Anwar et al v. Fairfield Greenwich Limited et al

Filing 1536

LETTER addressed to Judge Victor Marrero from David A. Barrett dated 1/6/2016 re: We are very pleased to inform the Court that we have electronically filed today a Stipulation of Settlement resolving all claims asserted in this action against the PwC Defendants for $55,000,000...We greatly appreciate the time and attention that the Court has devoted to this matter over the years. We look forward to preserting the settlement for final approval. ENDORSEMENT: The Clerk of Court is directed to enter into the public record of this action the letter above submitted to the court by plaintiffs. (mt)

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January 6, 2016

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By Hand Delivery

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Honorable Victor Marrero
United States District Court
Southern District of New York
500 Pearl Street
New York, New York 10007

Re:

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Anwar, et al. v. Fairfield Greenwich Limited, et al.
Master File No. 09-CV-00118 (VM) (FM)

Dear Judge Marrero:
We are very pleased to inform the Court that we have electronically filed today a
Stipulation of Settlement resolving all claims asserted in this action against the PwC Defendants
for $55,000,000.
As Your Honor knows, this was an extremely hard fought litigation, lasting nearly seven
years and raising many complex factual and legal issues. With the Court's urging and the
assistance of Magistrate Judge Frank Maas and mediators Eric Green and retired district judge
Layn Phillips, settlement discussions took place over the course of three years and included four
separate all-day and two half-day sessions. Judge Phillips ultimately made a mediator's proposal
that was accepted by the parties.
Accompanying this letter is a proposed Preliminary Approval Order in the form annexed
as Exhibit A to the Stipulation of Settlement (the "Order''); a courtesy copy of the Stipulation
also is enclosed. Among other things, the Order provides for publication and mailed notice to
class members; an opportunity for class members to be heard with respect to the proposed
settlement and plaintiffs' application for attorneys' fees and reimbursement of expenses; and to
request exclusion from the Settlement Class, as well as the scheduling of a final approval
hearing. We respectfully request that the Court enter the proposed Order.
The proposed Order is based on the preliminary approval order entered by the Court for
the Citco settlement (Dkt. No. 1402). It provides for mailing of the long-form Class Notice
directly to potential members of the PwC Settlement Class who are identified based on having
filed claims in the prior settlements. Nearly 3000 investors filed valid claims in the Fairfield
Greenwich settlement and as of the Decenber 28, 2015 deadline, approximately 2700 claims had
been filed in the Citco settlement. The proposed Order further provides for publication of the

WWW.BSFLLP.COM

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Honorable Victor Marrero
January 6. 2016
Page 2

short-form Class Notice once in The Wall .~'tree/ Journaf 's international editions, as was done in
the Citco settlement. Because notice will be mailed directly to less than 60 residents of the
United States who participated in the Fairfield Greenwich and GlobeOp settlements. we believe
that the substantial expense of domestic ptblication is unwarranted. In addition, the proposed
Order provides (as was done in the Fairfield Greenwich and Citco settlements) for worldwide
publication over PR News ire, which includes the United States; and for direct mailing to
nominees with directions to distribute the >Jotice to potential settlement claimants. We believe
these notice provisions clearly satisfy due process requirements.
Because the proposed Settlement n~quires notice to Settlement Class members and state
attorneys general under the Class Action Fairness Act, we respectfully request that the Court
provide for at least three months between preliminary approval and the final fairness hearing.
with the final hearing scheduled, if possible, in late April 2016.
We greatly appreciate the time and attention that the Court has devoted to this matter
over the years. We look forward to preserting the settlement for final approval.

µ~
David A. Barrett

cc: Sarah L. Cave, Esq.
Timothy A. Duffy, Esq.

The Clerk of Court is direc1ed to enter into the public record
of this action the letter.abo\'e submitted to the Court by

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SO ORDERED.

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DATE

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