GHODS LAW FIRM Santa Anna, CA, Jeremy A. Rhyne, Esq., Mohammed K. Ghods, Esq., William A. Stahr, Esq.,
McCABE & MACK LLP Richard R. Duvall, Esq., Poughkeepsie, NY, Attorneys for Plaintiff.
PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Eric S. Goldstein, Esq., Brad S. Carp, Esq., Jessica S. Carey, Esq., Jonathan Hurwitz, Esq., New York, NY, Attorneys for Defendant The Bear Stearns Companies LLC, J.P. Morgan Securities LLC, J.P. Morgan Clearing Corp., Joey Zhou, and Garrett Bland.
SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP Jay B. Kasner, Esq., Susan Saltzstein, Esq., New York, NY, Attorneys for Defendant Alan D. Schwartz.
SCHULTE ROTH & ZABEL LLP Alan R. Glickman, Esq., Marguerite Gardiner, Esq., New York, NY, Attorneys for Defendant Alan C. Greenberg.
ROBERT W. SWEET, District Judge.
Plaintiff Vivine Wang ("Wang" or "Plaintiff") has moved for an order suggesting to the Judicial Panel on Multidistrict Litigation (the "Panel") that Plaintiff's case be remanded to its original transferor court in the Central District of California. Based on the conclusions set forth below, the motion is denied.
On March 29, 2011 the Plaintiff filed a complaint ("Complaint") in the Central District of California that asserted, inter alia, claims for violations of federal securities laws, as well as various common law and California statutory claims, arising from the monetary losses she suffered as a result of the demise of Bear Stearns in 2008.
On August 15, 2011, over Plaintiff's objection, the Panel transferred Plaintiff's case to this Court for coordinated or consolidated pretrial proceedings with In re Bear Stearns Cos., Inc. Securities Litigation, No. 08 Civ. 2793 (RWS) (the "Securities Action"). The Court subsequently granted Plaintiff's request to have her action coordinated, rather than consolidated, with the Securities Action. See Dkt. No. 53.
On June 6, 2011, the Court entered a case management order in the Securities Action which governed, among other things, the discovery process for all consolidated or coordinated actions. See 08 M.D.L. 1963 (S.D.N.Y.), Dkt. No. 207 (the "CMO"). Pursuant to the CMO, "[a]ll documents produced in the Securities Action shall be made available and be deemed to have been produced in the Consolidated and Coordinated Actions." CMO 17(a)(1). In addition, the CMO stated that "[a]ll discovery obtained by any party in the Securities Action, Consolidated Actions, or Coordinated Actions shall be deemed discovered in All Actions." Id . ¶ 19. In addition to common discovery conducted by lead counsel, the CMO designated Boies, Schiller & Flexner as Liaison Counsel to act on behalf of plaintiffs with respect to issues unique to individual actions, including conducting non-duplicative "unique" discovery. Id . 9191 9-11, 17(b).
Lead plaintiff ("Lead Plaintiff") and defendants in the Securities Action engaged in extensive fact discovery during the course of 2011 and 2012, resulting in the production of over nine million pages of documents. However, during that period no fact depositions were taken, and only limited expert discovery (in connection with Lead Plaintiff's motion for class certification) was conducted.
The parties to the Securities Action began settlement discussions in May 2012, and in June 2012, the Court granted preliminary approval to the proposed settlement and approved the notice to be sent to putative settlement class members. The Securities Action claims administrator received 111 timely requests for exclusion from the settlement class, including a request from ...