The motion to seal is granted temporarily. The Court will assess whether to keep the materials at issue sealed or redacted when March 16, 2023 deciding the underlying motion. The Clerk of Court is directed to terminate ECF No. 392. Via ECF SO ORDERED. Honorable Jesse Furman United States District Judge Southern District of New York AO Centre Street, Room 2202 New York, New York 10007 Mafch 17, 2023 Re: City of Philadelphia, et al. v. Bank of Am. Corp., et al., 19-cv-1608 (JMF) Dear Judge Furman: Pursuant to Rule 7 of the Court’s Individual Rules and Practices in Civil Cases, and the Stipulation and Order Regarding Redaction and Sealing Process for Class Certification Briefing (Dkt. No. 358), Defendants, on behalf of all parties, hereby seek leave to file by ECF, Defendants’ Joint Memorandum of Law in Opposition to Plaintiffs’ Motion for Class Certification, Defendants’ Motion to Exclude Expert Testimony, and supporting document (the “Opposition Papers”) (Dkt. Nos. 386-391) with certain confidential documents and information sealed or redacted.! An index listing all material that the parties seek to file in redacted form or under seal is attached as Exhibit 1. The parties have met and conferred regarding each’s proposed redactions and documents to be filed under seal, and no party opposes the requests of any other party. The parties’ respective justifications for sealing or redacting those materials under Lugosch v. Pyramid Co. of Onondaga, 435 F.3d 110, 119-20 (2d Cir. 2006), and its progeny, are set forth below. While the parties acknowledge that the materials to be redacted or sealed are judicial documents to which the presumption of public access attaches, they believe that in balancing the competing considerations against the presumption of access, the Court should grant the parties’ motion. Defendants’ information. Defendants have substantially narrowed the scope of their confidentiality designations with respect to Defendants’ discovery material previously designated as Confidential or Highly Confidential and filed, quoted from, or referenced in the Opposition Papers. The materials that Defendants wish to keep confidential and have filed in redacted form or under seal are documents and testimony that discuss specific and sensitive ' Defendants’ Joint Memorandum of Law in Opposition to Plaintiffs’ Motion for Class Certification, along with the supporting Declaration of Brandon Gould (“Gould Declaration”) and exhibits, were filed on February 9, 2023, with restricted access. Dkt. Nos. 390-391. Included as exhibits to the Gould Declaration were the Expert Report of John Chalmers (“Chalmers Report”) (Dkt. No. 391-1) and the Expert Report of Glenn Hubbard (“Hubbard Report”) (Dkt. No. 391-2). Defendants’ Motion to Exclude Expert Testimony, including the Memorandum of Law in Support of Defendant’s Motion to Exclude Expert Testimony, and the supporting Declaration of S. Conrad Scott (“Scott Declaration”) were also filed on February 9, 2023, with restricted access.
information related to Defendants’ rate-setting processes, handling of VRDO inventory and inventory limits, and handling of bonds unable to be remarketed, among other items. Filing these materials in redacted or sealed form is consistent with the standards for sealing in the Second Circuit. Courts in the Second Circuit and the Southern District of New York have held that it is appropriate to seal commercially sensitive “business information that might harm a litigant’s competitive standing.” New York v. Actavis, PLC, No. 14-CV-7473 (RWS), 2014 WL 5353774, at *3 (S.D.N.Y. Oct. 21, 2014); see also City of Providence v. BATS Glob. Markets, Inc., No. 14-CV-2811 (JMF), 2022 WL 539438, at *2 (S.D.N.Y. Feb. 23, 2022) (allowing for sealing of documents based on potential harm to competitive standing). In order to avoid creating a competitive disadvantage for a litigant, courts regularly allow the sealing of commercially sensitive information, including “trade secrets, confidential research and development information, marketing plans, revenue information, pricing information, and the like.” Tyson Foods, Inc. v. Keystone Foods Holdings, Ltd., No. 1:19-CV-010125 (ALC), 2020 WL 5819864, at *2 (S.D.N.Y. Sept. 30, 2020). The documents and testimony Defendants wish to keep confidential fall within the scope of confidential and sensitive commercial information that should be sealed. These documents include: • Documents and testimony (and descriptions of the same) related to Defendants’ pricing methodologies that provide specific information about analysis conducted and inputs used to determine Defendants’ rates, and other specific processes related to rate-setting. See Dkt. No. 389 at nn.7, 12, p. 23; Dkt. No. 388-1 at 136:2-12, 136:18-137:5, 207:6-7; Dkt. No. 388-7 at 29:20-30:5, 30:13-20; Dkt. No. 388-8 at pp. 2-3; Dkt. No. 388-10 at 37:5-38:17; Dkt. No. 388-14 at 60:25-63:25, 78:16-80:14; Dkt. No. 388-15 at 49:15- 50:17; Dkt. No. 388-16 at 75:13-76:3; Dkt. No. 388-19 at 114:16-116:25; Dkt. No. 388- 20 at 138:19-139:25; Dkt. No. 388-22 at pp. 2-3; Dkt. No. 388-23 at p. 1; Dkt. No. 390 at pp. 5-6 & n. 8; Dkt. No. 391-1 at p. 12 n.34, p. 16 & n.47, p. 28 n.99, p.48 n.177; Dkt. No. 391-2 at p. 60 n.170, p. 81-82 nn. 236, 240, 244, pp. 90-103 & nn. 275-77, 280-85, 287-88, 290, 295-298, 300, 314, 318-21, 323, 325-26, 331-32, 334, 336-37, 339-40, p. 106 n.349. p. 107 n.360, p. 130, p. 159 n.455, p. 192 n.536, pp. 194-95 nn.544, 548, p. .224 n.597; Dkt. No. 391-3 at 49:15-50:17, 54:5-55:9; Dkt. No. 391-6 at pp. 2-5; Dkt. No. 391-7 at 44:24-53:7; Dkt. No. 391-8 at pp. 2-3; Dkt. No. 391-9 at 99:19-101:16; Dkt. No. 391-12 at 84:12-85:17, 85:22-25, 86:11-25, 141:25-142:10; Dkt. No. 391-13 at 72:15- 78:14, 80:12-83:17, 114:2-117:24, 146:2-148:24; Dkt. No. 391-15; Dkt. No. 391-17 at 87:2-90:6, 178:7-179:6; Dkt. No. 391-18 at pp. 2-7; Dkt. No. 391-19 at 72:8-12, 86:12- 88:17, 94:23-24, Dkt. No. 391-20 at 165:2-168:12; Dkt. No. 391-21 at 45:6-46:12, 192:6- 193:16; Dkt. No. 391-22 at 63:2-64:16, 65:8-12, 72:15-24, 200:9-10, 200:23-24, 201:13- 202:14, Dkt. No. 391-23 at 248:23-251:25, 274:2-280:25; Dkt. No. 391-24 at 97:2-99:23, 114:13-116:25, Dkt. No. 391-25 at 135:19-22; Dkt. No. 391-26 at p. 1; Dkt. No. 391-27 at pp. 2-3; Dkt. No. 391-29; Dkt. No. 391-30 at 147:12-150:25; Dkt. No. 391-31 at 53:2- 22, 54:2-55:3, 55:5-18, 55:24-56:12, 56:16-20, 57:8-10, 57:17-25; Dkt. No. 391-32 at 35:12-36:22; Dkt. No. 391-35 at 95:3-18; Dkt. No. 391-36 at 57:2-10, 58:23-59:5, 59:23- 60:3; Dkt. No. 391-40 at 97:17-98:17, 99:8-100:23; Dkt. No. 391-41 at 56:10-59:8; Dkt. No. 391-83 at 29:12-30:13; Dkt. No. 391-84 at p. 3; Dkt. No. 391-85 at pp. 1-2; Dkt. No. 391-87 at pp. 2-6. Disclosure of this information would allow competitors to essentially re-create portions of Defendants’ proprietary pricing methodologies and rate-setting processes. While some of these materials may be from before 2010, similar or identical processes are still in place today • Testimony related to Defendants’ handling of bonds they were unable to remarket. See Dkt. No. 391-78 at 183:4-10. Disclosure of this information would allow competitors to strategically market their handling of similar circumstances against Defendants’ practices. • Documents and testimony (and descriptions of same) related to Defendants’ tracking of VRDO inventory, inventory levels on specific CUSIPs, handling of inventory, and inventory limits. See Dkt. No. 388-10 at 109:19-110:7; Dkt. No. 388-15 at 96:5-25; Dkt. No. 391-1 at p. 50, pp. 133-35 & nn. 473, 477, 480, 484, p. 140, p. 142 & n.516, pp. 146- 47 & nn. 538-40, pp. 152, 158, 168, 171-72, Appendix D: Exhibits 39, 41, 42, 45, 53; Dkt. No. 391-2 at p. 256 nn. 652, 654-55, p. 257 n.658, pp. 260-61 & nn.662, 665, pp. 263-64 & nn. 672, pp. 267-68 & nn. 679-80, 682-83, pp. 270-71 & nn.688, pp. 691-92; Dkt. No. 391-42 at 28:9-29:4; Dkt. No.
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The motion to seal is granted temporarily. The Court will assess whether to keep the materials at issue sealed or redacted when March 16, 2023 deciding the underlying motion. The Clerk of Court is directed to terminate ECF No. 392. Via ECF SO ORDERED. Honorable Jesse Furman United States District Judge Southern District of New York AO Centre Street, Room 2202 New York, New York 10007 Mafch 17, 2023 Re: City of Philadelphia, et al. v. Bank of Am. Corp., et al., 19-cv-1608 (JMF) Dear Judge Furman: Pursuant to Rule 7 of the Court’s Individual Rules and Practices in Civil Cases, and the Stipulation and Order Regarding Redaction and Sealing Process for Class Certification Briefing (Dkt. No. 358), Defendants, on behalf of all parties, hereby seek leave to file by ECF, Defendants’ Joint Memorandum of Law in Opposition to Plaintiffs’ Motion for Class Certification, Defendants’ Motion to Exclude Expert Testimony, and supporting document (the “Opposition Papers”) (Dkt. Nos. 386-391) with certain confidential documents and information sealed or redacted.! An index listing all material that the parties seek to file in redacted form or under seal is attached as Exhibit 1. The parties have met and conferred regarding each’s proposed redactions and documents to be filed under seal, and no party opposes the requests of any other party. The parties’ respective justifications for sealing or redacting those materials under Lugosch v. Pyramid Co. of Onondaga, 435 F.3d 110, 119-20 (2d Cir. 2006), and its progeny, are set forth below. While the parties acknowledge that the materials to be redacted or sealed are judicial documents to which the presumption of public access attaches, they believe that in balancing the competing considerations against the presumption of access, the Court should grant the parties’ motion. Defendants’ information. Defendants have substantially narrowed the scope of their confidentiality designations with respect to Defendants’ discovery material previously designated as Confidential or Highly Confidential and filed, quoted from, or referenced in the Opposition Papers. The materials that Defendants wish to keep confidential and have filed in redacted form or under seal are documents and testimony that discuss specific and sensitive ' Defendants’ Joint Memorandum of Law in Opposition to Plaintiffs’ Motion for Class Certification, along with the supporting Declaration of Brandon Gould (“Gould Declaration”) and exhibits, were filed on February 9, 2023, with restricted access. Dkt. Nos. 390-391. Included as exhibits to the Gould Declaration were the Expert Report of John Chalmers (“Chalmers Report”) (Dkt. No. 391-1) and the Expert Report of Glenn Hubbard (“Hubbard Report”) (Dkt. No. 391-2). Defendants’ Motion to Exclude Expert Testimony, including the Memorandum of Law in Support of Defendant’s Motion to Exclude Expert Testimony, and the supporting Declaration of S. Conrad Scott (“Scott Declaration”) were also filed on February 9, 2023, with restricted access.
information related to Defendants’ rate-setting processes, handling of VRDO inventory and inventory limits, and handling of bonds unable to be remarketed, among other items. Filing these materials in redacted or sealed form is consistent with the standards for sealing in the Second Circuit. Courts in the Second Circuit and the Southern District of New York have held that it is appropriate to seal commercially sensitive “business information that might harm a litigant’s competitive standing.” New York v. Actavis, PLC, No. 14-CV-7473 (RWS), 2014 WL 5353774, at *3 (S.D.N.Y. Oct. 21, 2014); see also City of Providence v. BATS Glob. Markets, Inc., No. 14-CV-2811 (JMF), 2022 WL 539438, at *2 (S.D.N.Y. Feb. 23, 2022) (allowing for sealing of documents based on potential harm to competitive standing). In order to avoid creating a competitive disadvantage for a litigant, courts regularly allow the sealing of commercially sensitive information, including “trade secrets, confidential research and development information, marketing plans, revenue information, pricing information, and the like.” Tyson Foods, Inc. v. Keystone Foods Holdings, Ltd., No. 1:19-CV-010125 (ALC), 2020 WL 5819864, at *2 (S.D.N.Y. Sept. 30, 2020). The documents and testimony Defendants wish to keep confidential fall within the scope of confidential and sensitive commercial information that should be sealed. These documents include: • Documents and testimony (and descriptions of the same) related to Defendants’ pricing methodologies that provide specific information about analysis conducted and inputs used to determine Defendants’ rates, and other specific processes related to rate-setting. See Dkt. No. 389 at nn.7, 12, p. 23; Dkt. No. 388-1 at 136:2-12, 136:18-137:5, 207:6-7; Dkt. No. 388-7 at 29:20-30:5, 30:13-20; Dkt. No. 388-8 at pp. 2-3; Dkt. No. 388-10 at 37:5-38:17; Dkt. No. 388-14 at 60:25-63:25, 78:16-80:14; Dkt. No. 388-15 at 49:15- 50:17; Dkt. No. 388-16 at 75:13-76:3; Dkt. No. 388-19 at 114:16-116:25; Dkt. No. 388- 20 at 138:19-139:25; Dkt. No. 388-22 at pp. 2-3; Dkt. No. 388-23 at p. 1; Dkt. No. 390 at pp. 5-6 & n. 8; Dkt. No. 391-1 at p. 12 n.34, p. 16 & n.47, p. 28 n.99, p.48 n.177; Dkt. No. 391-2 at p. 60 n.170, p. 81-82 nn. 236, 240, 244, pp. 90-103 & nn. 275-77, 280-85, 287-88, 290, 295-298, 300, 314, 318-21, 323, 325-26, 331-32, 334, 336-37, 339-40, p. 106 n.349. p. 107 n.360, p. 130, p. 159 n.455, p. 192 n.536, pp. 194-95 nn.544, 548, p. .224 n.597; Dkt. No. 391-3 at 49:15-50:17, 54:5-55:9; Dkt. No. 391-6 at pp. 2-5; Dkt. No. 391-7 at 44:24-53:7; Dkt. No. 391-8 at pp. 2-3; Dkt. No. 391-9 at 99:19-101:16; Dkt. No. 391-12 at 84:12-85:17, 85:22-25, 86:11-25, 141:25-142:10; Dkt. No. 391-13 at 72:15- 78:14, 80:12-83:17, 114:2-117:24, 146:2-148:24; Dkt. No. 391-15; Dkt. No. 391-17 at 87:2-90:6, 178:7-179:6; Dkt. No. 391-18 at pp. 2-7; Dkt. No. 391-19 at 72:8-12, 86:12- 88:17, 94:23-24, Dkt. No. 391-20 at 165:2-168:12; Dkt. No. 391-21 at 45:6-46:12, 192:6- 193:16; Dkt. No. 391-22 at 63:2-64:16, 65:8-12, 72:15-24, 200:9-10, 200:23-24, 201:13- 202:14, Dkt. No. 391-23 at 248:23-251:25, 274:2-280:25; Dkt. No. 391-24 at 97:2-99:23, 114:13-116:25, Dkt. No. 391-25 at 135:19-22; Dkt. No. 391-26 at p. 1; Dkt. No. 391-27 at pp. 2-3; Dkt. No. 391-29; Dkt. No. 391-30 at 147:12-150:25; Dkt. No. 391-31 at 53:2- 22, 54:2-55:3, 55:5-18, 55:24-56:12, 56:16-20, 57:8-10, 57:17-25; Dkt. No. 391-32 at 35:12-36:22; Dkt. No. 391-35 at 95:3-18; Dkt. No. 391-36 at 57:2-10, 58:23-59:5, 59:23- 60:3; Dkt. No. 391-40 at 97:17-98:17, 99:8-100:23; Dkt. No. 391-41 at 56:10-59:8; Dkt. No. 391-83 at 29:12-30:13; Dkt. No. 391-84 at p. 3; Dkt. No. 391-85 at pp. 1-2; Dkt. No. 391-87 at pp. 2-6. Disclosure of this information would allow competitors to essentially re-create portions of Defendants’ proprietary pricing methodologies and rate-setting processes. While some of these materials may be from before 2010, similar or identical processes are still in place today • Testimony related to Defendants’ handling of bonds they were unable to remarket. See Dkt. No. 391-78 at 183:4-10. Disclosure of this information would allow competitors to strategically market their handling of similar circumstances against Defendants’ practices. • Documents and testimony (and descriptions of same) related to Defendants’ tracking of VRDO inventory, inventory levels on specific CUSIPs, handling of inventory, and inventory limits. See Dkt. No. 388-10 at 109:19-110:7; Dkt. No. 388-15 at 96:5-25; Dkt. No. 391-1 at p. 50, pp. 133-35 & nn. 473, 477, 480, 484, p. 140, p. 142 & n.516, pp. 146- 47 & nn. 538-40, pp. 152, 158, 168, 171-72, Appendix D: Exhibits 39, 41, 42, 45, 53; Dkt. No. 391-2 at p. 256 nn. 652, 654-55, p. 257 n.658, pp. 260-61 & nn.662, 665, pp. 263-64 & nn. 672, pp. 267-68 & nn. 679-80, 682-83, pp. 270-71 & nn.688, pp. 691-92; Dkt. No. 391-42 at 28:9-29:4; Dkt. No. 391-78 at 183:4-10, 184:6-186:24. Disclosure of this information would allow competitors to evaluate Defendants’ specific risk limits and inventory systems, and to adjust their processes to compete against Defendants accordingly. • Documents and testimony (and descriptions of same) related to comparisons of Defendants’ rates to competitors, client development strategies, and positioning in the market. See Dkt. No. 388-20 at 137:4-138:13; Dkt. No. 391-2 at pp. 39-41 nn.116, 118, p.46 n.133, pp. 47-48 nn.137, 138, p. 162 n.467; Dkt. No. 391-77 at 124:21-25. Disclosure of these materials could allow competitors to strategically position themselves against Defendants, to the competitive detriment of Defendants. • Documents and testimony (and descriptions of same) related to remarketing fees charged by Defendants. See Dkt. No. 391-2 at p. 47 n.138; Dkt. No. 391-19 at 115:2-14. Disclosure of this information could allow competitors to strategically position themselves against Defendants, to the competitive detriment of Defendants. • Documents and testimony (and descriptions of the same) related to costs associated with carrying VRDOs on Defendants’ books. See Dkt. No. 388-22 at p. 2; Dkt. No. 391-2 at p.61 n.174; Dkt. No. 391-6 at p. 3; Dkt. No. 391-8 at p. 2; Dkt. No. 391-78 at 184:6-19, 185:3-186:24. Similar to the materials discussed above, disclosure of these materials could allow competitors to position themselves favorably against Defendants in the market. • Documents and testimony (and descriptions of the same) related to internal strategy and presentations, and compliance decisions and procedures of Defendants. See Dkt. No. 388-11 at 19:21-20:16; Dkt. No. 388-18 at 28:9-29:5; Dkt. No. 391-2 at p. 155 nn. 444- 45, p. 239 n.623, p. 246 n.639; Dkt. No. 391-24 at 199:7-25, 232:3-235:25. Disclosure of this sensitive strategy and compliance material would allow great access into Defendants’ internal decision-making processes, that could be used to Defendant’s disadvantage. • Descriptions and quotes from documents and testimony related to advice provided to clients of Defendants, and Defendants’ clients’ discussions of proprietary financing strategies. See Dkt. No. 391-1 at p. 63 & n.232; Dkt. No. 391-2 at p. 167 n. 482, p. 173 n.499. Similar to the materials discussed above, disclosure of these materials could allow competitors to position themselves favorably against Defendants in the market. • Documents and testimony (and descriptions of same) related to government investigations into VRDOs. See Dkt. No. 391-2 at p. 143 & n.407; Dkt. No. 391-86; Dkt. No. 391-84 at p. 3; Dkt. No. 391-86 at p. 2. Government regulators have kept these investigations confidential and they have not been publicly disclosed. Plaintiffs’ information. In response to Defendants’ extensive citation to, and discussion of, internal financial matters of the Named Plaintiffs found in confidential discovery material, and consistent with the legal authorities cited above, Plaintiffs request the sealing of only certain confidential information in three specific categories: • Documents and testimony related to the Named Plaintiffs’ financial strategies for and performance of VRDO issuances. See Dkt. No. 390 at pp. 15-16 & n.20, p. 45 n.54, p. 48 n.62; Dkt. No. 391-1 at p. 8, p. 9 n.23, p. 18 n.55, p. 19 n.62, pp. 20-21 & nn.63-65, 69- 70, pp. 23-24 & nn.77-78, 83, p. 32, p. 49 n.177, p. 50 n.179, p. 52 & n.186, p. 54 n.195, p.62 & n.229, p. 72 n.253, p. 134-35, p. 146, p. 148 n.548, p. 168; Dkt. No. 391-2 at p. 36 n.108, pp. 39-40 n.116, pp. 41-42 & n.120-21, p. 44 n.128, pp. 46-47 & nn.136-37, p. 150 n.428, p. 173 n.497, p. 256 & n.655, p. 260 & n.663, p.261 & n.666, p.263 & n.672, p.270 n.690; Dkt. No. 391-45; Dkt. No. 391-46; Dkt. No. 391-66; and Dkt. No. 391-69. • Documents and testimony related to the Named Plaintiffs’ entry into interest rate swaps, including the confidentially negotiated economic terms thereof. See Dkt. No. 390 at p. 35, p. 36 n.34, p. 37 & n.37, p. 40 & nn.45-46, p. 41 n.48, p. 42 n.49; Dkt. No. 391-1 at p. 72 n.253, pp. 73-74 & nn.254, 257-58, p. 74 & n.258, p. 75 & nn.262-63, pp. 76-81, p. 82 & n.291, p.84 & n.310, p. 85 & n.311, p. 88 & n.322, p. 90 & n.325, p. 91 & n.327, p. 93 & n.339, p. 94 nn.339, 342, p. 96 & n.352, p. 97 & nn.357-59, pp. 98-99 & nn.363-64, 368, p. 100 nn.368, 370-71, p. 101 Ex. 25, pp. 114-15, p. 137, p. 162-63, Appx. D–Ex. 22, Appx. D–Ex. 28 n.1, Appx. D–Ex. 34; Dkt. No. 391-44; Dkt. No. 391-50; Dkt. No. 391-61; Dkt. No. 391-63; Dkt. No. 391-66; Dkt. No. 391-68; and Dkt. No. 391-79. • Sensitive material in the expert report of Plaintiffs’ expert Professor William Schwert, which quantifies the impact of Defendants’ alleged artificial inflation of VRDO rates and calculates his initial estimate of class damages therefrom (the same subject matter the Court permitted to be sealed when granting temporarily the Parties’ December 1, 2022 joint letter motion to seal that was filed in connection with Plaintiffs’ motion for class certification (Dkt. No. 372)). See Dkt. No. 390 at p. 18, p. 24; Dkt. No. 391-1 at p. 12, Ex. 1, p. 14 Ex. 2 & n.42, p. 22 Ex. 3, p. 36 & n.132, p. 50, p. 63 Ex. 13, p. 66 & Ex. 15, p.68 n.244, p. 69, p. 70, pp. 76-84 & Ex. 20-22, p. 86, p. 101 Ex. 25, p. 117 Ex. 36, p. 128, p. 129, p. 130 & n.466, p. 136, p. 138, p. 144 & n.526, p. 148, p. 149, p. 153, p. 154, p.156, p. 161, p. 166, p. 167, p. 169, p. 179, Appx. D–Exs. 1-3, Appx. D–Ex. 13, Appx. D–Ex. 15, Appx. D–Exs. 20-22, Appx. D–Ex. 36; Dkt. No. 391-2 at p. 7, p. 50, p. 176, p.177, p. 197, p. 203, p. 208, p. 211, p. 213, p. 220, p. 247, p. 248, p. 257 & n.659. Third party information. Defendants, on behalf of third parties, also request permission to seal or redact, as applicable, certain confidential business and personal information of third parties that is quoted and discussed in the Opposition Papers. The relevant third parties provided such information during discovery pursuant to document and deposition subpoenas, and subject to the Stipulated Protective Order. Defendants have contacted all relevant third parties to request permission to disclose this information publicly, but in some cases have not received permission from third parties to do so. Because it could be commercially harmful to the third parties to publicly disclose such information, courts in this District have held that third-party confidential information warrants sealing over public access. See, e.g., Dodona I, LLC v. Goldman, Sachs & Co., 119 F. Supp. 3d 152, 156-57 (S.D.N.Y. 2015) (finding that sensitive personal information of employees and third parties, as well as customer information regarding trading strategies, objectives, and transactions, constitute the “type of information [that] overcomes the presumption of public disclosure”); see also United States v. Amodeo, 71 F.3d 1044, 1050 (2d Cir. 1995) (“We have previously held that ‘[t]he privacy interests of innocent third parties . . . should weigh heavily in a court’s balancing equation.’”) (citations omitted). Accordingly, sensitive third-party information has been authorized to be redacted from a motion for class certification. Valelly v. Merrill Lynch, Pierce, Fenner & Smith Inc., 2022 U.S. Dist. LEXIS 140126, at *2-4 (S.D.N.Y. Aug. 4, 2022). To the extent that Defendants receive permission from additional third parties to file these materials publicly, Defendants will notify the Court and modify this request accordingly. * * * Accordingly, on behalf of the parties, Defendants respectfully request that the portions of Defendants’ memoranda of law in opposition to class certification and to exclude expert testimony, Defendants’ expert reports, Exhibits 1, 7, 8, 10, 11, 14-16, 18, 19, 20, 22, and 23 to the Scott Declaration, and Exhibits 3, 6-9, 12, 13, 17-27, 29-33, 35, 36, 40-42, 79, 80, and 85-89 to the Gould Declaration, highlighted in green (as indexed in Exhibit 1 hereto) be permitted to be filed in redacted form. All such materials are being filed with this letter-motion in both redacted and highlighted form, in accordance with Rule 7.C.iii of the Court’s Individual Rules and Practices in Civil Cases.2 On behalf of the parties, Defendants respectfully further request that Exhibit 12 to the Scott Declaration and Exhibits 15, 44-46, 50, 57, 62, 64, 67-70, 72, 81, and 90 to the Gould Declaration (as also indexed in Exhibit 1), which were filed under seal on February 9, 2023, be permitted to remain under seal. Respectfully submitted, 2 Defendants’ filings made on February 9, 2023 highlighted in yellow the relevant portions of certain deposition transcripts cited in the Opposition Papers. COVINGTON & BURLING LLP JONES DAY By: s/ Robert D. Wick By: Michael P. Conway* Andrew A. Ruffino Jayant W. Tambe The New York Times Building Laura Washington Sawyer 620 Eighth Avenue Céalagh P. Fitzpatrick New York, New York 10018 Meredith Christian Telephone: (212) 841-1000 250 Vesey Street aruffino@cov.com New York, NY 10281-1047 Telephone: (212) 326-3604 Robert D. Wick Fax: (212) 755-7306 Brandon Gould jtambe@jonesday.com 850 Tenth Street, N.W. lwsawyer@jonesday.com Washington, D.C. 20001 cfitzpatrick@jonesday.com Telephone: (202) 662-6000 rwick@cov.com Michael P. Conway 110 N. Upper Wacker Dr. Attorneys for Defendants JPMorgan Chase Chicago, IL 60606 Bank, N.A., and J.P. Morgan Securities LLC Telephone: (312) 269-4145 Fax: (312) 782-8585 mconway@jonesday.com Attorneys for Defendants Wells Fargo Bank, N.A., Wachovia Bank, N.A., Wells Fargo Funds Management, LLC, and Wells Fargo Securities LLC WILMER CUTLER PICKERING HALE SKADDEN, ARPS, SLATE, AND DORR LLP MEAGHER & FLOM LLP By: Noah Levine* By: Boris Bershteyn* Noah Levine Boris Bershteyn Chris Johnstone Lara Flath 7 World Trade Center Kamali P. Willett 250 Greenwich Street One Manhattan West New York, NY 10007 New York, NY 10001 Telephone: (212) 230-8800 Telephone: (212) 735-3000 noah.levine@wilmerhale.com Fax: (917) 777-3834 chris.johnstone@wilmerhale.com boris.bershteyn@skadden.com lara.flath@skadden.com Heather Nyong’o kamali.willett@skadden.com Cleary Gottlieb Steen & Hamilton LLP 650 California Street, Suite 2000 Gretchen Wolf San Francisco, CA 94108 155 North Wacker Drive Telephone: (650) 815-4140 Chicago, Illinois 60606 hnyongo@cgsh.com Telephone: (312) 407-0700 Fax: (312) 407-0411 Attorneys for Defendants Bank of America gretchen.wolf@skadden.com Corporation, Bank of America, N.A., and Merrill Lynch, Pierce, Fenner & Smith Attorneys for Defendants Barclays Bank PLC Incorporated (including as successor in and Barclays Capital Inc. interest to Banc of America Securities LLC) PAUL, WEISS, RIFKIND, WHARTON & PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP GARRISON LLP By: Susanna M. Buergel* By: Robert Y. Sperling* Brad S. Karp Robert Y. Sperling Susanna M. Buergel Staci Yablon 1285 Avenue of the Americas William B. Michael New York, NY 10019-6064 1285 Avenue of the Americas Telephone: (212) 373-3553 New York, NY 10019-6064 Fax: (212) 492-0553 Telephone: (212) 373-3396 bkarp@paulweiss.com Fax: (212) 492-4018 sbuergel@paulweiss.com syablon@paulweiss.com rsperling@paulweiss.com Kenneth A. Gallo wmichael@paulweiss.com Jane B. O’Brien Lina Dagnew Paul D. Brachman 2001 K Street, NW 2001 K Street, NW Washington, DC 20006-1047 Washington, DC 20006-1047 Telephone: (202) 223-7356 Telephone: (202) 223-7440 Fax: (202) 204-7356 Fax: (202) 379-4098 kgallo@paulweiss.com pbrachman@paulweiss.com jobrien@paulweiss.com ldagnew@paulweiss.com Attorneys for Defendant Goldman Sachs & Co. LLC Attorneys for Defendants Citigroup Inc., Citibank, N.A., Citigroup Global Markets Inc., and Citigroup Global Markets Limited O’MELVENY & MYERS LLP SHEARMAN & STERLING LLP By: Sergei Zaslavsky* By: Adam S. Hakki* Andrew J. Frackman Adam S. Hakki Michael M. Klotz Grace J. Lee 7 Times Square 599 Lexington Avenue New York, New York 10036 New York, NY 10022-6069 Telephone: (212) 326-2000 Telephone: (212) 848-4000 Facsimile: (212) 326-2061 Facsimile: (212) 848-7179 afrackman@omm.com adam.hakki@shearman.com mklotz@omm.com grace.lee@shearman.com Sergei Zaslavsky John F. Cove, Jr. Adam Walker 535 Mission Street, 25th Floor 1625 Eye St, NW San Francisco, CA 94105-2997 Washington, D.C. 20006 Telephone: (415) 616-1100 Telephone: (202) 383-5300 Facsimile: (415) 616-1199 Facsimile: (202) 383-5414 john.cove@shearman.com szaslavsky@omm.com awalker@omm.com Attorneys for Defendants Morgan Stanley, Morgan Stanley Smith Barney LLC, Morgan Attorneys for Defendants The Royal Stanley & Co. LLC, Morgan Stanley Capital Bank of Canada and RBC Capital Markets, Group Inc. LLC * Signatures used with permission pursuant to S.D.N.Y. ECF Rule 8.5(b). cc: All counsel of record (via ECF) Exhibit 1 Document Request for Location of Requested Redactions or Redactions or to Redactions Sealing Seal in Full? Requested By Memorandum of Law Redactions Footnote 7 Defendants in Support of Footnote 9 Defendants o/b/o Defendants’ Motion third parties to Exclude Expert Footnote 10 Defendants Testimony (Dkt. No. Page 23 Defendants 389) Scott Decl., Exhibit 1 Redactions Pages 136-37, 207 Defendants (Dkt. No. 388-1) Scott Decl., Exhibit 7 Redactions Pages 29-30 Defendants (Dkt. No. 388-7) Scott Decl., Exhibit 8 Redactions Pages 2-3 Defendants (Dkt. No. 388-8) Scott Decl., Exhibit Redactions Pages 37-38, 109-110 Defendants 10 (Dkt. No. 388-10) Scott Decl., Exhibit Redactions Pages 19-20 Defendants 11 (Dkt. No. 388-11) Scott Decl., Exhibit Seal Defendants o/b/o 12 (Dkt. No. 388-12) third parties Scott Decl., Exhibit Redactions Pages 60-63, 78-80 Defendants 14 (Dkt. No. 388-14) Scott Decl., Exhibit Redactions Pages 49-50, 96 Defendants 15 (Dkt. No. 388-15) Scott Decl., Exhibit Redactions Pages 75-76 Defendants 16 (Dkt. No. 388-16) Scott Decl., Exhibit Redactions Pages 28-29 Defendants 18 (Dkt. No. 388-18) Scott Decl., Exhibit Redactions Pages 114-16 Defendants 19 (Dkt. No. 388-19) Scott Decl., Exhibit Redactions Pages 137-39 Defendants 20 (Dkt. No. 388-20) Scott Decl., Exhibit Redactions Pages 2-3 Defendants 22 (Dkt. No. 388-22) Scott Decl., Exhibit Redactions Pages 1-2 Defendants 23 (Dkt. No. 388-23) Defendants’ Joint Redactions Pages 5-6 & footnote 8 Defendants Memorandum of Law Pages 15-16 & footnote 20 Plaintiffs in Opposition to Page 18 Plaintiffs Plaintiffs’ Motion for Page 24 Plaintiffs Class Certification Page 35 Plaintiffs (Dkt. No. 390) Footnote 34 Plaintiffs Page 37 & footnote 37 Plaintiffs Page 40 & footnote 45-46 Plaintiffs Footnote 46 Defendants o/b/o third parties Footnote 48 Plaintiffs Footnote 49 Plaintiffs Footnote 54 Plaintiffs Footnote 62 Plaintiffs Footnote 53 Defendants o/b/o third parties Footnote 62 Defendants o/b/o third parties Declaration of Redactions Pages 5-7 Defendants o/b/o Brandon Gould third parties Expert Report of John Redactions Page 8 Plaintiffs Chalmers (Dkt. No. Footnote 23 Plaintiffs 391-1) Page 12 Plaintiffs Footnote 34 Defendants Page 14 & footnote 42 Plaintiffs Page 16 & footnote 47 Defendants Footnote 55 Plaintiffs Page 19 & footnotes 59, 61 Defendants o/b/o third parties Footnote 62 Plaintiffs Pages 20-21 & footnotes Plaintiffs 63-65, 69-70 Page 22 Plaintiffs Pages 23-24 & footnotes Plaintiffs 77-78, 83 Footnotes 79, 80 Defendants o/b/o third parties Footnote 99 Defendants Page 32 Plaintiffs Page 36 and footnote 132 Plaintiffs Footnote 151 Defendants o/b/o third parties Footnote 177 Defendants (redactions on page 48) Defendants o/b/o third parties (redactions on page 49) Plaintiffs Footnote 179 Defendants o/b/o third parties and Plaintiffs Page 50 Defendants and Plaintiffs Page 52 & footnote 186 Plaintiffs Footnote 195 Plaintiffs Page 62 & footnotes 229, Defendants o/b/o 230 third parties and Plaintiffs Page 63 & footnote 232 Defendants and Plaintiffs Page 66 Plaintiffs Footnote 244 Plaintiffs Pages 69-70 Plaintiffs Footnote 253 Plaintiffs Pages 73-74 & footnotes Plaintiffs 254, 257-58 Page 75 & footnotes 262- Plaintiffs 63 Footnotes 259, 270, 271 Defendants o/b/o third parties Pages 76-84 Plaintiffs Pages 78-79 & footnotes Defendants o/b/o 277, 284 third parties Footnote 289 Defendants o/b/o third parties Pages 81-82 & footnotes Defendants o/b/o 291-93 third parties Page 82 & footnote 291 Plaintiffs Pages 84-86 & footnotes Plaintiffs 310-11 Page 87 & footnote 318 Defendants o/b/o third parties Page 88 & footnote 322 Plaintiffs Page 90 & footnote 325 Plaintiffs Page 91 & footnote 327 Plaintiffs Pages 91-92 & footnotes Defendants o/b/o 328, 332-33 third parties Page 93 & footnote 339 Plaintiffs Footnote 339, 342 Plaintiffs Pages 96-99 & footnotes Defendants o/b/o 349, 351, 354, 356, 362, third parties 364-65 Page 96 & footnote 352 Plaintiffs Page 97 & footnotes 357- Plaintiffs 59 Pages 98-99 & footnotes Plaintiffs 363-64, 368 Footnotes 368, 370-71 Plaintiffs Footnotes 369, 371 Defendants o/b/o third parties Page 101 Plaintiffs Pages 102-03 & footnotes Defendants o/b/o 378-79 third parties Footnote 397 Defendants o/b/o third parties Page 114-15 Plaintiffs Page 117 Plaintiffs Footnotes 415-16 Defendants o/b/o third parties Page 118 & footnote 420 Defendants o/b/o third parties Footnote 431 Defendants o/b/o third parties Page 127 & footnote 456 Defendants o/b/o third parties Pages 128-30 & footnote Plaintiffs 466 Page 131 & footnote 467 Defendants o/b/o third parties Pages 133-35 & footnotes Defendants and 473, 477, 481, 484 Plaintiffs Page 136-38 Plaintiffs Footnote 495 Defendants o/b/o third parties Page 140 Defendants Page 142 & footnote 516 Defendants Page 143 & footnote 519 Defendants o/b/o third parties Footnote 526 Plaintiffs Pages 146-47 & footnotes Defendants and 538-40 Plaintiffs Pages 148-49 & footnote Defendants o/b/o 548 third parties and Plaintiffs Page 152 Defendants Page 153-54 Plaintiffs Page 156 Plaintiffs Page 158 Defendants Page 161-63 Plaintiffs Footnote 587 Defendants o/b/o third parties Pages 166-67 Plaintiffs Page 168 Defendants Page 169 Plaintiffs Pages 171-72 Defendants Pages 175-77 & footnotes Defendants o/b/o 638, 644, 648 third parties Page 179 Plaintiffs Appendix D, Exhibits 1-3, Plaintiffs 13, 15, 20-22, 28 n.1, 34, 36 Appendix D, Exhibits 39, Defendants 41, 42, 45, 53 Expert Report of Redactions Page 7 Plaintiffs Glenn Hubbard (Dkt. Footnote 108 Plaintiffs No. 391-2) Footnote 116 Defendants and Plaintiffs Footnote 117 Defendants o/b/o third parties Footnote 118 Defendants Pages 41-42 & footnotes Plaintiffs 120-21 Footnote 128 Plaintiffs Footnote 133 Defendants Pages 46-47 & footnotes Plaintiffs 136-37 Footnotes 137-38 Defendants Page 50 Plaintiffs Footnote 174 Defendants Footnote 177 Defendants o/b/o third parties Footnote 234 Defendants Page 81 & footnotes 236, Defendants 240 Footnote 244 Defendants Pages 90-103 and footnotes Defendants 275-77, 280-85, 287-88, 290, 295-298, 300, 314, 318-21, 323, 325-26, 331- 32, 334, 336-37, 339-40 Footnote 349 Defendants Footnote 360 Defendants Page 130 Defendants Page 143 & footnote 407 Defendants Footnote 428 Plaintiffs Footnote 444 Defendants Footnote 455 Defendants Footnote 467 Defendants Footnote 482 Defendants o/b/o third parties Footnote 497 Plaintiffs Footnote 499 Defendants Page 176 Plaintiffs Page 177 Plaintiffs Footnote 536 Defendants Footnote 544 Defendants Page 197 Plaintiffs Page 203 Plaintiffs Page 208 Plaintiffs Page 211 Plaintiffs Page 213 Plaintiffs Page 220 Plaintiffs Footnote 623 Defendants Footnote 639 Defendants Page 247 Plaintiffs Page 248 Plaintiffs Page 256 & footnotes 652, Defendants 654-55 Page 256 & footnote 655 Plaintiffs Footnote 658 Defendants Page 257 & footnote 659 Plaintiffs Pages 260-61 & footnote Defendants 662, 665 Page 260 & footnote 663 Plaintiffs Page 261 & footnote 666 Plaintiffs Pages 263-64 & footnote Defendants and 672 Plaintiffs Pages 267-68 & footnotes Defendants 679-80, 682-83 Pages 270-71 and footnote Defendants and 688, 690-92 Plaintiffs Gould Declaration Redactions Pages 49-50, 54-55 Defendants Exhibit 3 (Dkt. No. 391-3) Gould Declaration Redactions Pages 2-4 Defendants Exhibit 6 (Dkt. No. 391-6) Gould Declaration Redactions Pages 44-53 Defendants Exhibit 7 (Dkt. No. 391-7) Gould Declaration Redactions Pages 2-3 Defendants Exhibit 8 (Dkt. No. 391-8) Gould Declaration Redactions Pages 99-101 Defendants Exhibit 9 (Dkt. No. 391-9) Gould Declaration Redactions Pages 84-86, 141-42 Defendants Exhibit 12 (Dkt. No. 391-12) Gould Declaration Redactions Pages 72-78, 80-83, 114- Defendants Exhibit 13 (Dkt. No. 17, 146-48 391-13) Gould Declaration Seal Defendants Exhibit 15 (Dkt. No. 391-15) Gould Declaration Redactions Pages 87-90, 178-79 Defendants Exhibit 17 (Dkt. No. 391-17) Gould Declaration Redactions Pages 2-7 Defendants Exhibit 18 (Dkt. No. 391-18) Gould Declaration Redactions Pages 72, 86-88, 94, 115 Defendants Exhibit 19 (Dkt. No. 391-19) Gould Declaration Redactions Pages 165-68 Defendants Exhibit 20 (Dkt. No. 391-20) Gould Declaration Redactions Pages 45-46, 192-93 Defendants Exhibit 21 (Dkt. No. 391-21) Gould Declaration Redactions Pages 63-65, 72, 200-02 Defendants Exhibit 22 (Dkt. No. 391-22) Gould Declaration Redactions Pages 248-51, 274-80 Defendants Exhibit 23 (Dkt. No. 391-23) Gould Declaration Redactions Pages 97-99, 114-16, 199, Defendants Exhibit 24 (Dkt. No. 232-235 391-24) Gould Declaration Redactions Page 135 Defendants Exhibit 25 (Dkt. No. 391-25) Gould Declaration Redactions Pages 1-2 Defendants Exhibit 26 (Dkt. No. 391-26) Gould Declaration Redactions Pages 2-3 Defendants Exhibit 27 (Dkt. No. 391-27) Gould Declaration Redactions Defendants Exhibit 29 (Dkt. No. 391-29) Gould Declaration Redactions Pages 147-150 Defendants Exhibit 30 (Dkt. No. 391-30) Gould Declaration Redactions Pages 53-57 Defendants Exhibit 31 (Dkt. No. 391-31) Gould Declaration Redactions Pages 35-36 Defendants Exhibit 32 (Dkt. No. 391-32) Gould Declaration Redactions Errata Defendants Exhibit 33 (Dkt. No. 391-33) Gould Declaration Redactions Page 95 Defendants Exhibit 35 (Dkt. No. 391-35) Gould Declaration Redactions Pages 57-60 Defendants Exhibit 36 (Dkt. No. 391-36) Gould Declaration Redactions Pages 97-100 Defendants Exhibit 40 (Dkt. No. 391-40) Gould Declaration Redactions Pages 56-59 Defendants Exhibit 41 (Dkt. No. 391-41) Gould Declaration Redactions Pages 28-29 Defendants Exhibit 42 (Dkt. No. 391-42) Gould Declaration Seal Plaintiffs Exhibit 44 (Dkt. No. 391-44) Gould Declaration Seal Plaintiffs Exhibit 45 (Dkt. No. 391-45) Gould Declaration Seal Plaintiffs Exhibit 46 (Dkt. No. 391-46) Gould Declaration Seal Plaintiffs Exhibit 50 (Dkt. No. 391-50) Gould Declaration Seal Defendants o/b/o Exhibit 57 (Dkt. No. third parties 391-56) Gould Declaration Seal Plaintiffs Exhibit 62 (Dkt. No. 391-61) Gould Declaration Seal Defendants o/b/o Exhibit 64 (Dkt. No. third parties and 391-63) Plaintiffs Gould Declaration Seal Plaintiffs Exhibit 67 (Dkt. No. 391-66) Gould Declaration Seal Defendants o/b/o Exhibit 68 (Dkt. No. third parties 391-67) Gould Declaration Seal Plaintiffs Exhibit 69 (Dkt. No. 391-68) Gould Declaration Seal Plaintiffs Exhibit 70 (Dkt. No. 391-69) Gould Declaration Seal Defendants o/b/o Exhibit 72 (Dkt. No. third parties 391-71) Gould Declaration Redactions Page 124 Defendants Exhibit 79 (Dkt. No. 391-77) Gould Declaration Redactions Pages 183-86 Defendants Exhibit 80 (Dkt. No. 391-78) Gould Declaration Seal Plaintiffs Exhibit 81 (Dkt. No. 391-79) Gould Declaration Redactions Pages 29-30 Defendants Exhibit 85 (Dkt. No. 391-83) Gould Declaration Redactions Page 3 Defendants Exhibit 86 (Dkt. No. 391-84) Gould Declaration Redactions Pages 1-2 Defendants Exhibit 87 (Dkt. No. 391-85) Gould Declaration Redactions Page 2 Defendants Exhibit 88 (Dkt. No. 391-86) Gould Declaration Redactions Pages 2-6 Defendants Exhibit 89 (Dkt. No. 391-87) Gould Declaration Seal Defendants o/b/o Exhibit 90 (Dkt. No. third parties 391-88)