Anwar et al v. Fairfield Greenwich Limited et al

Filing 1381

ENDORSED LETTER addressed to Judge Victor Marrero from Sharon L. Nelles and Richard E. Brodsky dated 5/27/2015 re: We write on behalf of all parties in the Standard Chartered Cases (the "Standard Chartered Parties") concerning the upcoming letter briefing on the application of In re Kingate Management Ltd Litig., 2015 WL 1839874 (2d Cir. Apr. 23, 2014) ("Kingate") to claims asserted in the Standard Chartered Cases. 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 Standard Chartered parties. (Signed by Judge Victor Marrero on 5/27/2015) (lmb)

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05/28/2015 23 50 FAX 1212 558 3358 S&C LLP 125 BO 28F.L_····--- :·-.·~·~4-,,._~. I: ~~DC ~ [) :~ ; I [)()('l l. :.r' --- '1 T\ 1 l :\•1· . i .. ECIRO.\:C\: i y l :u.o THE BRODSKY LAW FIRM, PL SULLIVAN & CROMWELL LLP 200 South Biscayne Blvd., Suite 1930 Miami, Florida 33131 Telephone: (786) 220-3328 Pacsimile: (866) 564-8231 125 Broad Stred New York, New York 10004 Telephone: (212) 558-4000 Facsimile: (212) 291-9468 Counsel for rhe Maridom !'laintif.fs and Liaison Counsel for the Standard Chartered Plaintiffs Steering Committee Counsel for the Standard Chartered Defendants May 27, 2015 By Facsimile Honorable Victor Marrero, United States District Judge, Southern District of New York, Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, New York, New York 10007. Re: ··-·I ... ~ () () 21 () 0 :3 ·- Anwar v. Fairfield Greenwich ltd-Standard Chartered Cases, No. 09-CV-118 (S.D.N.Y.) (VM) (FM) Dear Judge Marrero: We write on behalf of all parties in the Standard Chartered Cases (the "Standard Chartered Parties") concerning the upcoming letter briefing on the application of In re Kingate Management Ltd Litig., 2015 WL 1839874 (2d Cir. Apr. 23, 2014) ("Kingate") to claims asserted in the Standard Chartered Cases. Pursuant to the Court's May 6, 2015 Order (Dkt. # 13 75), the Standard Chartered Parties have met and conferred with each other and with the parties in the Anwar class action to identify common issues and avoid duplicative briefing on this matter. As directed by the Court in its May 6, 2015 Order, the Standard Chartered Panies provide the following preview of the common and unique issues to be submitted in letter briefs on May 29, 2015: First, after conferring with the Anwar parties, the Standard Chartered Parties anticipate two common issues: (i) Kingate's holding, generally; and (ii) the application of Kingate to the question of whether plaintiffs' investments in Fairfield Sentry and Fairfield Sigma I • t 05/26/2015 23 50 FAX 1212 558 3358 ~ S&C LLP 125 80 26FL 003/003 -2- Honorable Victor Marrero (the "Fairfield funds") constitute investments in "covered securities" under SLUSA. The Standard Chartered Parties will not brief these issues separate from the Anwar parties, except as necessary to identify issues unique to the Standard Chartered Cases. Second, the Standard Chartered Parties agree that the Standard Chartered Cases present certain unique issues with respect to the application of SL USA under Kingate, and that the Court would benefit from limited separate briefing. Specifically, the claims asserted by the St.andard Chartered Plaintiffs involve alleged relationships with, and allegations against, the Standard Chartered Defendants ("SCB") that are different from allegations asserted in support of the claims pending in Anwar. Under Kirigate, the application of SLUSA varies based on the different relationships of the parties and the allegations involved. Thus, these is.sues will need to be addressed separately from Ariwar. 11iird, the Standard Chartered Plaintiffs agree that, if, contrary to their position, che Standard Chartered Cases are de1:med to be a "covered class action," SLUSA would preclude any claim against SCB that depends on an allegation that SCB itself either negligently or willfully misrepresented or omi~ material facts in connection with Sentry's investments with Madoff in covered securities. The Standard Chartered Plaintiffs take the position that, even if the Standard Chartered Cases are deemed to be a "covered class action," no other claim against SCB would be precluded by SLUSA. SCB takes the position thac under Kingate and prior Second Circuit precedent involving claims predicated on investment advice, SLUSA precludes, and thus requires the dismissal of, all pending claims against SCB. To address the unique issues in the Standard Chartered Cases, the Standard Chartered Plaintiffs and the Standard Chartered Defendants anticipate submitting lener briefs of no longer than 8 single-spaced pages on May 29, 2015, and reply letters of no longer than S single-spaced pages by June 8, 2015. JL~~ Sharon L. Nelles . C-//,,-/::.- On behalf of the StaJ"ldard Chartered Defendants cc: On behalf of the Standard Chartered Plaintiffs Standard Chartered Plaintiff.9' Steering Committee (by E-mail) Counsel ofrecord in Anwar (by E-mail) j·,

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