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BILLITTERI v. SECURITIES AMERICA, : 3:09-cv-01568-F
INC., et al. (Provident Royalties Litigation) : AND RELATED CASES
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THIS DOCUMENT RELATES TO: :
ALL ACTIONS :
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: 3:10-cv-01833-F
C. RICHARD TOOMEY, et al. v. :
SECURITIES AMERICA, INC., et al. :
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: Case No. ML 10-2145 DOC (RNBx)
: (C.D. Cal.)
IN RE: MEDICAL CAPITAL SECURITIES
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LITIGATION
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: Limited transfer for settlement
THIS DOCUMENT RELATES TO: : purposes as Case No. 3-11-cv-00191-
McCoy, SACV09-1084 DOC (RNBx) (C.D. : F (N.D. Tex.)
Cal.) :
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Individual and representative plaintiffs Joseph Billitteri, the Sharon Kreindel Revocable
Trust DTD 02/09/2005, Henry Mitchell, Alvin Sabroff and June Sabroff (“Representative
Plaintiffs”)1 move under Federal Rule of Civil Procedure 23(e) for preliminary approval of
proposed partial class action settlements that settle all claims against Settling Defendants
Securities America, Inc. and Securities America Financial Corporation (SAFC) on behalf of
persons who invested through Securities America, Inc. in (1) a series of shale gas ventures
sponsored by Provident Royalties, LLC between September 2006 and January 2009, and (2) a
series of notes sponsored by Medical Capital Holdings, Inc. between November 2003 and July
2008.
The proposed Settlement Classes exclude: the Defendants; any entity that is a parent or
subsidiary of any Defendant; the officers, directors, affiliates, legal representatives, predecessors,
successors and assigns of any Defendant; all Registered Representatives; any Investor with
whom Settling Defendant Securities America has previously settled Claims and from whom
Securities America has received a release as to such Claims; Provident Royalties, LLC and
Medical Capital Holdings, Inc., and their respective parents, subsidiaries, officers, directors,
As more fully explained in the memorandum in support of this motion, the proposed
partial settlement is fair and adequate, and falls within the range of possible final approval.
Plaintiffs therefore ask this Court to enter an order: (1) granting preliminary approval of the
proposed Settlement; (2) certifying the proposed Settlement Classes for purposes of the
Settlement as mandatory pursuant to Rules 23(a) and 23(b)(1)(B) of the Federal Rules of Civil
Procedure; (3) directing that the Settlement Classes be given notice of the pendency of these
Class Actions and the Settlement in the form and manner proposed by the Settling Parties;
(4) scheduling a hearing to consider Representative Plaintiffs’ motion for final approval of the
1
Capitalized terms in this memorandum have the same definition as defined terms in the
Settlement Agreement attached as Exhibit 1 to the Declaration of Daniel C. Girard.
1
Case 3:10-cv-01833-F Document 64 Filed 02/17/11 Page 3 of 4 PageID 745
Settlement and entry of the proposed final judgment, and application for an award of attorneys’
fees and reimbursement of expenses; and (5) to preserve the status quo pending the Court’s final
court and all arbitration and administrative proceedings by or on behalf of members of the
asserting claims arising from their offer and sale of Provident Securities or Medical Capital
Notes.
Susan Salvetti
Sona R. Shah
ZWERLING, SCHACHTER &
ZWERLING, LLP
41 Madison Avenue
New York, NY 10010
Tel: 212-223-3900
Dan Drachler
ZWERLING, SCHACHTER &
ZWERLING, LLP
1904 Third Avenue, Ste. 1030
Seattle, WA 98101-1170
Tel: 206-223-2053
2
Case 3:10-cv-01833-F Document 64 Filed 02/17/11 Page 4 of 4 PageID 746
Ari H. Jaffe
KOHRMAN JACKSON
& KRANTZ, PLL
One Cleveland Center, 20th Floor
Cleveland, OH 44114
Tel: 216-696-8700
Jeffrey W. Chambers
WARE JACKSON LEE
& CHAMBERS LLP
America Tower
2929 Allen Pkwy
Houston, Texas 77019
Tel: 713-659-6400
David M. Foster
DAVID M. FOSTER, P.C.
30833 Northwestern Highway, Ste. 209
Farmington, Hills, MI 48334
Tel: 248-855-0940
Plaintiffs’ Counsel