Anwar et al v. Fairfield Greenwich Limited et al

Filing 140

RESPONSE to Motion re: #133 MOTION to Appoint Securities & Investment Company Bahrain, Harel Insurance Company Ltd., AXA Private Management, St. Stephens School, and Pacific West Health Medical Inc., Employees Retirement Trust to serve as lead plaintiff(s). MOTION to Appoint Counsel. MOTION to Appoint Securities & Investment Company Bahrain, Harel Insurance Company Ltd., AXA Private Management, St. Stephens School, and Pacific West Health Medical Inc., Employees Retirement Trust to serve as lead plaintiff(s). MOTION to Appoint Securities & Investment Company Bahrain, Harel Insurance Company Ltd., AXA Private Management, St. Stephens School, and Pacific West Health Medical Inc., Employees Retirement Trust to serve as lead plaintiff(s)., #130 MOTION to Appoint The Knight Services Holdings Limited and the Americas/SwissCo. Trusts to serve as lead plaintiff(s). MOTION to Appoint Counsel MOTION OF THE KNIGHT SERVICES HOLDINGS LIMITED AND THE AMERICAS/SWISSCO. TRUSTS FOR APPOINTMENT AS LEAD PLAINTIFFS OVER THE FEDERAL SECURITIES CLAIMS AND CONCOMITANT SELECTION OF LEAD COUNSEL. MOTION to Appoint The Knight Services Holdings Limited and the Americas/SwissCo. Trusts to serve as lead plaintiff(s). MOTION to Appoint The Knight Services Holdings Limited and the Americas/SwissCo. Trusts to serve as lead plaintiff(s)., #127 MOTION to Appoint Fairfield Investor Group to serve as lead plaintiff(s). MOTION to Appoint Counsel.. Document filed by David I. Ferber, Frank E. Pierce, Frank E. Pierce Ira. (Wallner, Robert)

Anwar et al v. Fairfield Greenwich Limited et al

Doc. 140

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ----------------------------------ญญญญญญญญx : : ANWAR, et al. v. FAIRFIELD GREENWICH LIMITED, et al. : : : ----------------------------------ญญญญญญญญx

Master File No. 09 CV 0118 (VM) 09 CV 2366 (VM) (Ferber Action) 09 CV 2588 (VM) (Pierce Action)

DERIVATIVE PLAINTIFFS' RESPONSE TO MOTIONS FOR APPOINTMENT OF LEAD PLAINTIFFS AND LEAD COUNSEL WITH RESPECT TO FEDERAL SECURITIES CLAIMS

MILBERG LLP One Pennsylvania Plaza New York, New York 10119 Tel.: [phone] Fax: [phone] SEEGER WEISS LLP One William Street New York, New York 10004 Tel.: [phone] Fax: [phone] Attorneys for Plaintiff David I. Ferber SEP IRA in 09 CV 2366 and Plaintiffs Frank E. Pierce and Frank E. Pierce IRA in 09 CV 2588

Dockets.Justia.com

Plaintiffs David Ferber SEP IRA, Frank E. Pierce and Frank E. Pierce IRA (collectively, the "Derivative Plaintiffs") submit this memorandum in response to the motions of the Anwar plaintiffs, the Knight plaintiffs, and the so-called "Fairfield Investor Group" (collectively, "Class Plaintiffs") for appointment of lead plaintiffs and lead counsel with respect to the federal securities class action claims. See Dkt. Nos. 127, 130, 133. The Derivative Plaintiffs filed derivative actions in New York state court, and the actions have been removed to this Court.1 The Derivative Plaintiffs have subsequently filed motions to remand the actions and to vacate prior orders consolidating the actions with Anwar. See Dkt. Nos. 88, 90. The Derivative Plaintiffs take no position with respect to the competing motions filed by the Class Plaintiffs. The Derivative Plaintiffs, however, submit this memorandum to eliminate possible confusion created by the movants' statements. Specifically, the Knight plaintiffs state that the Ferber action is among several actions "alleging state law claims that comprise the Consolidated Action ...." Dkt. No. 131 at 3 n.3. The Anwar plaintiffs represent that they filed a Consolidated Amended Complaint that "incorporated the allegations of the various common-law claims in previously filed actions ...." Dkt. No. 134 at 3. The "Consolidated Amended Complaint" (Dkt. No. 116), however, does not assert the derivative claims. Rather, it asserts only direct, class claims. Counsel for the Anwar plaintiffs has previously acknowledged this fact. See 4/24/09 Letter of Robert C. Finkel, Esq. to the Court, at 1-2; see also Dkt. No. 134 at 5 ("As fiduciaries for the Class, the Anwar Plaintiffs, if selected

1

Ferber and Pierce are derivative actions on behalf of Greenwich Sentry, L.P. and Greenwich Sentry Partners, L.P., respectively.

as lead plaintiffs, would use their judgment in vigorously prosecuting the claims that are most beneficial and likely to provide relief for the Class.") (emphasis supplied).

Dated: May 18, 2009 /s/ Robert A. Wallner Robert A. Wallner (RW-5109) Kent A. Bronson (KB-4906) Kristi Stahnke McGregor (KM-1575) MILBERG LLP One Pennsylvania Plaza New York, New York 10119 Tel.: [phone] Fax: [phone] [e-mail] [e-mail] [e-mail] Stephen A. Weiss James A. O'Brien III Christopher M. Van de Kieft SEEGER WEISS LLP One William Street New York, New York 10004 Tel.: [phone] Fax: [phone] [e-mail] [e-mail] [e-mail] Attorneys for Plaintiff David I. Ferber SEP IRA in 09 CV 2366 and Plaintiffs Frank E. Pierce and Frank E. Pierce IRA in 09 CV 2588

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