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1 JEFF S. WESTERMAN (SBN 94559) [email protected] 2 MILBERG LLP One California Plaza 3 300 South Grand Avenue, Suite 3900 Los Angeles, CA 90071 4 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 5 JEROME M. CONGRESS 6 [email protected] KENT A. BRONSON 7 [email protected] MILBERG LLP 8 One Pennsylvania Plaza, 49th Floor New York, NY 10119 9 Telephone: (212) 594-5300 10 GEORGE A. SHOHET (SBN 112697) [email protected] 11 LAW OFFICES OF GEORGE A. SHOHET, A PROFESSIONAL CORPORATION 12 245 Main Street, Suite 310 Venice, CA 90291 13 Telephone: (310) 452-3176 14 Proposed Lead Counsel 15 16 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) CASE NO. 08-cv-1115-DMS -WMC NOTICE OF MOTION OF HANOCH BENTAL, AS TRUSTEE FOR THE BEN-TAL FAMILY TRUST, AND ARIC A. STREIT AND MARY STREIT, AS TRUSTEES FOR THE BENEFIT OF THE STREIT LIVING TRUST, FOR CONSOLIDATION, APPOINTMENT AS CO-LEAD PLAINTIFFS AND APPROVAL OF COLEAD PLAINTIFFS' SELECTION OF COLEAD COUNSEL DATE: TIME: CTRM: JUDGE: TBD TBD 10 Dana M. Sabraw

17 SUMNER D. BEARMAN, Individually And On Behalf of All Others Similarly Situated, 18 Plaintiffs, 19 v. 20 BANK OF AMERICA CORPORATION, 21 BANC OF AMERICA INVESTMENT SERVICES, INC., and BANC OF AMERICA 22 SECURITIES, LLC, 23 24 25 26 27 28 Defendants.

NOTICE OF MOTION TO CONSOLIDATE, APPOINT AS CO-LEAD PLAINTIFFS AND APPROVE CO-LEAD COUNSEL
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PLEASE TAKE NOTICE that Hanoch Ben-Tal, as Trustee for the Ben-Tal Family Trust,

2 and Aric A. Streit and Mary Streit, as Trustees for the Benefit of The Streit Living Trust 3 ("Movants"), by their counsel, will hereby move this Court on a date and at such time as may be 4 designated by the Court, for an order: (i) consolidating the above-captioned action with any other 5 related actions for all purposes pursuant to Fed. R. Civ. P. 42(a); (ii) appointing Hanoch Ben-Tal, 6 as Trustee for the Ben-Tal Family Trust, and Aric A. Streit and Mary Streit as Trustees for the 7 Benefit of The Streit Living Trust as Co-Lead Plaintiffs in the above-captioned action and any 8 related actions alleging violations of the securities laws; (iii) approving Movants' selection of the 9 law firms of Milberg LLP ("Milberg") and Law Offices of George A. Shohet, A Professional 10 Corporation ("Shohet") to serve as Co-Lead Counsel in the Securities Actions; and (iv) granting 11 such other and further relief as the Court may deem just and proper. In support of this Motion, 12 Movants submit herewith a Memorandum of Law, an Order, and the Declaration of Jeff S. 13 Westerman, dated July 21, 2008. 14 15 16 By: 17 18 19 20 21 22 23 24 25 26 27 28
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Dated: July 21, 2008

MILBERG LLP JEFF S. WESTERMAN

/s/ Jeff S. Westerman

JEFF S. WESTERMAN One California Plaza 300 South Grand Avenue, Suite 3900 Los Angeles, CA 90071-3172 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 Email: [email protected]

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MILBERG LLP Jerome M. Congress Kent A. Bronson One Pennsylvania Plaza, 49th Floor New York, NY 10119 Telephone: (212) 594-5300 E-mail: [email protected] [email protected] LAW OFFICES OF GEORGE A. SHOHET, A Professional Corporation GEORGE A. SHOHET 245 Main Street, Suite 310 Venice, CA 90291 (310) 452-3176 [email protected] Proposed Lead Counsel

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1 2 3 Plaintiffs Counsel:

Bank of America Corporation Service List

4 Jeff S. Westerman MILBERG LLP 5 300 South Grand Ave., Suite 3900 6 Los Angeles, CA 90071 Telephone: (213) 617-1200 7 Facsimile: (213) 617-1975 Email: [email protected] 8 Daniel C. Girard 9 Jonathan K. Levine 10 GIRARD GIBBS LLP 601 California Street, 14th Floor 11 San Francisco, CA 94108 Telephone: (415) 981-4800 12 Facsimile: (415) 981-4846 Email: [email protected] 13 [email protected] 14 Christopher S. Seeger 15 Steven A. Weiss David R. Buchanan 16 SEEGER WEISS LLP 17 One William Street New York, NY 10004 18 Telephone: (212) 584-0700 Facsimile: (212) 584-0799 19 Email: [email protected] [email protected] 20 [email protected] 21 22 23 24 25 26 27 28
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George A. Shohet LAW OFFICES OF GEORGE A. SHOHET, A PROFESSIONAL CORPORATION 245 Main Street, Suite 310 Venice, CA 90291 Telephone: (310) 452-3176 Email: [email protected] Norman E. Siegel STUEVE SIEGEL HANSON LLP 460 Nichols Road, Suite 200 Kansas City, MO 64112 Telephone: (816) 714-7100 Facsimile: (816) 714) 7101 Email: [email protected]

Eileen L. McGeever RUSHALL & MCGEEVER 6100 Innovation Way Carlsbad, CA 92009 Telephone: (760) 438-6855 Facsimile: (760) 438-3026 Email: [email protected]

Shawn Khorrami KHORRAMI POLLARD & ABIR LLP 444 S. Flower Street, 33rd Floor Los Angeles, CA 90071 Telephone: (213) 596-6000 Facsimile: (213) 596-6010 Email: [email protected]

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Defendants Counsel:

2 Debra S. Belaga Aaron M. Rofkahr 3 O'MELVENY & MYERS LLP Embarcadero Center West 4 275 Battery Street, Ste. 2600 San Francisco, CA 94111-3305 5 Telephone: (415) 984-8700 6 Facsimile: (415) 984-8701 Email: [email protected] [email protected] 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
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1 JEFF S. WESTERMAN (SBN 94559) [email protected] 2 MILBERG LLP One California Plaza 3 300 South Grand Avenue, Suite 3900 Los Angeles, CA 90071 4 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 5 JEROME M. CONGRESS 6 [email protected] KENT A. BRONSON 7 [email protected] MILBERG LLP 8 One Pennsylvania Plaza, 49th Floor New York, NY 10119 9 Telephone: (212) 594-5300 10 GEORGE A. SHOHET (SBN 112697) [email protected] 11 LAW OFFICES OF GEORGE A. SHOHET, A PROFESSIONAL CORPORATION 12 245 Main Street, Suite 310 Venice, CA 90291 13 Telephone: (310) 452-3176 14 Proposed Lead Counsel 15 16 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) CASE NO. 08-cv-1115-DMS -WMC MEMORANDUM OF LAW IN SUPPORT OF MOTION OF HANOCH BEN-TAL, AS TRUSTEE FOR THE BEN-TAL FAMILY TRUST, AND ARIC A. STREIT AND MARY STREIT, AS TRUSTEES FOR THE BENEFIT OF THE STREIT LIVING TRUST, FOR CONSOLIDATION, APPOINTMENT AS CO-LEAD PLAINTIFFS AND APPROVAL OF CO-LEAD PLAINTIFFS' SELECTION OF CO-LEAD COUNSEL DATE: TIME: CTRM: JUDGE: TBD TBD 10 Hon. Dana M. Sabraw

17 SUMNER D. BEARMAN, Individually And On Behalf of All Others Similarly Situated, 18 Plaintiffs, 19 v. 20 BANK OF AMERICA CORPORATION, 21 BANC OF AMERICA INVESTMENT SERVICES, INC., and BANC OF AMERICA 22 SECURITIES, LLC, 23 24 25 26 27 28 Defendants.

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Class members Hanoch Ben-Tal as Trustee for the benefit of the Ben-Tal Family Trust,

2 and Aric A. Streit and Mary Streit, as Trustees for the benefit of the Streit Living Trust 3 (collectively, "Movants") respectfully submit this Memorandum of Law in support of their 4 motion for an order: (i) consolidating any related actions filed in or transferred to this District for 5 all purposes pursuant to Fed. R. Civ. P. 42(a); (ii) appointing Movants as Co-Lead Plaintiffs 6 pursuant to the PSLRA; (iii) approving Movants' selection of Milberg and Shohet as Co-Lead 7 Counsel in this action and in any subsequently filed and/or related cases; and (iv) granting such 8 other and further relief as the Court may deem just and proper. 9 Movants have a total of $6.85 million of auction rate securities (sometimes referred to

10 using the acronym "ARS") purchased through Bank of America Corporation, Banc of America 11 Investment Services, Inc., Banc of America Securities, LLC (collectively, "defendants" or "Bank 12 of America") that are now frozen in their respective accounts.1 Because of the extent of their 13 ARS holdings, Movants have a powerful financial incentive to recover the full value of their 14 holdings from the defendants and pursue other appropriate remedies. They have executed 15 certifications demonstrating the extent of their holdings and desire to serve as the Co-Lead 16 Plaintiffs. See Declaration of Jeff S. Westerman in Support of the Motion of Hanoch Ben-Tal as 17 Trustee for the benefit of the Ben-Tal Family Trust and Aric A. Streit and Mary Streit as 18 Trustees for the benefit of The Streit Living Trust for Appointment as Co-Lead Plaintiffs and 19 Approval of Selection of Co-Lead Counsel ("Westerman Decl."), Exs. A and B. 20 Movants appear to have the largest financial interest in the outcome of this litigation, and

21 otherwise satisfy the requirements of Rule 23 of the Federal Rules of Civil Procedure. For these 22 reasons, they believe that they are the "most adequate plaintiffs" to lead the litigation and their 23 selection of co-lead counsel should be approved. 24 25
1 Shortly before the ARS market collapsed, the Streits transferred their ARS holdings acquired 26 through Bank of America to another broker-dealer. Although the securities were transferred before the collapse of the ARS market, they were not sold before the collapse and remain frozen 27 and illiquid.

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I.

FACTUAL BACKGROUND On May 22, 2008, a class action was filed on behalf of persons or entities who purchased

and continue to hold auction rate securities offered for sale by defendants between May 22, 3 4 and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a) and Securities 5 and Exchange Commission ("SEC") Rule 10b-5, 17 C.F.R. § 240.10b-5, promulgated 6 thereunder. 7 Defendants allegedly knew, but failed to disclose, material facts while marketing ARS to 8 class members, including, inter alia, the true risks associated with these securities and the ARS 9 market generally. ARS were falsely portrayed as suitable for risk-averse investors seeking 10 liquidity and preservation of principal. Defendants falsely marketed ARS as desirable because 11 they earned slightly higher interest rates or dividends over other safe, short-term investments, 12 like U.S. Treasuries. Class members were typically promised that they could obtain a return of 13 their monies by liquidating these holdings every 7, 28 or 35 days. 14 In fact, defendants knew that (a) these securities were not safe, short term investments; 15 (b) continuing liquidity was uncertain because it depended substantially, if not completely, on 16 defendants and other broker-dealers artificially supporting the ARS auctions and market; (c) in 17 fact no real market for these securities could or would exist, and most if not all of the auctions 18 for these securities would be overwhelmingly, if not completely, doomed to failure, were it not 19 for defendants' and other broker-dealers' constant and pervasive support and propping up of 20 these auctions by always, or nearly always, serving as buyers of last resort for these securities; 21 22 23
2 Movants have filed a securities class action against the defendants in the Central District of 24 California, captioned Hanoch Ben-Tal, et al. v. Bank of America Corporation, et al., Case No. Case No. C 08-4767 JSL (C.D. Cal., filed July 21, 2008). In addition to alleging claims against 25 the defendants under the Exchange Act, Movants assert claims under the Investment Advisers Act, 15 U.S.C.§ 80b-1, et seq. We are also informed there is a similar action pending, which was 26 filed by plaintiffs in the Northern District of California Bondar v. Bank of America Corporation, Case No. C 08-02599 JSW. Under the PSLRA, these cases should be consolidated before lead 27 plaintiff and lead counsel are selected. 15 U.S.C. § 78u-4(a)(3)(B)(ii).

2003, and February 13, 2008 (the "Class Period").2 The plaintiff alleges violations of §§ 10(b)

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1 and (d) these securities would (and did) in fact become illiquid as soon as defendants ceased their 2 routine and pervasive artificial support for the ARS auction market. 3 On February 13, 2008, Movants and other Class members were devastated by the sudden

4 collapse of the ARS market due to the failure of almost 90% of all auctions caused by 5 Defendants' misconduct. Over $300 billion in ARS holdings became illiquid because defendants 6 will no longer support the auction process they devised. Numerous class members are 7 experiencing life-changing hardship given the inability to tap significant sums of their own 8 money. In some cases large portions (or all) of their life savings are frozen, while in others 9 monies urgently needed for medical expenses, tax obligations, home purchases and the like are 10 inaccessible. 11 II. 12 13 ARGUMENT3 A. MOVANTS SHOULD BE APPOINTED CO-LEAD PLAINTIFFS

The PSLRA establishes a procedure that governs the appointment of a Lead Plaintiff in

14 "each private action arising under the [Exchange Act] that is brought as a plaintiff class action 15 pursuant to the Federal Rules of Civil Procedure." 15 U.S.C. § 78u-4(a)(l) and (a)(3)(B)(i). First, 16 the plaintiff who files the initial action must publish a notice to the class, within twenty days of 17 filing the action, informing class members of their right to file a motion for appointment as Lead 18 Plaintiff. 15 U.S.C. § 78u-4(a)(3)(A)(i). The plaintiff in this action caused notice to be published 19 pursuant to the PSLRA on Business Wire on May 22, 2008. See Westerman Decl., Ex. C. 20 National news wire services have been recognized as suitable vehicles for meeting the statutory 21 requirement that notice be published "in a widely circulated national business-oriented 22 publication or wire service." Greebel v. FTP Software, Inc., 939 F. Supp. 57, 62-64 (D. Mass. 23 1996); Lax v. First Merchs. Acceptance Corp., No. 97-C-2715, 1997 U.S. Dist. LEXIS 11866, at 24 *2 (N.D. Ill. Aug. 6, 1997). 25 26
3 Movants respectfully request that any related actions filed in or transferred to this District be 27 ordered consolidated for all purposes pursuant pursuant to Fed. R. Civ. P. 42(a).

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1

Second, within sixty days of publishing the notice, any person or group of persons who

2 are members of the proposed class may apply to the court to be appointed as lead plaintiff, 3 whether or not they previously filed a complaint in the action. 15 U.S.C. § 78u-4(a)(3)(A) and 4 (B). 5 Third, within ninety days after publication of the initial notice of pendency, the Court

6 shall consider any motion made by a class member and shall appoint as lead plaintiff the member 7 or members of the class that the court determines to be most capable of adequately representing 8 the interests of class members. 15 U.S.C. § 78u-4(a)(3)(B). In determining the "most adequate 9 plaintiff," the PSLRA provides that: 10 [T]he court shall adopt a presumption that the most adequate plaintiff in any private

11 action arising under this Act is the person or group of persons that: 12 13 14 15 16 17 15 U.S.C. § 78u-4(a)(3)(B)(iii). See In re Cavanaugh, 306 F.3d 726, 730 (9th Cir. 2002); see 18 also Pirelli Armstrong Tire Corp. Retiree Med. Benefits Trust v. LaBranche & Co., 229 F.R.D. 19 395, 402-04 (S.D.N.Y. 2004). 20 21 22 23 24 1. MOVANTS SATISFY THE LEAD PLAINTIFF REQUIREMENTS OF THE PSLRA a. Movants Complied With The PSLRA, Are The Most Adequate Plaintiffs Under the PSLRA, And Should Be Appointed Lead Plaintiffs (aa) has either filed the complaint or made a motion in response to a notice . . . (bb) in the determination of the court, has the largest financial interest in the relief sought by the class; and (cc) otherwise satisfies the requirements of Rule 23 of the Federal Rules of Civil Procedure.

Movants filed their motion within the time period in which Class members may move to

25 be appointed Lead Plaintiff in this case, under 15 U.S.C. § 78u-4(a)(3)(A) and (B), which expires 26 on July 21, 2008. Movants reviewed the allegations in the complaint in this action and are 27 willing to serve as representatives on behalf of the Class. See Westerman Decl., Exs. A and B. 28
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1 In addition, Movants selected and retained highly experienced and competent counsel to 2 represent them and the Class. See Westerman Decl., Exs. D and E (attaching firm résumés of 3 Milberg and Shohet). 4 Accordingly, Movants satisfy the individual requirements of 15 U.S.C. § 78u-4(a)(3)(B)

5 and their application for appointment as Co-Lead Plaintiffs, and selection of Milberg and Shohet 6 as Co-Lead Counsel, should be approved by the Court. 7 8 9 b. Movants Have the Requisite Financial Interest in the Relief Sought by the Class

According to 15 U.S.C. § 78u-4(a)(3)(B)(iii), the Court shall appoint as Lead Plaintiff the

10 Class member who represents the largest financial interest in the relief sought by the action. See 11 In re Cavanaugh, 306 F.3d. at 730 ("[T]he district court must compare the financial stakes of the 12 various plaintiffs and determine which one has the most to gain from the lawsuit."); see also In 13 re Cendant Corp. Litig., 264 F.3d 201, 262 (3d Cir. 2001) (identification of the most adequate 14 plaintiff, "begins with the identification of the movant with `the largest financial interest in the 15 relief sought by the class.'") (quoting 15 U.S.C. § 78u-4(a)(3)(B)(iii)(I)(bb)); In re Charles 16 Schwab Securities Litigation, No. C 08-01510 WHA, 2008 WL 2635495, *3 (N.D. Cal. July 3, 17 2008) (equating "largest financial interest" with largest potential recovery). 18 In securities cases brought pursuant to the PSLRA, the relative financial interest of lead

19 plaintiff movants is often measured by the difference between the class-period purchase price of 20 the securities on the one hand, and sale price of the securities subsequent to disclosure of 21 defendants' materially false and misleading statements on the other. The case at bar differs 22 because the gravamen of plaintiff's allegations is that defendants failed to disclose the true risks 23 and nature of the securities and ARS market. In these cases, class members were harmed when 24 their investments became illiquid and they could not access their money. In addition, because 25 the purported values of the ARS were inflated by defendants' concealment of the true risks, 26 interest rates on the ARS were much lower than what should have been offered and paid. 27 28
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1

During the Class period, as evidenced by, among other things, the accompanying signed

2 certifications (see Westerman Decl., Exs. A and B), the Movants purchased a total of $6,850,000 3 in ARS from defendants that are currently held by Movants, and were injured thereby. Because 4 Movants satisfy all of the PSLRA's prerequisites, they should be appointed Co-Lead Plaintiffs 5 pursuant to 15 U.S.C. § 78u4(a)(3)(B). 6 7 c. Movants Otherwise Satisfy Rule 23

According to 15 U.S.C. § 78u-4(a)(3)(B), in addition to possessing the largest financial

8 interest in the outcome of the litigation, the Lead Plaintiff must also "`otherwise satisf[y] the 9 requirements of Rule 23 of the Federal Rules of Civil Procedure.'" See In re Cavanaugh, 306 10 F.3d at 730. Rule 23(a) provides that a party may serve as a class representative if the following 11 four requirements are satisfied: 12 13 14 15 16 17 Fed. R. Civ. P. 23(a). 18 Of the four prerequisites to class certification, only two -- typicality and adequacy -19 directly address the personal characteristics of the class representative. Richardson v. TVIA, Inc., 20 No. C 06 06304 RMWC, 2007 WL 1129344, *5-*6 (N.D. Cal. Apr 16, 2007). Consequently, in 21 deciding a motion for Lead Plaintiff, the Court should limit its inquiry to the typicality and 22 adequacy prongs of Rule 23(a), and defer examination of the remaining requirements until the 23 motion for class certification. See id.; see also Lax v. First Merchs. Acceptance Corp., 1997 24 U.S. Dist. LEXIS 11866, at *20 (N.D. Ill. August 11, 1997); Fischler v. Amsouth 25 Bancorporation, No. 96-1567-CIV-T-17A, 1997 U.S. Dist. LEXIS 2875, at *7-8 (M.D. Fla. Feb. 26 6, 1997); Pirelli Armstrong Tire Corp., 229 F.R.D. at 412. As detailed below, Movants satisfy 27 28
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(1) the class is so numerous that joinder of all members is impracticable; (2) there are questions of law or fact common to the class; (3) the claims or defenses of the representative parties are typical of the claims or defenses of the class; and (4) the representative parties will fairly and adequately protect the interests of the class.

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1 both the typicality and adequacy requirements of Rule 23, thereby further justifying their 2 appointment as Lead Plaintiffs. 3 4 (1) Movants Fulfill the Typicality Requirements

Under Rule 23(a)(3), the claims or defenses of the representative parties must be typical

5 of those of the class. Plaintiffs satisfy the "typicality" requirement if their claims or defenses "are 6 reasonably co-extensive with those of absent class members; they need not be identical." 7 Hanlon v. Chrysler Corp., 150 F.3d 1011, 1019 (9th Cir.1998). See also Pirelli Armstrong Tire 8 Corp., 229 F.R.D. at 412; Philips v. Joint Legislative Comm. on Performance & Expenditure 9 Review, 637 F.2d 1014, 1024 (5th Cir. 1981). Typicality does not require that there be no factual 10 differences between the class representatives and the class members because it is the generalized 11 nature of the claims asserted that determines whether the class representatives are typical, 118 12 F.R.D. 552, 555 (D. Mass. 1988) ("With respect to typicality under Rule 23(a)(3), plaintiffs need 13 not show substantial identity between their claims and those of absent class members, but need 14 only show that their claims arise from the same course of conduct that gave rise to the claims of 15 the absent [class] members") (citation omitted). Since the plaintiffs seek to prove that Defendants 16 "committed the same unlawful acts in the same method against an entire class . . . all members of 17 this class have identical claims . . . . [t]herefore, the certification of the suit as a class action 18 satisfied the requirements of Rule 23(a)(3)." Kennedy v. Tallant, 710 F.2d 711,717 (11th Cir. 19 1983). 20 Movants seek to represent a class of purchasers of Bank of America ARS that have

21 virtually identical, non-competing and non-conflicting interests. Movants satisfy the typicality 22 requirement because, as with all other Class members, they: (1) purchased or otherwise acquired 23 Bank of America ARS during the Class period set out in the complaint; (2) purchased or 24 otherwise acquired Bank of America ARS as a result of the same allegedly materially false and 25 misleading statements and/or omissions; and (3) suffered economic loss thereby when the market 26 for ARS collapsed and the ARS became illiquid. Thus, Movants' claims are typical of those of 27 28
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1 other Class members since their claims and the claims of other Class members are identical or 2 substantially similar and arise out of the same course of events. 3 4 (2) Movants Fulfill the Adequacy Requirement

To fulfill the "adequacy" requirement, the lead plaintiff must demonstrate the ability to

5 fairly and adequately protect the interests of the class. Fed. Rule Civ. P. 23(a). To establish this, 6 Movants must demonstrate that they have no interests in conflict with other class members and 7 the ability, with counsel, to vigorously prosecute the action. See Hanlon, 150 F.3d at 1020. 8 Thus the standard for adequacy is met if it appears that (1) the named plaintiff has interests in 9 common with, and not antagonistic to, the class's interests; and (2) the plaintiff's attorneys are 10 qualified, experienced and generally able to vigorously conduct the litigation. See, e.g.,

11 Kirkpatrick v. J. C. Bradford & Co., 827 F.2d 718, 726 (11th Cir. 1987); see also In re GMC 12 Pick-Up Truck Fuel Tank Prods. Liab. Litig., 55 F.3d 768, 800 (3d Cir. 1995); Babcock, 212 13 F.R.D. at 131 (citation omitted). 14 As detailed above, Movants are adequate representatives of the class because they share

15 common questions of law and fact with the members of the class and their claims are typical of 16 the claims of other class members. As evidenced by the injury suffered by Movants, who 17 acquired their ARS from defendants during the class period pursuant to defendants material 18 misstatements and omissions, the interests of Movants are aligned with the interests of the 19 members of the class, and there is no evidence of any antagonism. 20 Further, Movants took significant steps demonstrating that they will continue to protect

21 the interests of the Class: they executed certifications detailing their class period transactions and 22 expressing their willingness to serve as Co-Lead Plaintiffs; they moved this Court to be 23 appointed as Co-Lead Plaintiffs in this action; and they retained competent and experienced 24 counsel who, as shown below, will vigorously conduct this complex litigation in a professional 25 and efficient manner. See generally Lax, 1997 U.S. Dist. LEXIS 11866, at *21-25. 26 27 28
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B.

THE COURT SHOULD APPROVE MOVANTS' CHOICE OF MILBERG AND SHOHET AS CO-LEAD COUNSEL OF THE SECURITIES ACTIONS PURSUANT TO THE PSLRA AND AS INTERIM CO-LEAD COUNSEL OF THE IAA CLAIMS UNDER RULE 236 1. Milberg and Shohet Satisfy the Requirements Of the PSLRA

Pursuant to 15 U.S.C § 78u-4(a)(3)(B)(v), the Lead Plaintiff shall, subject to Court

6 approval, select and retain counsel to represent the class. The Court should not disturb the Lead 7 Plaintiffs' choice of counsel unless it is necessary to "protect the interests of the class." 15 8 U.S.C. § 78u-4(a)(3)(B)(iii)(II)(aa). See also In re Cavanaugh, 306 F.3d 726. Movants selected 9 and retained Milberg and Shohet to serve as Co-Lead Counsel for the class. 10 Both firms are highly regarded and experienced in prosecuting complex and class action

11 litigation with a well-known record of success pursuing financial, accounting, and securities 12 fraud matters. See Westerman Decl., Exs. D and E. Thus, the Court may be assured that by 13 approving Movants' choice of Co-Lead Counsel, the class will receive the highest caliber of 14 legal representation. 15 In addition, Milberg often takes a leading role in pursuing securities fraud class action

16 claims on behalf of injured investors. This past year, the firm was ranked number one for 17 recoveries which totaled approximately $3,804,625,000. 18 2008/03/the_scas_50_for_2007.html. 19 In the past two years alone, Milberg successfully settled and received preliminary and/or See http://slw.riskmetrics.com/

20 final approval for settlement in many complicated representative actions. For example, on 21 December 26, 2006, Milberg settled a case against Nortel Networks Corp. for cash and stock 22 valued at $1.32 billion. In re Nortel Networks Corp. Sec. Litig., No. 01-CV-1855 (S.D.N.Y. filed 23 Mar. 2, 2001) (Berman, J.). In June 16, 2006, Milberg achieved settlement and final approval of 24 settlement with KPMG for $225 million. Simon v. KPMG LLP, No. 05-CV-03189 (D.N.J. filed 25 June 24, 2005). On January 10, 2007, Milberg received final court approval of a settlement with 26 Sears for $215 million. In re Sears, Roebuck & Co. Sec. Litig., No. 02-CV-7527 (N.D. Ill. filed 27 Oct. 18, 2002). In September 2007, Milberg settled the CMS Energy securities litigation for $200 28
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1 million. Green v. CMS Energy Corp., No. 02-CV-72004 (E.D. Mich. filed May 17, 2002). And 2 just recently, Judge Lynch preliminarily approved a settlement with Biovail Corporation for 3 $138 million where Milberg is co-lead counsel. In re Biovail Corp. Sec. Litig., No. 03-cv-89174 GEL (S.D.N.Y. filed Nov. 12, 2003). 5 Significantly, on December 19, 2007, Judge Paul Barbadoro of the District of New

6 Hampshire granted final approval of a $3.2 billion settlement of investor claims involving Tyco 7 International, Ltd. Milberg was Co-Lead counsel for plaintiffs in the Tyco litigation and worked 8 to achieve the largest cash payment ever made by a corporate defendant in the history of U.S. 9 securities litigation, and the second-largest auditor settlement in securities class action history. In 10 re Tyco Sec. Litig., No. 02-md-01335 (D.N.H. filed Aug. 23, 2002). 11 In sum, Milberg and Shohet are well-established and successful law firms that have the

12 resources necessary to pursue a case of this magnitude. Both firms have a proven track record of 13 managing securities litigation and will dedicate the resources necessary to represent zealously the 14 interests of the class members. 15 III. 16 CONCLUSION For the reasons stated above, Movants satisfy the requirements of the PSLRA and are the

17 most adequate plaintiffs in this action, and should be appointed Co-Lead Plaintiffs pursuant to 15 18 U.S.C. § 78u-4(a)(3)(B). As the most adequate plaintiffs, Movants respectfully request that the 19 Court (i) consolidate any related actions filed in or transferred to this District for all purposes 20 pursuant to Fed. R. Civ. P. 42(a); (ii) appoint Movants as Co-Lead Plaintiffs pursuant to the 21 PSLRA; (iii) approve Movants' selection of Milberg and Shohet as Co-Lead Counsel in this 22 action and in any subsequently filed and/or related cases; and (iv) grant such other and further 23 relief as the Court may deem just and proper. 24 25 26 /s/ Jeff S. Westerman 27 28
MEMO OF LAW IN SUPPORT OF MOTION TO CONSOLIDATE, APPOINT AS CO-LEAD PLAINTFFS AND APPROVE CO-LEAD COUNSEL
DOCS\440640v1

Dated: July 21, 2008

MILBERG LLP JEFF S. WESTERMAN

JEFF S. WESTERMAN - 10 CASE NO. 08-cv-1115-DMS -WMC

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
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DOCS\440640v1

One California Plaza 300 South Grand Avenue, Suite 3900 Los Angeles, CA 90071-3172 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 Email: [email protected] MILBERG LLP Jerome M. Congress Kent A. Bronson One Pennsylvania Plaza, 49th Floor New York, NY 10119 Telephone: (212) 594-5300 E-mail: [email protected] [email protected] LAW OFFICES OF GEORGE A. SHOHET, A Professional Corporation GEORGE A. SHOHET 245 Main Street, Suite 310 Venice, CA 90291 (310) 452-3176 [email protected] Proposed Lead Counsel

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1 2 3 Plaintiffs Counsel: 4

Bank of America Corporation Service List

Jeff S. Westerman 5 MILBERG LLP 6 300 South Grand Ave., Suite 3900 Los Angeles, CA 90071 7 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 8 Email: [email protected] 9 JEROME M. CONGRESS KENT A. BRONSON 10 MILBERG LLP One Pennsylvania Plaza, 49th Floor 11 New York, NY 10119 Telephone: (212) 594-5300 12 Email: [email protected] [email protected] 13 14 Christopher S. Seeger Steven A. Weiss 15 David R. Buchanan SEEGER WEISS LLP 16 One William Street New York, NY 10004 17 Telephone: (212) 584-0700 18 Facsimile: (212) 584-0799 Email: [email protected] [email protected] 19 [email protected] 20 Shawn Khorrami 21 KHORRAMI POLLARD & ABIR LLP rd 22 444 S. Flower Street, 33 Floor Los Angeles, CA 90071 23 Telephone: (213) 596-6000 Facsimile: (213) 596-6010 24 Email: [email protected] 25 26 27 28
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George A. Shohet LAW OFFICES OF GEORGE A. SHOHET, A PROFESSIONAL CORPORATION 245 Main Street, Suite 310 Venice, CA 90291 Telephone: (310) 452-3176 Email: [email protected] Norman E. Siegel STUEVE SIEGEL HANSON LLP 460 Nichols Road, Suite 200 Kansas City, MO 64112 Telephone: (816) 714-7100 Facsimile: (816) 714) 7101 Email: [email protected] Eileen L. McGeever RUSHALL & MCGEEVER 6100 Innovation Way Carlsbad, CA 92009 Telephone: (760) 438-6855 Facsimile: (760) 438-3026 Email: [email protected]

Daniel C. Girard Jonathan K. Levine GIRARD GIBBS LLP 601 California Street, 14th Floor San Francisco, CA 94108 Telephone: (415) 981-4800 Facsimile: (415) 981-4846 Email: [email protected] [email protected]

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1

Defendants Counsel:

2 Debra S. Belaga Aaron M. Rofkahr 3 O'MELVENY & MYERS LLP Embarcadero Center West 4 275 Battery Street, Ste. 2600 San Francisco, CA 94111-3305 5 Telephone: (415) 984-8700 6 Facsimile: (415) 984-8701 Email: [email protected] [email protected] 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
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1 JEFF S. WESTERMAN (SBN 94559) [email protected] 2 MILBERG LLP One California Plaza 3 300 South Grand Avenue, Suite 3900 Los Angeles, CA 90071 4 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 5 JEROME M. CONGRESS 6 [email protected] KENT A. BRONSON 7 [email protected] MILBERG LLP 8 One Pennsylvania Plaza, 49th Floor New York, NY 10119 9 Telephone: (212) 594-5300 10 GEORGE A. SHOHET (SBN 112697) [email protected] 11 LAW OFFICES OF GEORGE A. SHOHET, A PROFESSIONAL CORPORATION 12 245 Main Street, Suite 310 Venice, CA 90291 13 Telephone: (310) 452-3176 14 Proposed Lead Counsel 15 16 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF CALIFORNIA ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) CASE NO. 08-cv-1115-DMS -WMC DECLARATION OF JEFF S. WESTERMAN IN SUPPORT OF MOTION OF HANOCH BEN-TAL, AS TRUSTEE FOR THE BENTAL FAMILY TRUST, AND ARIC A. STREIT AND MARY STREIT, AS TRUSTEES FOR THE BENEFIT OF THE STREIT LIVING TRUST, FOR CONSOLIDATION, APPOINTMENT AS CO-LEAD PLAINTIFFS AND APPROVAL OF CO-LEAD PLAINTIFFS' SELECTION OF CO-LEAD COUNSEL DATE: TIME: CTRM: JUDGE: TBD TBD 10 Dana M. Sabraw

17 SUMNER D. BEARMAN, Individually And On Behalf of All Others Similarly Situated, 18 Plaintiffs, 19 v. 20 BANK OF AMERICA CORPORATION, 21 BANC OF AMERICA INVESTMENT SERVICES, INC., and BANC OF AMERICA 22 SECURITIES, LLC, 23 24 25 26 27 28 Defendants.

JEFF S. WESTERMAN'S DECLARATION IN SUPPORT OF MOTION TO CONSOLIDATE, APPOINT AS CO-LEAD PLAINTIFFS AND APPROVE CO-LEAD COUNSEL
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1 2

I, Jeff S. Westerman, under penalties of perjury, hereby declare: 1. I am a member of Milberg LLP. I submit this declaration in support of the

3 Motion of Hanoch Ben-Tal, as Trustee for the Ben-Tal Family Trust, and Aric A. Streit and 4 Mary Streit, as Trustees for the Benefit of The Streit Living Trust ("Movants"), For 5 Consolidation, Appointment as Co-Lead Plaintiffs and Approval of Co-Lead Plaintiffs' Selection 6 of Co-Lead Counsel. 7 2. Attached hereto as Exhibit A is a true and accurate copy of the PSLRA

8 certifications of Hanoch Ben-Tal, as Trustee for the Ben-Tal Family Trust. 9 3. Attached hereto as Exhibit B is a true and accurate copy of the PSLRA

10 certifications of Aric A. Streit and Mary Streit, as trustees for the benefit of The Streit Living 11 Trust. 12 4. Attached hereto as Exhibit C is a true and correct copy of the PSLRA notice

13 published by counsel for plaintiffs in the first-filed action on Business Wire on May 22, 2008. 14 15 5. 6. Attached hereto as Exhibit D is the firm résumé of Milberg LLP. Attached hereto as Exhibit E is the firm résumé of the Law Offices of George A.

16 Shohet, A Professional Corporation. 17 Dated: July 21, 2008 18 19 20 21 22 23 24 25 26 27 28
JEFF S. WESTERMAN'S DECLARATION IN SUPPORT OF MOTION TO CONSOLIDATE, APPOINT AS COLEAD PLAINTFFS AND APPROVE CO-LEAD COUNSEL
DOCS\440649v1

/s/ Jeff S. Westerman JEFF S. WESTERMAN

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MARY AND ARIC STREIT THE STREIT LIVING TRUST SCHEDULE A
SECURITY PURCHASES: CUSIP TRADE DATE TOTAL FACE VALUE

MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 F COUPON VARIABLE MATURITY DATE 7/1/2032

606072GS9

11/29/2005

900,000.00

NELNET EDUCATION LN SER 2003-1 CL A6 COUPON VARIABLE MATURITY DATE 7/1/2043

64031RAF6

11/29/2005

900,000.00

UNION FINL SERVICES SER 1996-C CL A6 VAR RATE VARIABLE MATURITY DATE 7/1/2014 ILLNOIS STUDENT ASSISTANCE COMMN STUDENT LN REV VAR BDS ISAC SR SERIES 2003 B-2 VARIABLE MATURITY DATE 3/1/2038 BRAZOS STUDENT LN SER 2004-A2 MUNI AUT RATE NT STUDENT LN ASSET VARIABLE MATURITY DATE 3/1/2040 SOUTH CAROLINA STUDEN LN CORP ED LN REV REV BDS SER A-2 VARIABLE MATURITY DATE 6/1/2033 MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 D VARIABLE MATURITY DATE 7/1/2032

906619AH4

11/29/2005

900,000.00

452281GW2

11/30/2005

900,000.00

10623PCV0

12/2/2005

1,250,000.00

83714RAS2

12/2/2005

1,250,000.00

606072GQ3

12/5/2005

800,000.00

EDINVEST CO SER 2004-1 CL A1 VAR RATE VARIABLE MATURITY DATE 6/1/2040 NORTHSTAR GUARANTEE INC DIV B MINN STUDENT LN ARS BDS NORTHSTAR EDU FINANCE STUDENT LN ASSET BKD 2004 A-1 VARIABLE MATURITY DATE 12/1/2044 MISSISSIPPI HIGHER ED ASSISTANCE CORP STUDENT LN REV ASSET BKD NT 2004 A-3 VARIABLE MATURITY DATE 9/1/2034

280850AC2

12/14/2005

1,100,000.00

66704JAL2

12/14/2005

1,050,000.00

605354ES4

12/19/2005

1,100,000.00

EDUCATIONAL FDG SOUTH INC TENN EDL LN REV REV BDS 2003 B-1

28148NBM4

2/6/2006

400,000.00

PANHANDLE-PLAINS TEX HIGHER ED AUTH INC STUDENT LN REV REV BDS 2004A-2

698476DS4

3/8/2006

600,000.00

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

13

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SLM STUDENT LOAN TR SER 2003-2CL B VAR RATE

78442GFX9

3/24/2006

300,000.00

NORTH CAROLINA ST ED ASSISTANCE AUTH REV STUDENT LOAN REV BONDS 1998 F 1

658262CY4

3/29/2006

700,000.00

VOLUNTEER ST STUDENT FDG CORP TENN EDL LN REV AUCTION RATE EDL LN REV BDS SR SER B

928809AQ5

4/11/2006

100,000.00

SLM STUDENT LN TR SER 2003-B CL A4

78443CAP9

4/26/2006

200,000.00

COLLEGIATE FNDG SVCS SER 2003-B CL A3

19458LAK6

5/22/2006

50,000.00

FEDERATED STUDENT SER 2003-A CL A2

268440AD6

5/31/2006

1,000,000.00

COLLEGIATE FDG SVCS ED LN TR 2003-A STUDENT LN ASSET BKD NT CL A6

19458LAF7

6/19/2006

50,000.00

NORTH CAROLINA ST ED ASSISTANCE AUTH REV GTD STUDENT LN REV BDS 2002 L-2

658262DK3

6/27/2006

100,000.00

SAN DIEGO CNTY CALIF PENSION OBLIG AUCTION REV BD 2002 B-3 CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV VAR RATE REV BDS CAL INDPT SYS OPERATOR CORP 2007 SERIES A CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV VAR RATE REV BDS CAL INDPT SYS OPERATOR CORP 2007 SERIES A

797398BU7

7/12/2006

50,000.00

13033WXS7

5/11/2007

1,055,000.00

13033WXS7

6/27/2007

525,000.00

LONG BEACH CALIF UNI SCH DIST CTFS PARTN VAR COPS CAP IMPT REFING 2001

542436BQ2

6/27/2007

385,000.00

CALIFORNIA EDL FACS AUTH REV REV BDS ST MARYS COLLEGE OF CALIFORNIA 2001 B

130175UJ9

6/27/2007

120,000.00

WESTERN PLACER CALIF UNI SCH CTFS PARTN COPS SCH FACS PROJS 2004 A

959215AM6

7/2/2007

325,000.00

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

14

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LOS ANGELES CALIF CMNTY REDEV AGY MULTIFAMILY HSG REV VAR REF REV BDS PROMENADE TOWERS 2000 SAN LEANDRO CALIF MULTIFAMILY REV VAR RT DMD MULTIFAM MTG REV BDS HAAS AVENUE APTS PROJ 1985 B ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV VAR REV BDS JEWISH CMNTY CTR ORANGE 2004

544393AT8

7/3/2007

280,000.00

798448AC0

7/3/2007

250,000.00

00037CFW5

7/3/2007

175,000.00

SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV VAR SUB LIEN REV BDS SACRAMENTO REGL SANITATION DIS 2000 C CALIFORNIA EDL FACS AUTH REV VAR RATE REV BDS UNIVERSITY OF SAN FRANCISCO SERIES 2006

786134EQ5

7/3/2007

100,000.00

130178FA9

7/19/2007

925,000.00

SANTA CLARA VY CALIF TRANSN AUTH SALES TAX REV AUCTION RATE SECURITIES 2000 MEASURE A 2006 SERIES E CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV ARS REV BDS THE COLBURN SCHOOL SERIES 2005

80168NBS7

7/19/2007

450,000.00

13033WXA6

7/27/2007

600,000.00

NEWPORT BEACH CALIF REV ARS REV BDS HOAG MEM HOSP PRESBYTERIAN 2007E

651785AQ0

8/3/2007

2,575,000.00

NEWPORT BEACH CALIF REV ARS REV BDS HOAG MEM HOSP PRESBYTERIAN 2007E

651785AQ0

8/10/2007

900,000.00

ORANGE CNTY CALIF HSG AUTH MULTIFAMILY APT DEV REV REV BDS LANTERN PINE PJ 1997 CC

684263AA4

10/1/2007

150,000.00

CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV VAR REV BDS 2005 G-5

13066YLP2

10/1/2007

100,000.00

MISSOURI HIGHER ED LN AUTH STUDENT LN REV BDS 2004 G

606072HQ2

12/21/2007

1,450,000.00

MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 E

606072GR1

12/21/2007

1,000,000.00

PENNSYLVANIA ST HIGHER ED ASSISTANCE AGY STUDENT LN REV E REV BDS GG-4

709163FA2

12/21/2007

1,000,000.00

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

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OKLAHOMA ST STUDENT LN AUTH REV REV BDS 2000 A-3

679110CN4

12/27/2007

1,400,000.00

BRAZOS HIGHER ED AUTH INC STUDENT LN BKD NT 2007-1 CL 1-A-3

10620NBU1

12/27/2007

1,000,000.00

MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 E

606072GR1

12/27/2007

1,000,000.00

PENNSYLVANIA ST HIGHER ED ASSISTANCE AGY STUDENT LN REV E REV BDS GG-4

709163FA2

12/27/2007

1,000,000.00

SALES/REDEMPTIONS: SECURITY CUSIP TRADE DATE TOTAL FACE VALUE

UNION FINL SERVICES SER 1996-C CL A6 VAR RATE VARIABLE MATURITY DATE 7/1/2014

906619AH4

11/29/2005

(400,000.00)

BRAZOS STUDENT LN SER 2004-A2 MUNI AUT RATE NT STUDENT LN ASSET VARIABLE MATURITY DATE 3/1/2040

10623PCV0

12/2/2005

(150,000.00)

BRAZOS STUDENT LN SER 2004-A2 MUNI AUT RATE NT STUDENT LN ASSET VARIABLE MATURITY DATE 3/1/2040

10623PCV0

12/2/2005

(200,000.00)

BRAZOS STUDENT LN SER 2004-A2 MUNI AUT RATE NT STUDENT LN ASSET VARIABLE MATURITY DATE 3/1/2040

10623PCV0

2/27/2006

(150,000.00)

UNION FINL SERVICES SER 1996-C CL A6 VAR RATE VARIABLE MATURITY DATE 7/1/2014

906619AH4

3/22/2006

(300,000.00)

BRAZOS STUDENT LN SER 2004-A2 MUNI AUT RATE NT STUDENT LN ASSET

10623PCV0

3/24/2006

(550,000.00)

BRAZOS STUDENT LN SER 2004-A2 MUNI AUT RATE NT STUDENT LN ASSET VARIABLE MATURITY DATE 3/1/2040

10623PCV0

3/27/2006

(200,000.00)

UNION FINL SERVICES SER 1996-C CL A6 VAR RATE VARIABLE MATURITY DATE 7/1/2014

906619AH4

4/19/2006

(200,000.00)

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

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NORTHSTAR GUARANTEE INC DIV B MINN STUDENT LN ARS BDS NORTHSTAR EDU FINANCE STUDENT LN ASSET BKD 2004 A-1 VARIABLE MATURITY DATE 12/1/2044

66704JAL2

5/22/2006

(1,050,000.00)

COLLEGIATE FNDG SVCS SER 2003-B CL A3

19458LAK6

6/19/2006

(50,000.00)

FEDERATED STUDENT SER 2003-A CL A2

268440AD6

6/29/2006

(300,000.00)

COLLEGIATE FDG SVCS ED LN TR 2003-A STUDENT LN ASSET BKD NT CL A6

19458LAF7

10/6/2006

(50,000.00)

SLM STUDENT LOAN TR SER 2003-2CL B VAR RATE

78442GFX9

10/6/2006

(300,000.00)

MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 D

606072GQ3

10/6/2006

(800,000.00)

SOUTH CAROLINA STUDENT LN CORP ED LN REV REV BDS SER A-2

83714RAS2

10/6/2006

(1,250,000.00)

SLM STUDENT LN TR SER 2003-B CL A4

78443CAP9

10/11/2006

(200,000.00)

FEDERATED STUDENT SER 2003-A CL A2

268440AD6

10/18/2006

(700,000.00)

EDINVEST CO SER 2004-1 CL A1 VAR RATE

280850AC2

10/18/2006

(1,100,000.00)

VOLUNTEER ST STUDENT FDG CORP TENN EDL LN REV

928809AQ5

10/24/2006

(100,000.00)

NELNET EDUCATION LN SER 2003-1 CL A6 SANTA CLARA VY CALIF TRANSN AUTH SALES TAX REV AUCTION RATE SECURITIES 2000 MEASURE A 2006 SERIES E

64031RAF6

10/31/2006

(900,000.00)

80168NBS7

8/2/2007

(450,000.00)

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

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ILLNOIS STUDENT ASSISTANCE COMMN STUDENT LN REV VAR BDS ISAC SR SERIES 2003 B-2 VARIABLE MATURITY DATE 3/1/2038

452281GW2

8/9/2007

(900,000.00)

CALIFORNIA EDL FACS AUTH REV REV BDS ST MARYS COLLEGE OF CALIFORNIA 2001 B

130175UJ9

9/5/2007

(120,000.00)

SAN LEANDRO CALIF MULTIFAMILY REV VAR RT DMD MULTIFAM MTG REV BDS HAAS AVENUE APTS PROJ 1985 B

798448AC0

10/1/2007

(250,000.00)

NEWPORT BEACH CALIF REV ARS REV BDS HOAG MEM HOSP PRESBYTERIAN 2007E

651785AQ0

12/21/2007

(3,475,000.00)

CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV VAR RATE REV BDS CAL INDPT SYS OPERATOR CORP 2007 SERIES A

13033WXS7

12/24/2007

(1,580,000.00)

SAN DIEGO CNTY CALIF PENSION OBLIG AUCTION REV BD 2002 B-3

797398BU7

12/26/2007

(50,000.00)

CALIFORNIA EDL FACS AUTH REV VAR RATE REV BDS UNIVERSITY OF SAN FRANCISCO SERIES 2006

130178FA9

12/26/2007

(925,000.00)

CALIFORNIA ST DEPT WTR RES PWR SUPPLY REV VAR REV BDS 2005 G-5

13066YLP2

12/27/2007

(100,000.00)

SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV VAR SUB LIEN REV BDS SACRAMENTO REGL SANITATION DIS 2000 C

786134EQ5

12/27/2007

(100,000.00)

ORANGE CNTY CALIF HSG AUTH MULTIFAMILY APT DEV REV REV BDS LANTERN PINE PJ 1997 CC

684263AA4

12/27/2007

(150,000.00)

ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV VAR REV BDS JEWISH CMNTY CTR ORANGE 2004

00037CFW5

12/27/2007

(175,000.00)

LOS ANGELES CALIF CMNTY REDEV AGY MULTIFAMILY HSG REV VAR REF REV BDS PROMENADE TOWERS 2000

544393AT8

12/27/2007

(280,000.00)

WESTERN PLACER CALIF UNI SCH CTFS PARTN COPS SCH FACS PROJS 2004 A

959215AM6

12/27/2007

(325,000.00)

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

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LONG BEACH CALIF UNI SCH DIST CTFS PARTN VAR COPS CAP IMPT REFING 2001

542436BQ2

12/27/2007

(385,000.00)

(1) CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV (1) OKLAHOMA ST STUDEN LN AUTH (1) MISSOURIS HIGHER ED LN AUTH 606072GS9 1/22/2008 (900,000.00) 679110CN4 1/18/2008 (1,400,000.00) 13033WXA6 1/16/2008 (600,000.00)

(1) BRAZOS HIGHER ED AUTH INC (1) NORTH CAROLINA ST ED ASST AUTH REV 658262CY4 1/30/2008 (700,000.00) 10620NBU1 1/22/2008 (1,000,000.00)

(1) EDUCATIONAL FDG SOUTH INC TENN EDL LN REV AUCTION (1) NORTH CAROLIN A ST ED ASSISTANCE AU RV (1) 698476DS4 2/7/2008 (600,000.00) 658262DK3 2/6/2008 (100,000.00) 28148NBM4 2/4/2008 (400,000.00)

PANHANDLE-PLAINS TEX HIGHER ED AUTH INC STUDENT LN REV REV BDS 2004A-2

(1) MISSISSIPPI HIGHER ED ASSISTANCE CORP STUDENT LN REV 605354ES4 2/11/2008 (1,100,000.00)

(1) PENNSYLVANIA ST HIGHER ED ASST 709163FA2 2/11/2008 (2,000,000.00)

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

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AUCTION RATE SECURITIES PURCHASED THROUGH BANK OF AMERICA AND HELD IN UBS ACCOUNT AS OF JULY 21, 2008

SECURITY

CUSIP

TRADE DATE TOTAL FACE VALUE

(2) MISSOURI HIGHER ED LN AUTH STUDENT LN REV BDS 2004 G 606072HQ2 12/21/07 1,450,000.00

(2) MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 E 606072GR1 12/21/07 1,000,000.00

MISSOURI HIGHER ED LN AUTH STUDENT LN REV ARCS 2002 E

(2) 606072GR1 12/27/07 1,000,000.00

(1) ARS purchased through Bank of America and sold through UBS. (2) ARS purchased through Bank of America and currently held in UBS.

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1 2 3 Plaintiffs Counsel: 4

Bank of America Corporation Service List

Jeff S. Westerman 5 MILBERG LLP 6 300 South Grand Ave., Suite 3900 Los Angeles, CA 90071 7 Telephone: (213) 617-1200 Facsimile: (213) 617-1975 8 Email: [email protected] 9 JEROME M. CONGRESS KENT A. BRONSON 10 MILBERG LLP One Pennsylvania Plaza, 49th Floor 11 New York, NY 10119 Telephone: (212) 594-5300 12 Email: [email protected] [email protected] 13 14 Christopher S. Seeger Steven A. Weiss 15 David R. Buchanan SEEGER WEISS LLP 16 One William Street New York, NY 10004 17 Telephone: (212) 584-0700 18 Facsimile: (212) 584-0799 Email: [email protected] [email protected] 19 [email protected] 20 Shawn Khorrami 21 KHORRAMI POLLARD & ABIR LLP rd 22 444 S. Flower Street, 33 Floor Los Angeles, CA 90071 23 Telephone: (213) 596-6000 Facsimile: (213) 596-6010 24 Email: [email protected] 25 26 27 28
JEFF S. WESTERMAN'S DECLARATION IN SUPPORT OF MOTION TO CONSOLIDATE, APPOINT AS COLEAD PLAINTIFFS AND APPROVE CO-LEAD COUNSEL
DOCS\440649v1

George A. Shohet LAW OFFICES OF GEORGE A. SHOHET, A PROFESSIONAL CORPORATION 245 Main Street, Suite 310 Venice, CA 90291 Telephone: (310) 452-3176 Email: [email protected] Norman E. Siegel STUEVE SIEGEL HANSON LLP 460 Nichols Road, Suite 200 Kansas City, MO 64112 Telephone: (816) 714-7100 Facsimile: (816) 714) 7101 Email: [email protected] Eileen L. McGeever RUSHALL & MCGEEVER 6100 Innovation Way Carlsbad, CA 92009 Telephone: (760) 438-6855 Facsimile: (760) 438-3026 Email: [email protected]

Daniel C. Girard Jonathan K. Levine GIRARD GIBBS LLP 601 California Street, 14th Floor San Francisco, CA 94108 Telephone: (415) 981-4800 Facsimile: (415) 981-4846 Email: [email protected] [email protected]

CASE NO. 08-cv-1115-DMS -WMC

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1

Defendants Counsel:

2 Debra S. Belaga Aaron M. Rofkahr 3 O'MELVENY & MYERS LLP Embarcadero Center West 4 275 Battery Street, Ste. 2600 San Francisco, CA 94111-3305 5 Telephone: (415) 984-8700 6 Facsimile: (415) 984-8701 Email: [email protected] [email protected] 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
JEFF S. WESTERMAN'S DECLARATION IN SUPPORT OF MOTION TO CONSOLIDATE, APPOINT AS COLEAD PLAINTIFFS AND APPROVE CO-LEAD COUNSEL
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CASE NO. 08-cv-1115-DMS -WMC