labaton sucharow llp joel h. bernstein jonathan m....

BERNSTEIN SUPPL. DECL. FOR SETTLEMENT, PLAN OF ALLOCATION AND FEES & EXPENSES LEAD CASE NO. CV 07-05295 MRP (MANX)

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LABATON SUCHAROW LLP JOEL H. BERNSTEIN [email protected] JONATHAN M. PLASSE [email protected] IRA A. SCHOCHET [email protected] DAVID J. GOLDSMITH [email protected] MICHAEL H. ROGERS [email protected] JOSHUA L. CROWELL [email protected] 140 Broadway New York, New York 10005 Telephone: (212) 907-0700 Facsimile: (212) 818-0477 Lead Counsel for Lead Plaintiffs New York Funds

UNITED STATES DISTRICT COURT

CENTRAL DISTRICT OF CALIFORNIA

WESTERN DIVISION

IN RE COUNTRYWIDE FINANCIAL CORPORATION SECURITIES LITIGATION This Document Relates to: All Actions

Lead Case No. CV 07-05295 MRP (MANx) SUPPLEMENTAL DECLARATION OF JOEL H. BERNSTEIN IN SUPPORT OF PLAINTIFFS’ MOTION FOR FINAL APPROVAL OF SETTLEMENT AND PLAN OF ALLOCATION OF NET SETTLEMENT FUND AND LEAD COUNSEL’S MODIFIED PETITION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF EXPENSES Date: February 25, 2011 Time: 1:00 p.m. Courtroom: 12 Judge: Hon. Mariana R. Pfaelzer

Case 2:07-cv-05295-MRP -MAN Document 1026 Filed 02/04/11 of 12 Page ID #:42675

BERNSTEIN SUPPL. DECL. FOR SETTLEMENT, PLAN OF ALLOCATION AND FEES & EXPENSES LEAD CASE NO. CV 07-05295 MRP (MANX)

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JOEL H. BERNSTEIN declares as follows pursuant to 28 U.S.C. § 1746:

1. I am a member of the New York law firm of Labaton Sucharow LLP

(“Lead Counsel”), Court-appointed Lead Counsel for Lead Plaintiff Thomas P.

DiNapoli, Comptroller of the State of New York, as Administrative Head of the

New York State and Local Retirement Systems and as sole Trustee of the New

York State Common Retirement Fund (“NYSCRF”), Lead Plaintiffs New York

City Employees’ Retirement System, New York City Police Pension Fund, New

York City Fire Department Pension Fund, New York City Board of Education

Retirement System, and Teachers’ Retirement System of the City of New York

(collectively, the “New York City Pension Funds” and, together with NYSCRF,

“Lead Plaintiffs” or the “New York Funds”), and the certified Class (collectively

with Lead Plaintiffs, “Plaintiffs”) in the above-titled action. I am admitted to

practice before this Court pro hac vice.

2. I respectfully submit this supplemental declaration in support of

Plaintiffs’ motion, pursuant to Rule 23(e) of the Federal Rules of Civil Procedure,

for final approval of the Settlement of this action and the Plan of Allocation of the

Net Settlement Fund (the “Plan of Allocation” or “Plan”), both as modified, and

also in support of Lead Counsel’s modified petition, pursuant to Rules 23(h) and

54(d)(2) of the Federal Rules of Civil Procedure, for an award of attorneys’ fees

and reimbursement of expenses incurred in this action. I have personal

knowledge of the matters referred to herein except where I specifically aver upon

information and belief.

A. Pertinent Procedural History

3. On or about June 29, 2010, the parties entered into an Amended

Stipulation and Agreement of Settlement (the “Settlement Agreement”) resolving

this case in its entirety. As described in paragraph 43 of the Settlement

Agreement, Plaintiffs, the Countrywide Defendants (collectively, “Countrywide”)


BERNSTEIN DECL. RESP. OBJ. & REQUESTS FOR EXCLUSION & RE SEC SETT. LEAD CASE NO. CV 07-05295 MRP (MANX) 2

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and Defendant KPMG LLP (“KPMG”) also executed a Supplemental Agreement

which provided that the Settlement Agreement could be terminated at the option

and in the sole discretion of Countrywide or KPMG, as to their respective

settlements with Plaintiffs and the Class, in the event that Class members who

timely and validly requested exclusion from the Class collectively incurred at least

a certain dollar amount of losses in connection with their purchases and sales of

the Countrywide securities at issue (the “Termination Threshold”).

4. On June 29, 2010, Plaintiffs filed the Settlement Agreement (Dkt.

No. 841), a Renewed Unopposed Motion for Preliminary Approval of Proposed

Settlement (Dkt. No. 843), and the Supplemental Agreement with the Court (Dkt.

No. 851). Pursuant to this Court’s Order dated June 16, 2010 (Dkt. No. 839),

Plaintiffs filed the Supplemental Agreement under seal due to the confidential

nature of its contents.

5. On August 2, 2010, the Court held a hearing and entered an Order

Granting Preliminary Approval to Settlement and Directing Dissemination of

Notice to the Class (the “Preliminary Approval Order”), and scheduled a final

Fairness Hearing for November 15, 2010 (Dkt. No. 976). The Preliminary

Approval Order also gave Class members until October 18, 2010 to exclude

themselves from the Class.

6. Although only 25 institutional investors, as well as several individual

investors (collectively, “Opt-Outs”) elected to exclude themselves from the Class

by the October 18 deadline, such Opt-Outs had an aggregate “Opt-Out Value”

under the Supplemental Agreement that exceeded the Termination Threshold.

7. On October 26, 2010, Countrywide and KPMG submitted an

unopposed application in camera, asking this Court to continue the Fairness

Hearing from November 15 to December 6, 2010, thereby enabling an extension

of the Termination Deadline set forth in the Supplemental Agreement. By Order



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dated October 26, 2010, the Court continued the Fairness Hearing to December 6,

2010 (Dkt. No. 993).

8. On October 28, 2010, Plaintiffs, Countrywide and KPMG signed a

Modification of the Supplemental Agreement reflecting the new Termination

Deadline.

9. On November 16, 2010, the Court held a status conference with all

parties by telephone. Bernstein Litowitz Berger & Grossmann LLP, counsel for

most of the institutional Opt-Outs, also participated in the call. Countrywide

advised the Court that it was continuing to consider and speak with Lead Plaintiffs

concerning the issues raised in the in camera application (Dkt. No. 1003).

10. By Order dated November 17, 2010, the Court continued the Fairness

Hearing to December 14, 2010 (Dkt. No. 1002).

11. On November 18, 2010, counsel for Lead Plaintiffs and Countrywide

jointly called the Court’s courtroom deputy clerk to advise that they, together with

KPMG, would participate in mediation on December 1, 2010 before the

Honorable A. Howard Matz and Professor Eric D. Green concerning the

settlement termination issues.

12. On November 29, 2010, Plaintiffs, Countrywide and KPMG agreed

to extend the Termination Deadline further and signed a Second Modification of

the Supplemental Agreement reflecting that new deadline. This was done

principally to accommodate the date of the mediation.

13. Additionally, on November 29, 2010, pursuant to the Preliminary

Approval Order and October 26 and November 17, 2010 Minute Orders, Plaintiffs

filed a memorandum and associated submissions (Dkt. Nos. 1005-1007): (i)

responding to the two objections that had been submitted to date in response to the

original Notice; (ii) requesting that the Court reject invalid and late-submitted

requests for exclusion; (iii) disclosing the names of the facially valid Opt-Outs and



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identifying their counsel; and (iv) discussing the $48.15 million in additional

value to the Class resulting from the settlements approved by Judge Walter in SEC

v. Mozilo, No. CV 09-3994 JFW (MANx) (C.D. Cal.) (the “SEC Action”).

B. Negotiations of the Modified Settlement

14. On December 1, 2010, Lead Plaintiffs, Countrywide, and KPMG

participated in an all-day mediation before Judge Matz and Professor Green

concerning the Opt-Outs and Countrywide’s and KPMG’s termination rights

under the Supplemental Agreement. The General Counsel and an Associate

Counsel to the New York State Comptroller, the General Counsel to the New

York City Comptroller, and a Senior Counsel in the New York City Law

Department, together with Plaintiffs’ Lead Counsel and the Hennigan, Bennett &

Dorman firm, attended on behalf of Lead Plaintiffs. An Associate General

Counsel of Bank of America Corporation, together with counsel for Countrywide,

attended on Countrywide’s behalf. KPMG was represented by counsel.

15. Owing to Judge Matz’s and Professor Green’s skillful mediation

efforts, Plaintiffs, Countrywide, and KPMG reached an agreement-in-principle to

modify certain terms of the Settlement Agreement in exchange for Countrywide’s

and KPMG’s waiver of their termination rights under the Supplemental

Agreement.

C. Subsequent Proceedings

16. On December 7, 2010, Lead Plaintiffs, Countrywide, and KPMG

contacted the Court’s courtroom deputy clerk by telephone and requested, in view

of the proposed modified Settlement, that the Fairness Hearing scheduled to

proceed on December 14, 2010 at 1:00 p.m. be continued without date; that a

status conference in chambers be scheduled for that date and time, and that the

parties be permitted to make an in camera submission concerning these matters on

December 10, 2010.



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17. On December 8, 2010, the Court’s courtroom deputy clerk advised

Lead Plaintiffs by telephone that the Court would accept an in camera submission

on December 10, 2010, and would schedule a telephonic status conference at a

future date. Lead Plaintiffs promptly communicated this to Countrywide and

KPMG. Later the same day, the Court issued an Order continuing the December

14, 2010 Fairness Hearing until further notice (Dkt. No. 1010).

18. Also on December 8, Plaintiffs, Countrywide, and KPMG signed a

Third Modification of Supplemental Agreement further extending the Termination

Deadline contingent on certain events.

19. Plaintiffs, Countrywide, and KPMG made a joint in camera

submission on December 10, 2010 describing the material terms of the proposed

modified Settlement and discussing its impact on the Class recovery. On

December 14 and 16, 2010, the Court held telephonic status conferences with

counsel for Lead Plaintiffs, Countrywide, and KPMG concerning the proposed

modified Settlement and related scheduling matters.

D. Principal Terms of the Modified Settlement

20. On or about January 4, 2011, the parties entered into a First

Amendment to Amended Stipulation and Agreement of Settlement (the

“Amendment”), amending certain terms of the Settlement Agreement consistent

with the agreement-in-principle reached among Lead Plaintiffs, Countrywide, and

KPMG on December 1, 2010.

21. Under the Amendment, in exchange for Countrywide’s and KPMG’s

agreement to waive their right to terminate the Settlement under the Supplemental

Agreement, Plaintiffs have agreed to set aside up to $22.5 million of the $624

million Settlement Amount for a period of two (2) years from the date the Court

issues the Final Judgment approving the Settlement (the “Set-Aside”). The Set-

Aside may be used by Countrywide to settle litigation brought, or threatened to be



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brought, by Opt-Outs but may not be used for defense costs. Any portion of the

Set-Aside not used after this two-year period will revert to the Settlement Fund.

22. The Set-Aside has a provision that may result in its reduction. If the

“Opt-Out Payout”—the amount the Opt-Outs would actually have received in the

Settlement as their pro rata share of the Net Settlement Fund if they had stayed in

the Class and submitted valid proofs of claim (as if they had never opted out in the

first place)—is less than $22.5 million, the Set-Aside will be reduced to that lesser

amount. The Opt-Out Payout will be determined when the proof of claim review

and audit process is essentially complete.

23. On January 4, 2011, Plaintiffs filed the Amendment (Dkt. No. 1015)

together with an unopposed motion for preliminary approval thereof (Dkt. Nos.

1016-1017).

E. The Court’s Second Preliminary Approval Order and Lead Plaintiffs’ Dissemination of the Supplemental Notice

24. On January 7, 2011, the Court issued an Order Granting Preliminary

Approval to First Amendment to Settlement Agreement and Directing

Dissemination of Supplemental Notice to the Class (the “Second Preliminary

Approval Order,” Dkt. No. 1021). For ease of reference, a true and correct copy

of the Second Preliminary Approval Order is annexed hereto as Exhibit A.

25. In the Preliminary Approval Order, the Court, among other things:

a. made a preliminary finding that the proposed Amendment

should be approved;

b. scheduled a hearing (the “Fairness Hearing”) for February 25,

2011 at 1:00 p.m. to determine, among other things, (i) whether the

proposed Settlement of the action on the terms and conditions provided in

the Settlement Agreement and Amendment thereto is fair, reasonable and

adequate and should be approved by the Court, (ii) whether the proposed

Plan of Allocation of the Net Settlement Fund is fair and reasonable and



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should be approved by the Court, (iii) whether a Final Judgment and Order

of Dismissal with Prejudice should be entered in this action, and (iv) to

consider Lead Counsel’s application for an award of attorneys’ fees and

reimbursement of expenses;

c. approved the form, substance, and requirements of the

Supplemental Notice of Proposed Modified Settlement of Class Action and

Fairness Hearing (the “Supplemental Notice”);

d. authorized Lead Counsel to use Rust Consulting, Inc. (the

“Claims Administrator”) to supervise and administer the Supplemental

Notice procedure under Lead Counsel’s supervision;

e. directed that the Supplemental Notice, on or before January 17,

2011, be mailed by first class mail to all Class members who can be

identified by reasonable effort;

f. directed banks, brokerage firms, institutions, and other persons

who are nominees that purchased Countrywide securities for the beneficial

interest of other persons during the Class Period, within five (5) days of

receiving the Supplemental Notice, to provide names and last-known

addresses of beneficial owners to the Claims Administrator or request

additional copies of the Supplemental Notice to mail directly to such

beneficial owners;

g. found that the procedures established for mailing and

distribution of the Supplemental Notice substantially in the above manner

and form: (i) constitute the best notice to Class members practicable under

the circumstances, (ii) are reasonably calculated, under the circumstances,

to describe the terms and effect of the Amendment and to apprise Class

Members of their right to object to the proposed Amendment and

modification of the Plan of Allocation, (iii) are reasonable and constitute



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due, adequate, and sufficient notice to all persons entitled to receive such

notice, and (iv) satisfy all applicable requirements of the Federal Rules of

Civil Procedure (including Rules 23(c) and (d)), the United States

Constitution (including the Due Process Clause), the Private Securities

Litigation Reform Act of 1995 (the “PSLRA”), the Rules of this Court, and

any other applicable law;

h. found that to the extent the notice provisions of the Class

Action Fairness Act of 2005 (“CAFA”), 28 U.S.C. § 1715, apply to this

action, such notice has already been provided by Defendants as evidenced

in the declaration filed with the Court by Countrywide’s counsel on October

8, 2010, and no further notice under CAFA is required;

i. extended the deadline for Class members to submit Proof of

Claim forms;

j. stated that any potential Class member who previously filed a

request for exclusion from the Class need not file their request again, and

that no additional requests for exclusion will be allowed;

k. established detailed procedures and deadlines for Class

members to object to the Amendment or modification of the Plan of

Allocation;

l. established detailed procedures and deadlines for objecting

Class members or their counsel to appear at the Fairness Hearing; and

m. expressly reserved the right to continue or adjourn the Fairness

Hearing from time to time without further notice to the Class.

26. Contemporaneously herewith, Lead Plaintiffs have filed the Second

Supplemental Declaration of Thomas R. Glenn of Rust Consulting, Inc. Regarding

Notice to the Class, dated February 3, 2011. Mr. Glenn’s declaration attests in

detail to, among other things, the mailing of the Supplemental Notice in



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compliance with the Second Preliminary Approval Order. See id. ¶¶ 3-4. Mr.

Glenn’s declaration also provides information with respect to content and traffic

on the case-dedicated Internet website established on August 13, 2010 (which

content includes the Supplemental Notice) and calls made to the case-dedicated

toll-free telephone “hotline.” See id. ¶¶ 5-8.

27. On January 14, 2011, I caused the Second Preliminary Approval

Order and the Supplemental Notice to be posted on the In re Countrywide

Securities Litigation case page of Lead Counsel’s website, www.labaton.com.

These documents have been available on the website continuously since that date.

F. Additional Exhibits Concerning the Fairness of the Modified Settlement and Plan of Allocation 28. Annexed hereto as Exhibit B is a true and correct copy of Securities

Class Action Services’ “Top 100 Settlements Quarterly Report” for the fourth

quarter of 2010, published in January 2011 by RiskMetrics Group.

29. Annexed hereto as Exhibit C is a true and correct copy of a letter

agreement between Lead Plaintiffs and Independent Fiduciary Services, Inc., as

independent fiduciary of the successor to the Countrywide Financial Corporation

401(k) Savings and Investment Plan, dated February 3, 2011.

30. Annexed hereto as Exhibit D is a true and correct copy of an e-mail

from Vembar K. Ranganathan to Barbara Sorensen of Rust Consulting, Inc., dated

January 5, 2011, attaching a letter from Mr. Ranganathan to the Clerk of the Court

dated January 4, 2011.

31. Annexed hereto as Exhibit E is a true and correct copy of a letter

from David B. Orser to the Clerk of the Court, dated December 4, 2010.

32. Annexed hereto as Exhibit F is a true and correct copy of a letter and

attachment dated January 26, 2011 from Boies, Schiller & Flexner LLP, counsel

for SRM Global Fund Limited Partnership, to the Claims Administrator.



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33. Annexed hereto as Exhibit G is a true and correct copy of a letter

from Byron B. Mathews, Jr. to Lead Counsel, dated January 21, 2011.

34. Annexed hereto as Exhibit H is a true and correct copy of the

Declaration of Byron B. Mathews, Jr., Renewed Request for Exclusion from

Class, and Memo of Law, received by Plaintiffs’ Lead Counsel on January 22,

2011.

35. Annexed hereto as Exhibit I is a true and correct copy of a request for

exclusion submitted by Virginia B. Carré, Trustee, dated November 23, 2010.

The Claims Administrator received this request for exclusion after Plaintiffs filed

their November 29, 2010 brief concerning objections and opt-outs (Dkt. No. 1005)

with the Court.

36. Annexed hereto as Exhibit J is a true and correct copy of a request for

exclusion submitted by Evelyn L. Steele, dated January 11, 2011.

37. Annexed hereto as Exhibit K is a true and correct copy of a request

for exclusion submitted by Audley Kong, dated January 28, 2011.

38. Annexed hereto as Exhibit L is a true and correct copy of a request

for exclusion submitted by The Guiliano Law Firm on behalf of Angelo V.

Cavallaro, dated January 24, 2011.

39. Annexed hereto as Exhibit M is a true and correct copy of a request

for exclusion submitted by Jack L. Haynie and Mary E. Haynie, dated January 22,

2011.

G. Modified Petition for an Award of Attorneys’ Fees

40. Lead Counsel has adjusted its attorneys’ fee request downward, to

$46,472,000 from $47,372,000, to reflect the potential reduction of the Settlement

Amount to $601.5 million from $624 million pursuant to the Amendment. This

reduction is consistent with and pursuant to the terms of Lead Counsel’s

representation agreements with the New York Funds, and has been approved by



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the New York Funds as set forth in the accompanying declarations of

representatives of NYSCRF and the New York City Pension Funds.

I declare under penalty of perjury that the foregoing is true and correct.

Executed this 4th day of February, 2011.

/s/ Joel H. Bernstein

JOEL H. BERNSTEIN


Exhibit A

Case 2:07-cv-05295-MRP -MAN Document 1026-1 Filed 02/04/11 Page 1 of 10 Page ID #:42687

Case 2:07-cv-05295-MRP -MAN Document 1021 Filed 01/07/11 Page 1 of 9 Page ID #:42616


Exhibit B


Securities Class Action Services

ISS | Institutional Shareholder Services Inc.

Securities Class Action Services The SCAS 100 for Q4 2010 The SCAS “Top 100 Settlements Quarterly Report” identifies the largest securities class action settlements filed after the passage of the Private Securities Litigation Reform Act of 1995, ranked by the total value of the settlement fund. The Top 100 Settlements Quarterly Report provides a wealth of information, including the settlement date, filing court, settlement fund, and identifies the key players for each settlement. The report, which is updated and circulated quarterly, is broken down into the following categories:

Top 100 Settlements Quarterly Report The Front Page provides the complete list of the Top 100 Securities Class Action Settlements, ranked according to the Total Settlement Amount, and provides information on the filing court, settlement year and settlement fund. The SCAS Top 100 does not include non‐US cases and the SEC disgorgements. Cases with the same settlement amount are given the same ranking. For cases with multiple partial settlements, the amount indicated in the Total Settlement Amount is put together by combining all partial settlements. The settlement year reflects the year the most recent settlement was approved by the Court. Cases in the Top 100 settlements are limited to those that have been filed on or after January 1, 1996. Only final settlements are included. Data on SEC settlements are not included, but rather compiled in a separate list—The Top 30 SEC Disgorgements.

Top 100 Settlements from 1996-2010 The Top 100 Settlements from 1996‐2010 section provides a chart of the cases in the Top 100 Settlements Quarterly Report, categorized by Settlement Year. The Settlement Year corresponds to the year the settlement, or the most recent partial settlement, received final approval from the Court.

Institutional Lead Plaintiff Participation The Institutional Lead Plaintiff section displays the number of cases in the Top 100 involving Institutional Lead Plaintiffs and also identifies the institutional investors serving as Institutional Lead Plaintiff.

Lead Counsel Participation The Lead Counsel Participation section lists the law firms that served as lead or co‐lead counsel for each litigation in the Top 100 settlements and identifies the most frequent lead or co‐lead counsel appearing in the Top 100.




Claims Administration The Claims Administration section lists the claims administrators who handled the Top 100 settlements and identifies the most frequent claims administrators in the Top 100.

Restatements The Restatements section identifies the cases in the Top 100 involving accounting restatements, and shows the ratio of restatement cases to non‐restatement cases in the Top 100.

Top 30 SEC Disgorgements The Top 30 SEC Disgorgements section provides a list of the largest SEC settlements, ranked according to the Total Settlement Amount. The Total Settlement Amount reflects the sum of disgorgement and civil penalties in settlements reached with the SEC. The Top 30 SEC Disgorgements includes only those where the distribution plan has received final approval. Cases with the same settlement amount are given the same ranking.




Top 100 Settlements Quarterly Report

Rank Case Name Court Settlement Year

Total Settlement Amount

1 Enron Corp. S.D. Tex. 2010 $7,242,000,000

2 WorldCom, Inc. S.D.N.Y. 2005 $6,156,100,670

3 Cendant Corp. D. N.J. 2000 $3,318,250,000

4 Tyco International, Ltd D. N.H. 2007 $3,200,000,000

5 AOL Time Warner, Inc. S.D.N.Y. 2006 $2,500,000,000

6 Nortel Networks Corp. I S.D.N.Y. 2006 $1,142,775,308

7 Royal Ahold, N.V. D. Md. 2006 $1,100,000,000

8 Nortel Networks Corp. II S.D.N.Y. 2006 $1,074,265,298

9 McKesson HBOC Inc. N.D. Cal. 2008 $1,042,500,000

10 UnitedHealth Group, Inc. D. Minn. 2009 $925,500,000

11 HealthSouth Corp. N.D. Ala. 2010 $804,500,000

12 Xerox Corp. D. Conn. 2009 $750,000,000

13 Lucent Technologies, Inc. D. N.J. 2003 $667,000,000

14 Cardinal Health, Inc. S.D. Ohio 2007 $600,000,000

15 IPO Securities Litigation S.D.N.Y. 2009 $586,000,000

16 BankAmerica Corp. E.D. Mo. 2004 $490,000,000

17 Merrill Lynch & Co., Inc. S.D.N.Y. 2009 $475,000,000

18 Dynegy, Inc. S.D. Tex. 2005 $474,050,000

19 Adelphia Communications Corp. S.D.N.Y. 2006 $460,000,000

19 Raytheon Company D. Mass. 2004 $460,000,000

21 Waste Management Inc. II S.D. Tex. 2003 $457,000,000

22 Global Crossing, Ltd. S.D.N.Y. 2007 $447,800,000

23 Qwest Communications International, Inc. D. Colo. 2009 $445,000,000

24 Federal Home Loan Mortgage Corp. (Freddie Mac) S.D.N.Y. 2006 $410,000,000

25 Marsh & McLennan Companies, Inc. S.D.N.Y. 2009 $400,000,000

26 Cendant Corp. (PRIDES) D. N.J. 2006 $374,000,000

27 Refco, Inc. S.D.N.Y. 2010 $323,000,000

28 Rite Aid Corp. E.D. Pa. 2003 $319,580,000

29 Williams Companies, Inc. N.D. Okla. 2007 $311,000,000

30 General Motors Corp. E.D. Mich. 2009 $303,000,000






31 Bristol‐Myers Squibb Co. S.D.N.Y. 2004 $300,000,000

31 DaimlerChrysler AG D. Del. 2003 $300,000,000

31 Oxford Health Plans Inc. S.D.N.Y. 2003 $300,000,000

34 El Paso Corp. S.D. Tex. 2007 $285,000,000

35 Tenet Healthcare Corp. C.D. Cal. 2008 $281,500,000

36 3Com Corp. N.D. Cal. 2001 $259,000,000

37 Comverse Technology, Inc. E.D.N.Y. 2010 $225,000,000

38 Waste Management Inc. N.D. Ill. 1999 $220,000,000

39 Sears, Roebuck & Co. N.D. Ill. 2006 $215,000,000

40 The Mills Corp. E.D. Va. 2009 $202,750,000

41 Kinder Morgan, Inc. Kansas District Court 2010 $200,000,000

41 CMS Energy Corp. E.D. Mich. 2007 $200,000,000

43 Safety‐Kleen Corp. (Bondholders) D. S.C. 2006 $197,622,944

44 MicroStrategy, Inc. E.D. Va. 2001 $192,500,000

45 Motorola, Inc. N.D. Ill. 2007 $190,000,000

46 Bristol‐Myers Squibb Co. D. N.J. 2006 $185,000,000

47 Maxim Integrated Products, Inc. N.D. Cal. 2010 $173,000,000

48 Juniper Networks, Inc. N.D. Cal. 2010 $169,000,000

49 Schering‐Plough Corp. D. N.J. 2009 $165,000,000

50 Dollar General Corp. M.D. Tenn. 2002 $162,000,000

51 Broadcom Corp. C.D. Cal. 2010 $160,500,000

52 Brocade Communications Systems, Inc. N.D. Cal. 2009 $160,098,500

53 Bennett Funding Group, Inc. S.D.N.Y. 2003 $152,635,000

54 Merrill Lynch & Co., Inc. (Bonds or Preferred Shares Offerings) S.D.N.Y. 2009 $150,000,000

54 AT&T Wireless Tracking Stock S.D.N.Y. 2006 $150,000,000

54 Broadcom Corp. C.D. Cal. 2005 $150,000,000

57 TXU Corp. N.D. Tex. 2005 $149,750,000

58 Sumitomo (Copper Trading) Corp. S.D.N.Y. 2001 $149,250,000

59 Charter Communications, Inc. E.D. Mo. 2005 $146,250,000

60 Sunbeam Corp. S.D. Fla. 2002 $140,995,187

61 Biovail Corp. S.D.N.Y. 2008 $138,000,000

62 The Coca‐Cola Company N.D. Ga. 2008 $137,500,000






62 Electronic Data Systems Corp. E.D. Tex. 2006 $137,500,000

64 Informix Corp. N.D. Cal. 1999 $136,500,000

65 Computer Associates International, Inc. E.D.N.Y. 2003 $133,551,000

66 Doral Financial Corp. S.D.N.Y. 2007 $130,000,000

67 Delphi Corp. E.D. Mich. 2009 $128,350,000

68 Edward D. Jones & Co., L.P. E.D. Mo. / Missouri Circuit Court 2007 $127,500,000

69 Bristol‐Myers Squibb Co. S.D.N.Y. 2009 $125,000,000

70 New Century Financial Corp. C.D. Cal. 2010 $124,827,088

71 Mattel, Inc. C.D. Cal. 2003 $122,000,000

72 Lernout & Hauspie Speech Products N.V. D. Mass. 2005 $120,520,000

73 Bank One Corp. (First Chicago NBD) N.D. Ill. 2005 $120,000,000

73 Deutsche Telekom AG S.D.N.Y. 2005 $120,000,000

73 Conseco, Inc. S.D. Ind. 2002 $120,000,000

76 Peregrine Systems, Inc. S.D. Cal. 2009 $117,567,922

77 Mercury Interactive Corp. N.D. Cal. 2008 $ 117,500,000

78 The Interpublic Group of Companies, Inc. S.D.N.Y. 2004 $115,000,000

79 Ikon Office Solutions, Inc. E.D. Pa. 2000 $111,000,000

80 CVS Corp. D. Mass. 2005 $110,000,000

80 DPL Inc. (Federal Class Settlement) S.D. Ohio 2003 $110,000,000

82 Homestore.com, Inc. C.D. Cal. 2009 $107,421,216

83 Prison Realty Trust Inc. M.D. Tenn. 2001 $104,129,480

84 Symbol Technologies, Inc. E.D.N.Y. 2004 $102,000,000

85 American Express Financial Advisors S.D.N.Y. 2007 $100,000,000

85 AT&T Corp. D. N.J. 2005 $100,000,000

85 Honeywell International, Inc. D. N.J. 2004 $100,000,000

88 Cisco Systems, Inc. N.D. Cal. 2006 $99,250,000

89 American International Group, Inc. S.D.N.Y. 2010 $97,500,000

90 Fleming Companies, Inc. E.D. Tex. 2005 $93,950,000

91 CIGNA Corp. E.D. Pa. 2007 $93,000,000

92 Gemstar‐TV Guide International, Inc. C.D. Cal. 2005 $92,500,000

92 Boeing Co. W.D. Wash. 2002 $92,500,000

94 OM Group, Inc. N.D. Ohio 2005 $92,400,000






95 Parmalat Finanziaria, S.p.A. S.D.N.Y. 2010 $91,400,000

96 International Rectifier Corp. C.D. Cal. 2010 $90,000,000

96 New York Life Insurance Co. S.D. Fla. 1996 $90,000,000

98 Royal Dutch Petroleum Company/The Shell Transport and Trading Company PLC D. N.J. 2008 $89,508,000

99 i2 Technologies, Inc. N.D. Tex. 2005 $87,750,000

100 Legato Systems Inc. N.D. Cal. 2002 $85,000,000 *** "Settlement Year" for cases that include multiple settlements reflects the year the most recent settlement was approved by the Court. *** Settlements that have the same amount are given the same ranking *** To be eligible for the Top 100 Settlements, cases must have been filed after January 1, 1996, and the settlement must have received final approval from the Court.


Securities C

Top 100

0

2

4

6

8

10

12

14

16

18

20

1

Cases

Class Action Se

0 Settleme

996 1997 1

10

ervices

ISS | Ins

ents from 1

1998 1999 2

0

2

stitutional S

1996‐2010

2000 2001

2

4

Sharehold

0

2002 2003

5

9

Y

er Services

2004 2005

6

14

Year

s Inc.

2006 2007

13

11

2008 2009

6

15

2010

12


Securities C

Institut

Class Action Se

ional Lead

ervices

ISS | Ins

d Plaintiff P

Institut

stitutional S

Participati

14

ional Lead Plai

Sharehold

on

86

ntiff No Ins

er Services

6

stitutional Lea

s Inc.

d Plaintiff




Institutional Lead Plaintiff Participation Cases Listed in Top 100 Settlements Categorized by Total Settlement Amount

Rank Case Name Total Settlement

Amount

Settlement Year

Institutional Plaintiff

Institutional Lead Plaintiff

1 Enron Corp. $ 7,242,000,000 2010 Yes ▪ Regents of the University of California 2 WorldCom, Inc. $ 6,156,100,670 2005 Yes ▪ New York State Common Retirement Fund

3 Cendant Corp. $ 3,318,250,000 2000 Yes ▪ California Public Employees' Retirement System

▪ New York State Common Retirement Fund

▪ New York City Pension Funds 4 Tyco International,

Ltd. $ 3,200,000,000 2007 Yes ▪ Louisiana State Employees Retirement

System

▪ Plumbers & Pipefitters National Pension Fund

▪ Teachers' Retirement System of Louisiana

▪ United Association Office Employees Pension Plan

▪ United Association of Local Union Officers & Employees Pension

▪ United Association General Officers Pension Plan

▪ Voyageur Asset Management

5 AOL Time Warner, Inc.

$ 2,500,000,000 2006 Yes ▪ Minnesota State Board of Investment

6 Nortel Networks Corp. I

$ 1,142,775,308 2006 Yes ▪ Ontario Public Service Employees’ Union Pension Plan Trust Fund

7 Royal Ahold, N.V. $ 1,100,000,000 2006 Yes ▪ Public Employees’ Retirement Association of Colorado

▪ Generic Trading of Philadelphia, LLC 8 Nortel Networks

Corp. II $ 1,074,265,298 2006 Yes ▪ Ontario Teachers’ Pension Plan Board

▪ Department of the Treasury of the State of New Jersey and its Division of Investment

9 McKesson HBOC Inc. $ 1,042,500,000 2008 Yes ▪ New York State Common Retirement Fund

10 UnitedHealth Group, Inc.

$ 925,500,000 2009 Yes ▪ California Public Employees' Retirement System





Amount

Settlement Year



11 HealthSouth Corp. $ 804,500,000 2010 Yes ▪ Central States, Southeast and Southwest Area Pension Fund

▪ Educational Retirement Board of New Mexico

▪ New Mexico State Investment Council

▪ Retirement Systems of Alabama

▪ Michigan Retirement Systems

12 Xerox Corp. (2000) $ 750,000,000 2009 Yes ▪ Louisiana State Employees Retirement System

13 Lucent Technologies, Inc.

$ 667,000,000 2003 Yes ▪ Employers‐Teamsters Local 175 & 505 Pension Trust Fund Plan

▪ The Parnassus Fund ▪ The Parnassus Income Trust/Equity Fund

14 Cardinal Health, Inc. $ 600,000,000 2007 Yes ▪ Amalgamated Bank

▪ California Ironworkers Field Trust Funds ▪ New Mexico State Investment Council

▪ PACE Industry Union Management Pension Fund

15 IPO Securities Litigation

$ 586,000,000 2009 Yes ▪ Collegeware USA ▪ Globe Corp.

16 BankAmerica Corp. $ 490,000,000 2004 No ‐

17 Merrill Lynch & Co., Inc.

$ 475,000,000 2009 Yes ▪ State Teachers Retirement System of Ohio

18 Dynegy, Inc. $ 474,050,000 2005 Yes ▪ Regents of the University of California 19 Adelphia

Communications Corp.

$ 460,000,000 2006 Yes ▪ Eminence Capital, LLC

▪ Argent Classic Convertible Arbitrage Fund L.P.

▪ Argent Classic Convertible Arbitrage Fund (Bermuda) L.P.

▪ Argent Lowlev Convertible Arbitrage Fund Ltd.

▪ UBS O’Connor LLC f/b/o UBS Global Equity Arbitrage Master Ltd.

▪ UBS O’Connor LLC f/b/o UBS Global Convertible Portfolio





Amount

Settlement Year



19 Raytheon Company $ 460,000,000 2004 Yes ▪ New York State Common Retirement Fund

21 Waste Management Inc. II

$ 457,000,000 2003 Yes ▪ Connecticut Retirement Plans and Trust Funds

22 Global Crossing, Ltd. $ 447,800,000 2007 Yes ▪ Ohio Public Employees Retirement System

▪ State Teachers Retirement System of Ohio

23 Qwest Communications International, Inc.

$ 445,000,000 2009 Yes ▪ New England Healthcare Employees Pension Fund

24 Federal Home Loan Mortgage Corp. (Freddie Mac)

$ 410,000,000 2006 Yes ▪ Ohio Public Employees Retirement System


25 Marsh & McLennan Companies, Inc.

$ 400,000,000 2009 Yes ▪ Department of the Treasury of the State of New Jersey and its Division of Investment

▪ Ohio Bureau of Workers' Compensation

▪ Public Employees' Retirement System of Ohio


26 Cendant Corp. (PRIDES)

$ 374,000,000 2006 Yes ▪ Welch & Forbes, Inc.

27 Refco, Inc. $ 323,000,000 2010 Yes ▪ Pacific Investment Management Company LLC

▪ RH Capital Associates LLC 28 Rite Aid Corp. $ 319,580,000 2003 No ‐

29 Williams Companies, Inc.

$ 311,000,000 2007 Yes ▪ Arkansas Teacher Retirement System

▪ Ontario Teachers’ Pension Plan Board 30 General Motors Corp. $ 303,000,000 2009 Yes ▪ Deka International S.A. Luxembourg

▪ Deka Investment GMBH

31 Bristol‐Myers Squibb Co.

$ 300,000,000 2004 Yes ▪ Louisiana State Employees Retirement System

▪ Fresno County Employees' Retirement Assoc.

▪ Teachers' Retirement System of Louisiana

▪ General Retirement System of the City of Detroit





Amount

Settlement Year



31 DaimlerChrysler AG $ 300,000,000 2003 Yes ▪ Florida State Board of Administration

▪ Policemen's Annuity & Benefit Fund of Chicago

▪ Municipal Employees' Annuity & Benefit Fund of Chicago

▪ Denver Employees' Retirement Plan

31 Oxford Health Plans, Inc.

$ 300,000,000 2003 Yes ▪ Colorado Public Employees' Retirement Association

▪ PBHG Funds, Inc. 34 El Paso Corp. $ 285,000,000 2007 Yes ▪ Jacksonville Police & Fire Pension Fund

▪ Oklahoma Firefighters Pension and Retirement System

35 Tenet Healthcare Corp.


36 3Com Corp. $ 259,000,000 2001 Yes ▪ Louisiana School Employees' Retirement System

▪ Louisiana Municipal Police Employees' Retirement System

37 Comverse Technology, Inc.

$ 225,000,000 2010 Yes ▪ Menorah Insurance Co. Ltd.

▪ Mivtachim Pension Funds Ltd.

38 Waste Management Inc. I

$ 220,000,000 1999 Yes ▪ Jackson Grosvenor, Ltd. ▪ Innovative Technologies Corp. ▪ RML Limited Group

39 Sears, Roebuck & Co. $ 215,000,000 2006 Yes ▪ Department of the Treasury of the State of New Jersey and its Division of Investment

40 The Mills Corp. $ 202,750,000 2009 Yes ▪ Iowa Public Employees' Retirement System

▪ Public Employees' Retirement System of Mississippi

41 Kinder Morgan, Inc. $ 200,000,000 2010 No ‐

41 CMS Energy Corp. $ 200,000,000 2007 Yes ▪ Andover Brokerage, LLC





Amount

Settlement Year



43 Safety‐Kleen Corp. (Bondholders)

$ 197,622,944 2006 Yes ▪ American High‐Income Trust

▪ State Street Research Income Trust

44 MicroStrategy, Inc. $ 192,500,000 2001 Yes ▪ Local 144 Nursing Home Pension Fund

45 Motorola, Inc. $ 190,000,000 2007 Yes ▪ Department of the Treasury of the State of New Jersey and its Division of Investment


$ 185,000,000 2006 Yes ▪ Long View Collective Investment Fund of the Amalgamated Bank

47 Maxim Integrated Products, Inc.

$ 173,000,000 2010 Yes ▪ Mississippi Public Employees' Retirement System

▪ The Cobb County Government Employees' Pension Plan

▪ The Dekalb County Pension Plan 48 Juniper Networks,

Inc. $ 169,000,000 2010 Yes ▪ New York City Employees' Retirement

System

▪ Teachers’ Retirement System of the City of New York

▪ New York City Fire Department Pension Fund

▪ New York City Police Pension Fund ▪ New York City Police Superior Officers'

Variable Supplements Fund

▪ New York City Police Officers' Variable Supplements Fund

▪ New York City Fire Officers' Variable Supplements Fund

▪ New York City Firefighters’ Variable Supplements Fund

▪ New York City Teachers’ Retirement System of the City of New York Variable Annuity Program

49 Schering‐Plough Corp.

$ 165,000,000 2009 Yes ▪ Florida State Board of Administration

50 Dollar General Corp. $ 162,000,000 2002 Yes ▪ Teachers' Retirement System of Louisiana

▪ Florida State Board of Administration





Amount

Settlement Year



51 Broadcom Corp. $ 160,500,000 2010 Yes ▪ New Mexico State Investment Council

52 Brocade Communications Systems, Inc.

$ 160,098,500 2009 Yes ▪ Arkansas Public Employees Retirement System

53 Bennett Funding Group, Inc.

$ 152,635,000 2003 No ‐

54 Merrill Lynch & Co., Inc. (Bonds or Preferred Shares Offerings)

$ 150,000,000 2009 Yes ▪ Louisiana Municipal Police Employees' Retirement System

▪ Louisiana Sheriffs' Pension and Relief Fund

54 AT&T Wireless Tracking Stock

$ 150,000,000 2006 Yes ▪ Soft Drink and Brewery Workers Union Local 812 Retirement Fund

54 Broadcom Corp. $ 150,000,000 2005 Yes ▪ Minnesota State Board of Investment

57 TXU Corp. $ 149,750,000 2005 Yes ▪ Plumbers & Pipefitters National Pension Fund

58 Sumitomo (Copper Trading) Corp.

$ 149,250,000 2001 No ‐

59 Charter Communications, Inc.

$ 146,250,000 2005 Yes ▪ Stoneridge Investment Partners

60 Sunbeam Corp. $ 140,995,187 2002 Yes ▪ CWA/ITU Negotiated Pension Plan

▪ Generic Trading Associates, LLC ▪ Smith Asset Management

61 Biovail Corp. $ 138,000,000 2008 Yes ▪ Local 282 Welfare Trust Fund

▪ Ontario Teachers' Pension Plan Board 62 The Coca‐Cola

Company $ 137,500,000 2008 Yes ▪ 1199 SEIU Greater New York Pension Fund

(f/k/a Local 144 Nursing Home Pension Fund)

▪ Carpenters Health & Welfare Fund of Philadelphia & Vicinity

62 Electronic Data Systems Corp.


64 Informix Corp. $ 136,500,000 1999 Yes ▪ Gateway Partner LLC





Amount

Settlement Year



65 Computer Associates International, Inc.

$ 133,551,000 2003 Yes ▪ Employers‐Teamsters Local 175 & 505 Pension Trust Fund Plan

▪ Local 144 Nursing Home Pension Fund

66 Doral Financial Corp. $ 130,000,000 2007 Yes ▪ West Virginia Investment Management Board

67 Delphi Corp. $ 128,350,000 2009 Yes ▪ Mississippi Public Employees' Retirement System

▪ Raiffeisen Kapitalanlage‐ Gesellschaft ▪ Stichting Pensioenfonds ABP ▪ Teachers' Retirement System of Oklahoma

68 Edward D. Jones & Co., L.P.

$ 127,500,000 2007 No ‐


$ 125,000,000 2009 Yes ▪ Ontario Teachers' Pension Plan Board

70 New Century Financial Corp.

$ 124,827,088 2010 Yes ▪ New York State Teachers' Retirement System

71 Mattel, Inc. $ 122,000,000 2003 Yes ▪ Birmingham Retirement & Relief Fund

72 Lernout & Hauspie Speech Products N.V.

$ 120,520,000 2005 No ‐

73 Bank One Corp. (First Chicago NBD)

$ 120,000,000 2005 No ‐

73 Deutsche Telekom AG

$ 120,000,000 2005 No ‐

73 Conseco, Inc. $ 120,000,000 2002 Yes ▪ Anchorage Police & Fire Retirement System

▪ Louisiana State Firefighters' Retirement System

76 Peregrine Systems, Inc.

$ 117,567,922 2009 No ‐





Amount

Settlement Year



77 Mercury Interactive Corp.

$ 117,500,000 2008 Yes ▪ City of Sterling Heights General Employees Retirement System

▪ City of Dearborn Heights Police and Fire Retirement System

▪ Steamship Trade Association/International Longshoremen's Association Pension Fund

▪ Charter Township of Clinton Police & Fire Pension System

78 The Interpublic Group of Companies, Inc.

$ 115,000,000 2004 Yes ▪ Private Asset Management

79 Ikon Office Solutions, Inc.

$ 111,000,000 2000 Yes ▪ Philadelphia Board of Pensions & Retirement

80 CVS Corp. $ 110,000,000 2005 Yes ▪ Plumbers & Pipefitters National Pension Fund

80 DPL Inc. (Federal Class Settlement)

$ 110,000,000 2003 Yes ▪ The Buckeye Electric Company Retirement Plan

▪ Pipefitters Local 522 & 633 Pension Trust Fund

82 Homestore.com, Inc. $ 107,421,216 2009 Yes ▪ California State Teachers' Retirement System

83 Prison Realty Trust Inc.

$ 104,129,480 2001 No ‐

84 Symbol Technologies, Inc.

$ 102,000,000 2004 Yes ▪ Louisiana Sheriffs' Pension and Relief Fund ▪ Louisiana Municipal Police Employees'

Retirement System

▪ City of Miami General Employees' & Sanitation Employees Ret. Trust

85 American Express Financial Advisors

$ 100,000,000 2007 No ‐

85 AT&T Corp. $ 100,000,000 2005 Yes ▪ New Hampshire Retirement System

85 Honeywell International, Inc.

$ 100,000,000 2004 Yes ▪ Local 144 Nursing Home Pension Fund

▪ City of Monroe Employees' Retirement System

▪ Jefferson State Bank





Amount

Settlement Year



88 Cisco Systems, Inc. $ 99,250,000 2006 Yes ▪ Carpenters Pension Fund of Illinois ▪ Central States, Southeast and Southwest

Areas Pension Fund

▪ Plumbers & Pipefitters National Pension Fund

89 American International Group, Inc.

$ 97,500,000 2010 Yes ▪ Ohio Police and Fire Pension Fund ▪ Ohio Public Employees Retirement System


90 Fleming Companies, Inc.

$ 93,950,000 2005 Yes ▪ Jackson Capital Management, LLC

91 CIGNA Corp. $ 93,000,000 2007 Yes ▪ Pennsylvania State Employees’ Retirement System

92 Gemstar‐TV Guide International, Inc.

$ 92,500,000 2005 Yes ▪ Teachers' Retirement System of Louisiana

▪ General Retirement System of the City of Detroit

92 Boeing Co. $ 92,500,000 2002 No ‐

94 OM Group, Inc. $ 92,400,000 2005 Yes ▪ Policemen & Firemen Retirement System of the City of Detroit

95 Parmalat Finanziaria, S.p.A.

$ 91,400,000 2010 Yes ▪ Capital & Finance Asset Management S.A.

▪ Cattolica Partecipazioni, S.p.A ▪ Hermes Focus Asset Management Europe,

Ltd.

▪ Societe Moderne des Terrassements Parisiens

▪ Solotrat

96 International Rectifier Corp.

$ 90,000,000 2010 Yes ▪ General Retirement System of the City of Detroit

▪ Massachusetts Laborers' Pension Fund

96 New York Life Insurance Co.

$ 90,000,000 1996 No ‐





Amount

Settlement Year



98 Royal Dutch Petroleum Company/The Shell Transport and Trading Company PLC

$ 89,508,000 2008 Yes ▪ Pennsylvania State Employees' Retirement System

▪ Pennsylvania Public School Employees' Retirement System

99 i2 Technologies, Inc. $ 87,750,000 2005 Yes ▪ Kansas Public Employees' Retirement System

100 Legato Systems Inc. $ 85,000,000 2002 Yes ▪ Policemen and Fireman Retirement System of the City of Detroit


Securities C

Lead Co

* Includes 14Milberg Weis ** Includes 1settled by Co

# of C

Class Action Se

ounsel Part

4 cases settled by Mss & Bershad, 1 cas

case settled by Leughlin Stoia Gelle

0

5

10

15

20

25

30

Barrack& Ba

Cases 1

ervices

ISS | Ins

ticipation

Milberg Weiss Berse settled by Milbe

erach Coughlin Stor Rudman & Robb

k Rodos acine

GEi

10

stitutional S

shad Hynes & Leraerg Weiss, and 3 c

oia & Robbins, 6 cains, and 2 cases se

Grant & senhofer

R

10

Sharehold

ach, 6 cases settlecases settled by M

ases settled by Lerettled by Robbins

Robbins Geller Rudman & Dowd**

13

er Services

ed by Milberg Weisilberg

rach Coughlin StoiGeller Rudman &

Milberg*

27

s Inc.

ss Bershad & Schu

a Geller Rudman &Dowd

* BernsLitowBergeGrossm

28

ulman, 3 cases sett

& Robbins, 4 cases

tein witz er & mann8

tled by

s




Lead Counsel Participation Most Frequent Lead/Co-Lead Counsel in Top 100 Settlements

Case Name Total Settlement Amount

Settlement Year

Lead Counsel

1 Enron Corp. $ 7,242,000,000 2010 ▪ Coughlin Stoia Geller Rudman & Robbins

2 WorldCom, Inc. $ 6,156,100,670 2005 ▪ Barrack Rodos & Bacine ▪ Bernstein Litowitz Berger & Grossmann

3 Cendant Corp. $ 3,318,250,000 2000 ▪ Barrack Rodos & Bacine ▪ Bernstein Litowitz Berger & Grossmann

4 Tyco International, Ltd. $ 3,200,000,000 2007 ▪ Grant & Eisenhofer ▪ Schiffrin Barroway Topaz & Kessler ▪ Milberg Weiss

5 AOL Time Warner, Inc. $ 2,500,000,000 2006 ▪ Heins Mills & Olson

6 Nortel Networks Corp. I $ 1,142,775,308 2006 ▪ Milberg Weiss Bershad & Schulman

7 Royal Ahold, N.V. $ 1,100,000,000 2006 ▪ Entwistle & Cappucci

8 Nortel Networks Corp. II $ 1,074,265,298 2006 ▪ Bernstein Litowitz Berger & Grossmann

9 McKesson HBOC Inc. $ 1,042,500,000 2008 ▪ Barrack Rodos & Bacine ▪ Bernstein Litowitz Berger & Grossmann

10 UnitedHealth Group, Inc. $ 925,500,000 2009 ▪ Coughlin Stoia Geller Rudman & Robbins

11 HealthSouth Corp. $ 804,500,000 2010 ▪ Bernstein Litowitz Berger & Grossmann

▪ Cunningham Bounds

▪ Labaton Sucharow ▪ Robbins Geller Rudman & Dowd

12 Xerox Corp. $ 750,000,000 2009 ▪ Berman DeValerio Pease Tabacco Burt & Pucillo

▪ Johnson & Perkinson ▪ Milberg

13 Lucent Technologies, Inc. $ 667,000,000 2003 ▪ Bernstein Litowitz Berger & Grossmann

▪ Milberg Weiss Bershad Hynes & Lerach

14 Cardinal Health, Inc. $ 600,000,000 2007 ▪ Lerach Coughlin Stoia Geller Rudman & Robbins





Settlement Year

Lead Counsel

15 IPO Securities Litigation $ 586,000,000 2009 ▪ Barroway Topaz Kessler Meltzer & Check

▪ Bernstein Liebhard ▪ Howard B. Sirota, Esq ▪ Milberg

▪ Stull Stull & Brody ▪ Wolf Haldenstein Adler Freeman & Herz

16 BankAmerica Corp. $ 490,000,000 2004 ▪ Abbey Gardy ▪ Chitwood & Harley ▪ Green Schaaf & Jacobson ▪ Stull Stull & Brody

17 Merrill Lynch & Co., Inc. $ 475,000,000 2009 ▪ Barrack, Rodos & Bacine ▪ Berger & Montague

▪ Kaplan Fox & Kilsheimer

18 Dynegy, Inc. $ 474,050,000 2005 ▪ Lerach Coughlin Stoia Geller Rudman & Robbins

19 Adelphia Communications Corp.

$ 460,000,000 2006 ▪ Abbey Spanier Rodd Abrams & Paradis

▪ Kirby McInerney & Squire

19 Raytheon Company $ 460,000,000 2004 ▪ Milberg Weiss Bershad & Schulman

21 Waste Management Inc. II $ 457,000,000 2003 ▪ Goodkind Labaton Rudoff & Sucharow

22 Global Crossing, Ltd. $ 447,800,000 2007 ▪ Grant & Eisenhofer

23 Qwest Communications International, Inc.

$ 445,000,000 2009 ▪ Coughlin Stoia Geller Rudman & Robbins


$ 410,000,000 2006 ▪ Barrett & Weber

▪ Bernstein Litowitz Berger & Grossmann

▪ Waite Schneider Bayless & Chesley

25 Marsh & McLennan Companies, Inc.

$ 400,000,000 2009 ▪ Bernstein Liebhard ▪ Grant & Eisenhofer

26 Cendant Corp. (PRIDES) $ 374,000,000 2006 ▪ Kirby McInerney & Squire





Settlement Year

Lead Counsel

27 Refco, Inc. $ 323,000,000 2010 ▪ Bernstein Litowitz Berger & Grossmann

▪ Grant & Eisenhofer

28 Rite Aid Corp. $ 319,580,000 2003 ▪ Berger & Montague


29 Williams Companies, Inc. $ 311,000,000 2007 ▪ Bernstein Litowitz Berger & Grossmann

30 General Motors Corp. $ 303,000,000 2009 ▪ Grant & Eisenhofer ▪ Labaton Sucharow

31 Bristol‐Myers Squibb Co. $ 300,000,000 2004 ▪ Bernstein Litowitz Berger & Grossmann

▪ Berman DeValerio Pease Tabacco Burt & Pucillo

31 DaimlerChrysler AG $ 300,000,000 2003 ▪ Bernstein Litowitz Berger & Grossmann

▪ Barrack Rodos & Bacine ▪ Entwistle & Cappucci ▪ Grant & Eisenhofer

31 Oxford Health Plans, Inc. $ 300,000,000 2003 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Grant & Eisenhofer ▪ Chitwood & Harley

34 El Paso Corp. $ 285,000,000 2007 ▪ Berman DeValerio Pease Tabacco Burt & Pucillo


▪ Labaton Sucharow & Rudoff

35 Tenet Healthcare Corp. $ 281,500,000 2008 ▪ Lite DePalma Greenberg & Rivas

▪ Schiffrin Barroway Topaz & Kessler

36 3Com Corp. $ 259,000,000 2001 ▪ Barrack Rodos & Bacine ▪ Bernstein Litowitz Berger & Grossmann

▪ Kaplan Kilsheimer & Fox


37 Comverse Technology, Inc. $ 225,000,000 2010 ▪ Pomerantz Haudek Grossman & Gross

38 Waste Management Inc. I $ 220,000,000 1999 ▪ Abbey Gardy & Squitieri ▪ Kirby McInerney & Squire

▪ Berger & Montague





Settlement Year

Lead Counsel

39 Sears, Roebuck & Co. $ 215,000,000 2006 ▪ Milberg Weiss Bershad & Schulman

40 The Mills Corp. $ 202,750,000 2009 ▪ Barrack Rodos & Bacine ▪ Bernstein Litowitz Berger & Grossmann

41 Kinder Morgan, Inc. $ 200,000,000 2010 ▪ Chimicles & Tikellis

▪ The Nygaard Law Firm

▪ Robbins Geller Rudman & Dowd

41 CMS Energy Corp. $ 200,000,000 2007 ▪ Entwistle & Cappucci ▪ Milberg Weiss & Bershad

43 Safety‐Kleen Corp. (Bondholders)

$ 197,622,944 2006 ▪ Berger & Montague

▪ Pomerantz Haudek Block Grossman & Gross

▪ Wechsler Harwood

44 MicroStrategy, Inc. $ 192,500,000 2001 ▪ Wolf Haldenstein Alder Freeman & Herz


45 Motorola, Inc. $ 190,000,000 2007 ▪ Lite DePalma Greenberg & Rivas

▪ Wolf Popper

46 Bristol‐Myers Squibb Co. $ 185,000,000 2006 ▪ Labaton Sucharow & Rudoff

47 Maxim Integrated Products, Inc.

$ 173,000,000 2010 ▪ Bernstein Litowitz Berger & Grossmann

▪ Chitwood Harley Harnes

48 Juniper Networks, Inc. $ 169,000,000 2010 ▪ Lowey Dannenberg Cohen & Hart

49 Schering‐Plough Corp. $ 165,000,000 2009 ▪ Barrack Rodos & Bacine

50 Dollar General Corp. $ 162,000,000 2002 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Entwistle & Cappucci ▪ Grant & Eisenhofer

51 Broadcom Corp. $ 160,500,000 2010 ▪ Labaton Sucharow

52 Brocade Communications Systems, Inc.

$ 160,098,500 2009 ▪ Nix, Patterson & Roach ▪ Patton Roberts





Settlement Year

Lead Counsel

53 Bennett Funding Group, Inc. $ 152,635,000 2003 ▪ Kirby McInerney & Squire




54 AT&T Wireless Tracking Stock $ 150,000,000 2006 ▪ Kirby McInerney & Squire

56 Broadcom Corp. $ 150,000,000 2005 ▪ Heins Mills & Olson

57 TXU Corp. $ 149,750,000 2005 ▪ Lerach Coughlin Stoia Geller Rudman & Robbins

▪ Provost & Umphrey Law Firm

58 Sumitomo (Copper Trading) Corp.

$ 149,250,000 2001 ▪ Lovell Stewart Halebien

59 Charter Communications, Inc. $ 146,250,000 2005 ▪ Pomerantz Haudek Block Grossman & Gross

60 Sunbeam Corp. $ 140,995,187 2002 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Barrack Rodos & Bacine ▪ Berger & Montague

▪ Wolf Popper

61 Biovail Corp. $ 138,000,000 2008 ▪ Bernstein Litowitz Berger & Grossmann

▪ Milberg

62 The Coca‐Cola Company $ 137,500,000 2008 ▪ Coughlin Stoia Geller Rudman & Robbins

▪ Chitwood Harley Harnes

62 Electronic Data Systems Corp. $ 137,500,000 2006 ▪ Bernstein Litowitz Berger & Grossmann

▪ Lowenstein Sandler

64 Informix Corp. $ 136,500,000 1999 ▪ Barrack Rodos & Bacine ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Kaplan Kilsheimer & Fox

65 Computer Associates International, Inc.

$ 133,551,000 2003 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Schiffrin & Barroway ▪ Stull Stull & Brody

66 Doral Financial Corp. $ 130,000,000 2007 ▪ Lerach Coughlin Stoia Geller Rudman & Robbins





Settlement Year

Lead Counsel

67 Delphi Corp. $ 128,350,000 2009 ▪ Bernstein Litowitz Berger & Grossmann

▪ Grant & Eisenhofer ▪ Nix, Patterson & Roach ▪ Schiffrin Barroway Topaz & Kessler

68 Edward D. Jones & Co., L.P. $ 127,500,000 2007 ▪ Stull Stull & Brody ▪ Weiss & Lurie

▪ Milberg Weiss & Bershad

▪ Hulett Harper Stewart ▪ Goodin MacBride Squeri Ritchie & Day

▪ Blitz Bardgett & Deutsch ▪ Stanley, Mandel & Iola

69 Bristol‐Myers Squibb Co. $ 125,000,000 2009 ▪ Bernstein Litowitz Berger & Grossmann

70 New Century Financial Corp. $ 124,827,088 2010 ▪ Bernstein Litowitz Berger & Grossmann

71 Mattel, Inc. $ 122,000,000 2003 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Wolf Popper

72 Lernout & Hauspie Speech Products N.V.

$ 120,520,000 2005 ▪ Berman DeValerio Pease Tabacco Burt & Pucillo

▪ Cauley Bowman Carney & Williams

▪ Shalov Stone & Bonner

73 Bank One Corp. (First Chicago NBD)

$ 120,000,000 2005 ▪ Sussman Watkins & Wylie

73 Deutsche Telekom AG $ 120,000,000 2005 ▪ Milberg Weiss Bershad & Schulman

▪ Bernstein Liebhard & Lifshitz

73 Conseco, Inc. $ 120,000,000 2002 ▪ Bernstein Litowitz Berger & Grossmann

76 Peregrine Systems, Inc. $ 117,567,922 2009 ▪ Abraham, Fruchter & Twersky

▪ Gold Bennett Cera & Sidener ▪ Stull Stull & Brody

77 Mercury Interactive Corp. $ 117,500,000 2008 ▪ Glancy Binkow & Goldberg ▪ Labaton Sucharow

78 The Interpublic Group of Companies, Inc.

$ 115,000,000 2004 ▪ Schiffrin & Barroway





Settlement Year

Lead Counsel

79 Ikon Office Solutions, Inc. $ 111,000,000 2000 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Berger & Montague

▪ Keller Rohrback

80 CVS Corp. $ 110,000,000 2005 ▪ Milberg Weiss Bershad & Schulman

▪ Schiffrin & Barroway

80 DPL Inc. (Federal Class Settlement)

$ 110,000,000 2003 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Waite Schneider Bayless & Chesley

82 Homestore.com, Inc. $ 107,421,216 2009 ▪ Cotchett, Pitre & McCarthy

83 Prison Realty Trust Inc. $ 104,129,480 2001 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Berman DeValerio & Pease

▪ Cauley Geller ▪ Girard & Green

84 Symbol Technologies, Inc. $ 102,000,000 2004 ▪ Bernstein Litowitz Berger & Grossmann

▪ Berman DeValerio Pease Tabacco Burt & Pucillo

85 American Express Financial Advisors

$ 100,000,000 2007 ▪ Stull Stull & Brody ▪ Milberg Weiss & Bershad

▪ Girard Gibbs

85 AT&T Corp. $ 100,000,000 2005 ▪ Lerach Coughlin Stoia Geller Rudman & Robbins

85 Honeywell International, Inc. $ 100,000,000 2004 ▪ Lerach Coughlin Stoia & Robbins

88 Cisco Systems, Inc. $ 99,250,000 2006 ▪ Lerach Coughlin Stoia Geller Rudman & Robbins

▪ Levin Papantonio Thomas Mitchell Echsner & Proctor

89 American International Group, Inc.

$ 97,500,000 2010 ▪ Hahn Loeser & Parks ▪ Labaton Sucharow

90 Fleming Companies, Inc. $ 93,950,000 2005 ▪ Berger & Montague

▪ Susman Godfrey

91 CIGNA Corp. $ 93,000,000 2007 ▪ Berger & Montague

▪ Bernstein Liebhard & Lifshitz

92 Gemstar‐TV Guide International, Inc.






Settlement Year

Lead Counsel

92 Boeing Co. $ 92,500,000 2002 ▪ Milberg Weiss Bershad Hynes & Lerach

▪ Hagens & Berman

94 OM Group, Inc. $ 92,400,000 2005 ▪ Bernstein Litowitz Berger & Grossmann

▪ Climaco, Lefkowitz, Peca, Wilcox & Garofoli LPA

95 Parmalat Finanziaria, S.p.A. $ 91,400,000 2010 ▪ Cohen Milstein Sellers & Toll

▪ Grant & Eisenhofer

96 International Rectifier Corp. $ 90,000,000 2010 ▪ Bernstein Litowitz Berger & Grossmann

▪ Berman DeValerio

96 New York Life Insurance Co. $ 90,000,000 1996 ▪ Hanzman Criden


$ 89,508,000 2008 ▪ Bernstein Liebhard & Lifshitz

99 i2 Technologies, Inc. $ 87,750,000 2005 ▪ Milberg Weiss Bershad & Schulman

▪ Johnson & Perkinson ▪ Girard Gibbs De Bartolomeo

100 Legato Systems Inc. $ 85,000,000 2002 ▪ Bernstein Litowitz Berger & Grossmann


Securities C

Claims A

*

# of C

Class Action Se

Administra

Includes 5 settlem

0

5

10

15

20

25

30

35

Analytic

Cases 4

ervices

ISS | Ins

ation

ments administered

cs Inc. HRadSai

stitutional S

d by Rust Consulti

Heffler detich & tta LLP

C

8

Sharehold

ng and 5 settleme

Rust Consulting*

10

er Services

ents administered

Gilardi & Co. LLC

25

s Inc.

by Complete Claim

Garden CityGroup

34

m Solutions

y




Claims Administration Most Frequent Claims Administrators in Top 100 Settlements

RANK Case Name Total Settlement

Amount

Settlement Year

Claims Administrator

1 Enron Corp. $ 7,242,000,000 2010 Gilardi & Co. LLC

2 WorldCom, Inc. $ 6,156,100,670 2005 Garden City Group

3 Cendant Corp. $ 3,318,250,000 2000 Heffler Radetich & Saitta LLP

4 Tyco International, Ltd. $ 3,200,000,000 2007 Garden City Group

5 AOL Time Warner, Inc. $ 2,500,000,000 2006 Gilardi & Co. LLC

6 Nortel Networks Corp. I $ 1,142,775,308 2006 Garden City Group

7 Royal Ahold, N.V. $ 1,100,000,000 2006 Garden City Group

8 Nortel Networks Corp. II $ 1,074,265,298 2006 Garden City Group

9 McKesson HBOC Inc. $ 1,042,500,000 2008 Analytics Inc.

10 UnitedHealth Group, Inc. $ 925,500,000 2009 Gilardi & Co. LLC

11 HealthSouth Corp. $ 804,500,000 2010 Rust Consulting

12 Xerox Corp. $ 750,000,000 2009 Gilardi & Co. LLC

13 Lucent Technologies, Inc. $ 667,000,000 2003 Garden City Group

14 Cardinal Health, Inc. $ 600,000,000 2007 Gilardi & Co. LLC

15 IPO Securities Litigation $ 586,000,000 2009 Garden City Group

16 BankAmerica Corp. $ 490,000,000 2004 Heffler Radetich & Saitta LLP

17 Merrill Lynch & Co., Inc. $ 475,000,000 2009 Rust Consulting

18 Dynegy, Inc. $ 474,050,000 2005 Gilardi & Co. LLC

19 Adelphia Communications Corp. $ 460,000,000 2006 Valley Forge Administrators

19 Raytheon Company $ 460,000,000 2004 Analytics Inc.

21 Waste Management Inc. II $ 457,000,000 2003 Complete Claim Solutions

22 Global Crossing, Ltd. $ 447,800,000 2007 Garden City Group

23 Qwest Communications International, Inc. $ 445,000,000 2009 Gilardi & Co. LLC


$ 410,000,000 2006 Garden City Group

25 Marsh & McLennan Companies, Inc. $ 400,000,000 2009 Rust Consulting

26 Cendant Corp. (PRIDES) $ 374,000,000 2006 Valley Forge Administrators

27 Refco, Inc. $ 323,000,000 2010 Garden City Group

28 Rite Aid Corp. $ 319,580,000 2003 Gilardi & Co. LLC

29 Williams Companies, Inc. $ 311,000,000 2007 Garden City Group

30 General Motors Corp. $ 303,000,000 2009 Epiq Systems, Inc.

31 Bristol‐Myers Squibb Co. $ 300,000,000 2004 Garden City Group

31 DaimlerChrysler AG $ 300,000,000 2003 Garden City Group

31 Oxford Health Plans, Inc. $ 300,000,000 2003 Garden City Group





Amount

Settlement Year


34 El Paso Corp. $ 285,000,000 2007 AB Data, Ltd.

35 Tenet Healthcare Corp. $ 281,500,000 2008 Garden City Group

36 3Com Corp. $ 259,000,000 2001 Gilardi & Co. LLC

37 Comverse Technology, Inc. $ 225,000,000 2010 Berdon LLP

38 Waste Management Inc. I $ 220,000,000 1999 Heffler Radetich & Saitta LLP

39 Sears, Roebuck & Co. $ 215,000,000 2006 Garden City Group

40 The Mills Corp. $ 202,750,000 2009 Garden City Group

41 Kinder Morgan, Inc. $ 200,000,000 2010 Garden City Group

41 CMS Energy Corp. $ 200,000,000 2007 Garden City Group

43 Safety‐Kleen Corp. (Bondholders) $ 197,622,944 2006 Heffler Radetich & Saitta LLP

44 MicroStrategy, Inc. $ 192,500,000 2001 Gilardi & Co. LLC

45 Motorola, Inc. $ 190,000,000 2007 Complete Claim Solutions


47 Maxim Integrated Products, Inc. $ 173,000,000 2010 Garden City Group

48 Juniper Networks, Inc. $ 169,000,000 2010 Rust Consulting

49 Schering‐Plough Corp. $ 165,000,000 2009 Heffler Radetich & Saitta LLP

50 Dollar General Corp. $ 162,000,000 2002 Garden City Group

51 Broadcom Corp. $ 160,500,000 2010 Garden City Group

52 Brocade Communications Systems, Inc. $ 160,098,500 2009 Epiq Systems, Inc.

53 Bennett Funding Group, Inc. $ 152,635,000 2003 Garden City Group


$ 150,000,000 2009 Analytics Inc.

54 AT&T Wireless Tracking Stock $ 150,000,000 2006 Gilardi & Co. LLC

54 Broadcom Corp. $ 150,000,000 2005 Gilardi & Co. LLC

57 TXU Corp. $ 149,750,000 2005 Gilardi & Co. LLC

58 Sumitomo (Copper Trading) Corp. $ 149,250,000 2001 ACS Financial Securities Services

59 Charter Communications, Inc. $ 146,250,000 2005 Berdon LLP

60 Sunbeam Corp. $ 140,995,187 2002 ACS Financial Securities Services

61 Biovail Corp. $ 138,000,000 2008 Complete Claim Solutions

62 The Coca‐Cola Company $ 137,500,000 2008 Gilardi & Co. LLC

62 Electronic Data Systems Corp. $ 137,500,000 2006 Poorman‐Douglas

64 Informix Corp. $ 136,500,000 1999 Heffler Radetich & Saitta LLP

65 Computer Associates International, Inc. $ 133,551,000 2003 Gilardi & Co. LLC

66 Doral Financial Corp. $ 130,000,000 2007 Gilardi & Co. LLC

67 Delphi Corp. $ 128,350,000 2009 Garden City Group

68 Edward D. Jones & Co., L.P. $ 127,500,000 2007 Edward D. Jones & Co., L.P.






Amount

Settlement Year


70 New Century Financial Corp. $ 124,827,088 2010 Analytics Inc.

71 Mattel, Inc. $ 122,000,000 2003 Gilardi & Co. LLC

72 Lernout & Hauspie Speech Products N.V. $ 120,520,000 2005 AB Data, Ltd.

73 Bank One Corp. (First Chicago NBD) $ 120,000,000 2005 Strategic Claims Services

73 Deutsche Telekom AG $ 120,000,000 2005 Garden City Group

73 Conseco, Inc. $ 120,000,000 2002 Poorman‐Douglas

76 Peregrine Systems, Inc. $ 117,567,922 2009 Gilardi & Co. LLC

77 Mercury Interactive Corp. $ 117,500,000 2008 Complete Claim Solutions

78 The Interpublic Group of Companies, Inc. $ 115,000,000 2004 Garden City Group

79 Ikon Office Solutions, Inc. $ 111,000,000 2000 Gilardi & Co. LLC

80 CVS Corp. $ 110,000,000 2005 Garden City Group

80 DPL Inc. (Federal Class Settlement) $ 110,000,000 2003 Fifth Third Bank

82 Homestore.com, Inc. $ 107,421,216 2009 Rust Consulting

83 Prison Realty Trust Inc. $ 104,129,480 2001 Gilardi & Co. LLC

84 Symbol Technologies, Inc. $ 102,000,000 2004 AB Data, Ltd.

85 American Express Financial Advisors $ 100,000,000 2007 Garden City Group

85 AT&T Corp. $ 100,000,000 2005 Gilardi & Co. LLC

85 Honeywell International, Inc. $ 100,000,000 2004 Gilardi & Co. LLC

88 Cisco Systems, Inc. $ 99,250,000 2006 Gilardi & Co. LLC

89 American International Group, Inc. $ 97,500,000 2010 Complete Claim Solutions

90 Fleming Companies, Inc. $ 93,950,000 2005 Heffler Radetich & Saitta LLP

91 CIGNA Corp. $ 93,000,000 2007 Heffler Radetich & Saitta LLP

92 Gemstar‐TV Guide International, Inc. $ 92,500,000 2005 Garden City Group

92 Boeing Co. $ 92,500,000 2002 Gilardi & Co. LLC

94 OM Group, Inc. $ 92,400,000 2005 Garden City Group

95 Parmalat Finanziaria, S.p.A. $ 91,400,000 2010 Epiq Systems, Inc.

96 International Rectifier Corp. $ 90,000,000 2010 Garden City Group

96 New York Life Insurance Co. $ 90,000,000 1996 Hanzman Criden Korge & Chaykin


$ 89,508,000 2008 RCB Fund Services LLC (Breedon Co.)

99 i2 Technologies, Inc. $ 87,750,000 2005 Gilardi & Co. LLC

100 Legato Systems Inc. $ 85,000,000 2002 Garden City Group


Securities C

Restate

Class Action Se

ements

ervices

ISS | Ins

39

stitutional S

Restat

Sharehold

tement N

er Services

on‐Restateme

s Inc.

61

nt




Restatements Cases Involving Accounting Restatements in Top 100 Settlements

Rank Case Name Settlement Year


Restatement

1 Enron Corp. 2010 $7,242,000,000 Yes

2 WorldCom, Inc. 2005 $6,156,100,670 Yes

3 Cendant Corp. 2000 $3,318,250,000 Yes

4 Tyco International, Ltd 2007 $3,200,000,000 No

5 AOL Time Warner, Inc. 2006 $2,500,000,000 Yes

6 Nortel Networks Corp. I 2006 $1,142,775,308 No

7 Royal Ahold, N.V. 2006 $1,100,000,000 Yes

8 Nortel Networks Corp. II 2006 $1,074,265,298 Yes

9 McKesson HBOC Inc. 2008 $1,042,500,000 Yes

10 UnitedHealth Group, Inc. 2009 $925,500,000 Yes

11 HealthSouth Corp. 2010 $804,500,000 Yes

12 Xerox Corp. 2009 $750,000,000 Yes

13 Lucent Technologies, Inc. 2003 $667,000,000 Yes

14 Cardinal Health, Inc. 2007 $600,000,000 Yes

15 IPO Securities Litigation 2009 $586,000,000 No

16 BankAmerica Corp. 2004 $490,000,000 No

17 Merrill Lynch & Co., Inc. 2009 $475,000,000 No

18 Dynegy, Inc. 2005 $474,050,000 Yes

19 Adelphia Communications Corp. 2006 $460,000,000 Yes

19 Raytheon Company 2004 $460,000,000 Yes

21 Waste Management Inc. II 2003 $457,000,000 No

22 Global Crossing, Ltd. 2007 $447,800,000 Yes

23 Qwest Communications International, Inc. 2009 $445,000,000 Yes

24 Federal Home Loan Mortgage Corp. (Freddie Mac) 2006 $410,000,000 Yes

25 Marsh & McLennan Companies, Inc. 2009 $400,000,000 No

26 Cendant Corp. (PRIDES) 2006 $374,000,000 Yes

27 Refco, Inc. 2010 $323,000,000 Yes

28 Rite Aid Corp. 2003 $319,580,000 Yes

29 Williams Companies, Inc. 2007 $311,000,000 No

30 General Motors Corp. 2009 $303,000,000 Yes






Restatement

31 Bristol‐Myers Squibb Co. 2004 $300,000,000 No

31 DaimlerChrysler AG 2003 $300,000,000 No

31 Oxford Health Plans Inc. 2003 $300,000,000 No

34 El Paso Corp. 2007 $285,000,000 Yes

35 Tenet Healthcare Corp. 2008 $281,500,000 No

36 3Com Corp. 2001 $259,000,000 Yes

37 Comverse Technology, Inc. 2010 $225,000,000 Yes

38 Waste Management Inc. 1999 $220,000,000 Yes

39 Sears, Roebuck & Co. 2006 $215,000,000 Yes

40 The Mills Corp. 2009 $202,750,000 Yes

41 Kinder Morgan, Inc. 2010 $200,000,000 No

41 CMS Energy Corp. 2007 $200,000,000 Yes

43 Safety‐Kleen Corp. (Bondholders) 2006 $197,622,944 Yes

44 MicroStrategy, Inc. 2001 $192,500,000 Yes

45 Motorola, Inc. 2007 $190,000,000 No


47 Maxim Integrated Products, Inc. 2010 $173,000,000 Yes

48 Juniper Networks, Inc. 2010 $169,000,000 Yes

49 Schering‐Plough Corp. 2009 $165,000,000 No

50 Dollar General Corp. 2002 $162,000,000 Yes

51 Broadcom Corp. 2010 $160,500,000 Yes

52 Brocade Communications Systems, Inc. 2009 $160,098,500 Yes

53 Bennett Funding Group, Inc. 2003 $152,635,000 No

54 Merrill Lynch & Co., Inc. (Bonds or Preferred Shares Offerings) 2009 $150,000,000 No

54 AT&T Wireless Tracking Stock 2006 $150,000,000 No

54 Broadcom Corp. 2005 $150,000,000 Yes

57 TXU Corp. 2005 $149,750,000 No

58 Sumitomo (Copper Trading) Corp. 2001 $149,250,000 No

59 Charter Communications, Inc. 2005 $146,250,000 Yes

60 Sunbeam Corp. 2002 $140,995,187 Yes

61 Biovail Corp. 2008 $138,000,000 Yes

62 The Coca‐Cola Company 2008 $137,500,000 No






Restatement

62 Electronic Data Systems Corp. 2006 $137,500,000 No

64 Informix Corp. 1999 $136,500,000 Yes

65 Computer Associates International, Inc. 2003 $133,551,000 No

66 Doral Financial Corp. 2007 $130,000,000 Yes

67 Delphi Corp. 2009 $128,350,000 Yes

68 Edward D. Jones & Co., L.P. 2007 $127,500,000 No


70 New Century Financial Corp. 2010 $124,827,088 Yes

71 Mattel, Inc. 2003 $122,000,000 No

72 Lernout & Hauspie Speech Products N.V. 2005 $120,520,000 Yes

73 Bank One Corp. (First Chicago NBD) 2005 $120,000,000 No

73 Deutsche Telekom AG 2005 $120,000,000 No

73 Conseco, Inc. 2002 $120,000,000 Yes

76 Peregrine Systems, Inc. 2009 $117,567,922 Yes

77 Mercury Interactive Corp. 2008 $ 117,500,000 Yes

78 The Interpublic Group of Companies, Inc. 2004 $115,000,000 Yes

79 Ikon Office Solutions, Inc. 2000 $111,000,000 No

80 CVS Corp. 2005 $110,000,000 No

80 DPL Inc. (Federal Class Settlement) 2003 $110,000,000 Yes

82 Homestore.com, Inc. 2009 $107,421,216 Yes

83 Prison Realty Trust Inc. 2001 $104,129,480 No

84 Symbol Technologies, Inc. 2004 $102,000,000 Yes

85 American Express Financial Advisors 2007 $100,000,000 No

85 AT&T Corp. 2005 $100,000,000 No

85 Honeywell International, Inc. 2004 $100,000,000 No

88 Cisco Systems, Inc. 2006 $99,250,000 No

89 American International Group, Inc. 2010 $97,500,000 Yes

90 Fleming Companies, Inc. 2005 $93,950,000 Yes

91 CIGNA Corp. 2007 $93,000,000 Yes

92 Gemstar‐TV Guide International, Inc. 2005 $92,500,000 Yes

92 Boeing Co. 2002 $92,500,000 No

94 OM Group, Inc. 2005 $92,400,000 No






Restatement

95 Parmalat Finanziaria, S.p.A. 2010 $91,400,000 Yes

96 International Rectifier Corp. 2010 $90,000,000 Yes

96 New York Life Insurance Co. 1996 $90,000,000 No

98 Royal Dutch Petroleum Company/The Shell Transport and Trading Company PLC 2008 $89,508,000 Yes

99 i2 Technologies, Inc. 2005 $87,750,000 Yes

100 Legato Systems Inc. 2002 $85,000,000 Yes


Securities C

Top 30

0

2

4

6

8

10

Cases

Class Action Se

SEC Disgor

2002 20

1

ervices

ISS | Ins

rgements

003 2004

1

3

stitutional S

2005

3

Sharehold

2006 2

2

Year

er Services

2007 2008

7

s Inc.

8 2009

7

2

2010

4




Top 30 SEC Disgorgements Cases Listed in Top 30 Disgorgements Categorized By Settlement Year

RANK Case Name Total Settlement Amount

Settlement Year

1 American International Group, Inc. (SEC) $ 800,000,000 2008

2 WorldCom, Inc. (SEC) $ 750,000,000 2003

3 Adelphia Communications Corp. (SEC) (2002) $ 715,000000 2009

4 Enron Corp. (SEC) $ 450,000,000 2008

5 Banc of America Capital Management, LLC (SEC) $ 375,000,000 2007

6 Federal National Mortgage Association (Fannie Mae) (SEC) $ 350,000,001 2007

7 Invesco Funds (SEC) $ 325,000,000 2008

8 Time Warner, Inc. (SEC) $ 308,000,000 2005

9 Prudential Securities (SEC) $ 270,000,000 2010

10 Qwest Communications International Inc. (SEC Fair Fund) $ 252,869,388 2006

11 Alliance Capital Management L.P. (SEC) $ 250,000,000 2008

11 Bear Stearns (SEC) $ 250,000,000 2008

11 PBHG Mutual Funds (SEC) $ 250,000,000 2004

14 NYSE Specialist Firms (SEC) $ 247,557,023 2004

15 Massachusetts Financial Services Co. (SEC) $ 225,629,143 2007

16 Computer Associates International, Inc. (CRIMINAL) $ 225,000,000 2005

17 Smith Barney Family of Funds (SEC) $ 183,704,031 2010

18 Millennium Partners, L.P. (SEC) $ 180,575,005 2007

19 SEC Analyst Suit 2 ‐ Citigroup Global Markets f/k/a Salomon Smith Barney $ 157,500,000 2005

20 Putnam Investment Management, LLC (SEC) $ 153,524,387 2007

21 Bank of America Corporation (SEC) $150,000,001 2010

21 Bristol‐Myers Squibb Company (SEC) $ 150,000,001 2004

23 AOL Time Warner, Inc. (DOJ) $ 150,000,000 2006

24 Strong Capital Management, Inc. (SEC) $ 140,750,000 2010

25 Columbia Funds (SEC) $ 140,000,000 2007

26 Canadian Imperial Holdings Inc./CIBC World Markets Corp. (SEC) $ 125,000,000 2010

27 Royal Dutch Petroleum / Shell Transport (SEC) $ 120,000000 2008

28 Janus Capital Management LLC (SEC) $ 100,000,000 2008

28 HealthSouth Corp. (SEC) $ 100,000,000 2007

28 Capital Consultants, LLC (SEC) $ 100,000,000 2002 *"Total Settlement Amount" reflects the sum of disgorgement and civil penalties in settlements reached with the U.S. Securities and Exchange Commission. ** Settlements that have the same amount are given the same ranking. *** To be eligible for the Top 30 SEC Disgorgements, the Distribution Plan for the distribution of the Fair Fund must have been approved by the SEC.


Exhibit C


Exhibit D


1

Sorensen, Barbara

From: Vembar K. Ranganathan [[email protected]]Sent: Wednesday, January 05, 2011 10:34 AMTo: Sorensen, BarbaraCc: [email protected]: Petition objecting to Settlement Plan Re CFC Fin Corp Sec LitigationAttachments: CFC Litigation Objection.doc

Dear Ms Barbara Sorensen, Per conversation this morning, I am attaching a copy of my objection letter, just FYI. I have also mailed my Proof of Claim form yesterday. I fervently hope Rust Consulting Co finds ways for an amicable settlement to help the real losers like me who are genuine long term investors, and not stock speculators. The Plan benefits the maximum those who acquired and sold stock in the first 7 months of 2007, and completely excludes long term investors. These are pure speculators and have managed to come up with a plan to enrich themselves with $600 million plus. As a long term investor, I am more of a victim than these short term speculators, due to the egregious violation of Sec laws. Regards, VK Vembar K Ranganathan 87 S. Buckhout St Irvington, NY 10533 Tel: 914 591 7318 Cell : 914 406 0945 (only when on road)


Vembar K Ranganathan 87 S Buckhout St

Irvington, NY 10533 Tel: 914 591 7318

Email: [email protected] Jan 4, 2011

The Clerk of the Court at US Dist Court for the Central District of California US Court House 312 North Spring St Los Angeles, CA 90012 Dear Sir/Madam, Re: Countrywide (CFC) Fin. Corp Securities Litigation # CV 07-05295 MRP (MANx) I object to the proposed Settlement terms. I continue to hold 200 shares of Countrywide stock (CFC) converted to 37 BOA shares, with a total market value of $527, compared to my investment of $3587. Bought 100 CFC on 8/28/2007 at $19.37 1937 Bought 100 CFC on 9/19/2007 at $ 20.36 2036 Bought 100 CFC on 10/31/2007 at $16 1600 Sold 100 CFC on 8/30/2007 at $19.86 -1986 Total proceeds: 200 CFC at $3587 Converted to 37 BAC now @$14.24 $527 Overall loss $3060 The plan denies any settlement fees for long term investors like me who have continued to hold CFC past March 7, 2008, the artificial cutoff date set by the litigating team. As a financial specialist, I find the determination of losses under clause (E) of the Plan of Allocation of Net Settlement Fund and the table on " Inflation in Prices of CFC" in page 15, are spurious and are designed to benefit a handful of speculators, and deny any benefit to long term CFC investors. I appeal to the Court to reject the settlement outright. I suggest that a flat fee be paid to all CFC holders during the defined period. Please advise me of actions I need to take to stop the proposed settlement. Regards. (SD) Vembar K Ranganathan CC: (1) Plaintiffs' Lead Counsel Joel H Bernstein Esq. (2) Counsel for CFC Brian E Pastuszenski Esq. (3) Counsel for KPMG Gwyn Quilen, Esq. and (4) Jonathan Wilkofsky at Wilkofsky, Friedman, Karel & Cummins, NY


Exhibit E


Exhibit F


Exhibit G


Byron B. Mathews, Jr. 3470 East Coast Ave., #704

Miami, FL 33173-3986

Mr. David J. Goldsmith Labaton Sucharow 140 Broadway New York, NY 10005


January 21, 2011

Reply to: Miami Mr. David J. Goldsmith Labaton Sucharow 140 Broadway New York, NY 10005 Re: Countrywide Financial Corp. Securities Litigation Dear Mr. Goldsmith: I have received your letter of January 11, 2011 informing me of the fairness hearing scheduled for February 25, 2011. The issue of my request to be excluded from the class is unresolved. Frankly, I was somewhat taken back by your opposition. I did not receive the Notice of my right to opt out of the class until November 19, 2010 (I was in NYC at the time and the Notice was mailed to my NYC address). On the very day that I received the Notice I wrote Rust Consulting requesting that I be excluded from the class. My Exclusion Request (“Request”) referenced the same claimant ID # that was contained in the Notice (0079680530-088). Since I am not filing a Proof of Claim, the detailed information that you indicated I should have included in the Request is entirely unnecessary. As you may be aware, the Notice itself did not require that this information be contained in the Request and furthermore imposing such a burden on my constitutional right to exclusion is unjustified. I am sure you are aware that I have a constitutional right to opt out of the class. See Steven T.O. Cottreau, Note, The Due Process Right to Opt Out of Class Actions, 73 N.Y.U. Law Rev. 480 (1998). In your role as class attorney, you have the responsibility to represent the best interests of all class members. As of this point in time, this includes me.

I hereby request that you take whatever action is necessary to see that I am excluded from the class action proceeding forthwith. I am also putting you on notice that if a Final Judgment is entered that includes me, I intend to take an appeal to the Ninth Circuit over this matter. In such appeal I will raise the matter of how your firm came to represent the New York State Comptroller. Sincerely,

Byron B. Mathews, Jr.

Byron B. Mathews, Jr. Apartment 2H Apartment 704 410 West 24th Street 3470 East Coast Ave. New York, New York 10011 Miami, Florida 33137


Exhibit H


UNITED STATES DISTRICT COURT CENTRAL DIVISION OF CALIFORNIA

WESTERN DIVISION In Re Countrywide Financial) Lead Case No. Corporations Securities ) CV-07-05295 MRP(MANx) Litigation ) ) Declaration of ) Byron B. Mathews, Jr., ) Renewed Request for This Document Applies ) Exclusion from Class, To All Actions ) And Memo of Law

Byron B. Mathews, Jr., hereby renews his

request for exclusion from the class and in support

submits the following Declaration and Memorandum of

Law.

Declaration

1. My name is Byron B. Mathews, Jr. I am

legally capable in all respects of making this

sworn declaration and I am doing so based on my own

personal knowledge.

2. On November 19, 2010, I received for the

first time personal notice of the pendency of the

class action litigation referenced above, that I

was a member of the class, and that I had a right

to opt-out of the class.


2

3. I received this Notice advising me of my

opt-out rights after the deadline date specified

for requesting exclusion.

4. On the same day that I received the Notice,

I wrote Rust Consulting requesting that I be

excluded from the class. My exclusion request

referenced the claimant id number (#00779680530-

088) contained in the Notice mailed to me. No

other identifier was listed in the Notice and the

Notice did not require that I provide any

information other than a statement that I wished to

be excluded from the class.

5. Counsel for the class has objected to the

exercise of my opt-out rights based on two grounds:

(1) that the request was postmarked after the

October 18, 2010 deadline; and (2) there was no

information in the request for exclusion concerning

the purchases and sales of Countrywide securities.

I DECLARE UNDER PENALTY OF PERJURY THAT THE

ABOVE STATEMENTS ARE TRUE AND CORRECT.


3

_________________________ Byron B. Mathews, Jr.

Memorandum of Law

1. Rule 23(c)(2) provides that individuals

included within a Rule 23(b)(3) class must be given

individual notice if they can be identified through

reasonable efforts. This notice must state in

clear and concise language that is easily

understood… “(v) that the court will exclude from

the class any member who requests exclusion.”

2. It would be a violation of Rule 23(c)(2)’s

notice requirement for a notice to be sent after

the deadline for requesting exclusion. An employee

of Rust Consulting, the company that was employed

to provide notice to the class, has testified in

his Supplemental Declaration that notices to class

members that were mailed to old mailing addresses

that were beyond the forwarding period were

returned to Rust Consulting by the USPS and

thereafter re-mailed to class members by updating

their mailing addresses using LexisNexis. These


4

re-mailings, however, occurred in November of 2010,

after the deadline date for requesting exclusion.

See Supplemental Declaration of Thomas R. Glenn of

Rust Consulting, Inc. Regarding Notice to the

Class. The undersigned, Byron B. Mathews, Jr.,

apparently received one of these “re-mailed”

notices as he did not receive individual notice

until November 19, 2010. Mr. Mathews’ correct

mailing address could have been reasonably

identified at the time of original mailing, and

prior to the imposed deadline, had Rust Consulting

verified the mailing addresses before the original

mailing.

3. There is a constitutional, due process right

to opt out of a class action brought pursuant to

Rule 23(b)(3). See Steven T.O. Cottreau, Note, The

Due Process Right to Opt Out of Class Actions, 73

N.Y.U. Law Rev. 480 (1998). Imposing on a class

member a requirement that he produce detailed

information (beyond that in the Rule 23(c)(2)

notice) in order to opt-out of the class would be


5

an unnecessary burden on the exercise of his

constitutional right.

4. There would be no harm to the class if Mr.

Mathews were excluded from the class.

5. Mr. Mathews renews his request for exclusion

from the class and requests that the court enter an

appropriate order.

RESPECTFULLY SUBMITTED,

_____________________________ BYRON B. MATHEWS, JR., PRO SE 3470 East Coast Ave., #H704 Miami, FL 33137 (winter address) [email protected] 786-369-1292

CERTIFICATE OF SERVICE I HEREBY CERTIFY that on January 22, 2011 I emailed a true and accurate copy of this RESPONSE to Joel Bernstein of Labaton Sucharow LLP at [email protected], to Gretchen M. Nelson of Kreindler & Kreindler LLP at [email protected], J. Michael Hennigan of Hennigan Bennett & Dorman LLP at [email protected], and to Jeffrey P. Campisi of Kaplan Fox & Kilsheimer LLP at [email protected].

_____________________ Byron B. Mathews, Jr.


Exhibit I


Exhibit J


Exhibit K


Exhibit L


Exhibit M


labaton sucharow llp joel h. bernstein jonathan m....

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