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UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF INDIANA
INDIANAPOLIS DIVISION IN RE: ) ) ITT EDUCATIONAL SERVICES, INC., et al.1 ) Case No. 16-07207-JMC-7A ) Debtors. ) Jointly Administered
NOTICE OF UNREDACTED SETTLEMENT AGREEMENT AND MUTUAL RELEASE BETWEEN THE TRUSTEE AND DELOITTE & TOUCHE LLP
Deborah J. Caruso, the chapter 7 trustee in this case (the “Trustee”), by counsel, hereby
submits the unredacted copy of the Settlement Agreement and Mutual Release (the “Settlement
Agreement”), between the Trustee and Deloitte & Touche LLP, a copy of which is attached as
Exhibit A. A partially redacted copy of the Settlement Agreement was originally included as
Exhibit 1 to the Trustee’s Motion to Compromise and Settle All Claims Against Deloitte &
Touche LLP [Doc 3099] filed on December 20, 2018.
Respectfully submitted,
RUBIN & LEVIN, P.C.
By: /s/ Meredith R. Theisen Meredith R. Theisen
Deborah J. Caruso (Atty. No. 4273-49) John C. Hoard (Atty. No. 8024-49) James E. Rossow Jr. (Atty. No. 21063-29) Meredith R. Theisen (Atty. No. 28804-49) RUBIN & LEVIN, P.C. 135 N. Pennsylvania Street, Suite 1400 Indianapolis, Indiana 46204 Tel: (317) 634-0300 Fax: (317) 263-9411 Email: dcaruso@rubin-levin.net johnh@rubin-levin.net jim@rubin-levin.net mtheisen@rubin-levin.net
Attorneys for Deborah J. Caruso, Trustee
1 The debtors in these cases, along with the last four digits of their respective federal tax identification numbers are ITT Educational Services, Inc. [1311]; ESI Service Corp. [2117]; and Daniel Webster College, Inc. [5980].
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CERTIFICATE OF SERVICE
I hereby certify that on January 28, 2019, a copy of the foregoing Notice of Unredacted
Settlement Agreement and Mutual Release Between the Trustee and Deloitte & Touche LLP was filed electronically. Pursuant to Section IV.C.3(a) of the Case Management Procedures, notice of this filing will be sent to the following parties through the Court’s Electronic Case Filing System. Parties may access this filing through the Court’s system. John Joseph Allman jallman@hbkfirm.com, dadams@hbkfirm.com Richard Allyn rallyn@robinskaplan.com Robert N Amkraut ramkraut@foxrothschild.com Scott S. Anders scott.anders@jordanramis.com, litparalegal@jordanramis.com Manuel German Arreaza manuel.arreaza@cfpb.gov Todd Allan Atkinson tatkinson@ulmer.com Darren Azman dazman@mwe.com Kay Dee Baird kbaird@kdlegal.com, rhobdy@kdlegal.com;crbpgpleadings@kdlegal.com Michael I. Baird baird.michael@pbgc.gov, efile@pbgc.gov Christopher E. Baker cbaker@hbkfirm.com, thignight@hbkfirm.com James David Ballinger jim@kentuckytrial.com, jennifer@kentuckytrial.com Joseph E. Bant jebant@lewisricekc.com William J. Barrett william.barrett@bfkn.com, mark.mackowiak@bfkn.com Ashley Flynn Bartram ashley.bartram@oag.texas.gov Alex M Beeman alex@beemanlawoffice.com, alexbeemanECF@protonmail.com Thomas M Beeman tom@beemanlawoffice.com Richard James Bernard rbernard@foley.com Thomas Berndt tberndt@robinskaplan.com, jgerboth@robinskaplan.com John J Berry john.berry@dinsmore.com, Christina.Lee@DINSMORE.COM Lauren Beslow lauren.beslow@quarles.com Brandon Craig Bickle bbickle@gablelaw.com David J. Bodle dbodle@hhclaw.com, layres@hhlaw-in.com Robert A. Breidenbach rab@goldsteinpressman.com Wendy D Brewer wbrewer@fmdlegal.com, cbellner@fmdlegal.com Kayla D. Britton kayla.britton@faegrebd.com, noticeFRindy@faegrebd.com Robert Bernard Bruner bob.bruner@nortonrosefulbright.com Jason R Burke jburke@bbrlawpc.com, kellis@bbrlawpc.com Erin Busch ebusch@nebraska.edu John Cannizzaro john.cannizzaro@icemiller.com, Deborah.Martin@icemiller.com Kevin M. Capuzzi kcapuzzi@beneschlaw.com, lmolinaro@beneschlaw.com;docket@beneschlaw.com James E. Carlberg jcarlberg@boselaw.com, mwakefield@boselaw.com;rmurphy@boselaw.com Steven Dean Carpenter scarpenter1@dor.in.gov Deborah Caruso dcaruso@rubin-levin.net, dwright@rubin-levin.net;jkrichbaum@rubin-levin.net;atty_dcaruso@bluestylus.com Deborah J. Caruso trusteecaruso@rubin-levin.net, DJC@trustesolutions.net
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Joshua W. Casselman jcasselman@rubin-levin.net, angie@rubin-levin.net;atty_jcasselman@bluestylus.com Ben T. Caughey ben.caughey@merchocaughey.com Sonia A. Chae chaes@sec.gov John Andrew Chanin jchanin@lindquist.com, srummery@lindquist.com Courtney Elaine Chilcote courtney@ckhattorneys.com, ckh@ckhattorneys.com;tracy@ckhattorneys.com Dale C Christensen christensen@sewkis.com Eboney Delane Cobb ecobb@pbfcm.com Tiffany Cobb tscobb@vorys.com Michael Edward Collins mcollins@manierherod.com Michael Anthony Collyard mcollyard@robinskaplan.com, rhoule@robinskaplan.com Eileen Connor econnor@law.harvard.edu Lawrence D. Coppel lcoppel@gfrlaw.com Heather M. Crockett Heather.Crockett@atg.in.gov, darlene.greenley@atg.in.gov J Russell Cunningham rcunningham@dnlc.net, reaster@dnlc.net Erica Dausch edausch@babstcalland.com David H DeCelles david.h.decelles@usdoj.gov Melissa J. DeGroff mjd@kgrlaw.com, cjs@kgrlaw.com Dustin R. DeNeal dustin.deneal@faegrebd.com, noticeFRindy@faegrebd.com Laura A DuVall Laura.Duvall@usdoj.gov, Catherine.henderson@usdoj.gov Stephen Emedi semedi@law.harvard.edu Abby Engen aengen@nmag.gov, eheltman@nmag.gov Annette England annette.england@btlaw.com Charles Anthony Ercole cercole@klehr.com, acollazo@klehr.com Carolyn Meredith Fast carolyn.fast@ag.ny.gov Elaine Victoria Fenna elaine.fenna@morganlewis.com Andrew W Ferich awf@chimicles.com Scott Patrick Fisher sfisher@drewrysimmons.com, lgarrison@DSVlaw.com John David Folds dfolds@bakerdonelson.com, sparson@bakerdonelson.com Jennifer N Fountain jfountain@iislaw.com, sfilippini@iislaw.com Sarah Lynn Fowler sarah.fowler@mbcblaw.com, deidre.gastenveld@mbcblaw.com Robert W. Fuller rfuller@rbh.com Carlos Galliani carlos@thelidjifirm.com Jonathan William Garlough jgarlough@foley.com, mstockl@foley.com;mdlee@foley.com Lea Pauley Goff lea.goff@skofirm.com, emily.keith@skofirm.com;mary.lisanby@skofirm.com Barry S. Gold bgold@mmlawus.com John C Goodchild john.goodchild@morganlewis.com Douglas Gooding dgooding@choate.com John Andrew Goodridge jagoodridge@jaglo.com, angray@jaglo.com;dwhiggs@jaglo.com Michael Wayne Grant michael.w.grant@doj.state.or.us Richard Grayson Grant rgrant@rgglaw.com, grantecf@gmail.com Alan Mark Grochal agrochal@tydingslaw.com Elizabeth N. Hahn ehahn@rubin-levin.net, mralph@rubin-levin.net Gregory Forrest Hahn ghahn@boselaw.com, jmcneeley@boselaw.com
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Julian Ari Hammond Jhammond@hammondlawpc.com, ppecherskaya@hammondlawpc.com Wallace M Handler whandler@swappc.com, kkloock@swappc.com William J. Hanlon whanlon@seyfarth.com Adam Craig Harris adam.harris@srz.com Brian Hauck bhauck@jenner.com Jeffrey M. Hawkinson jhawkinson@pcslegal.com, danderson@pcslegal.com Michael J. Hebenstreit mjh@whzlaw.com, arlene@whzlaw.com;ene@whzlaw.com;kdt@whzlaw.com Amanda Marie Hendren amanda@indianalawgroup.com Claude Michael Higgins Michael.Higgins@ag.ny.gov Michael W. Hile mhile@jacobsonhile.com, assistant@jacobsonhile.com Sean M Hirschten shirschten@psrb.com Robert M. Hirsh robert.hirsh@arentfox.com John C. Hoard johnh@rubin-levin.net, jkrichbaum@rubin-levin.net;atty_jch@trustesolutions.com;sturpin@rubin-levin.net Curt Derek Hochbein chochbein@rubin-levin.net, mralph@rubin-levin.net;lking@rubin-levin.net;atty_chochbein@bluestylus.com Jeffrey A Hokanson jeff.hokanson@icemiller.com, Kathy.peed@icemiller.com Steven Howard Holinstat sholinstat@proskauer.com Diana Hooley diana.hooley@state.ma.us Thomas Ross Hooper hooper@sewkis.com George Wade Hopper ghopper@cohenandmalad.com, klandeck@cohenandmalad.com Andrew E. Houha bkecfnotices@johnsonblumberg.com Andrew W. Hull awhull@hooverhullturner.com, fgipson@hooverhullturner.com James C Jacobsen jjacobsen@nmag.gov, eheltman@nmag.gov Christine K. Jacobson cjacobson@jacobsonhile.com, assistant@jacobsonhile.com Jay Jaffe jay.jaffe@faegrebd.com, noticeFRindy@faegrebd.com David Januszewski djanuszewski@cahill.com Benjamin F Johns bfj@chimicles.com, klw@chimicles.com Russell Ray Johnson russj4478@aol.com Kenneth C. Jones kcjones@lewisricekc.com Anthony R. Jost tjost@rbelaw.com, baldous@rbelaw.com;tbutton@rbelaw.com David J. Jurkiewicz DJurkiewicz@boselaw.com, mwakefield@boselaw.com;rmurphy@boselaw.com;clindsey@boselaw.com;dlingenfelter@boselaw.com Timothy Q. Karcher tkarcher@proskauer.com Alan Katz akatz@lockelord.com Richard B. Kaufman richardkfmn@gmail.com Carly Kessler ckessler@robinskaplan.com John M. Ketcham jketcham@psrb.com, scox@psrb.com Taejin Kim tae.kim@srz.com Edward M King tking@fbtlaw.com, lsugg@fbtlaw.com;tking@ecf.inforuptcy.com Roy F. Kiplinger bankruptcy@kiplingerlaw.com, bankruptcy@kiplingerlaw.com Jackson Taylor Kirklin taylor.kirklin@usdoj.gov, denise.woody@usdoj.gov James A. Knauer jak@kgrlaw.com, tjf@kgrlaw.com Kevin Dale Koons kkoons@kgrlaw.com
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Harris J. Koroglu hkoroglu@shutts.com, fsantelices@shutts.com Lawrence Joel Kotler ljkotler@duanemorris.com Robert R Kracht rrk@mccarthylebit.com Andrew L. Kraemer akraemer@johnsonblumberg.com, akraemerlawoffice@att.net David R. Krebs dkrebs@hbkfirm.com, dadams@hbkfirm.com Jerrold Scott Kulback jkulback@archerlaw.com Jay R LaBarge jlabarge@stroblpc.com Darryl S Laddin bkrfilings@agg.com Michael J. Langlois mlanglois@shouselanglois.com, rshouse@shouselanglois.com Vilda Samuel Laurin slaurin@boselaw.com Jordan A Lavinsky jlavinsky@hansonbridgett.com Todd Evan Leatherman todd.leatherman@ky.gov David S Lefere dlefere@mikameyers.com, jfortney@mikameyers.com Anthony Darrell Lehman alehman@hpwlegal.com Martha R. Lehman mlehman@salawus.com, marthalehman87@gmail.com;pdidandeh@salawus.com;lengle@salawus.com Gary H Leibowitz gleibowitz@coleschotz.com, blansinger@coleschotz.com;pratkowiak@coleschotz.com Donald D Levenhagen dlevenhagen@landmanbeatty.com Elizabeth Marie Little elizabeth.little@faegrebd.com Edward J LoBello elobello@msek.com Melinda Hoover MacAnally Melinda.MacAnally@atg.in.gov, Carrie.Spann@atg.in.gov;Kenyatta.Peerman@atg.in.gov Christopher John Madaio Cmadaio@oag.state.md.us John A. Majors jam@morganandpottinger.com, majormajors44@yahoo.com Steven A. Malcoun dsmith@mayallaw.com Jonathan Marshall jmarshall@choate.com Thomas Marvin Martin tmmartin@lewisricekc.com Jeff J. Marwil jmarwil@proskauer.com, npetrov@proskauer.com;pyoung@proskauer.com;sholinstat@proskauer.com Richard J Mason rmason@mcguirewoods.com C. Ed Massey mbracken@nkylawyers.com, cedmassey@nkylawyers.com Ann Wilkinson Matthews amatthews@ncdoj.gov Rachel Jaffe Mauceri rachel.mauceri@morganlewis.com Michael Wesley McBride mmcbride@cohenandmalad.com, klandeck@cohenandmalad.com Michael K. McCrory mmccrory@btlaw.com, bankruptcyindy@btlaw.com Maureen Elin McOwen molly.mcowen@cfpb.gov Harley K Means hkm@kgrlaw.com, kwhigham@kgrlaw.com;cjs@kgrlaw.com;tjf@kgrlaw.com Toby Merrill tomerrill@law.harvard.edu, ppsl@law.harvard.edu Robert W. Miller rmiller@manierherod.com Sherry Millman smillman@stroock.com Jason Milstone jason.milstone@cmsenergy.com Thomas E Mixdorf thomas.mixdorf@icemiller.com, susan.cogdill@icemiller.com Evgeny Grigori Mogilevsky eugene@egmlegal.com, emily@egmlegal.com James P Moloy jmoloy@boselaw.com,
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dlingenfelter@boselaw.com;mwakefield@boselaw.com Ronald J. Moore Ronald.Moore@usdoj.gov Hal F Morris hal.morris@oag.texas.gov Michael David Morris michael.morris@ago.mo.gov Kevin Alonzo Morrissey kmorrissey@lewis-kappes.com, soliver@lewis-kappes.com;leckert@lewis-kappes.com;kwilliams@lewis-kappes.com Whitney L Mosby wmosby@bgdlegal.com, fwolfe@bgdlegal.com C Daniel Motsinger cmotsinger@kdlegal.com, cmotsinger@kdlegal.com;crbpgpleadings@kdlegal.com;shammersley@kdlegal.com Lee Duck Moylan lmoylan@klehr.com, acollazo@klehr.com Joseph L. Mulvey joseph@mulveylawllc.com, linda@mulveylawllc.com Abraham Murphy murphy@abrahammurphy.com Justin Scott Murray jmurray@atg.state.il.us Alissa M. Nann anann@foley.com, DHeffer@foley.com Henry Seiji Newman hsnewman@dglaw.com Kevin M. Newman knewman@menterlaw.com, kmnbk@menterlaw.com Cassandra A. Nielsen cnielsen@rubin-levin.net, atty_cnielsen@bluestylus.com,mralph@rubin-levin.net;lking@rubin-levin.net Ryan Charles Nixon rcnixon@lamarcalawgroup.com Isaac Nutovic inutovic@nutovic.com Michael O'Donnell mike.odonnell@nortonrosefulbright.com Gregory Ostendorf gostendorf@scopelitis.com, agregory@scopelitis.com Weston Erick Overturf wes.overturf@mbcblaw.com, deidre.gastenveld@mbcblaw.com;ellen.sauter@mbcblaw.com Pamela A. Paige ppaige@plunkettcooney.com, amiller@plunkettcooney.com Kenneth Pasquale kpasquale@stroock.com Eric Pendergraft ependergraft@slp.law, dwoodall@slp.law;bss@slp.law Danielle Ann Pham danielle.pham@usdoj.gov Jack A Raisner jar@outtengolden.com, kdeleon@outtengolden.com;jquinonez@outtengolden.com Jonathan Hjalmer Reischl jonathan.reischl@cfpb.gov Michael Rella mrella@mmlawus.com Caroline Ellona Richardson caroline@paganelligroup.com, anna@paganelligroup.com James Leigh Richmond James.Richmond@fldoe.org Mai Lan Gabrielle Rodgers Rodgers.MaiLan@pbgc.gov, efile@pbgc.gov John M. Rogers johnr@rubin-levin.net, jkrichbaum@rubin-levin.net;atty_rogers@bluestylus.com;mralph@rubin-levin.net Melissa M. Root mroot@jenner.com, wwilliams@jenner.com David A. Rosenthal darlaw@nlci.com James E Rossow jim@rubin-levin.net, ATTY_JER@trustesolutions.com;robin@rubin-levin.net;lisa@rubin-levin.net Rene Sara Roupinian rsr@outtengolden.com, jxh@outtengolden.com;kdeleon@outtengolden.com;rfisher@outtengolden.com;gl@outtengolden.com;jquinonez@outtengolden.com Victoria Fay Roytenberg vroytenberg@law.harvard.edu, jjimenez@law.harvard.edu Steven Eric Runyan ser@kgrlaw.com
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Craig Damon Rust craig.rust@doj.ca.gov, Lindsay.Bensen@doj.ca.gov Karl T Ryan stacey@ryanesq.com, stacey@ryanesq.com Joseph Michael Sanders jsanders@atg.state.il.us Thomas C Scherer tscherer@bgdlegal.com, fwolfe@bgdlegal.com James R. Schrier jrs@rtslawfirm.com, lrobison@rtslawfirm.com;jlandes@rtslawfirm.com Ronald James Schutz rschutz@robinskaplan.com H. Jeffrey Schwartz jschwartz@robinskaplan.com Courtney Michelle Scott cscott1@dor.in.gov Joseph E Shickich jshickich@foxrothschild.com, vmagda@foxrothschild.com Randall R Shouse rshouse@shouselanglois.com, mlanglois@shouselanglois.com William E Smith wsmith@k-glaw.com, clipke@k-glaw.com Lauren C. Sorrell lsorrell@kdlegal.com, ayeskie@kdlegal.com;swaddell@kdlegal.com Berry Dan Spears berrydspears616@gmail.com Catherine L. Steege csteege@jenner.com, mhinds@jenner.com;thooker@jenner.com LaChelle D Stepp lstepp@steppjaffe.com, lastepp@yahoo.com Jason V Stitt jstitt@kmklaw.com Sharon Stolte sstolte@sandbergphoenix.com Jesse Ellsworth Summers esummers@burr.com, sguest@burr.com Jonathan David Sundheimer jsundheimer@btlaw.com Nathan L Swehla nswehla@graydon.law Nancy K. Swift nswift@buchalter.com, cbohnsack@buchalter.com Andrew W.J. Tarr atarr@robinsonbradshaw.com Eric Jay Taube eric.taube@wallerlaw.com, annmarie.jezisek@wallerlaw.com;sherri.savala@wallerlaw.com Meredith R. Theisen mtheisen@rubin-levin.net, dwright@rubin-levin.net;mcruser@rubin-levin.net Meredith R. Theisen mtheisen@rubin-levin.net, atty_mtheisen@bluestylus.com;mralph@rubin-levin.net Jessica L Titler jt@chimicles.com David Tocco djtocco@vorys.com, mdwalkuski@vorys.com Todd Christian Toral todd.toral@dlapiper.com, todd-toral-9280@ecf.pacerpro.com Ronald M. Tucker rtucker@simon.com, cmartin@simon.com,bankruptcy@simon.com Christopher Turner christopher.turner@lw.com, DClitserv@lw.com U.S. Trustee ustpregion10.in.ecf@usdoj.gov Michael Ungar MUngar@mwe.com Lauren Valkenaar lauren.valkenaar@nortonrosefulbright.com Sally E Veghte sveghte@klehr.com, acollazo@klehr.com Rachel Claire Verbeke rverbeke@stroblpc.com Aimee Vidaurri aimee.vidaurri@nortonrosefulbright.com Amy L VonDielingen avondielingen@woodmclaw.com Amy E Vulpio vulpioa@whiteandwilliams.com Carolyn Graff Wade Carolyn.G.Wade@doj.state.or.us Louis Hanner Watson louis@watsonnorris.com Jeffrey R. Waxman jwaxman@morrisjames.com, jdawson@morrisjames.com;wweller@morrisjames.com Christine M.H. Wellons christine.wellons@maryland.gov
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Philip A. Whistler philip.whistler@icemiller.com, melodye.mills@icemiller.com Bradley Winston bwinston@winstonlaw.com, lwheaton@winstonlaw.com Brandon Michael Wise bwise@prwlegal.com Cathleen Dianne Wyatt cwyatt@fbtlaw.com, tacton@fbtlaw.com Joseph Yar jyar@nmag.gov, eheltman@nmag.gov;lgiandomenico@nmag.gov James T Young james@rubin-levin.net, lking@rubin-levin.net;atty_young@bluestylus.com;mralph@rubin-levin.net James E. Zoccola jzoccola@lewis-kappes.com
I further certify that on January 28, 2019, pursuant to Section IV.C.3(c) of the Case Management Procedures, a copy of the foregoing Notice of Unredacted Settlement Agreement and Mutual Release Between the Trustee and Deloitte & Touche LLP was emailed to the following:
Arlington ISD/Richardson ISD: Eboney Cobb at ecobb@pbfcm.com CEC Red Run, LLC: Alan M. Grochal at agrochal@tydingslaw.com SWRE Deal V Building, LLC: Paul Weiser at pweiser@buchalter.com Tarrant County/Dallas County: Elizabeth Weller at dallas.bankruptcy@publicans.com Northwest Natural Gas Company: Ashlee Minty at Ashlee.Minty@nwnatural.com Solar Drive Business, LLC: Chris W. Halling at challing@hallingmeza.com Market-Turk Company: Jordan A. Lavinsky at jlavinsky@hansonbridgett.com Taxing Authority for Harris County, Texas: John P. Dillman at houston_bankruptcy@lgbs.com Texas Comptroller of Public Accounts: Rachel Obaldo at rachel.obaldo@oag.texas.gov Clear Creek Independent School District: Carl O. Sandin at csandin@pbfcm.com Synchrony Bank: Recovery Management Systems Corporation at claims@recoverycorp.com Bexar County: Don Stecker at sanantonio.bankruptcy@publicans.com SWRE Deal V Building, LLC: Nancy K. Swift at nswift@buchalter.com TN Dept. of Revenue: Michael Willey at michael.willey@ag.tn.gov Florida Department of Education: Benman D. Szeto at benman.szeto@fldoe.org Last Second Media, Inc.: T. Todd Egland at tegland@beldenblaine.com Hung Duong: Kevin Schwin at kevin@schwinlaw.com Travis County: Kay D. Brock at kay.brock@traviscountytx.gov Able Building Maintenance: Scott D. Fink at bronationalecf@weltman.com Marathon Ventures, LLC: Daniel M. Karger at kargerlaw@gmail.com Oklahoma County Treasurer: Tammy Jones at tammy.jones@oklahomacounty.org JM Partners LLC: John Marshall at jmarshall@jmpartnersllc.com Deloitte & Touche LLP: Christopher S. Turner at christopher.turner@lw.com
/s/ Meredith R. Theisen Meredith R. Theisen
g:\wp80\trustee\caruso\itt educational - 86723901\drafts\notice unredacted settlement agreement.docx
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CONFIDENTIAL
SETTLEMENT AGREEMENT AND MUTUAL RELEASE
This SETTLEMENT AGREEMENT AND MUTUAL RELEASE (“Settlement
Agreement” or “Agreement”), which is subject to approval by the Bankruptcy Court (defined
below) pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (“Bankruptcy
Rules”), is entered into as of the 19th day of December, 2018, between and among:
(a) Deborah J. Caruso, solely in her capacity as the chapter 7 trustee of the
bankruptcy estates of ITT Educational Services, Inc., ESI Service Corp., and Daniel Webster
College, Inc., and not individually (“Trustee”); and
(b) Deloitte & Touche LLP (“D&T”).
The Trustee and D&T shall collectively be referred to in this Settlement Agreement as the
“Settling Parties.”
PREAMBLE
WHEREAS, on September 16, 2016 (“Petition Date”), ITT Educational Services, Inc.,
ESI Service Corp., and Daniel Webster College, Inc. (collectively, “ITT” or “Debtors”) each
filed a voluntary bankruptcy petition under chapter 7 of Title 11 of the United States Code
(“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of
Indiana, Indianapolis Division (“Bankruptcy Court”), thereby commencing bankruptcy cases
which are now jointly administered under Case No. 16-07207-JMC (“Bankruptcy Case”).
WHEREAS, the Trustee was appointed interim trustee under section 701 of the
Bankruptcy Code in each of the Debtors’ bankruptcy cases on the Petition Date, and in
accordance with section 702(d) of the Bankruptcy Code, became the permanent trustee in the
Bankruptcy Case on November 1, 2016 following the conclusion of the meeting of creditors
held pursuant to section 341(a) of the Bankruptcy Code. Pursuant to section 323(a) of the
Bankruptcy Code, the Trustee is currently the representative of the Debtors’ bankruptcy
Exhibit A Page 1 of 18
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CONFIDENTIAL
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estates.
WHEREAS, the Trustee asserts that it has claims against D&T arising from the
services D&T provided to ITT between 2014 and 2016.
WHEREAS, D&T denies all allegations of wrongdoing, violations of law, or any other
basis for liability arising out of the conduct, statements, acts, or omissions alleged, or that
could have been alleged, in any action against it.
WHEREAS, the Settling Parties intend to fully, finally and forever resolve, discharge
and settle any and all claims relating to ITT (as more particularly described in Paragraphs 9-12
below), that were or could have been asserted between the Settling Parties, to avoid litigation.
NOW THEREFORE, for good and valuable consideration of the covenants and
agreements contained in this Settlement Agreement, the adequacy of which is hereby
acknowledged, the Setting Parties agree as follows:
DEFINITIONS
1. As used in this Agreement, the following capitalized terms have the meanings
specified below:
(a) “Estate Releasors” means the Debtors, their estates, and the Trustee,
their subsidiaries and affiliates, their predecessors, successors and assigns, and any other
person or entity that claims or might claim through, on behalf of, or for the benefit of any of
the foregoing, whether directly or derivatively.
(b) “Estate Releasees” means the Debtors, their estates, the Trustee, and
Deborah J. Caruso, and any and all of their past, present and future partners, directors, boards
and board members, principals, officers, officials, members, employees, subsidiaries, parents,
affiliates, divisions, joint venturers, subcontractors, subrogees, offices, controlled entities and
persons, predecessors, successors, assignors, assigns, transferees, heirs, executors, attorneys,
Exhibit A Page 2 of 18
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CONFIDENTIAL
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shareholders, owners, investors, accountants, auditors, advisors, trustees, administrators,
fiduciaries, consultants, representatives, insurers, co-insurers, reinsurers, and agents, solely in
their respective capacities as such.
(c) “Deloitte Releasees” means D&T, Deloitte LLP, Deloitte Consulting
LLP, Deloitte Financial Advisory Services LLP, Deloitte Transactions and Business Analytics
LLP, Deloitte Tax LLP, Deloitte Services LP, and Deloitte USA LLP (together, the “Deloitte
US Entities”) and any and all of the Deloitte US Entities’ past, present and future partners,
directors, boards and board members, principals, officers, officials, members, employees,
subsidiaries, parents, affiliates, divisions, joint venturers, subcontractors, subrogees, offices,
controlled entities and persons, predecessors, successors, assignors, assigns, transferees, heirs,
executors, attorneys, shareholders, owners, investors, accountants, auditors, advisors, trustees,
administrators, fiduciaries, consultants, representatives, insurers, co-insurers, reinsurers, and
agents, solely in their respective capacities as such.
(d) “Deloitte Releasors” means the Deloitte US Entities, their subsidiaries
and affiliates, their predecessors, successors and assigns, and any other person or entity that
claims or might claim through, on behalf of, or for the benefit of any of the foregoing, whether
directly or derivatively.
(e) “Settlement Amount” means eleven million five hundred thousand U.S.
dollars ($11,500,000.00).
(f) “Settlement Effective Date” is the date upon which an order of the
Bankruptcy Court approving this Agreement becomes final and non-appealable. Pursuant to
Rule 8002 of the Bankruptcy Rules, the Settling Parties agree that, absent any appeal, the order
will become final and non-appealable 14 days after it is entered.
Exhibit A Page 3 of 18
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TERMS
2. This Settlement Agreement represents a negotiated settlement of disputed
claims. The execution of this Settlement Agreement and the negotiations, discussions and
communications in connection with this Settlement Agreement shall not be construed as
admissions or concessions by the Settling Parties as to any liability or wrongdoing, or as to the
merits or lack of merits of any claim or defense. Further, the Settling Parties expressly agree
that they are entering into this Agreement solely to eliminate the uncertainties, burdens and
expenses of litigation and that this Settlement Agreement shall in no event be construed as, or
deemed to be, evidence of an admission or concession by D&T or the Debtors, their estates or
the Trustee with respect to any claim of any fault, liability, wrongdoing or damage whatsoever.
3. As a condition precedent to execution of this Agreement, the Trustee shall
provide D&T with any reasonable and necessary documentation that D&T may request for tax
purposes.
4. Within two (2) business days following execution of the Settlement Agreement
by all signatories, the Trustee shall file a motion with the Bankruptcy Court seeking approval
of this Agreement pursuant to Bankruptcy Rule 9019 (the “Rule 9019 Motion”). In the event
the Rule 9019 Motion is not approved by a final and non-appealable order by the Bankruptcy
Court, this Agreement shall be void ab initio and the Settling Parties shall be restored to their
respective positions as of the date of this Agreement with all of their respective claims and
defenses preserved as they existed on that date.
5. Within ten (10) business days of the Settlement Effective Date, D&T shall send
the Settlement Amount by electronic funds transfer to the Debtors’ bankruptcy estates’ account
(the “Fund”) as directed by the Trustee.
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6. Within two (2) business days of receiving the Settlement Amount into the Fund
in accordance with Paragraph 5 of this Settlement Agreement, the Trustee shall file a Joint
Stipulation of Dismissal with prejudice in the form attached as Exhibit A to this Agreement,
pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(ii), made applicable pursuant to
Bankruptcy Rule 7041, dismissing all claims against D&T with prejudice in the action
captioned Deborah J. Caruso, the chapter 7 trustee for the bankruptcy estates of ITT
Educational Services, Inc., ESI Service Corp., and Daniel Webster College, Inc. v. Deloitte &
Touch LLP, Adversary Proceeding No. 18-50276 in the Bankruptcy Case (“Avoidance
Action”). D&T consents to the Trustee’s filing of the Joint Stipulation of Dismissal in the
form attached as Exhibit A in the Avoidance Action.
7. The Trustee expressly acknowledges that she is responsible for the payment of
any applicable taxes related to receipt of the Settlement Amount and that D&T shall have no
responsibility whatsoever for such taxes.
8. This Settlement Agreement shall be final and binding on the Settling Parties
upon its execution, subject to approval of the Agreement by the Bankruptcy Court in a final
and non-appealable order.
9. Effective upon (a) the Settlement Effective Date and (b) receipt of the
Settlement Amount in accordance with Paragraph 5 of this Settlement Agreement, the Estate
Releasors hereby release and forever discharge the Deloitte Releasees, and each of them
individually, to the fullest extent that the law permits their release, of and from any and all
claims, suits, actions, causes of action, damages (including, without limitation, compensatory,
punitive, exemplary, rescissory, direct, consequential or special damages, and restitution and
disgorgement), demands, rights, debts, penalties, costs, expenses, fees, injunctive relief,
attorneys’ fees, expert or consulting fees, prejudgment interest, indemnities, duties, liabilities,
Exhibit A Page 5 of 18
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losses, or obligations of every nature and description whatsoever, known or unknown, whether
or not concealed or hidden, fixed or contingent, direct or indirect, anticipated or unanticipated,
asserted or that could have been asserted by or on behalf of the Estate Releasors, whether
legal, contractual, rescissory, statutory, or equitable in nature, whether arising under federal,
state, common or foreign law, that now exist or have ever existed from the beginning of time
until the date of this Agreement that are based upon, arise from, or are related to ITT or to any
services D&T provided to ITT (“Estate Released Claims”). The release granted in this
Paragraph 9 shall in no event preclude the Debtors, their estates or the Trustee, in any action
where a third party asserts a claim against the Debtors, their estates or the Trustee concerning
ITT, from asserting, through a defense of comparative fault, that any Deloitte Releasee bears a
proportionate share of fault for damages alleged against the Debtors, their estates or the
Trustee, provided however, that nothing in this Paragraph 9 shall allow the Debtors, their
estates or the Trustee to assert any claim against the Deloitte Releasees that has been released
pursuant to this Settlement Agreement. Further, the release granted in this Paragraph 9 shall in
no event preclude the Debtors, their estates or the Trustee, in any action where a Deloitte
Releasee brings a claim against the Debtors, their estates or the Trustee, from asserting claims
or counterclaims against that Deloitte Releasee.
10. Effective upon (a) the Settlement Effective Date and (b) the filing by the
Trustee of a Joint Stipulation with prejudice in accordance with Paragraph 6 of this Settlement
Agreement, the Deloitte Releasors hereby release and forever discharge the Estate Releasees,
and each of them individually, to the fullest extent that the law permits their release, of and
from any and all claims, suits, actions, causes of action, damages (including, without
limitation, compensatory, punitive, exemplary, rescissory, direct, consequential or special
damages, and restitution and disgorgement), demands, rights, debts, penalties, costs, expenses,
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fees, injunctive relief, attorneys’ fees, expert or consulting fees, prejudgment interest,
indemnities, duties, liabilities, losses, or obligations of every nature and description
whatsoever, known or unknown, whether or not concealed or hidden, fixed or contingent,
direct or indirect, anticipated or unanticipated, asserted or that could have been asserted by or
on behalf of the Deloitte Releasors, whether legal, contractual, recissory, statutory, or
equitable in nature, whether arising under federal, state, common or foreign law, that now exist
or have ever existed from the beginning of time until the date of this Agreement that are based
upon, arise from, or are related to ITT or to any services D&T provided to ITT (“Deloitte
Released Claims”). The release granted in this Paragraph 10 shall in no event preclude D&T,
in any action where D&T is sued by a third party concerning ITT, from asserting, through a
defense of comparative fault, that any Estate Releasee bears a proportionate share of fault for
damages alleged against D&T in such litigation, provided however, that nothing in this
Paragraph 10 shall allow D&T to assert any claim against the Estate Releasees that has been
released pursuant to this Settlement Agreement. Further, the release granted in this Paragraph
10 shall in no event preclude D&T, in any action where an Estate Releasee brings a claim
against D&T, from asserting claims or counterclaims against that Estate Releasee.
11. The Settling Parties expressly acknowledge that they may hereafter discover
facts in addition to or different from those that any of them or their counsel now knows or
believes to be true with respect to the subject matter of the claims released in Paragraphs 9-10
or otherwise. Nevertheless, upon execution of this Settlement Agreement and subject to the
terms of the Settlement Agreement, the Settling Parties shall have expressly, fully, finally, and
forever settled and released any and all claims as set forth in Paragraphs 9-10, whether known
or unknown, suspected or unsuspected, contingent or non-contingent, whether or not now
existing or coming into existence in the future, including, but not limited to, conduct that is
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negligent, reckless, intentional, with or without malice, or a breach of any duty, law, or rule,
without regard to the subsequent discovery or existence of such different or additional facts.
12. The Settling Parties agree that the releases granted in this Settlement
Agreement cover unknown claims. The Settling Parties expressly waive the provisions, rights
and benefits conferred by the law of any state or territory of the United States or principle of
common law which is similar, comparable or equivalent to California Civil Code § 1542,
which provides:
A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.
The Settling Parties acknowledge that the foregoing waiver was separately bargained for and a
key element of the Settlement Agreement of which this release is a part.
13. The Settling Parties and their respective attorneys agree that the Settlement
Amount shall be treated as confidential and shall not be offered into evidence by the Settling
Parties in any action, arbitration, or proceeding for any purpose whatsoever except to obtain
approval of the Settlement Agreement or as necessary to enforce the Settlement Agreement, or
disclosed, described, or characterized to any other person, entity, publication or member of the
media for any purpose, provided however, that each Settling Party may disclose the fact that a
settlement has been entered into on mutually agreeable terms. The Settlement Amount may be
disclosed as follows:
(a) in the Bankruptcy Court, federal district courts, and federal appellate courts
to the extent required to obtain approval of the Settlement Agreement. In
such instances, the Trustee shall seek to have the Settlement Amount filed
under seal indefinitely with it not being made available to any third party
without the consent of both of the Settling Parties. The Settlement Amount
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may be provided to the Bankruptcy Court, the United States Trustee’s
Office and any auditor serving under 28 U.S.C. § 586(f), on a confidential
basis, unless otherwise ordered by the Bankruptcy Court. In the event the
Bankruptcy Court or another court denies a request by the Trustee to have
the Settlement Amount filed under seal, the Trustee may proceed to
publicly file the Settlement Amount.
(b) in financial reports required to be filed by the Trustee with the Bankruptcy
Court.
(c) by the Settling Parties or either of them (i) as may be required by judicial
process, or order of a court, or as required by law; (ii) to the Settling
Parties’ insurance carriers; or (iii) to the Settling Parties’ attorneys or
accountants; and
(d) by D&T to D&T’s regulators.
Disclosure by the Settling Parties to the persons and entities included in subsection (c)(ii) and
(c)(iii) above shall be subject to agreement by the recipient to maintain confidentiality in
accordance with this Paragraph 13. In the event of disclosure to the persons and entities
included in subsection (c)(i), the Settling Party making such disclosure agrees that it will
notify the other Settling Party that such disclosure is being made, except if such notification is
not permitted by law; notify the person or entity to which the disclosure is made that the
Settling Parties have agreed to maintain the confidentiality of the Settlement Amount in
accordance with this Paragraph 13; and request that the person or entity to which the
disclosure is made maintain the confidentiality of the Settlement Amount. To the extent that
this Agreement is offered in evidence for the purpose of enforcing the Settlement Agreement,
the Settling Party offering such evidence shall file the Settlement Amount under seal unless
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otherwise ordered by a court. D&T acknowledges and agrees that the Trustee will include a
redacted copy of this Settlement Agreement with the Rule 9019 Motion, which will redact all
references to the Settlement Amount.
14. In the event of a request, subpoena or court order seeking access to the
Settlement Amount, the Settling Parties agree to the extent permitted by law or applicable
rules or regulations (a) that the Settling Party in receipt of the request, subpoena or court order
(the “subpoenaed party”) will promptly notify the non-subpoenaed party upon receipt of the
request, subpoena, or court order and provide the non-subpoenaed party a copy thereof, to
afford the non-subpoenaed party a reasonable opportunity to take action to prevent disclosure
of the Settlement Amount, and (b) that the subpoenaed party will cooperate reasonably in the
non-subpoenaed party’s efforts to protect disclosure of the Settlement Amount. This
Paragraph 14 shall not apply to permitted disclosures made pursuant to Subsections 13(a),
13(b), 13(c)(ii), 13(c)(iii), or 13(d), above.
(i) Any notice to D&T required under this provision shall be given in
writing to D&T at:
Deloitte LLP Office of General Counsel 1221 Avenue of the Americas New York, NY 10020 Attn: David Cohen, Deputy General Counsel
and
Latham & Watkins LLP 555 Eleventh St. NW Suite 1000 Washington, DC 20004-1304 Attn: Christopher S. Turner
Exhibit A Page 10 of 18
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(ii) The notice to the Trustee required under this provision shall be given in
writing to the Trustee at:
Deborah J. Caruso, Esq. Rubin & Levin, P.C. 135 N. Pennsylvania St., Suite 1400 Indianapolis, IN 46204
and
McKool Smith PC One Bryant Park, 47th Floor New York, NY 10036 Attn: Kyle A. Lonergan
15. With the exception of the warranties and representations made in this
Settlement Agreement, by entering into this Settlement Agreement, the Settling Parties assume
the risk of any misrepresentation, concealment or mistake. If any Settling Party to this
Settlement Agreement subsequently discovers that any fact relied upon by it in entering into
this Agreement was untrue or concealed from that Settling Party, or that the Settling Party’s
understanding of the facts or of the law was incorrect, such Settling Party shall not be entitled
to any relief in connection therewith, including, without limitation, any alleged right or claim
to set aside or rescind this Settlement Agreement. This Settlement Agreement is intended to
be final and binding between and among the Settling Parties, subject to approval of the
Agreement by the Bankruptcy Court in a final and non-appealable order.
REPRESENTATIONS AND WARRANTIES
16. To induce one another to enter into this Settlement Agreement, each Settling
Party, and D&T’s authorized agent signing this Settlement Agreement, represents and warrants
that it has the full and absolute right, power, authority and ability to enter into this Settlement
Agreement, and all releases, representations, and warranties contained in this Settlement
Agreement, and to perform all of its obligations hereunder, subject in the case of the Trustee to
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obtaining approval of the Settlement Agreement by the Bankruptcy Court in a final and non-
appealable order.
17. Each Settling Party represents and warrants that: (a) her or its respective
attorneys have explained the meaning and effect of this Settlement Agreement; (b) she or it has
read and she or it understands this Settlement Agreement; (c) she or it has not relied upon any
other statements or representations regarding this matter other than those expressly stated
herein; and (d) she or it has signed this Settlement Agreement without duress, coercion, or
undue influence by anyone or anything.
18. The Trustee and D&T each warrant and represent that, as of the date of
execution of this Settlement Agreement, she or it has not assigned, subrogated or otherwise
transferred, and will not assign, subrogate or otherwise transfer, all or any part or interest of
the Estate Released Claims and the Deloitte Released Claims, respectively.
DEFAULT
19. Any failure by a Settling Party to comply with the terms and conditions of this
Settlement Agreement shall constitute a material breach of this Settlement Agreement, and the
non-compliant Settling Party will be considered in default of this Settlement Agreement.
20. In the event of a default by any of the Settling Parties of any of their respective
obligations, and upon the giving of ten (10) business days written notice of such default (and if
such default is not cured within that ten-business day time period), a Settling Party may, in its
discretion, institute an action before the Bankruptcy Court to enforce or interpret the terms of
this Settlement Agreement. The existence of any default by a Settling Party shall not authorize
the termination of this Settlement Agreement, and the Agreement shall remain fully binding on
all parties. A non-breaching Settling Party shall have all other rights and remedies available at
law.
Exhibit A Page 12 of 18
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OTHER MATTERS
21. This Settlement Agreement shall be deemed drafted equally by each of the
Settling Parties. Its language shall be construed as a whole and according to its fair meaning.
Any presumption or principle that the language is to be construed against any Settling Party
shall not apply. The headings in this Settlement Agreement are for convenience and are not
intended to affect construction or interpretation.
22. The failure, or partial failure, of either of the Settling Parties to enforce at any
time any provision of this Settlement Agreement shall not be construed to be a waiver of such
provision, nor in any way affect the validity of this Settlement Agreement or any part thereof
or the right of any Settling Party thereafter to enforce each and every provision. No waiver of
any breach of this Settlement Agreement shall be held to constitute a waiver or any other
breach.
23. This Settlement Agreement may be executed in several counterparts and, when
fully executed by the Settling Parties, each counterpart shall be deemed an original and shall
constitute one and the same instrument. Facsimile, photocopy or PDF signatures shall be valid
as originals.
24. This Settlement Agreement may not be altered, modified or amended except by
a writing signed by the Settling Parties.
25. This Settlement Agreement constitutes the sole and entire agreement between
the Settling Parties with respect to the matters covered in this Agreement.
26. Irrespective of the place of execution, the laws of the State of New York
(without reference to its conflicts of law principles) shall govern the validity of this Settlement
Agreement, the construction of its terms, and the interpretation of the rights and duties of the
Settling Parties. The Bankruptcy Court shall retain exclusive jurisdiction to enforce and
Exhibit A Page 13 of 18
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interpret this Agreement, including after the Bankruptcy Case is dismissed, closed, or
converted to another chapter of the Bankruptcy Code.
27. If any provision of this Agreement should be held invalid, illegal or
unenforceable in any respect by the Bankruptcy Court or a district court or appellate court in
an appeal therefrom, then, to the fullest extent permitted by law, the Agreement shall be
amended to add a provision as similar in terms to such invalid, illegal or unenforceable
provision as may be possible that is legal, valid and enforceable.
28. This Agreement shall not be assignable by anyone without the express written
consent of all of the Settling Parties. This Agreement shall be binding upon and enforceable
by (a) the Settling Parties, (b) each of the Settling Parties’ respective trustees, beneficiaries,
heirs, descendants, executors, successors and permitted assigns, and (c) each of the Estate
Releasees and Deloitte Releasees.
29. The Settling Parties specifically disavow any intention to create rights in third
parties under or in relation to this Agreement, except as otherwise expressly provided herein.
Exhibit A Page 14 of 18
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EXHIBIT A
Exhibit A Page 16 of 18
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UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF INDIANA
INDIANAPOLIS DIVISION
IN RE: ) )
ITT EDUCATIONAL SERVICES, INC., et al.1 ) Case No. 16-07207-JMC-7A )
Debtors. ) Jointly Administered __________________________________________) DEBORAH J. CARUSO, the chapter 7 trustee for ) the bankruptcy estates of ITT Educational Services, ) Inc., ESI Service Corp., and Daniel Webster ) College, Inc., )
) Plaintiff, ) Adversary No. 18-50276
) vs. )
) DELOITTE & TOUCHE, LLP, )
) Defendant. )
JOINT STIPULATION OF DISMISSAL OF ADVERSARY PROCEEDING WITH PREJUDICE
The plaintiff, Deborah J. Caruso, the chapter 7 trustee in the above-referenced bankruptcy
case (the “Trustee”) and the defendant, Deloitte & Touche LLP (the “Defendant”), each by their
respective counsel, pursuant to Rule 41(a)(1)(A)(ii) of the Federal Rules of Civil Procedure,
made applicable in this adversary proceeding pursuant to Rule 7041 of the Federal Rules of
Bankruptcy Procedure, hereby stipulate to the dismissal of this adversary proceeding with
prejudice.
1 The debtors in these cases, along with the last four digits of their respective federal tax identification numbers are ITT Educational Services, Inc. [1311]; ESI Service Corp. [2117]; and Daniel Webster College, Inc. [5980].
Exhibit A Page 17 of 18
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2
Dated: ______________, 2019 Respectfully submitted,
/s/ /s/ Christopher S. Turner John C. Hoard
Christopher S. Turner (admitted pro hac vice) John C. Hoard (Atty. No. 8024-49) LATHAM & WATKINS LLP 555 Eleventh Street NW, Suite 1000 Washington, DC 2004 Tel: (202) 637-2200 Fax: (202) 637-2201 Email: christopher.turner@lw.com
RUBIN & LEVIN, P.C. 135 N. Pennsylvania Street, Suite 1400 Indianapolis, Indiana 46204 Tel: (317) 634-0300 Fax: (317) 263-9411 Email: johnh@rubin-levin.net
Attorneys for Deloitte & Touche LLP Attorneys for Deborah J. Caruso, Trustee
CERTIFICATE OF SERVICE
I hereby certify that on _______________, 2019, a copy of the foregoing Joint Stipulation of Dismissal of Adversary Proceeding with Prejudice was filed electronically. Notice of this filing will be sent to the following party/parties through the Court’s Electronic Case Filing System. Party/parties may access this filing through the Court’s system.
John C. Hoard johnh@rubin-levin.net, jkrichbaum@rubin-levin.net; atty_jch@trustesolutions.com; sturpin@rubin-levin.net Christopher Turner christopher.turner@lw.com, DClitserv@lw.com U.S. Trustee ustpregion10.in.ecf@usdoj.gov
I further certify that on __________________, 2019, a copy of the foregoing Joint Stipulation of Dismissal of Adversary Proceeding with Prejudice was mailed by first-class U.S. Mail, postage prepaid and properly addressed, to the following:
None.
/s/ John C. Hoard
Exhibit A Page 18 of 18
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