General Retirement System of the City of Detroit v. The Wells Fargo Mortgage Backed Securities 2006-AR18 Trust et al

Filing 70

ORDER re: service of summons (ts, COURT STAFF) (Filed on 6/12/2009)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page1 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

GREGORY A. MARKEL [e-mail] RONIT SETTON [e-mail] AMANDA KOSOWSKY (SBN 214282) [e-mail] CADWALADER, WICKERSHAM & TAFT LLP One World Financial Center New York, New York 10281 Telephone: [phone] Facsimile: [phone] PILLSBURY WINTHROP SHAW PITTMAN LLP BRUCE A. ERICSON (SBN 76342) [e-mail] 50 Fremont Street Post Office Box 7880 San Francisco, California 94120-7880 Telephone: [phone] Attorneys for Defendants Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A., The Wells Fargo Mortgage Backed Securities 2006-AR18, 2006-17, 200615, 2006-16, 2006-AR19, 2006-18, 2006-20, 2006-19, 2007-1, 2007-2, 2007-AR3, 2007-4, 2007-3, 2007-5, 2007-6, 2007-7, 2007-8, 2007-9, 2007-10, 2007-11, and 2007-12 Trusts, The Wells Fargo Alternative Loan 2007PA 1 Trust, David Moskowitz, Franklin Codel, Thomas Neary, and Douglas K. Johnson UNITED STATES DISTRICT COURT

17 NORTHERN DISTRICT OF CALIFORNIA 18 19 20 21 22 23 24 25 26 27 28
701542619v1 STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

GENERAL RETIREMENT SYSTEM OF THE CITY OF DETROIT, Individually And On Behalf of All Others Similarly Situated, Plaintiff, v. The Wells Fargo Mortgage Backed Securities 2006-AR18 Trust, et al. Defendants.

No. C-09-1376 (SI) STIPULATION AND [PROPOSED] ORDER REGARDING ACCEPTANCE OF SERVICE OF SUMMONS AND RESPONSE DATE Lodged Herewith: Proposed Order

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page2 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

WHEREAS: 1. The complaint in this securities class action was filed on March 27, 2009

(the "Class Action Complaint"); 2. This action is the first of two securities class actions filed in this district that

this Court has deemed to be related and are pending in this Court; 3. Plaintiffs in this action and the related action filed on June 1, 2009 motions

for consolidation of these related securities class actions and for appointment of a lead plaintiff and lead counsel pursuant to the Private Securities Litigation Reform Act, 15 U.S.C. § 77z-1, et seq. 4. The parties anticipate that consolidation of these actions will result in the

filing of a single consolidated complaint or the designation of one complaint as the operative complaint in the related actions; 5. The undersigned defendants wish to continue the date for any response to the

complaint in this action until after a consolidated complaint has been filed or a complaint has been designated as the operative complaint. THEREFORE, IT IS HEREBY STIPULATED, by and between the undersigned counsel for the parties herein, that: 1. Cadwalader, Wickersham & Taft LLP is authorized to accept on behalf of

defendants The Wells Fargo Mortgage Backed Securities 2006-AR18 Trust, The Wells Fargo Mortgage Backed Securities 2006-17 Trust, The Wells Fargo Mortgage Backed Securities 2006-15 Trust, The Wells Fargo Mortgage Backed Securities 2006-16 Trust, The Wells Fargo Mortgage Backed Securities 2006-AR19 Trust, The Wells Fargo Mortgage Backed Securities 2006-18 Trust, The Wells Fargo Mortgage Backed Securities 2006-20 Trust, The Wells Fargo Mortgage Backed Securities 2006-19 Trust, The Wells Fargo Mortgage Backed Securities 2007-1 Trust, The Wells Fargo Alternative Loan 2007-PA 1 Trust, The Wells Fargo Mortgage Backed Securities 2007-2 Trust, The Wells Fargo Mortgage Backed Securities 2007-AR3 Trust, The Wells Fargo Mortgage Backed Securities 2007-4 Trust, The Wells Fargo Mortgage Backed Securities 2007-3 Trust, The
701542619v1

1

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. 09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page3 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

Wells Fargo Mortgage Backed Securities 2007-5 Trust, The Wells Fargo Mortgage Backed Securities 2007-6 Trust, The Wells Fargo Mortgage Backed Securities 2007-7 Trust, The Wells Fargo Mortgage Backed Securities 2007-8 Trust, The Wells Fargo Mortgage Backed Securities 2007-9 Trust, The Wells Fargo Mortgage Backed Securities 2007-10 Trust, The Wells Fargo Mortgage Backed Securities 2007-11 Trust, The Wells Fargo Mortgage Backed Securities 2007-12 Trust, Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A., David Moskowitz, Franklin Codel, Thomas Neary, and Douglas K. Johnson, and does hereby accept, service of the summons and complaint in this action without prejudice and without waiver of these defendants' defenses except as to sufficiency of service of process; 2. Fried, Frank, Harris, Shriver & Jacobson LLP is authorized to accept on

behalf of defendants Goldman, Sachs & Co., JPMorgan Chase, Inc., as successor-ininterest to Bear, Stearns & Co., Inc., HSBC Securities (USA), Inc., Deutsche Bank Securities, Inc., UBS Securities LLC, Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., Barclays Capital, Inc., Banc of America Securities, LLC, and Bank of America Corporation, as successor-in-interest to Merrill Lynch, Pierce, Fenner & Smith, Inc. ("Underwriter Defendants"), and does hereby accept, service of the summons and complaint in this action without prejudice and without waiver of the Underwriter Defendants' defenses except as to sufficiency of service of process; 3. If a motion for consolidation is granted and Plaintiff is appointed Lead

Plaintiff by the Court, Plaintiff shall have 45 days from the appointment of Lead Plaintiff(s) and Lead Counsel pursuant to 15 U.S.C. § 77z-1(a)(3) to file a consolidated amended complaint or to designate one complaint in the consolidated class actions as the operative complaint (the "Operative Complaint"); 4. The Defendants shall have no obligation to move, answer, or otherwise

respond to the Class Action Complaint in this action unless Plaintiff is appointed Lead Plaintiff by the Court and thereafter designates the Class Action Complaint in this action the Operative Complaint, or the Court denies a motion to consolidate the actions;
701542619v1

-2-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page4 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

5.

(a)

If a motion for consolidation is granted and Plaintiff is appointed

Lead Plaintiff, Defendants' last day to move, answer or otherwise respond to the Operative Complaint shall be extended to the date 60 days after the filing or designation of the Operative Complaint; (b) Complaint: (i) Plaintiff shall have 60 days from the date such motion is in the event that Defendants move to dismiss the Operative

served to serve opposition papers; and (ii) Defendants shall have 30 days from the date opposition

papers are served by Plaintiff to serve reply papers. (c) If a motion for consolidation is not granted, Defendants' last day to

move, answer or otherwise respond to the Class Action Complaint shall be extended to the date 60 days from the date on which a motion for consolidation and to appoint a lead plaintiff is denied.

DECLARATION PURSUANT TO GENERAL ORDER 45, § X.B I, BRUCE A. ERICSON, hereby declare pursuant to General Order 45, § X.B, that I have obtained the concurrence in the filing of this document from each of the other signatories listed below. I declare under penalty of perjury that the foregoing declaration is true and correct. Executed on June 5, 2009, at San Francisco, California. /s/ Bruce A. Ericson Bruce A. Ericson

701542619v1

-3-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page5 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

Dated: June 5, 2009 GREGORY MARKEL (pro hac vice application to be submitted) RONIT SETTON (pro hac vice application to be submitted) AMANDA KOSOWSKY CADWALADER, WICKERSHAM & TAFT LLP One World Financial Center New York, New York 10281 PILLSBURY WINTHROP SHAW PITTMAN LLP BRUCE A. ERICSON 50 Fremont Street Post Office Box 7880 San Francisco, California 94120-7880 By /s/ Bruce A. Ericson

Attorneys for Defendants The Wells Fargo Mortgage Backed Securities 2006-AR18 Trust, The Wells Fargo Mortgage Backed Securities 2006-17 Trust, The Wells Fargo Mortgage Backed Securities 2006-15 Trust, The Wells Fargo Mortgage Backed Securities 2006-16 Trust, The Wells Fargo Mortgage Backed Securities 2006-AR19 Trust, The Wells Fargo Mortgage Backed Securities 2006-18 Trust, The Wells Fargo Mortgage Backed Securities 2006-20 Trust, The Wells Fargo Mortgage Backed Securities 2006-19 Trust, The Wells Fargo Mortgage Backed Securities 2007-1 Trust, The Wells Fargo Alternative Loan 2007-PA 1 Trust, The Wells Fargo Mortgage Backed Securities 2007-2 Trust, The Wells Fargo Mortgage Backed Securities 2007-AR3 Trust, The Wells Fargo Mortgage Backed Securities 2007-4 Trust, The Wells Fargo Mortgage Backed Securities 2007-3 Trust, The Wells Fargo Mortgage Backed Securities 2007-5 Trust, The Wells Fargo Mortgage Backed Securities 2007-6 Trust, The Wells Fargo Mortgage Backed Securities 2007-7 Trust, The Wells Fargo Mortgage Backed Securities 2007-8 Trust, The Wells Fargo Mortgage Backed Securities 2007-9 Trust, The Wells Fargo Mortgage Backed Securities 2007-10 Trust, The Wells Fargo Mortgage Backed Securities 2007-11 Trust, The Wells Fargo Mortgage Backed Securities 2007-12 Trust, Wells Fargo Asset Securities Corporation, Wells Fargo Bank, N.A., David Moskowitz, Franklin Codel, Thomas Neary, and Douglas K. Johnson WILLIAM G. MCGUINNESS (pro hac vice application to be submitted) [e-mail] STEPHANIE J. GOLDSTEIN (pro hac vice application to be submitted)
701542619v1

-4-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page6 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
701542619v1

[e-mail] FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP One New York Plaza New York, New York 10004 PILLSBURY WINTHROP SHAW PITTMAN LLP BRUCE A. ERICSON 50 Fremont Street Post Office Box 7880 San Francisco, California 94120-7880 By /s/ Bruce A. Ericson

Attorneys for Defendants Goldman, Sachs & Co., JPMorgan Chase, Inc. as successor-in-interest to Bear Stearns & Co., Inc., HSBC Securities (USA), Inc., Deutsche Bank Securities, Inc., UBS Securities LLC, Citigroup Global Markets, Inc., Greenwich Capital Markets, Inc., Barclays Capital, Inc., Banc of America Securities LLC, and Bank of America Corporation, as successor-in-interest to Merrill Lynch, Pierce, Fenner & Smith, Inc.

-5-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page7 of 9

1 2 3 4 5 6 7 8 9 10 11 12

DAVID T. BIDERMAN, SBN 101577 [e-mail] JUDITH B. GITTERMAN, SBN 115661 [e-mail] PERKINS COIE LLP 1620 26th Street Sixth Floor, South Tower Santa Monica, California 90404 Telephone: [phone] Facsimile: [phone] FLOYD ABRAMS (pro hac vice application pending) ADAM ZUROFSKY (pro hac vice application pending) TAMMY L. ROY (pro hac vice application pending) CAHILL GORDON & REINDEL LLP 80 Pine Street New York, New York 10005 Telephone: [phone] Facsimile: [phone] By /s/

13 14 15 16 17 18 19 20 21 22 23 24 By 25 26 27 28
701542619v1

Attorneys for Defendant The McGraw-Hill Companies, Inc. KEITH E. EGGLETON, SBN 159842 [e-mail] DAVID A. MCCARTHY, SBN 226415 [e-mail] WILSON SONSINI GOODRICH & ROSATI Professional Corporation 650 Page Mill Road Palo Alto, CA 94304 Telephone: [phone] Facsimile: [phone] JAMES J. COSTER (pro hac vice application to be submitted) JOSHUA M. RUBINS (pro hac vice application to be submitted) SATTERLEE STEPHENS BURKE & BURKE LLP 230 Park Avenue New York, NY 10169 /s/

Attorneys for Defendant Moody's Investors Service, Inc.

-6-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page8 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
701542619v1

PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP MARTIN FLUMENBAUM ANDREW J. EHRLICH TOBIAS J. STERN 1285 Avenue of the Americas New York, NY 10019 Telephone: [phone] Facsimile: [phone] TAYLOR & COMPANY LAW OFFICES, LLP STEPHEN E. TAYLOR (SBN 58452) JAYESH HINES-SHAH (SBN 214256) JONATHAN A. PATCHEN (SBN 237346) One Ferry Building, Suite 355 San Francisco, CA 94111 Telephone: [phone] Facsimile: [phone] By /s/

Attorneys for Defendant Fitch, Inc. FRANCIS M. GREGOREK ([e-mail]) BETSY C. MANIFOLD ([e-mail]) RACHELE R. RICKERT ([e-mail]) WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP 750 B Street, Suite 2770 San Diego, California 92101 Telephone: [phone] Facsimile: [phone] JOSEPH C. KOHN DENIS F. SHEILS WILLIAM E. HOESE NEIL L. GLAZER KOHN, SWIFT, & GRAF, P.C. One South Broad Street, Suite 2100 Philadelphia, Pennsylvania 19107 Telephone: [phone] Facsimile: [phone] By /s/

Attorneys for Plaintiff

-7-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)

Case3:09-cv-01376-SI Document60

Filed06/05/09 Page9 of 9

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
701542619v1

[PROPOSED] ORDER PURSUANT TO STIPULATION, IT IS SO ORDERED. Dated: June ___, 2009. The Honorable Susan Illston United States District Judge

-8-

STIPULATION REGARDING ACCEPTANCE OF SERVICE OF SUMMONS Case No. C-09-1376 (SI)