Kagan et al v. Wachovia Securities, LLC et al

Filing 78

STIPULATION AND ORDER Extend Deadline to Submit Class Action Settlement to 12/6/11. Signed by Judge Samuel Conti on 11/14/11. (tdm, COURT STAFF) (Filed on 11/15/2011)

1 BRIAN S. KABATECK, SBN 152054
([e-mail])
RICHARD L. KELLNER, SBN 171416
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([e-mail])
KAREN LIAO, SBN 256072
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([e-mail])
KABATECK BROWN KELLNER LLP
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644 South Figueroa Street
5 Los Angeles, CA 90017
Telephone: [phone]
6 Facsimile: [phone]
7 Attorneys for Plaintiffs Theodore Kagan,
James Aven, Frances Levy, Elaine Soffa,
8 Joseph Soffa, Alberkrack Family
Limited Partnership, Brent Balkema
9 and the proposed class
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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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THEODORE KAGAN, JAMES
13 AVEN, FRANCES LEVY, ELAINE
SOFFA, JOSEPH SOFFA, and
14 ALBERKRACK FAMILY LIMITED
PARTNERSHIP, on behalf of
15 themselves and all others similarly
situated,
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Plaintiff,
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vs.
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WACHOVIA SECURITIES, L.L.C., a
19 North Carolina limited liability
company; WACHOVIA
20 SECURITIES FINANCIAL
NETWORK, L.L.C., a North Carolina
21 limited liability company;
WACHOVIA CAPITAL MARKETS,
22 L.L.C., a North Carolina limited
liability company; WELLS FARGO
23 ADVISORS, L.L.C., a Delaware
limited liability company; WELLS
24 FARGO ADVISORS FINANCIAL
NETWORK, L.L.C., a Delaware
25 limited liability company; WELLS
FARGO SECURITIES, L.L.C., a
26 Delaware limited liability company;
WELLS FARGO & COMPANY, a
27 Delaware corporation; and DOES 1
through 10, inclusive,
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Case Nos. CV 09 5337 SC and
CV 11 0412 SC
Hon. Samuel Conti
STIPULATION TO EXTEND
DEADLINE TO SUBMIT CLASS
ACTION SETTLEMENT
STIPULATION; [PROPOSED]
ORDER THEREON

STIPULATION RE PLAINTIFFS’ MOTION FOR CLASS CERTIFICATION AND DATE TO
FILE ANSWER TO THE COMPLAINT; [PROPOSED] ORDER THEREON (3:09-cv-05337-SC)

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Defendants.

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BRENT BALKEMA, as Trustee for
3 the Jesse J. Balkema Rev Trust, on
behalf of himself and all others
4 similarly situated,
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Plaintiff,

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vs.

7 WACHOVIA SECURITIES, LLC, a
North Carolina limited liability
8 company, WACHOVIA
SECURITIES FINANCIAL
9 NETWORK, LLC, a North Carolina
limited liability company, WELLS
10 FARGO ADVISORS LLC; a
Delaware limited liability company,
11 WELLS FARGO SECURITIES
FINANCIAL NETWORK, LLC, a
12 Delaware limited liability company,
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Defendants.

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STIPULATION TO EXTEND DEADLINE TO SUBMIT CLASS ACTION SETTLEMENT
STIPULATION; [PROPOSED] ORDER THEREON (3:09-cv-05337-SC)

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Through this Stipulation, Plaintiffs Theodore Kagan, James Aven, Frances Levy,
Elaine Soffa, Joseph Soffa, Alberkrack Family Limited Partnership, and Brent Balkema
(“Plaintiffs”) and Defendants Wells Fargo Advisors, LLC (sued under its own name and
also under the name “Wachovia Securities, LLC”), Wells Fargo Advisors Financial
Network, LLC (sued under its own name and also under the name “Wachovia Securities
Financial Network, LLC”), Wells Fargo Securities (sued under its own name and also
under the name “Wachovia Capital Markets, LLC”) and Wells Fargo & Company
(“Defendants”), collectively referred to herein as the “Parties,” through their counsel of
record, stipulate to extend the deadline for the Parties to submit a class action settlement
stipulation and motion for preliminary approval of settlement, which is currently set for
November 15, 2011.
WHEREAS, the Parties have in good faith been engaging in discussions regarding
confirmatory discovery in connection with the settlement;
WHEREAS, Defendants encountered unanticipated delays in collecting data
requested by Plaintiffs for purposes of confirmatory discovery due to the difficulty of
collecting the relevant data;
WHEREAS, the data collection required searching for information from thousands
of accounts dating back thirteen years, and the results comprised more than 10,000 lines
of raw data;
WHEREAS, Defendants have now completed their collection of the data requested
by Plaintiffs for purposes of confirmatory discovery and produced the data to Plaintiffs;
WHEREAS, Plaintiffs are in the process of reviewing the data produced by
Defendants and wish to take the deposition(s) of relevant employee(s) of Defendants after
completing their review;
WHEREAS, the parties require additional time to complete confirmatory discovery
and anticipate completing the discovery within the next three (3) weeks;
WHEREAS, the Court has previously extended the deadline to submit a class
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STIPULATION TO EXTEND DEADLINE TO SUBMIT CLASS ACTION SETTLEMENT
STIPULATION; [PROPOSED] ORDER THEREON (3:09-cv-05337-SC)

1 action settlement stipulation from September 30, 2011 to November 15, 2011 pursuant to
2 the Parties’ stipulation;
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NOW, THEREFORE, the Parties jointly request and hereby stipulate that the

4 deadline to submit a class action settlement stipulation and motion for preliminary
5 approval under Rule 23(e) of the Federal Rules of Civil Procedure be extended by three
6 (3) weeks. The Parties shall submit a class action settlement stipulation and motion for
7 preliminary approval by December 6, 2011.
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STIPULATION TO EXTEND DEADLINE TO SUBMIT CLASS ACTION SETTLEMENT
STIPULATION; [PROPOSED] ORDER THEREON (3:09-cv-05337-SC)

1 IT IS SO STIPULATED, THROUGH COUNSEL OF RECORD:
2 DATED: November 11, 2011

KABATECK BROWN KELLNER LLP

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By:

/s/
Richard L. Kellner
Karen Liao
Counsel for Plaintiffs Theodore Kagan, James Aven,
Frances Levy, Elaine Soffa, Joseph Soffa, Alberkrack
Family Limited Partnership, Brent Balkema and the
proposed class

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DATED: November 11, 2011

BINGHAM McCUTCHEN LLP
Michael D. Blanchard (Pro Hac Vice)
One State Street
Hartford, CT 06103-3178
Telephone: [phone]
Facsimile: 860.240.2800
[e-mail]

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BINGHAM McCUTCHEN LLP
DONALD S. DAVIDSON (SBN 231908)
SARAH L. BISHOP (SBN 258051)
Three Embarcadero Center
San Francisco, CA 94111-4067
Telephone: [phone]
Facsimile: 415.393.2286
[e-mail]
[e-mail]

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By:

/s/
Michael D. Blanchard (Pro Hac Vice)
Counsel for Defendants Wells Fargo Advisors, Wells
Fargo Advisors Financial Network, LLC, Wells Fargo
Securities and Wells Fargo & Company

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STIPULATION TO EXTEND DEADLINE TO SUBMIT CLASS ACTION SETTLEMENT
STIPULATION; [PROPOSED] ORDER THEREON (3:09-cv-05337-SC)

1 PURSUANT TO STIPULATION, IT IS SO ORDERED:
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Pursuant to the stipulation of the Parties and good cause appearing, the deadline for
the Parties to submit a stipulation and agreement for class action settlement and motion
for preliminary approval shall be December 6, 2011.

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S
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R NIA

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Judge S

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onti

amuel C

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_________________________________
ED
ORDER
Hon. SamuelOConti
IT IS S
United States District Judge

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11/14/11
DATED: _____________, 2011
UNIT
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STIPULATION TO EXTEND DEADLINE TO SUBMIT CLASS ACTION SETTLEMENT
STIPULATION; [PROPOSED] ORDER THEREON (3:09-cv-05337-SC)