Future Of Opt Outs

The Future of Opt-Outs In Securities Fraud Class Action Litigation Reed R. Kathrein Partner Hagens Berman Sobol Shapiro LLP 715 Hearst Avenue, Suite 202 , Berkeley, CA 94710 , Telephone: (510) 725-3030 Facsimile: (510) 725-3001 Cell: (415) 683-8566 Email: [email_address]

2008 Overview ,[object Object],[object Object],[object Object],[object Object]

2008 Overview (Continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]

2008 Overview (Continued) ,[object Object],[object Object]

Nera Median Losses to Settlement Ratio

Other Factors Influencing Settlement Size ,[object Object],[object Object],[object Object],[object Object]

Top 10 Shareholder Class Action Settlements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Big Frauds Attract Opt-Outs ,[object Object],[object Object],[object Object],[object Object],[object Object]

WorldCom Opt-Out Results ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

WorldCom $14 Alaska Permanent Fund Corporation $350.3 million TOTAL $78.9 million Five NYC Pension Funds $257.4 million CalPERS, CalSTRS, LACERS Settlement Amount Claimant

AOL/Time Warner ,[object Object],[object Object],[object Object],[object Object],[object Object]

AOL/Time Warner(2) $763.8 million TOTAL $14 million Amalgamated Bank $20 million Stichting Pensioenfunds $22.3 million Los Angeles Pension Funds $45 million UK Pension Funds $50 million State of Alaska $105 million CalSTRS $117.5 million CalPERS $144 million Ohio State Pension Funds $246 million University of California Settlement Amount Claimant

Qwest ,[object Object],[object Object],[object Object],[object Object]

Qwest (2) $142.6 million TOTAL $61.6 million Teacher Retirement System of Texas $19 million Alaska Permanent Fund Corp (AFPC) $15.5 million Colorado PERA $46.5 million CalSTRS Settlement Amount Claimant

Quest (4) ,[object Object],[object Object]

Tyco Opt-Outs ,[object Object],[object Object],[object Object]

Why Are Recoveries Greater For Opt-Outs? ,[object Object],[object Object]

Why Are Recoveries Greater For Opt-Outs?(2) ,[object Object],[object Object],[object Object]

Why Are Recoveries Greater For Opt-Outs?(3) ,[object Object],[object Object]

Does ERISA Obligate Opting-Out? ,[object Object],[object Object]

Does ERISA Obligate Opting-Out? (2) ,[object Object],[object Object]

Does ERISA Obligate Opting-Out? (3) ,[object Object]

Benefits ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Threats ,[object Object],[object Object],[object Object],[object Object]

Will the Multiples Continue--Game Theory ,[object Object],[object Object],[object Object],[object Object]

Steps ,[object Object],[object Object],[object Object],[object Object],[object Object]

Future Of Opt Outs

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Future Of Opt Outs