Anwar et al v. Fairfield Greenwich Limited et al

Filing 1369

ENDORSED LETTER addressed to Judge Victor Marrero from Andrew Gordon dated 4/27/2015 re: We write on behalf of the Citco Defendants, defendant PricewaterhouseCoopers LLP, and defendant PricewaterhouseCoopers Accountants, N.V. (collectively, the "Anwar Defendants") to request a pre-motion conference. ENDORSEMENT: The Clerk of Court is directed to enter into the public record of this action the letter above submitted to the Court by the Citco Defendants. (Signed by Judge Victor Marrero on 4/28/2015) (lmb)

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PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP EDWARD T ACKERMAN UNIT 3601, OFFICE TOWER A, BEIJING FORTUNE PLAZA 1285 AVENUE OF THE AMERICAS NEW YORK, NEW YORK I 00 I 9-6064 NO. 7 DONGSANHUAN ZHONGLU CHAOYANG DISTRICT BEIJING 100020 TELEPHONE (212) 373-3000 PEOPLE'S REPUBLIC OF CHINA LLOYO K. GARRISON l 1946-1991 I RANDOLPH E. PAUL (1946-1956) SIMON H. RIF'K!NO {1950-1995) LOUIS 5. WEISS (1927-1950) JOHN F. WHARTON TELEPHONE {86-10) 5828-6300 12TH FLOOR, HONG KONG CLUB BUILDING 3A CHATER ROAD. CENTRAL ( 1927-1977) ROBERTA A. KAPLAN BRADS. KARP PATRICK N. KARSNITZ MATTHEW W. ABBOTT HONG KONG TELEPHONE (852) 2846-0300 ALLAN J. ARFFA ROBERT A. ATKINS DAVID J. BALL JOHN F. BAUGHMAN JOHN C. KENNEDY BRIAN KIM ALAN W. KORNBERG DANIEL J. KRAMER DAVID K. LAKHDHIR STEPHEN P. LAMB* JOHN E. LANGE DANIEL J. LEFFELL LYNN B. BAYARD DANIEL J. BELLER CRAIG A. BENSON MITCHELL L BERG MARK S. BERGMAN BRUCE BIRENBOIM H. CHRISTOPHER BOEHNING ANGELO BONVINO JAMES L. BROCHIN RICHARD J BRONSTEIN DAVID W. BROWN SUSANNA M. BUERGEL PATRICK 5. CAMPBELL* JESSICA S. CAREY JEANETTE K. CHAN YVONNE Y. F. CHAN LEWIS R. CLAYTON JAY COHEN ALDER CASTLE I 0 NOBLE STREET LONDON EC2V 7JU, U.K. WRITER'S DIRECT DIAL NUMBER TELEPHONE (44 20) 7367 1600 212-373-3543 WRITER'S DIRECT FACSIMILE CHIYODA-KU, TOKYO 100-0011, JAPAN 212-492-0543 TELEPHONE(81-3)3597-8101 77 KING STREET WEST, SUITE 3100 P.O. BOX 226 TORONTO, ONTARIO M5K 1J3 TELEPHONE (416) 504-0520 2001 K STREET, NW WASHINGTON, DC 20006-1047 TELEPHONE (202) 223-7300 !'.:'.'"':'?. r . ..·'. 500"'1J'E"t:?<WARE. ~~~::.~CJiii%11~ . . -~ POST OFFICE BOX ·~. ! i. , l WILMINGTON, DE 19899-00 f~---I : ! ; t '\ ' j. Jl. ( t~! April 27, 2015 LC! ;:.u',1l. TELEPHONE (302) 655-44r :.l D i --H/!J 1 t--/ 1 ti LESLIE GORDON FAGEN MARC FALCONE :~~~:vlb~'f.~~l~N BRAD J. FINKELSTEIN BRIAN P. FINNEGAN ROBERTO FINZI ROBERT C. FLEDER MARTIN FLUMENBAUM ANDREW J. FOLEY HARRIS B. FREI DUS MANUEL S. FREY ANDREW L. GAINES KENNETH A. GALLO MICHAELE. GERTZMAN ADAM M. GIVERTZ SALVATORE GOGLIORMELLA ROBERT D. GOLDBAUM NEIL GOLDMAN CATHERINE L. GOODALL ERIC GOODISON CHARLES H. GOOGE, JR. ANDREW G. GORDON UDJGROFMAN NICHOLAS GROOMBRIDGE BRUCE A. GUTENPLAN GAINES GWATHMEY, Ill ALAN S. HALPERIN JUSTIN G. HAMILL CLAUDIA HAMMERMAN GERARD E. HARPER BRIAN S. HERMANN MICHELE HIRSH MAN MICHAELS. HONG DAVIDS. HUNTINGTON AMRAN HUSSEIN LORETTA A. IPPOLllO BRIAN M. JANSON JAREN JANGHORBANI MEREDITH J. KANE BRAD R. OKUN MARC E. PERLMUTTER VALERIE E. RADWANER CARLL. REISNER LORIN L. REISNER WALTER G. RICCIARDI WALTER RIEMAN RICHARD A. ROSEN ANDREW N. ROSENBERG JACQUELINE P. RUBIN RAPHAEL M. RUSSO ELIZABETH M. SACKSTEDER JEFFREY D. SAFERSTEIN JEFFREY B. SAMUELS DALE M. SARRO TERRYE. SCHIMEK KENNETH M. SCHNEIDER ROBERTS. SCHUMER JOHN M. SCOTT STEPHEN J. SHIMSHAK DAVID R. SICULAR MOSES SILVERMAN STEVEN SIMKIN JOSEPH J. SIMONS AUDRA J. SOLOWAY SCOTT M. SONTAG TARUN M. STEWART ERIC ALAN STONE AIDAN SYNNOTT ROBYN F. TARNOFSKY MONICA K. THURMOND DANIEL J. TOAL LIZA M. VELAZQUEZ MARIA T. VULLO ALEXANDRA M. WALSH* LAWRENCE G. WEE THEODORE V. WELLS, JR. BETH A. WILKINSON STEVEN J. WILLIAMS LAWRENCE I. WITDORCHIC MARK B. WLAZLO JULIA MASON WOOD JENNIFER H. WU JORDAN E. YARETT KAYE N. YOSHINO TONG YU TRACEY A. ZACCONE TAURIE M. ZEITZER T. ROBERT ZOCHOWSKI, JR. ~1.\; '·-~~~L~~)_:~J[__ /( "l----il • • By Hand THOMAS V. DE LA BASTIDE Ill ARIEL J. DECKELBAUM ALICE BELISLE EATON ANDREW J. EHRLICH PETER E. FISCH TORONTO-DOMINION CENTRE WRITER'S DIRECT E-MAIL ADDRESS WILLIAM B. MICHAEL TOBY S. MYERSON CATHERINE NYARADY JANE B. O'BRIEN ALEX YOUNG K. OH KELLEY D. PARKER KELLEY A. CORNISH CHRISTOPHER J CUMMINGS CHARLES E. DAVI DOW GREGORY A. EZRING FUKOKU SEIMEI BUILDING 2-2 UCHISAIWAICHO 2-CHOME XIAOYU GREG LIU JEFFREY D. MARELL MARCO V. MASOTTI EDWIN S. MAYNARD DAVID W. MAYO ELIZABETH R. MCCOLM MARK F. MENDELSOHN •( • I - The Honorable Victor Marrero United States District Judge Daniel Patrick Moynihan United States Courthouse 500 Pearl St. New York, N.Y. 10007-1312 jLJJGl MARRERO Anwar, et al. v. Fairfield Greenwich Limited, et al., No. 09-cv-118 (S.D.N.Y.) (VM) (FM) Dear Judge Marrero: We represent the Citco Defendants. We write on behalf of the Citco Defendants, defendant PricewaterhouseCoopers LLP, and defendant PricewaterhouseCoopers Accountants, N.V. (collectively, the "Anwar Defendants") to request a pre-motion conference. The Anwar Defendants' contemplated motions will seek the dismissal of plaintiffs' common-law claims as precluded by the Securities Litigation Uniform Standards Act of 1998 ("SLUSA") in light of the Second Circuit's decision last week in In re Kingate Management Ltd. Litigation,_ F.3d _, 2015 WL 1839874 (2d Cir. Apr. 23, 2015). Kingate, like this case, involved claims by investors in so-called Madoff "feeder funds." This Court previously ruled, on motions to dismiss, that SLUSA did not preclude plaintiffs' common-law claims because those claims did not allege conduct "in PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 2 The Honorable Victor Marrero connection with the purchase or sale of a covered security." Anwar v. Fairfield Greenwich Ltd., 728 F. Supp. 2d 372, 398 (S.D.N.Y. 2010) (quoting 15 U.S.C. § 78bb(t)(l)(A)). Since this Court's ruling, the Supreme Court and the Second Circuit have issued several significant decisions interpreting SLUSA. Those decisions, we respectfully submit, establish that this Court's prior ruling is no longer correct. Chadbourne & Parke LLP v. Troice, 134 S. Ct. 1058 (2014); In re Kingate Mgmt. Ltd. Litig., _ F.3d _, 2015 WL 1839874; In re Herald, Primeo & Thema Sec. Litig., 730 F.3d 112 (2d Cir. 2013) reh 'g denied, 753 F.3d 110 (2d Cir. 2014), cert. denied, No. 14730, _ S. Ct._, 2015 WL 1400872 (Mar. 30, 2015). In particular, in Kingate, 2015 WL 1839874, at *10, the Second Circuit has now held that SLUSA's "in connection with" requirement is met where plaintiffs "purchased the uncovered shares of the offshore [so-called Madoff feeder] Funds, expecting that the Funds were investing the proceeds in S&P 100 stock, which are covered securities." The Anwar Defendants accordingly intend to file motions explaining why these recent decisions compel a finding that SLUSA precludes plaintiffs' remaining common-law claims against both the Citco and PwC Defendants. We believe that this important issue requires full briefing by the parties. In prior correspondence to the Court, plaintiffs have agreed, stating that "full briefing ... would enable all parties ... to address comprehensively the multiple recent decisions of the Supreme Court, the Second Circuit, and other District Judges that may bear on the issue." (Anwar Pls.' Ltr. 1, June 19, 2014, ECF No. 1282.) We are prepared to file our papers within thirty days so that this Court may address this important issue as soon as possible. We are prepared to discuss these motions with the Court during a telephonic conference at the Court's earliest convenience. Respectfully submitted, ~d~ cc: All counsel in Anwar (by e-mail) The Clerk of Court is directed to enter into the public. record of this action the letter above s_ubmitted tot Court by 7~ ., L c::_ ~ Ci/;. SO ORDERED. 'f - >-R ,....- /J.-DATE

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