Case Caption: In re Wachovia Preferred Sec. & Bond/Notes Litig.
Case Number: No. 1:09-cv-006351
Court: Southern District of New York
Judge: Honorable Richard J. Sullivan
Plaintiffs: Orange County Employees’ Retirement System, Louisiana Sheriffs’ Pension and Relief Fund, and Southeastern Pennsylvania Transportation Authority
Defendants: Wachovia Corporation, Wachovia Capital Trust IV, Wachovia Capital Trust IX, Wachovia Capital Trust X, Wachovia Capital Markets, LLC, Wells Fargo Securities, LLC, A.G. Edwards & Sons, Inc., Wells Fargo & Company (as successor-in-interest to Wachovia), G. Kennedy Thompson, Peter M. Carlson, Ross E. Jeffries, Jr., David M. Julian, Mark C. Treanor, Donald K. Truslow, Thomas J. Wurtz, John D. Baker, II, Robert J. Brown, Peter C. Browning, John T. Casteen, III, Jerome A. Gitt, William H. Goodwin, Jr., Maryellen C. Herringer, Robert A. Ingram, Donald M. James, Mackey J. McDonald, Joseph Neubauer, Timothy D. Proctor, Ernest S. Rady, Van L. Richey, Ruth G. Shaw, Lanty L. Smith, John C. Whitaker, Jr., Dona Davis Young, and KPMG LLP
Overview: In one of the most significant cases arising out of the financial crisis, we recovered $627 million for purchasers of certain Wachovia Corporation (Wachovia) preferred securities.
Our client, the Southeastern Pennsylvania Transportation Authority Pension Fund, alleged that registration statements, prospectuses and prospectus supplements used to market 30 separate offerings had contained materially false and misleading statements and omissions regarding Wachovia’s liquidity and portfolio value. The settlement included a $37 million recovery from the company’s outside auditor.