Exhibit 39.A — In re Bank of America California Unemployment Benefits Litigation (Dkt. 659-3, S.D. Cal. No. 3:21-md-02992)

Record facts

U.S. District Court for the Southern District of California · No. 3:21-md-02992-GPC-MSB · Doc. 659-3 · 2026-02-05 · Docket on CourtListener

Full text

HX 39.A  
Case 3:21-md-02992-GPC-MSB     Document 659-3     Filed 02/05/26     PageID.57098 
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HIGHLY CONFIDENTIAL
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            UNITED STATES DISTRICT COURT
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           SOUTHERN DISTRICT OF CALIFORNIA
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                 SAN DIEGO DIVISION
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IN RE BANK OF AMERICA           ) Case No.
CALIFORNIA UNEMPLOYMENT         ) 21-MD-02992 LAB-MSB
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BENEFITS LITIGATION             )
________________________________)
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                                )
                                )
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                                )
This Document Relates to        )
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All Actions                     )
                                )
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                                )
________________________________)
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                 HIGHLY CONFIDENTIAL
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       VIDEO-RECORDED DEPOSITION OF GREG REGAN
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                Monday, May 19, 2025
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              San Francisco, California
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Stenographically Reported By:
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Hanna Kim, CLR, CSR No. 13083
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Job No. 7289038
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HIGHLY CONFIDENTIAL
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            UNITED STATES DISTRICT COURT
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           SOUTHERN DISTRICT OF CALIFORNIA
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                 SAN DIEGO DIVISION
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IN RE BANK OF AMERICA           ) Case No.
CALIFORNIA UNEMPLOYMENT         ) 21-MD-02992 LAB-MSB
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BENEFITS LITIGATION             )
________________________________)
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                                )
                                )
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                                )
This Document Relates to        )
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All Actions                     )
                                )
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                                )
________________________________)
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          HIGHLY CONFIDENTIAL, video-recorded
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deposition of GREG REGAN, taken on behalf of the
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Defendant at the law offices of Goodwin Procter LLP,
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located at 525 Market Street, 31st Floor,
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San Francisco, California 94105, on Monday,
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May 19, 2025, before Hanna Kim, CLR, Certified
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Shorthand Reporter, No. 13083.
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HIGHLY CONFIDENTIAL
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               A P P E A R A N C E S  O F  C O U N S E L :
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F o r  P l a i n t i f f s :
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         A L T S H U L E R  B E R Z O N  L L P
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         B Y :   C O N N I E  K .  C H A N ,  E S Q .
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         B Y :   C A R O L I N E  H U N S I C K E R ,  E S Q .
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         1 7 7  P o s t  S t r e e t
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         S a n  F r a n c i s c o ,  C a l i f o r n i a  9 4 1 0 8
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F o r  D e f e n d a n t  B a n k  o f  A m e r i c a :
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         G O O D W I N  P R O C T O R  L L P
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         B Y :   M A T T H E W  L .  R I F F E E ,  E S Q .
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         B Y :   J O R D A N  L .  L A M P O ,  E S Q .
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         1 9 0 0  N  S t r e e t ,  N . W .
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         W a s h i n g t o n ,  D . C .  2 0 0 3 6
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         m r i f f e e @ g o o d w i n l a w . c o m
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2 4
A l s o  P r e s e n t :
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         R E I L L Y  L E E T ,  V i d e o  O p e r a t o r
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HIGHLY CONFIDENTIAL
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              San Francisco, California
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                Monday, May 19, 2025
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         10:13 a.m., Pacific Daylight Time
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                      --o0o--
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          THE VIDEOGRAPHER:  Good morning.  We are     10:13:31
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going on the record at 10:13 a.m. on May 19th, 2025.
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          Please note that the microphones are
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sensitive and may pick up whispering and private
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conversations.
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          Please mute your phones at this time.        10:13:47
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          Audio and video recording will continue to
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take place unless all parties agree to go off the
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record.
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          This is Media Unit 1 of the video-recorded
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deposition of Greg Regan taken by counsel for -- for   10:14:03
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defendant in the matter of In Re Bank of America
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California Unemployment Benefits Litigation, filed
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in the United States District Court, Southern
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District of California, San Diego Division, Case
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Number 21MD02992GPCMSB.                                10:14:28
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          The location of the deposition is 525
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Market Street, 31st Floor, San Francisco, California
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94105.
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          My name is Reilly Leet representing
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Veritext Legal Solutions, and I'm the videographer.    10:14:56
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HIGHLY CONFIDENTIAL
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I am not related to any party in this action, nor am
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I financially interested in the outcome.
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          Counsel will now state their appearances
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and affiliations for the record, beginning with the
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noticing attorney.                                     10:15:13
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          MR. RIFFEE:  Matt Riffee, here from
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Goodwin Procter, on behalf of Bank of America.
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          MS. LAMPO:  Jordan Lampo, here from
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Goodwin Procter, on behalf of Bank of America.
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          MS. CHAN:  Connie Chan of Altshuler Berzon   10:15:28
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on behalf of the Plaintiffs and the witness.
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          MS. HUNSICKER:  Caroline Hunsicker from
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Altshuler Berzon on behalf of the Plaintiffs.
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          THE VIDEOGRAPHER:  Thank you.  And all
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counsel on the Zoom have been noted for the record.    10:15:37
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          Will the court reporter please introduce
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yourself and administer the oath to the witness, and
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then counsel may proceed.
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          THE COURT REPORTER:  Good morning.  This
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is Hanna Kim, Certified Shorthand Reporter, License    09:14:13
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Number 13083.
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///
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///
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///
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///
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HIGHLY CONFIDENTIAL
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                     GREG REGAN,
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       having been duly administered an oath,
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       was examined and testified as follows:
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          MR. RIFFEE:  Good morning.  Before we get    10:16:08
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started, I just want to designate the entire
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transcript as highly confidential, and the parties
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will agree, pursuant to the terms of the protective
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order, and make our specific designations.
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                                                       10:16:18
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                    EXAMINATION
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BY MR. RIFFEE:
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     Q.   Good morning, Mr. Regan.
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          Can you please state your full name for
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the record.                                            10:16:24
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     A.   Yes.  Good morning, Mr. Riffee.  My name
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is Greg Regan, R-E-G-A-N.
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     Q.   Okay.  I understand you've been deposed
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quite a few times before.  Approximately how many
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times have you been deposed before?                    10:16:34
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     A.   I would estimate approximately 120 times.
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     Q.   In any of those 120 times, were you
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serving as a -- as a fact witness, as opposed to an
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expert witness?
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     A.   No.                                          10:16:46
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HIGHLY CONFIDENTIAL
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rate applied to judgements in California.
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          And what's the -- the basis for your
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understanding that that's an interest rate that's
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applied to judgments in California?
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     A.   My familiar- -- familiarity with the         02:34:46
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California Civil Code, my practicing in this area
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for more than 20 years, and quite a number of jury
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instructions that that's how this calculation is
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employed.
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     Q.   Do you intend to offer a legal opinion in    02:35:06
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this case as to whether or not a 10 percent
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California judgement rate is the appropriate rate to
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be used here or that would apply to a claim brought
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under EFTA?
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     A.   No.  I don't intend to offer any legal       02:35:20
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opinions.
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     Q.   At the top of page 20, still in Paragraph
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46, you write that, "The 10 percent rate likely
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understates the cost a consumer would have incurred
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during that same period, including the cost of         02:35:37
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increased borrowing, reduced consumption or the
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inability to pay down existing debt, such as a
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credit card" -- or "such as credit card debt."
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          How would a borrowing rate be a measure of
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economic -- economic damages resulting from a          02:36:00
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     A.   Yes, because their analysis, in my view,
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was consistent with -- with mine.  Different studies
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were -- were considered in terms of developing their
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opinions, but my findings regarding the conditions
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applicable to population of impacted cardholders       03:03:27
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yielded similar results to their analyses.
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     Q.   Okay.  But your -- your analysis here and
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your assumption here is based on the fact -- or your
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belief that the most likely source of funds that was
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used were -- was credit cards with a 20 percent APR;   03:03:44
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right?
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     A.   That the best estimate of the -- the costs
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that consumers incurred is represented by the cost
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of borrowing on a credit card, yes.
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     Q.   Even if they never had a credit card, you    03:03:58
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think the best estimate for a proposed class member
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is still a 20 percent APR, based on the -- the
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average available credit card interest rate at the
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time?
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          MS. CHAN:  Objection.                        03:04:13
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          THE WITNESS:  When I consider the
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class-wide impact, in my view, that's the best
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estimate or best way to estimate the cost of
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borrowing incurred by the impacted cardholders.
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BY MR. RIFFEE:                                         03:04:28
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          MR. RIFFEE:  Of course.
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BY MR. RIFFEE:
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     Q.   Do you understand that he disputes that
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Mr. Minnucci's proposed industry-average ASA is an
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appropriate benchmark for Bank of America's claims     06:09:48
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call center during the proposed customer service
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class period?
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     A.   That's my recollection.
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     Q.   Do you have any reason to dispute Mr.
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Opinion -- Mr. Hindle's opinion?                       06:10:02
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          MS. CHAN:  Objection.  Beyond scope.
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          THE WITNESS:  Mr. Minnucci offered a
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rebuttal report of the Hindle opinions.  Mr. Hindle
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also mischaracterized a few things on my opening
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report.  So I'm deferring to Mr. Minnucci to address   06:10:17
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Mr. Hindle's criticisms; and until that's resolved,
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I'm relying upon Mr. Minnucci.
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BY MR. RIFFEE:
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     Q.   Do you have any independent reason to rely
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on Mr. Minnucci over Mr. Hindle?                       06:10:32
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          MS. CHAN:  Objection.  Beyond the scope.
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          THE WITNESS:  I've been asked to assume
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that Mr. Minnucci's analysis is reliable.
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BY MR. RIFFEE:
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     Q.   If you go to paragraph 93, you note that     06:10:52
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"these figures can be multiplied by the applicable
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minimum wage or other reasonable metric to calculate
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the total value of class members' lost time."
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          Have you proposed or did you -- do you
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intend to propose another metric, other than the       06:11:14
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applicable minimum wage, to calculate the total
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value of proposed customer service class members'
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lost time?
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     A.   I -- I have not proposed an alternative
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metric.  And it's my recollection that Mr. Levine      06:11:29
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applies -- opines that the minimum wage is an
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appropriate metric to utilize for purposes of the
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type of calculation proposed in this section.
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     Q.   And you're relying on Mr. Levine for that
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opinion; is that right?                                06:11:51
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     A.   I am, and my experience calculating
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damages, in which I express the opinion that this
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would be an appropriate methodology to calculate
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damages.
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     Q.   So you do intend in this case to offer an    06:12:04
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opinion yourself that the minimum wage -- the
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applicable California minimum wage is an appropriate
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measure for the lost time of these proposed customer
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service class period -- class members; is that
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right?                                                 06:12:23
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     A.   I don't know what I'm going to be asked to
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opine on if this matter goes to trial.
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          I would envision that Mr. Levine would
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talk about the suitability of that rate and I would
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talk about how to identify and implement that rate.    06:12:36
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     Q.   Okay.  So -- but sitting here today, and
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based on the scope of your March 4 report, you have
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not offered an opinion as to whether you believe the
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California minimum wage is an appropriate measure
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for the total value of class members' lost time;       06:12:54
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you're relying on Mr. Levine for that opinion.  Is
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that right?
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     A.   (Witness reviews.)
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          Yes, it's my expectation that I'm going to
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rely upon Mr. Levine to offer -- offer this            06:13:23
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testimony.
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     Q.   Do you have an opinion as to whether or
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not wait times for a consumer call center should be
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recoverable?
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          MS. CHAN:  Objection.  Ambiguous.            06:13:46
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Calls for legal --
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BY MR. RIFFEE:
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     Q.   Sure.  Let me restate.
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          Do you have an opinion as to whether or
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not consumers should be able to recover damages        06:13:51
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