cotchett, pitre & mccarthy, llp joseph w. cotchett...
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DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
& MCCARTHY, LLP
COTCHETT, PITRE & McCARTHY, LLP JOSEPH W. COTCHETT (36324) [email protected] MARK C. MOLUMPHY (168009) [email protected] BRYAN M. PAYNE (272971) [email protected] 840 Malcolm Road, Suite 200 Burlingame, CA 94010 Telephone: (650) 697-6000 Fax: (650) 697-0577 Co-Lead Counsel for the Class
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA
SOUTHERN DIVISION
IN RE MEDICAL CAPITAL SEC. LITIG. This document relates to: Case No: SA-CV-09-01048 DOC (RNBx)
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LEAD CASE NO. SA-10-ML-02145 DOC (RNBx) DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES DATE: August 12, 2013 TIME: 8:30 a.m. CTRM: 9D JUDGE: Hon. David O. Carter
Case 8:10-ml-02145-DOC-RNB Document 633 Filed 06/24/13 Page 1 of 34 Page ID #:29303
DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
& MCCARTHY, LLP
I, Mark C. Molumphy, declare as follows:
1. I am a partner with the firm of Cotchett, Pitre & McCarthy,
LLP, one of the Co-Lead Counsel appointed by the Court to represent Plaintiffs
and the Class in Masonek, et al. v. Wells Fargo Bank, N.A., et al., Case No. SA-
CV-09-01048 DOC (RNBx). I have personal knowledge of the facts stated in this
declaration and, if called upon as a witness, I could and would testify competently
thereto. I make this declaration pursuant to 28 U.S.C. § 1746.
2. I submit this declaration in support of Class Counsel’s Motion
for Award of Attorneys’ Fees and Reimbursement of Expenses, as set forth in the
Stipulation of Settlement (the “Stipulation”), filed April 30, 2013, between
Plaintiffs and Wells Fargo Bank, N.A. (“Wells Fargo”), as fair, reasonable and
adequate (the “Settlement”).
3. I am separately submitting a joint declaration with my Co-Lead
Counsel, Jeff Westerman, describing the nature of the claims asserted in this case,
a summary of the proceedings, including the extensive work performed by Class
Counsel, the settlement negotiations, and why I believe that the Settlement is fair,
reasonable, and adequate. For the reasons described therein, I approve of the
negotiated Settlement and believe it represents a fair, reasonable and adequate
resolution under the circumstances and is in the best interest of the Class.
Background of Firm
4. My firm’s resume, including a description of my firm’s
background and the attorneys who worked on this case, was previously filed with
the Court with respect to the settlement with The Bank of New York Mellon
(“BNYM”). Dkt. No. 597, Ex. A. More information about my firm can be found
at www.cpmlegal.com.
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DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
& MCCARTHY, LLP
Attorney Time and Fees
5. Attached hereto as Exhibit A is a schedule of the time spent by
the attorneys and other professional support staff of my firm on this litigation,
through June 15, 2013. The time is broken down by categories of activity, and
includes the lodestar calculation based on my firm’s current billing rates from
inception of the case through the present. For personnel who are no longer
employed by my firm, the lodestar calculation is based upon the billing rates for
such personnel in his or her final year of employment by my firm. The schedule
was prepared from contemporaneous, daily time records prepared and maintained
by my firm in the ordinary course of business.
6. I am the partner who oversaw and conducted the day-to-day
activities in the litigation and I have reviewed these printouts (and backup
documentation where necessary or appropriate) to confirm both the accuracy of the
entries on the printouts as well as the necessity for and reasonableness of the time
and expenses committed to the litigation. As a result of these reviews, I believe
that the time reflected in the firm’s lodestar calculation is reasonable in amount and
necessary for the effective and efficient prosecution and resolution of the litigation.
7. The total number of hours expended on this litigation by my
firm from inception through June 15, 2013 is 20,903.50. The total lodestar for my
firm is $8,779,164.50.
8. The current hourly rates charged by my firm in this matter are
reasonable in amount and are the same as the usual and customary hourly rates
charged for services in other actions. As demonstrated in the firm resume
previously filed with the Court, my firm has extensive experience representing
plaintiffs in complex class actions in courts nationwide, including against highly
respected and experienced counsel, as retained by Defendants in this matter.
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DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
& MCCARTHY, LLP
9. Set forth below is a general description of the services rendered
for each person for whom fees are requested:
a. Joseph W. Cotchett, Partner: Responsibilities included
attending and participating in strategy meetings and calls, reviewing and
performing analysis of court orders, and providing oversight and management of
litigation strategy from case inception to settlement.
b. Mark C. Molumphy, Partner: Managing partner over all
aspects of litigation with responsibilities including: attending conferences and
hearings, defending and taking depositions, participating in strategy meetings and
calls, significant communication with clients, class counsel, opposing counsel and
the Receiver, reviewing, analyzing and drafting briefs and pleadings, extensive
legal research, reviewing and analyzing court orders, preparation, appearance, and
oral argument at hearings, working with expert consultants regarding liability and
damages analysis, attending and participating in mediation, attending and
participating in settlement negotiations and drafting settlement papers, preparing
and arguing motions to dismiss, motion for class certification, discovery motions,
motions challenging noteholder standing, and motions for summary judgment, and
all aspects of trial preparation, including identification of exhibits and witnesses,
pre-trial conferences with Wells Fargo counsel, pre-trial conferences with the
Court, preparation and argument on jury instructions, preparation and argument on
motions in limine, and preparing fact and expert witnesses for trial.
c. Jordanna G. Thigpen, Senior Associate: Senior associate
working case with responsibilities including, attending and participating in strategy
meetings and calls, reviewing, analyzing and drafting briefs and pleadings,
extensive legal research, propounding and responding to written discovery,
extensive document review, taking and defending depositions, significant
Case 8:10-ml-02145-DOC-RNB Document 633 Filed 06/24/13 Page 4 of 34 Page ID #:29306
DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
& MCCARTHY, LLP
communications with clients, class counsel, other plaintiffs’ counsel, opposing
counsel and the Receiver, preparation and attendance at hearings, and attending
and participating in mediation.
d. Matthew K. Edling, Senior Associate: Responsibilities
included reviewing, analyzing and drafting briefs and pleadings, propounding and
responding to written discovery, document review, and legal research.
e. Hester H. Cheng, Associate: Responsibilities included
client communications, performing legal research, propounding and responding to
written discovery, extensive document review, drafting written correspondence to
parties and third-parties, preparing for hearings and depositions, reviewing and
editing law and motion papers, and participating in strategy calls.
f. Bryan M. Payne, Associate: Responsibilities included
document review, legal research, reviewing, analyzing and drafting law and motion
briefs, attending hearings, attended and participated in mediation, preparing
settlement papers, and all aspects of trial preparation.
g. Ona Bacigalupi, Senior Paralegal: Responsibilities
included client communications, maintaining all court and other scheduled
deadlines, document review, document preparation and organization for trial,
hearings conferences and other matters, organization and preparation of all case-
related internal documents, and litigation support and coordinating with outside
vendors.
h. Nirav Engineer, Senior Paralegal: Responsibilities
included preliminary investigation and factual research.
i. Mark Grafilo, Senior Paralegal: Responsibilities included
client communications, document review, preparing draft discovery requests,
coordinating and liaising with class members, document preparation and
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DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
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organization for trial, hearings, conferences and other matters, organization and
preparation for depositions, hearings, and conferences, and litigation support and
coordinating with outside vendors.
j. Patrick M. Menzel, Senior Paralegal: Responsibilities
included fact research and review of related cases, damages models for mediation.
k. Mayce Keilo, Paralegal: Responsibilities included
organization of case related internal documents and assisting with filings.
l. Briana Goldman, Paralegal: Responsibilities included
monitoring and maintaining court filings, setting and calendaring deadlines, and
compiling and organizing court orders and correspondence.
m. C.J. Kodani, Paralegal: Responsibilities included
monitoring and maintaining court filings, monitoring the court’s docket,
monitoring related actions, setting and calendaring deadlines, document
preparation and organization for trial, hearings and conferences, organization and
preparation of case-related internal documents, detailed comparison and evaluation
of NISA provisions at issue.
n. Marybeth Marcelino, Paralegal: Responsibilities included
document review, organization, and preparing draft written discovery requests.
o. Rachel Fishetti, Law Clerk: Responsibilities included
document review and legal research re trust practices and standard of care.
p. Sean Wilkenson, Law Clerk: Responsibilities included
document review, factual research and drafting internal memorandums re liability
and pleading issues, receiver standing.
Firm and Common Fund Expenses
10. My firm advanced expenses on behalf of the Class relating to
the prosecution of this lawsuit. In addition, in my capacity as Co-Lead Counsel,
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DECLARATION OF MARK C. MOLUMPHY IN SUPPORT OF CLASS COUNSEL’S MOTION FOR
ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES; Lead Case No. SA-10-ML-02145 DOC (RNBx)
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LAW OFFICES
COTCHETT, PITRE
& MCCARTHY, LLP
my firm established a separate, joint litigation account to pay expenses incurred for
the common benefit of the Class as well as the two related mass actions, Abbate
and Bain, such as costs for depositions, mediation, and experts. To help defray the
Class expenses, and achieve maximum efficiency, I negotiated with counsel in
Abbate and Bain for their agreement to contribute a pro rata amount of the
common fund expenses, based on their proportion of the total losses. As a result,
the Class payment of common fund expenses was reduced by approximately 20%.
11. Attached hereto as Exhibit B is a summary of all unreimbursed
expenses incurred by my firm in connection with this litigation through June 15,
2013, totaling $192,028.37, followed by a detailed accounting of these expenses.
The expenses incurred in this action are reflected on the books and records of my
firm, including expense vouchers, check records and other source materials, and
represent an accurate recordation of the expenses incurred.
12. Attached hereto as Exhibit C is a summary of all unreimbursed
expenses incurred by the Joint Litigation Account in connection with this litigation
through June 15, 2013, totaling $591,067.08, followed by a detailed accounting of
these expenses. The expenses incurred in this action are reflected on the books and
records of the Joint Litigation Account, separately maintained by my firm. These
books and records are prepared from expense vouchers, check records and other
source materials and represent an accurate recordation of the expenses incurred.
I declare under penalty of perjury under the laws of the United States of
America that the foregoing is true and correct.
Executed on June 21, 2013 in Burlingame, California.
/S/ MARK C. MOLUMPHY MARK C. MOLUMPHY
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