Moreno et al v. Deutsche Bank Americas Holding Corp. et al

MEMORANDUM OF LAW in Support re: 342 MOTION for Settlement Notice of Motion and Motion for Final Approval of Class Action Settlement. . Document

S.D.N.Y.January 31, 2019

Plaintiffs Defendants Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 1 of 32 Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 2 of 32 Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 3 of 32 Abbott v. Lockheed Martin Corp. Abbott v. Lockheed Martin Corp. Andrus v. New York Life Ins. Co. Boeing Co. v. Van Gemert Brotherston v. Putnam Invs., LLC Brotherston v. Putnam Investments, LLC Charron v. Pinnacle Group N.Y. LLC Charron v. Wiener City of Detroit v. Grinnell Corp. Clark v. Ecolab Inc. D’Amato v. Deutsche Bank Dardaganis v. Grace Capital Inc Deutsche Bank Americas Holding Corp. v. Moreno Donovan v. Bierwirth Donovan v. Bierwirth Fleisher v. Phoenix Life Ins. Co. Goldberger v. Integrated Res., Inc. In re Austrian & German Bank Holocaust Litig. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 4 of 32 In re China Sunergy Sec. Litig. In re Giant Interactive Grp., Inc. Sec. Litig. In re IMAX Sec. Litig. In re Lockheed Martin Corp. In re Marsh ERISA Litig. In re Med. X-Ray Film Antitrust Litig. In re Merrill Lynch & Co., Inc. Research Reports Sec. Litig. In re Michael Milken & Assocs. Sec. Litig. In re PaineWebber Ltd. P’ships Litig. In re PaineWebber Ltd. P’ships Litig. In re PaineWebber Ltd. P’ships Litig. In re Rite Aid Corp. Sec. Litig., In re Sumitomo Copper Litig. In re WorldCom, Inc. ERISA Litig. Joel A. v. Giuliani Johnson v. Fujitsu Tech. & Business of America, Inc. Kemp-DeLisser v. Saint Francis Hosp. & Med. Ctr. Krueger v. Ameriprise Kruger v. Novant Health, Inc. Langford v. Devitt Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 5 of 32 Maywalt v. Parker & Parsley Petroleum Co Main v. American Airlines, Inc. Main v. American Airlines, Inc. Mohney v. Shelly's Prime Steak, Stone Crab & Oyster Bar Perkins v. Linkedin Corp. Phillips Petroleum Co. v. Shutts, Reyes v. Buddha-Bar NYC Rodriguez v. W. Publ’g Corp. Sacerdote v. New York Univ. Tibble v. Edison Int’l. Tibble v. Edison Int'l Torres v. Gristede’s Operating Corp., Tussey v. ABB, Inc. Tussey v. ABB, Inc. Tussey v. ABB, Inc. Tussey v. ABB Inc., Urakhchin v. Allianz Asset Mgmt. of Am., L.P. Wal-Mart Stores, Inc. v. Visa U.S.A., Inc. passim Weinberger v. Kendrick Wildman v. Am. Century Servs., LLC Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 6 of 32 Wildman v. Am. Century Servs., LLC Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 7 of 32 ECF No. 335 Id. ¶¶ 1.D, 5. see Declaration of Kai Richter in Support of Motion for Final Approval (“Third Richter Decl.”), Ex. 1, . see Third Richter Decl., Exs. 2-3 See ECF No. 1 Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 8 of 32 See id. ¶¶ 2-10. ECF No. 27. ECF No. 30. ECF No. 57. See ECF. No. 66 ECF Nos. 96, 136 ECF No. 108 ECF No. 126 ECF No. 127. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 9 of 32 ECF No. 165 See ECF No. 174. ECF No. 162. ECF No. 166. ECF No. 183 ECF No. 192 ECF No. 249 Id. ECF No. 179 ECF No. 248. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 10 of 32 Declaration of Kai Richter in Support of Motion for Preliminary Approval (“First Richter Decl.”), ECF No. 322, ¶¶ 15-20. ECF Nos. 250, 253, 255-258, 260, 263-266, 267-268, 285-2, -3, -4, 299-305, 312 see ECF Nos. 316-1, -2, -3 ECF Nos. 285-1, 295 ECF No. 276 ECF No. 283 First Richter Decl. ¶¶ 21-22. First Richter Decl. ¶ 21 & Ex. C. Id. ¶ 23. Id. ¶ 24. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 11 of 32 Settlement Agreement ¶ 2.49. see ECF No. 165 Settlement ¶¶ 2.34, 5.4-5.5. Id. ¶¶ 2.28, 5.1, 5.5; see also Declaration of Michelle J. Kopperud (Kopperud Decl.”) ¶¶ 14-15. Settlement ¶¶ 2.38, 6.1. See Settlement ¶ 5.4. Id. ¶ 5.5. ECF No. 338 Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 12 of 32 Settlement ¶ 6.4. Id. ¶ 6.4.1 see also First Richter Decl. ¶ 4. Id. ¶ 6.5. Id. ¶ 6.6. Id. ¶¶ 6.11, 6.12. • See First Richter Decl. ¶ 8. Id. ¶ 6.4.2. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 13 of 32 • Settlement ¶ 7.1. Id. ¶ 7.1.3. See Settlement ¶¶ 2.44, 2.45. See ECF No. 335 Id. ¶¶ 1.D, 5. Id. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 14 of 32 Id. ¶¶ 3, 5.B. See Kopperud Decl. ¶¶ 7-9. Id. Id. ¶ 8. Id. ¶¶ 11-12. Id. ¶ 13. Id. ¶ 16. See ECF No. 337. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 15 of 32 Id. Id. ¶ 17 Id. ECF No. 335 at ¶ 7. See Third Richter Decl. ¶ 4 & Exs. 2-3. Third Richter Decl. Ex. 2. Id. Ex. 3. Third Richter Decl. ¶ 4. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 16 of 32 See Third Richter Decl. Ex. 1 Id. at 2-3 Id at 3 Joel A. v. Giuliani See Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 17 of 32 See Maywalt v. Parker & Parsley Petroleum Co Wal-Mart Stores, Inc. v. Visa U.S.A., Inc. see also In re PaineWebber Ltd. P’ships Litig. Clark v. Ecolab Inc. City of Detroit v. Grinnell Corp. abrogated on other grounds by Goldberger v. Integrated Res., Inc. Weinberger v. Kendrick Grinnell Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 18 of 32 Grinnell, see also Wal-Mart Stores Kemp- DeLisser v. Saint Francis Hosp. & Med. Ctr. Grinnell Weinberger, Grinnell Third Richter Decl. Ex. 1. First Richter Decl., ¶ 8-9 see also Pomerantz Report, ECF No. 307, at ¶¶ 67, 88, 92, 144, 146 First Richter Decl. ¶ 9; see also Schmidt Report, ECF No. 309, at ¶ 124 Trial Decl. of Martin Schmidt, ECF No. 312, ¶¶ 55, 82. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 19 of 32 See, e.g., In re Giant Interactive Grp., Inc. Sec. Litig. In re IMAX Sec. Litig. In re China Sunergy Sec. Litig. accord In re Rite Aid Corp. Sec. Litig., Urakhchin v. Allianz Asset Mgmt. of Am., L.P. Johnson v. Fujitsu Tech. & Business of America, Inc. See First Richter Decl. ¶ 6. See Main v. American Airlines, Inc. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 20 of 32 See Main v. American Airlines, Inc. American Airlines American Airlines Richter Decl. ¶ 6 Settlement Agreement ¶ 7.1.1 id. ¶ 7.1.2. See Mohney v. Shelly's Prime Steak, Stone Crab & Oyster Bar Reyes v. Buddha-Bar NYC American Airlines See American Airlines See Main Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 21 of 32 accord Torres v. Gristede’s Operating Corp., See In re WorldCom, Inc. ERISA Litig. In re PaineWebber Ltd. P’ships Litig. See Sacerdote v. New York Univ. See Wildman v. Am. Century Servs., LLC Brotherston v. Putnam Invs., LLC Putnam Putnam Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 22 of 32 Defs.’ PFFCL ECF No. 295 ¶¶ 34-35, 37, 39. See Pls’ PFFCL (ECF No. 251) at pp. 5-12, 51-53. See, e.g. Defs.’ PFFCL ¶ 70 See Defs.’ PFFCL ECF No. 295 ¶ 62 Pls’ PFFCL at ¶ 134 Donovan v. Bierwirth See ECF No. 249 at 6-7 See, e.g. Defs.’ PFFCL ¶ 126 Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 23 of 32 Dardaganis v. Grace Capital Inc see also Donovan v. Bierwirth Sacerdote American Century Putnam See American Century Putnam Putnam Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 24 of 32 In re Austrian & German Bank Holocaust Litig. aff’d sub nom., D’Amato v. Deutsche Bank See Kemp-DeLisser, In re WorldCom, Inc. ERISA Litig. Abbott v. Lockheed Martin Corp. Krueger v. Ameriprise Fin., Inc. See Tussey v. ABB Inc., Tibble v. Edison Int’l Abbott First Richter Decl. ¶ 13 Boeing Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 25 of 32 See Deutsche Bank Americas Holding Corp. v. Moreno Rodriguez v. W. Publ’g Corp. Putnam Tibble See Kruger v. Novant Health, Inc. accord In re Med. X-Ray Film Antitrust Litig. See supra See, e.g., Tussey v. ABB, Inc. Tussey v. ABB, Inc. cert. denied, In re Lockheed Martin Corp. Abbott v. Lockheed Martin Corp. See Tibble v. Edison Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 26 of 32 See supra See In re Marsh ERISA Litig. In re Sumitomo Copper Litig. see supra Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 27 of 32 See Third Richter Decl., Ex. 1. see ECF Nos. 323-327 See Charron v. Pinnacle Group N.Y. LLC aff'd sub nom. Charron v. Wiener In re Merrill Lynch & Co., Inc. Research Reports Sec. Litig. Wal-Mart Stores, See Third Richter Decl. Ex. 2 See Boeing Co. v. Van Gemert In re Marsh ERISA Litig. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 28 of 32 See Third Richter Decl., Ex. 3 Perkins v. Linkedin Corp. See Andrus v. New York Life Ins. Co. D’Amato, see also In re Painewebber I, aff'd Grinnell D’Amato Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 29 of 32 ECF No. 335 at 1 See Wal-Mart See supra See Phillips Petroleum Co. v. Shutts, Langford v. Devitt Fleisher v. Phoenix Life Ins. Co. Kopperud Decl. ¶ 13 See Second Richter Decl. (ECF No. 340) ¶¶ 2-16. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 30 of 32 See Kopperud Decl. Exs. 2 & 3. Wal-Mart Stores Weinberger see also In re Michael Milken & Assocs. Sec. Litig. Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 31 of 32 pro hac vice Case 1:15-cv-09936-LGS Document 343 Filed 01/31/19 Page 32 of 32