The opinion of the court was delivered by: The Honorable Lucy H. Koh United States District Court Judge
CONSOLIDATED CLASS ACTION ECF [REVISED PROPOSED] ORDER PRELIMINARILY APPROVING SETTLEMENT, PROVIDING FOR NOTICE AND SCHEDULING HEARING [PROPOSED] ORDER RE PRELIM APPROVAL CASE NO. 09-CV-1376-LHK (PSG)
Sheriffs' Pension and Relief Fund (collectively, "Lead Plaintiffs"), on behalf of themselves and the 4 Federal Rules of Civil Procedure for: (1) an order approving the settlement of the above-captioned 6 litigation (the "Action") in accordance with the Stipulation of Settlement, dated as of July 5, 2011
WHEREAS, Lead Plaintiffs Alameda County Employees' Retirement Association,
Government of Guam Retirement Fund, New Orleans Employees' Retirement System and Louisiana
Settlement Class (as hereinafter defined) have applied to the Court pursuant to Rule 23(e) of the
(the "Stipulation"), which, together with the exhibits annexed
thereto, sets forth the terms and 8 conditions for a proposed
settlement of the Action (the "Settlement"); (2) dismissal of the
Action with 9 prejudice as against all of the Released Parties (as
defined in the Stipulation), upon the terms and 10 conditions set
forth in the Stipulation; and (3) certification of the Action as a
class action for 11 settlement purposes only; 12
reviewed the Stipulation, including the exhibits attached to the
Stipulation, and found good cause for 15 entering the following Order:
by reference the definitions in the Stipulation, and all terms used
herein shall have the same meanings 19 as set forth in the
Stipulation. 20
and adequate to the Settlement Class, pending a final hearing on the Settlement. 22
23 herein, in the Stipulation, in the Notice of Pendency of Class Action and Proposed Settlement, Final 24
"Notice") or in the Judgment, is hereby stayed and all hearings, deadlines and other proceedings in 26 this Action, except the Final Approval Hearing, are hereby taken off calendar. 27 28
WHEREAS, the Defendants do not oppose this request; and
WHEREAS, the Court is familiar with and has reviewed the record in the Action and has
NOW, THEREFORE, IT IS HEREBY ORDERED:
1. This order (the "Preliminary Approval Order" or "Notice Order") hereby incorporates
2. The Court hereby preliminarily approves the Settlement as being fair, just, reasonable
3. Pending further order of the Court, all litigation activity, except that contemplated
Approval Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses (the 25
4. The Court hereby certifies, for settlement purposes only, pursuant to Rules 23(a) and 23(b)(3) of the Federal Rules of Civil Procedure, a Settlement Class defined as follows: 4 the Settlement only, the following plaintiffs are appointed as the Class Representatives: Alameda 17
Employees' Retirement System, Louisiana Sheriffs' Pension and Relief Fund, General Retirement 19
Retirement System of Mississippi, Policemen's Annuity & Benefit Fund of the City of Chicago, 21
Plan; and Bernstein Litowitz Berger & Grossmann LLP is appointed as Class Counsel for the 23
6. The Court approves the appointment of The Garden City Group, Inc. as the Claims
Administrator to supervise and administer the notice procedure, as well as the processing of claims as 26 more fully set forth below:
all persons or entities who purchased or otherwise acquired mortgage pass-through certificates pursuant or traceable to Wells Fargo Asset Securities Corporation's July 29,
2005 Registration Statement, October 20, 2005 Registration Statement, or September 27, 2006 Registration Statement, and the accompanying prospectuses and prospectus
supplements in the following 28 offerings and who were damaged thereby: The WFMBS 2006-1 offering, WFMBS 2006-2 offering, WFMBS 2006-3 offering,
WFMBS 2006-4 offering, WFMBS 2006-6 offering, WFMBS 2006-AR1 offering, WFMBS 2006-AR2 offering, WFMBS 2006-AR4 offering, WFMBS 2006-AR5
offering, WFMBS 2006-AR6 offering, WFMBS 2006-AR8 offering, WFMBS 2006-AR10 offering, WFMBS 2006-AR11 offering, WFMBS 2006-AR12 offering, WFMBS
2006-AR14 offering, WFMBS 2006-AR17 offering, WFMBS 2007-11 offering, WFMBS 2006-7 offering, WFMBS 2006-10 offering, WFMBS 2006-AR16 offering,
WFMBS 2006-18 offering, WFMBS 2006-AR19 offering, WFMBS 2006-20 offering, WFALT 2007-PA1 offering, WFMBS 2007-AR4 offering, WFMBS 2007-10 offering,
WFMBS 2007-13 offering, and WFMBS 2006-AR15 offering. Excluded from the Class are Defendants and their respective officers, affiliates and directors at all relevant
times, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which any Defendant has or had a controlling
interest, except that Investment Vehicles shall not be excluded from the Class. Also excluded from the Class are any persons or entities who exclude themselves by filing a
valid request for exclusion in accordance with the requirements set forth in the Notice.
5. Pursuant to Rule 23 of the Federal Rules of Civil Procedure, and for the purposes of
County Employees' Retirement Association, Government of Guam Retirement Fund, New Orleans 18
System of the City of Detroit, Vermont Pension Investment Committee, Public Employees' 20
Southeastern Pennsylvania Transportation Authority, and Plumbers & Steamfitters Local 60 Pension 22
a. No later than August 9, 2011, the Claims Administrator shall cause a copy of the Notice and Proof of Claim Form (the "Claim Form"), annexed hereto as Exhibits A-1 and
and the Claim Form, and finds that the procedures established for publication, mailing and 12 distribution of such Notices substantially in the manner and ...