY FURTHER ORDERED that for the reasons stated on the record at the January 27 hearing, pursuant to the Judgment, Claimants are permanently barred and enjoined from instituting, commencing or prosecuting, either directly or in any other capacity, all claims of every nature and description, known and unknown, arising out of or relating to investments (including, but not limited to, purchases, sales, exercises, and decisions to hold) in securities issued by WorldCom, and/or in options or derivative instruments based in whole or in part on the value of securities issued by WorldCom (including Targeted Growth Enhanced Terms Securities with respect to MCI WorldCom, Inc. and GOALs issued by UBS AG), including without limitation all claims arising out of or relating to any analyst research reports or other statements made or issued by the Citigroup Defendants concerning WorldCom, any disclosures, registration statements or other statements by WorldCom, as well as all claims asserted by or that could have been asserted by Plaintiffs or any member of the Class in the Action against the Citigroup Releasees, and that such barred and enjoined claims include, but are not limited to, the claims set forth in Paragraphs 1, 2 and 3 of Claimants' Amendment.

  SO ORDERED.

20050201

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