BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP MATTHEW P ...securities.stanford.edu/filings-documents/1042/WFC... · biographical information for the attorneys is contained in Lead Counsel’s

Case5:09-cv-01376-LHK Document470-1 Filed11/03/11 Page1 of 43

1 BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP

DAVID R. STICKNEY (Bar No. 188574) TIMOTHY A. DeLANGE (Bar No. 190768) NIKI L. MENDOZA (Bar No. 214646) MATTHEW P. JUBENVILLE (Bar No. 228464) JONATHAN D. USLANER (Bar No. 256898) PAUL M. JONNA (Bar No. 265389) 12481 High Bluff Drive, Suite 300 San Diego, CA 92130 Tel: (858) 793-0070 Fax: (858) 793-0323 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Attorneys for Lead Plaintiffs Alameda County Employees’ Retirement Association, Government of Guam Retirement Fund, New Orleans Employees’ Retirement System and Louisiana Sheriffs’ Pension and ReliefFund

UNITED STATES DISTRICT COURT

NORTHERN DISTRICT OF CALIFORNIA - SAN JOSE DIVISION

IN RE WELLS FARGO MORTGAGE-BACKED CERTIFICATES LITIGATION

SUPPLEMENTAL DECLARATION OF DAVID R. STICKNEY REGARDING PLAINTIFFS’ COUNSEL’S LODESTAR

Judge: Hon. Lucy H. Koh Date: October 27, 2011 Time: 1:30 p.m. Courtroom: 4, 5 th Floor

Civil Action No. 09-cv-01376-LHK (PSG)

CONSOLIDATED CLASS ACTION ECF

SUPP. STICKNEY DECL.

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Case No. CV-09-01376-LHK(PSG)


I, David R. Stickney, do hereby state, under the penalty of perjury, as follows:

1. I am a partner of the law firm of Bernstein Litowitz Berger & Grossmann LLP

(“Bernstein Litowitz”), Court-appointed Lead Counsel in this Action and counsel for Court-appointed

Lead Plaintiffs Alameda County Employees’ Retirement Association, Government of Guam

Retirement Fund, New Orleans Employees’ Retirement System, and Louisiana Sheriffs’ Pension and

Relief Fund (“Lead Plaintiffs”). I have personal knowledge of all material matters related to the Action

based upon my active supervision and participation in the prosecution of this Action since its inception.

If called upon to do so, I could and would testify to the matters set forth herein. 1

2. This declaration supplements my prior declaration of September 22, 2011 (ECF No.

453). To avoid repetition, this declaration incorporates herein my prior declaration.

3. Pursuant to the Court’s request at the October 27, 2011 Final Approval Hearing, I am

attaching Exhibit 1, which is a chart detailing the time spent by each attorney and paraprofessional at

my firm and Additional Counsel for Lead Plaintiff Louisiana Sheriffs’ Pension and Relief Fund,

Klausner & Kaufman, P.A. The total time spent by each attorney and paraprofessional was reported in

my prior declaration dated September 22, 2011 (ECF No. 453) (“Stickney Decl.”). Exhibit 1 to this

declaration itemizes the amount of that total time spent in each of the twelve described tasks. Similar

charts detailing the time of the other Plaintiffs’ Counsel are attached to the Supplemental Declarations

attached hereto as Exhibit 2. My prior declaration describes the work done in each of these categories

and how that work benefitted the Class.

4. The following explains the tasks performed by the attorneys at my firm who were

primarily responsible for the prosecution of this litigation, demonstrating how work was divided up

amongst the attorneys on the case based on their experience and skill level required. In addition,

biographical information for the attorneys is contained in Lead Counsel’s firm resume, previously

submitted as Exhibit H to my prior Stickney Declaration (ECF No. 453-8).

1 Unless otherwise noted, all capitalized terms herein have the meanings set forth in the Stipulation of Settlement. Nothing herein is intended to alter, nor shall it be construed as altering, the terms of the Stipulation of Settlement.

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SUPP. STICKNEY DECL. -1- Case No. CV-09-01376-LHK(PSG)


a. As summarized in ¶¶11-80 of my prior declaration, I was the lead partner at

Bernstein Litowitz responsible for the day-to-day prosecution of the action. I

oversaw and was involved in all aspects of the action, including conducting the

investigation; communicating regularly with Lead Plaintiffs, class

representatives and counsel for additional plaintiffs; drafting the complaints;

opposing Defendants’ motions to dismiss; retaining and working with experts;

developing evidence through discovery and arguments supporting the claims;

formulating Lead Plaintiffs’ class certification submission and opposing

Defendants’ motion for judgment on the pleadings and motion for partial

summary judgment; pursuing the appeal to the Ninth Circuit Court of Appeals;

and negotiating the ultimate resolution for the benefit of the Settlement Class.

b. Timothy DeLange, a Bernstein Litowitz partner, was involved in the daily

prosecution of the case. In this role, he drafted the complaints, opposed

Defendants’ motions to dismiss, and formulated and implemented the discovery

plan. He was also integrally involved in preparing the class certification briefing

and consulting with experts regarding the claims both for purposes of the class

certification and on the merits.

c. Matthew Jubenville, Jonathan Uslaner, and Takeo Keller, current or former

Bernstein Litowitz associates, were largely responsible for the massive

undertaking necessary to compile and review the records necessary to provide

the factual support for the complaints and to review the voluminous discovery

obtained in this case. They were also involved in drafting the oppositions to

Defendants’ motions to dismiss. They reviewed and analyzed the documents

obtained through discovery and assisted and prepared preliminary drafts related

to discovery, class certification, and Defendants’ motion for judgment on the

pleadings and motion for partial summary judgment.

d. Staff attorneys Adam Donaton, Andrew Kushnick, Paula Miller, Michelle

Samuels, Nathan Shultz and Eva Taylor reviewed the voluminous documents

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obtained in this case, prepared files for depositions, and regularly met with and

updated the additional attorneys on developments in evidence in the case.

5. The lodestar amounts for the attorneys and professional support staff of the firm who

were involved in this litigation as indicated in Exhibit 1 are based on their current billing rates. These

billing rates are based on qualifications and experience of each partner, associate, and staff attorney.

See Firm Resume, Exhibit H to Stickney Declaration (ECF No. 453-8).

6. Lead Counsel’s rates are based on its annual survey of the industry standard using

available information, including rates charged by law firms who regularly defend securities class

actions. Lead Counsel surveyed four other securities litigation specialist firms on the plaintiffs’ side,

and five securities litigation specialist firms that we regularly face on the defense side. The information

on rates for the plaintiffs’ counsel firms was typically obtained from attorneys’ fees applications in

other securities class actions. The information on rates for the defense firms was typically obtained

from bankruptcy court filings, in which approval to pay attorneys’ fees was requested.

7. Lead Counsel’s rates are comparable to, or less than, the known hourly rates charged by

defense counsel as reported by The American Lawyer . For example, between August 2008 and August

2009 – i.e., 2-3 years ago – the rates for partners at Cadwalader, Wickersham & Taft LLP (who

represented Wells Fargo and the Individual Defendants at times in this case) ranged from $700 to

$1,050 per hour (with a median rate of $900) and the rates for its associates ranged from $335 to $620

per hour (with a median rate of $480). See “Top Firms Ranked by Medium Partner Hourly Rate,” The

American Lawyer (Jan. 26, 2010) (attached as Exhibit 3 hereto). During the same time frame, the

reported rates for partners at Fried, Frank, Harris, Shriver & Jacobson LLP (“Fried Frank”) (who

represented the Underwriter Defendants in this case) ranged from $735 to $895 (with a median rate of

$835) and the reported rates of its associates ranged from $360 to $600 (with a median rate of $470).

Id. A recent bankruptcy fee application submitted by Fried Frank in 2011 reflects that today its current

partner rates range from $970 to at least $1,100 per hour, and that its associate rates range from $395 to

at least $580 per hour. See Third Interim Fee Application, In re Innkeepers USA Trust , Case No. 10-

13800 (SCC), ECF No. 2087 (S.D.N.Y. Bankr. Sept. 14, 2011).

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8. Lead Counsel’s current rates are in line with or lower than those reported rates. The

rates for the partners who worked on this case range from $700 to $975 per hour (with a median rate

of $800), and the rates for the associates who worked on the case range from $425 to $500 per hour

(with a median rate of $475). See Exhibit 1.

I declare under penalty of perjury that the foregoing facts are true and correct and that this

declaration was executed this 3rd day of November, 2011.

/s/ David R. Stickney DAVID R. STICKNEY

SUPP. STICKNEY DECL. -4-

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Case No. CV-09-01376-LHK(PSG)


EXHIBIT 1


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ith

expert

s) a

nd

conti

nuin

g se

ttle

men

t neg

oti

atio

ns;

neg

oti

atio

n an

d p

rep

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on o

f se

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men

t do

cum

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and br

iefs

in

supp

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of

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pre

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pre

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n p

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pp

rov

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(9)

Dis

cov

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d an

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of

evid

ence

, dr

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scov

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neg

otia

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s w

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d fo

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rev

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an

d an

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of di

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dep

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ions

, dr

afti

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nd

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ting

dis

cove

ry r

ela

ted

ord

ers,

Cas

e M

anag

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t O

rder

s, a

nd

rep

orts

(10)

Cla

ss c

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tion

bri

efin

g, i

nclu

ding

leg

al r

esea

rch

and

wor

king

wit

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esp

ect

to c

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cer

tific

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on;

disc

over

y r

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cla

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(3)

Dra

ftin

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itia

l an

d co

nso

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com

pla

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, inc

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fil

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and

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wit

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Dra

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cons

olid

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(7)

Def

enda

nts

' sec

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iss

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firs

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EXHIBIT 2
































EXHIBIT 3


HOME THE AM LAW DAILY LITIGATION DAILY THE ASIAN LAWYER RANKINGS VIDEOS MAGAZINE ADVERTISE SUBSCRIBE

Home › Top Firms Ranked by Medium Partner Hourly Rate

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Order the 2009 Bankruptcy Billing Rates Report

Median

Partner

Number of

Median

Associate

Number of Firm Partner

Rate

Partners in

Associate

Rate

Associates in

Notable Filings Rate*

Range

the Filings

Rate

Range

the Filings

Simpson $980

$785 –30 $530

$280 –85

Thacher $1,000 $690

Lehman Brothers, Washington Mutual, Inc.

Cleary $725 – $235 – Nortel Networks,

Gottlieb $960

$980 47 $495

$910 132 Apex Silver

Mines Limited

Shearman &Worldspace, Inc.,

$850 – $345 – $950 12 $525 28 Washington

Sterling $1,065 $675

Mutual

Davis Polk $948 $730 –

14 $530 $440 –

66 $985 $695

BearingPoint, Star Tribune Holdings Corporation

Skadden $945 $743 –

38 $540 $356 –

96 $1,050 $680

BearingPoint, Mrs. Fields’ Original Cookies, Inc.

Buffets Holdings, $800 – $395 –

Paul, Weiss $925 24 $520 41 Inc., Tronox $1,025 $660

Incorporated

Lyondell $700 – $335 –

Cadwalader $900 29 $480 114 Chemical $1,050 $620

Company

Milbank, $700 – $420 – Tweed

$900 $995

55 $550 $710

171 Lehman Brothers

Bingham $575 – $300 – BearingPoint, McCutchen

$880 $995

31 $440 $665

45 Lehman Brothers

Quinn $860

$660 – 24 $420

$370 – 33

Emanuel $970 $760

Lehman Brothers, Washington Mutual, Inc.

Willkie Farr $855

$690 – 26 $520

$290 – 72

Journal Register & Gallagher $995 $685 Co.

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Gibson, $840

$635 – 29 $495

$345 – 38

Dunn $995 $710

Building Materials Holding Corp, Special Devices, Inc.

Fried, Frank $835 $735 –

18 $470 $360 –

34 $895 $600

Aleris International Inc, Cooper-Standard Holdings Inc.

Latham & $600 – Eddie Bauer

Watkins $830

25 57 $490

$350 –5

76 Holdings, Spansion, Inc.

Paul, $695 – $345 – Hastings

$825 $950

39 $505 $655

54 Spansion, Inc.

White & $825

$700 – 21 $598

$365 – 46

WCI Case $1,050 $685 Communities Inc.

Dechert $825 $690 13 $490

$355 – 29 $965 $665

AGT Crunch Acquisition LLC, Arclin US Holdings

METHODOLOGY: The Bankruptcy Billing Rates project contains over 13,000 bankruptcy entries for the period August 2008 through August 2009, encompassing the Southern District of NY and Delaware courts. The rates are merely a snapshot of what lawyers were charging in 2008 and 2009, and were culled exclusively from court documents

submitted to the nation's two busiest bankruptcy courts - the Southern District of NY and Delaware - by firms

seeking compensation for legal work done in Chapter 11 cases filed between Aug. 1, 2008, and Aug. 31, 2009.

* Median rates exclude discounts on lawyers’ travel time. Source: ALM Legal Intelligence

Documents

BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP MATTHEW P ...securities.stanford.edu/filings-documents/1042/WFC... · biographical information for the attorneys is contained in Lead Counsel’s