Exhibit 48 — In re Bank of America California Unemployment Benefits Litigation (Dkt. 659-7, 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. 659-7 · 2026-02-05 · Docket on CourtListener

Full text

HX 48
REDACTED VERSION OF 
DOCUMENT SOUGHT TO 
BE SEALED PURSUANT TO 
STIPULATED 
PROTECTIVE ORDER 
Case 3:21-md-02992-GPC-MSB     Document 659-7     Filed 02/05/26     PageID.57189 
Page 1 of 22

Videotaped Deposition of
Victor Oreste Stango, III
May 30, 2025
In Re Bank of America CA Unemployment Benefits Litigation
Confidential
Case 3:21-md-02992-GPC-MSB     Document 659-7     Filed 02/05/26     PageID.57190 
Page 2 of 22

1      IN THE UNITED STATES DISTRICT COURT
2       SOUTHERN DISTRICT OF CALIFORNIA
3
 IN RE: BANK OF AMERICA    ) Case No.
4 CALIFORNIA UNEMPLOYMENT    ) 3:21-md-02992-GPC-MSB
 BENEFITS LITIGATION      )
5                )
6
7            CONFIDENTIAL
8
9
10
11
12
       VIDEOTAPED EXPERT DEPOSITION OF
13
        VICTOR ORESTE STANGO, III
14
       _________________________________
15
          Friday, May 30, 2025
16
17
18
19
20
21
22
23
24
REPORTED BY:
  ANGELA KOTT, CSR 7811
25
JOB NO: 10163427
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 1
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Page 3 of 22

1      IN THE UNITED STATES DISTRICT COURT
2       SOUTHERN DISTRICT OF CALIFORNIA
3
 IN RE: BANK OF AMERICA    )
4 CALIFORNIA UNEMPLOYMENT    ) Case No.
 BENEFITS LITIGATION      ) 3:21-md-02992-GPC-MSB
5                )
6
7      BE IT REMEMBERED THAT, pursuant to Notice
8
of Taking Deposition, and on Friday, May 30, 2025,
9
commencing at the hour of 9:46 a.m., thereof, at the
10
offices of Altshuler Berzon, 177 Post Street, Suite
11
300, San Francisco, California, before me, ANGELA
12
KOTT, a Certified Shorthand Reporter, there
13
personally appeared
14        VICTOR ORESTE STANGO, III,
15
called as a witness by the Plaintiffs, who, being by
16
me first duly sworn, was thereupon examined and
17
interrogated as is hereinafter set forth.
18
19             ---oOo---
20
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Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 2
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Page 4 of 22

1         A P P E A R A N C E S
2
ON BEHALF OF THE PLAINTIFFS:
3      ALTSHULER BERZON, LLP
      BY:
CONNIE K. CHAN, Attorney at Law
4        CAROLINE HUNSICKER, Attorney at Law
      177 Post Street, Suite 300
5      San Francisco, California
      415.421.7151
6      Cchan@altshulerberzon.com
      chunsicker@altshulerberzon.com
7
      COTCHETT, PITRE & MCCARTHY, LLP
8      BY:
BRIAN DANITZ, Attorney at Law
        (Appeared via Videoconference)
9      840 Malcolm Road, Suite 200
      Burlingame, California 94010
10      650.697.6000
      bdanitz@cpmlegal.com
11
      COTCHETT, PITRE & MCCARTHY, LLP
12      BY:
KARIN B. SWOPE, Attorney at Law
        (Appeared via Videoconference)
13      1809 7th Avenue, Suite 1610
      Seattle, Washington 98101
14      206.802.1272
      kswope@cpmlegal.com
15
16
ON BEHALF OF INDIVIDUAL PLAINTIFFS:
17      SWIGART LAW GROUP, APC
      BY:
JOSHUA B. SWIGART, Attorney at Law
18        (Appeared via Videoconference)
         ILANA PLATKIEWICZ, Attorney at Law
19         (Appeared via Videoconference)
      2221 Camino Del Rio S, Suite 308
20      San Diego, California 92108
      866.219.3343
21      josh@swigartlawgroup.com
      Ilana@swigartlawgroup.com
22
23
//
24
//
25
//
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 3
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Page 5 of 22

1
APPEARANCES CONTINUED:
2
ON BEHALF OF BANK OF AMERICA, N.A.:
3      GOODWIN PROCTER, LLP
      BY:
LAURA BRYS, Attorney at Law
4      520 Broadway, Suite 500
      Santa Monica, California 90401
5      424.252.6400
      lbrys@goodwinlaw.com
6
      GOODWIN PROCTER, LLP
7      BY:
JORDAN L. LAMPO, Attorney at Law
        (Appeared in person)
8         LINDSAY E. HOYLE, Attorney at Law
        (Appeared via Videoconference)
9      620 Eighth Avenue
      New York, New York 10018
10      445.207.7831
      jlampo@goodwinlaw.com
11
12
ALSO PRESENT:
13      NEIL GEORGE, Aptus Video Technician
14             ---oOo---
15
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18
19
20
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22
23
24
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Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 4
Case 3:21-md-02992-GPC-MSB     Document 659-7     Filed 02/05/26     PageID.57194 
Page 6 of 22

1          P R O C E E D I N G S
2
3      APTUS VIDEO TECHNICIAN:
We are now on the
4
record.
Today's date is May 30th, 2025, and the
5
time is 9:46 a.m.
6      This is the video recorded deposition of
7
Victor Oreste Stango, III, being taken in the matter
8
in regards to Bank of America California
9
Unemployment Benefits Litigation.
Case Number is
10
3:21-md-02992-GPC-MSB.
11      My name is Neil George.
I'm the legal
12
videographer.
The court reporter today is Angela
13
Kott.
We are both representing Aptus Court
14
Reporting.
15      Counsel will now introduce themselves and
16
state whom they represent, beginning with the
17
noticing attorney.
18      MS. CHAN:
Connie Chan of Altshuler Berzon
19
on behalf of plaintiffs.
20      MS. HUNSICKER:
Caroline Hunsicker with
21
Altshuler Berzon also on behalf of the plaintiffs.
22      MS. BRYS:
Laura Brys on behalf of
23
Defendant Bank of America.
24      MS. LAMPO:
Jordan Lampo also on behalf of
25
Defendant Bank of America.
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 7
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Page 7 of 22

1      APTUS VIDEO TECHNICIAN:
Will the court
2
reporter please swear in the witness.
3      THE REPORTER:
Good morning.
My name is
4
Angela Kott.
I am a California Certified Shorthand
5
Reporter and the deposition officer for today's
6
deposition.
My CSR license number is 7811.
7      I will now swear in the witness.
Please
8
raise your right hand.
9
10        VICTOR ORESTE STANGO, III,
11       having been first duly sworn,
12     was examined and testified as follows:
13      THE REPORTER:
Thank you.
Please begin.
14
15            EXAMINATION
16
BY MS. CHAN:
17    Q.
Good morning.
Do you prefer Dr. Stango or
18
Professor Stango?
19    A.
I have no preference.
20    Q.
Is Dr. Stango all right?
21    A.
Yes.
22    Q.
Okay.
Great.
23      Well, good morning, Dr. Stango.  I
24
introduced myself a little earlier before going on
25
the record, but my name is Connie Chan and I'm one
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 8
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Page 8 of 22

1    Q.
So between these two reports -- strike
2
that.
3      These two reports contain all the opinions
4
that you intend to provide in this case?
5    A.
That's correct.
6    Q.
And these two reports set forth all the
7
bases for all the opinions that you intend to
8
provide in this case?
9    A.
That's correct.
10    Q.
Have you formed any opinions in this case
11
that are not set forth in these two reports?
12    A.
No.
13    Q.
Have Bank counsel asked you to form any
14
opinions in this case that are not set forth in
15
these two reports?
16    A.
No.
17    Q.
If you could turn to page 2 of Exhibit 4.
18
And I'll be referring to this document as your --
19
either your rebuttal report or your April 4th report
20
throughout the day.
This is Exhibit 4.
21      Under Section II, "Assignment,"
22
paragraph 6, it says, "I have been retained in this
23
matter by Goodwin Procter LLP, counsel for Bank of
24
America.
I have been asked to review and respond to
25
certain opinions expressed by Greg J. Regan in his
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 34
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Page 9 of 22

1
report submitted on March 4th, 2025 (the 'Regan
2
Report').
Specifically, I have been asked to
3
respond to Mr. Regan's damages methodologies and the
4
calculations he performs to measure alleged damages
5
for all five proposed classes."
6      Does that accurately state the scope of
7
your assignment?
8    A.
Yes.
9    Q.
Your assignment was to respond only to
10
those opinions of Greg Regan that are set forth in
11
this rebuttal report?
12    A.
Yes.
That was my assignment for this
13
report.
14      MS. CHAN:
Okay.
Can I get Tab 3.
15      If you don't mind holding on to that
16
Exhibit 4, just set it to the side.
We'll be coming
17
back to it throughout the day.
18      (Whereupon, Exhibit 5 was marked for
19      identification)
20
BY MS. CHAN:
21    Q.
The court reporter has handed you a
22
document marked Exhibit 5.
23      Do you recognize this document?
24    A.
It appears to be a copy of Mr. Regan's
25
March 4th report.
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 35
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Page 10 of 22

1    A.
I'm aware of one.
2    Q.
Which one?
3    A.
The case listed in the middle, Bureau of
4
Consumer Financial Protection v. Progrexion
5
Marketing.
6    Q.
And who were you serving as an expert
7
witness for in that case?
8    A.
Progrexion Marketing.
9    Q.
And what was your opinion?
10    A.
It was related to credit reporting and
11
credit repair.
12    Q.
And your opinion was struck in that case?
13    A.
That's my understanding.
14    Q.
Do you know what the basis was for the
15
Court striking your opinion?
16    A.
I don't know the legal basis, no.
17    Q.
Any other times that any portion of your
18
opinion has been excluded or struck?
19    A.
None that I know of.
20    Q.
Can you turn to Appendix A.
21    A.
I'm there.
22    Q.
Thank you.
Is this an accurate and up to
23
date copy of your CV?
24    A.
Yes.
25    Q.
Are there any additional publications or
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 59
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Page 11 of 22

1
experiences that you would add to this CV since it
2
was provided to plaintiffs on April 4th, 2025?
3    A.
No.
4    Q.
In the journal publications and other works
5
that you have listed here, have you ever analyzed
6
the household finances of unemployed workers?
7    A.
I think that some of the data that I've
8
used would measure household finances and include
9
data for employed and unemployed workers.
So to
10
that extent, yes.
11    Q.
Do any of your articles or studies focus
12
exclusively on unemployed workers?
13    A.
No.
14    Q.
Do any of them focus exclusively on
15
recipients of Unemployment Insurance benefits?
16    A.
No.
17    Q.
And throughout the day I might refer to
18
individuals receiving Unemployment Insurance
19
benefits as UI benefits recipients.
20      You understand "UI" will be clear as
21
referring to Unemployment Insurance?
22    A.
Yes.
23    Q.
Other than the prior expert work that you
24
already explained, have you worked with or on behalf
25
of Bank of America at any time in your career?
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 60
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1
5.1 introduction states, "Economic damages awards in
2
litigation serve a double purpose:
they compensate
3
entities that suffered harm from unlawful acts, and
4
they deter future unlawful acts."
5      Do you agree with this statement?
6      MS. BRYS:
Objection.
Outside the scope.
7      THE WITNESS:
I have no legal opinion about
8
this.
I can read the sentence as its written,
9
though.
10
BY MS. CHAN:
11    Q.
Do you agree with that from the
12
perspective -- from your perspective as a damages
13
expert?
14    A.
I would give the same answer.
15    Q.
Okay.
You are aware that the Electronic
16
Funds Transfer Act provides for treble damages under
17
certain circumstances?
18      MS. BRYS:
Objection.
Calls for a legal
19
conclusion.
20      THE WITNESS:
I have no opinion about that.
21
I'm not a lawyer.
22
BY MS. CHAN:
23    Q.
Are you familiar with the Electronic Funds
24
Transfer Act, or EFTA?
25    A.
I've heard the term and I've seen reference
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 139
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1      MS. BRYS:
Objection.
Outside the scope.
2
Incomplete hypothetical.
Relevance.
3      THE WITNESS:
I'm not sure whether it would
4
or not.
5
BY MS. CHAN:
6    Q.
Can the opportunity cost ever include the
7
cost of having to secure alternative funds?
8      MS. BRYS:
Objection.
Incomplete
9
hypothetical.
10      THE WITNESS:
I'm not sure what opportunity
11
costs and what cost of alternative funds you would
12
mean there.
13
BY MS. CHAN:
14    Q.
Are you familiar with the concept of the
15
time value of money?
16    A.
Yes.
17    Q.
How would you define that concept?
18    A.
I offer a definition of the time value of
19
money in my report.
20      "The time value of money," and I'm reading
21
from paragraph 39 for reference.
"The time value of
22
money is a well-established concept in economics and
23
finance, capturing the financial concepts that,
24
quote, a dollar in hands today is worth more than a
25
dollar promised at some point in the future, end
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 178
Case 3:21-md-02992-GPC-MSB     Document 659-7     Filed 02/05/26     PageID.57206 
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1
quote."
2    Q.
Thank you.
Is there only one way to
3
calculate the time value of money?
4    A.
No.
5    Q.
What are some different ways to calculate
6
the time value of money?
7      MS. BRYS:
Objection.
Outside the scope.
8      THE WITNESS:
Conceptually consumers can
9
have different time values of money depending on
10
individual circumstances.
11
BY MS. CHAN:
12    Q.
Have you seen the cost of capital used to
13
represent the time value of money?
14    A.
I don't know that I could think of a
15
specific example, but the concepts are not
16
unrelated, I would say.
17    Q.
How about the investment rate, can that be
18
used to represent the time value of money?
19      MS. BRYS:
Objection.
Incomplete
20
hypothetical.
21      THE WITNESS:
Again, as a conceptual matter
22
these things could be related as to how they would
23
play out in a specific example.
That would depend.
24
BY MS. CHAN:
25    Q.
Have you seen the cost of debt used to
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 179
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Page 19 of 22

1
quote/unquote, corrected methodology is a more
2
accurate measure of the consequential harm incurred
3
by class members.
4      Is that correct?
5    A.
No.
I'm not offering that opinion.
I note
6
two errors in Mr. Regan's methodologies.
And for
7
illustrative purposes, I show how correcting those
8
two errors would change his damages calculations,
9
but I'm not offering an affirmative damage
10
calculation of my own.
11    Q.
Are you offering an opinion that these two
12
interest rates set forth in your report, the ten
13
percent or the risk-free rate, are more appropriate
14
interest rates than -- well, I guess he offers a ten
15
percent as well -- are more appropriate than the
16
20 percent interest rate that he suggests be
17
applied?
18    A.
I'm offering them for illustrative
19
purposes.
As I describe in my report, his
20
assumption that the time value of money equals a
21
20 percent credit card APR is unsupported.
And I
22
show that for the class representatives whose
23
interrogatory responses I've examined, the
24
assumption of credit card borrowing is unwarranted.
25      And so here, I'm providing alternatives to
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
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1
illustrate how correcting his errors would change
2
damages calculations using parts of his methodology.
3    Q.
How many interrogatory responses did you
4
review?
5      MS. BRYS:
Objection.
Vague and ambiguous.
6      THE WITNESS:
Many.
7
BY MS. CHAN:
8    Q.
I'm sorry?
9    A.
Many.
I wouldn't be able to count.
10    Q.
Are all of the ones that you reviewed
11
listed in your Appendix, was it, B, Materials
12
Considered?
13      MS. BRYS:
Objection.
Vague and ambiguous
14
as to "Appendix B."
15
BY MS. CHAN:
16    Q.
Appendix B of your report.
Is it Appendix
17
B?
18      MS. BRYS:
Objection.
Vague as to which
19
report.
20      MS. CHAN:
The report that we're looking
21
at, Exhibit 4.
22      THE WITNESS:
I would say that the
23
interrogatory responses listed here are the ones
24
that informed my opinions in my report.
25      As to whether I reviewed others or saw
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
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1         CERTIFICATE OF REPORTER
2      I, ANGELA T. KOTT, Certified Shorthand
3
Reporter, hereby certify that the witness in the
4
forgoing deposition was duly sworn to tell the
5
truth, the whole truth and nothing but the truth in
6
the within-entitled cause;
7      That said deposition was taken down in
8
shorthand by me, a disinterested person, at the time
9
and place therein stated, and that the testimony of
10
the said witness was thereafter reduced to
11
typewriting, by computer, under my direction and
12
supervision;
13      That before completion of the deposition,
14
review of the transcript [X] was [] was not
15
requested.
If requested, any changes made by the
16
deponent (and provided to the reporter) during the
17
period allowed are appended hereto.
18      I further certify that I am not of counsel
19
or attorney for either or any of the parties to the
20
said deposition, nor in any way interested in the
21
event of this cause, and that I am not related to
22
any of the parties thereto.
23            Dated:
June 8, 2025.
24           ___________________________
25           ANGELA T. KOTT, CSR 7811
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Victor Oreste Stango, III
Confidential
In Re Bank of America CA Unemployment Benefits Litigation
www.aptusCR.com
Page 281
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