Kagan et al v. Wachovia Securities, LLC et al

Filing 80

STIPULATION AND ORDER extending deadline to submit settlement agreement for the Court's approval to 1/13/12. Signed by Judge Samuel Conti on 12/8/11. (tdm, COURT STAFF) (Filed on 12/8/2011)

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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]
BINGHAM McCUTCHEN LLP
MICHAEL D. BLANCHARD (pro hac vice)
One State Street
Hartford, CT 06103-3178
Telephone: [phone]
Facsimile: 860.240.2800
[e-mail]
Attorneys for Defendants
Wells Fargo Advisors, LLC, Wells Fargo Advisors
Financial Network, LLC, Wells Fargo Securities, LLC,
and Wells Fargo & Company

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UNITED STATES DISTRICT COURT

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NORTHERN DISTRICT OF CALIFORNIA

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SAN FRANCISCO DIVISION

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THEODORE KAGAN, JAMES AVEN,
FRANCES LEVY, ELAINE SOFFA, JOSEPH
SOFFA, and ALBERKRACK FAMILY
LIMITED PARTNERSHIP, on behalf of
themselves and all others similarly situated,

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Plaintiffs,

No. 09-5337 (SC)
STIPULATION TO EXTEND
DEADLINE TO SUBMIT
SETTLEMENT AGREEMENT FOR
THE COURT’S APPROVAL
Judge:

v.

Hon. Samuel Conti

WACHOVIA SECURITIES, L.L.C., a North
Carolina limited liability company; WACHOVIA
SECURITIES FINANCIAL NETWORK, L.L.C.,
a North Carolina limited liability company;
WACHOVIA CAPITAL MARKETS, L.L.C., a
North Carolina limited liability company;
WELLS FARGO ADVISORS, L.L.C., a
Delaware limited liability company; WELLS
FARGO ADVISORS FINANCIAL NETWORK,
L.L.C., a Delaware limited liability company;
WELLS FARGO SECURITIES, L.L.C., a
Delaware limited liability company; WELLS
FARGO & COMPANY, a Delaware corporation;
and DOES 1 through 10, inclusive,
A/74619523.1/3003050-0000343638

09-5337 & 11-00412

STIPULATION TO EXTEND DEADLINE TO SUBMIT SETTLEMENT AGREEMENT
FOR THE COURT’S APPROVAL

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Defendants.

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

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No. CV-11-00412 (SC)

Plaintiffs,
v.
WACHOVIA SECURITIES, LLC, a North
Carolina limited liability company, WACHOVIA
SECURITIES FINANCIAL NETWORK, LLC, a
North Carolina limited liability company,
WELLS FARGO ADVISORS LLC; a Delaware
limited liability company, WELLS FARGO
SECURITIES FINANCIAL NETWORK, LLC, a
Delaware limited liability company,
Defendants.
Through this Stipulation, Plaintiffs Theodore Kagan, James Aven, Frances Levy, Elaine

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Soffa, Joseph Soffa, Alberkrack Family Limited Partnership, and Brent Balkema (“Plaintiffs”)

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and Defendants Wells Fargo Advisors, LLC (sued under its own name and also under the name

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“Wachovia Securities, LLC”), Wells Fargo Advisors Financial Network, LLC (sued under its

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own name and also under the name “Wachovia Securities Financial Network, LLC”), Wells

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Fargo Securities (sued under its own name and also under the name “Wachovia Capital Markets,

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LLC”) and Wells Fargo & Company (“Defendants”), collectively referred to herein as the

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“Parties,” through their counsel of record, hereby stipulate to extend the previously agreed

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deadline for the parties to submit a proposed class action settlement stipulation and motion for

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preliminary approval of settlement to January 13, 2012.

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WHEREAS, the Parties have exchanged drafts of a proposed settlement agreement on

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behalf of a proposed settlement class and are in good faith working towards completing drafts of

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accompanying documents necessary for the Court’s consideration of the proposed settlement,

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subject to completion of confirmatory discovery;

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WHEREAS, given the nature of this litigation and proposed settlement, involving a class

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action regarding the settlement of claims arising from a previous class action, the proposed
A/74619523.1/3003050-0000343638
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09-5337 (SC) & 11-00412 (SC)
STIPULATION TO EXTEND DEADLINE TO SUBMIT SETTLEMENT AGREEMENT
FOR THE COURT’S APPROVAL

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settlement drafts and accompanying settlement materials are complicated documents not readily

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duplicated by use of boilerplate class action settlement language and require extensive drafting

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of appropriate language for the Court’s consideration;

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WHEREAS, the Parties have in good faith been engaging in confirmatory discovery in
connection with the settlement and such discovery is near complete;
WHEREAS, upon completion of confirmatory discovery, anticipated to occur by

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December 18, 2011, the Parties will be able to finalize a proposed settlement and all

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accompanying documents necessary for the Court’s consideration;

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WHEREAS, the Parties anticipate that they will be able to resolve all outstanding details
and finalize the proposed settlement by January 13, 2012;
NOW, THEREFORE, the Parties jointly request and hereby stipulate that the Parties shall

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submit a settlement agreement, combined with a stipulation to conditionally certify a class for

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settlement purposes, for the Court’s approval under Federal Rule of Civil Procedure 23(e), no

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later than January 13, 2012.

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IT IS SO STIPULATED, THROUGH COUNSEL OF RECORD:
DATED: December 6, 2011

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KABATECK BROWN KELLNER LLP

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By:

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/s/ Karen Liao
Richard L. Kellner
Karen Liao
Attorneys for Plaintiffs

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DATED: December 6, 2011

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BINGHAM MCCUTCHEN LLP

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By:

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/s/ Michael D. Blanchard
Michael D. Blanchard
Donald S. Davidson
Sarah L. Bishop
Attorneys for Defendants

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A/74619523.1/3003050-0000343638

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09-5337 (SC) & 11-00412 (SC)

STIPULATION TO EXTEND DEADLINE TO SUBMIT SETTLEMENT AGREEMENT
FOR THE COURT’S APPROVAL

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ATTESTATION
I hereby attest that I have on file all holograph signatures for any signatures indicated by

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a “conformed” signature (/s/) within this e-filed document.

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DATED: December 6, 2011

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BINGHAM MCCUTCHEN LLP

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By:

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/s/ Sarah L. Bishop
Michael D. Blanchard
Donald S. Davidson
Sarah L. Bishop
Attorneys for Defendants

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A/74619523.1/3003050-0000343638

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09-5337 (SC) & 11-00412 (SC)

STIPULATION TO EXTEND DEADLINE TO SUBMIT SETTLEMENT AGREEMENT
FOR THE COURT’S APPROVAL

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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

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Parties to submit a class action settlement stipulation and motion for preliminary approval of

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settlement shall be January 13, 2012.

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DATED: December _____, 2011
S
UNIT
ED

D
RDERE
IS SO O
T Hon. Samuel Conti
I

R NIA

By:

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ISTRIC
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United States District Judge

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Judge S

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onti

amuel C

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A/74619523.1/3003050-0000343638

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09-5337 (SC) & 11-00412 (SC)

STIPULATION TO EXTEND DEADLINE TO SUBMIT SETTLEMENT AGREEMENT
FOR THE COURT’S APPROVAL