News - 2019
Saxena White P.A. Announces $320 Million Settlement of Wells Fargo Federal Shareholder Derivative Litigation
Saxena White is pleased to announce that a $320 million settlement has been reached in the consolidated federal shareholder derivative action captioned In re Wells Fargo & Company Shareholder Derivative Litigation, No. 3:16-cv-5541, pending in the United States District Court for the Northern District of California. The Settlement includes the largest insurer-funded cash component of any shareholder derivative settlement in history. The benefits to Wells Fargo of the proposed Settlement include a monetary consideration of $240 million paid to Wells Fargo from its insurers and Corporate Governance Reforms valued at $80 million. The Settlement is subject to Court approval, and a preliminary approval hearing is scheduled before the Honorable Judge Jon S. Tigar for April 4, 2019 at 2:00 p.m. PST in San Francisco, California.
Saxena White Wins Motion to Dismiss Against Credit Suisse Group AG
On February 19, 2019, Saxena White secured a major victory with an important decision issued by the Southern District of New York Court in City of Birmingham Retirement and Relief System et al. v. Credit Suisse Group AG et al. No. 1:17-cv-10014. In her order, Judge Lorna G. Schofield denied Defendants’ motion to dismiss.
The Court found that the complaint “sufficiently pleads that [Credit Suisse’s] statements regarding its ‘binding’ risk limits were materially misleading in light of the Complaint’s allegations that [Credit Suisse] routinely revised its limits.” The Court determined that “Defendants’ failure to disclose that it could raise, and in fact was repeatedly raising risk limits with respect to [Credit Suisse’s] illiquid investments constitutes a material omission.”
The case is now in the discovery phase.
Saxena White Wins Motion to Dismiss Against TrueCar, Inc.
On February 5, 2019, Saxena White secured a major victory with an important decision issued by the Central District of California Court in Leon D. Milbeck v. TrueCar, Inc. et al., C.A. No. 2:18-cv-02612. In his order, the Honorable Stephen Wilson denied Defendants’ motion to dismiss in its entirety.
The Court found that Saxena White “adequately alleged—under both the plausibility and heightened pleading standards—that Defendants made materially false and misleading statements” by warning that USAA, its most important affinity partner, may redesign its website in a way that would materially harm TrueCar in the future when that risk had “already come to fruition,” and by “falsely representing that USAA would be a key driver of unit and revenue growth in 2017.” The Court further found that Plaintiff had “adequately alleged a strong inference of scienter by alleging that Defendants knew about USAA’s website redesign and its impact as of January 2017”—several months before the redesign was announced to investors—and that TrueCar’s former CFO and CAO had engaged in stock in sales that were suspicious in their timing, size, and amount.
The case is now in the discovery phase.
Saxena White Welcomes Scott Guarcello
Mr. Guarcello’s practice focuses on the discovery stage of litigation. With over 10 years of significant complex e-discovery experience, he brings to Saxena White an expertise honed by the numerous e-discovery services and training programs that he created, led and supported while serving as a Senior Managing Attorney for a global e-discovery consulting and services provider.
Combining both discovery and technical expertise, Mr. Guarcello advises on best practices concerning information governance principles, ESI protocols, collections, processing, large-scale document reviews, production management and related infrastructure applications. He is currently a member of the teams prosecuting In re Wells Fargo & Co. Shareholder Litigation, In re HD Supply Holdings, Inc. Securities Litigation, and In re Parametric Sound Shareholders’ Litigation.
Mr. Guarcello earned a Bachelor of Science from Stetson University and received a Juris Doctor from Florida International University where he graduated cum laude with a concentration in securities law. He was a regular recipient of the Dean’s List Award and received the CALI Book Awards for the Complex Litigation and Corporate Tax courses. As a member of the Florida Bar, Mr. Guarcello has also received the Legal Elite Award for 2017 and 2018 and holds extensive industry certifications that span review tools, feature-specific technical applications, project management and analytics. As an active member in the e-discovery community, Mr. Guarcello has been a guest speaker for both intimate and large audiences.
Saxena White Welcomes Fei-Lu Qian
Mr. Qian is a graduate of Union College (B.A., Political Science, with Honors, 1998) and Albany Law School (J.D., 2003). During law school he served as an Associate Editor of the Albany Law Review and interned for the Honorable Lawrence E. Kahn of the United States District Court for the Northern District of New York. Mr. Qian also served as a legal intern with the Office of New York State Attorney General. Prior to joining Saxena White, Mr. Qian was associated with several boutique law firms in New York City, where he specialized in securities litigation.
Mr. Qian is a member of the New York Bar, the United States District Court for the Southern District of New York and Eastern District of New York.
Saxena White Welcomes Donald Grunewald
Donald Grunewald focuses on performing research for securities and derivatives litigation. Before joining Saxena White, Mr. Grunewald taught Legal Research and other legal courses at a college in New York for six years. He has prepared economic and legal research for litigation, businesses, and academics.
Mr. Grunewald earned his Bachelor of Arts in Economics, Magna Cum Laude, from Haverford College in 2004. He later earned a Bachelor of Arts in Jurisprudence from Oxford University and a Master of Laws from the University of Pennsylvania Law School.
He has been a member of the New York State Bar since 2008.
Saxena White Appoints Brandon Grzandziel to Director of Firm
Saxena White announced on December 17, 2018, that Brandon Grzandziel will be promoted from Attorney to a Director of the firm, effective immediately. Being a tenured attorney at Saxena White, Mr. Grzandziel will use his knowledge to lead the firm into a strategic and prosperous future.
See Full Press Release Here.