Barrack, Rodos & Bacine Announces Proposed Settlement of Class Action in Becker v. Bank of New York Mellon Trust Litigation
PHILADELPHIA, July 06, 2018 (GLOBE NEWSWIRE) -- The following statement is being issued by Barrack, Rodos & Bacine regarding the Becker v. BNY Mellon Trust Litigation.
UNITED STATES DISTRICT COURT EASTERN DISTRICT OF PENNSYLVANIALEONARD BECKER, on behalf of himself and all those similarly situated, Plaintiff, v. THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. and J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, Defendants. CIVIL ACTION NO. 11-cv-6460 (JRS) (consolidated with C.A. No. 12-cv-6412 (JRS)).
SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT OF CLASS ACTION; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS’ FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE BONDS IDENTIFIED AS THE BOROUGH OF LANGHORNE MANOR HIGHER EDUCATION AND HEALTH AUTHORITY HOSPITAL REVENUE BONDS, SERIES OF 1992 (THE LOWER BUCKS HOSPITAL), AND WHO ARE HOLDERS OF AN ALLOWED CLASS A3 CLAIM PURSUANT TO SECTION 5.1.3(A)(ii) OF THE PLAN FOR REORGANIZATION OF LOWER BUCKS HOSPITAL, WHICH PLAN WAS CONFIRMED UNDER CHAPTER 11 OF THE BANKRUPTCY CODE. EXCLUDED FROM THE CLASS ARE DEFENDANTS AND ANY PERSON, FIRM, TRUST, CORPORATION, OR OTHER ENTITYAFFILIATED WITH ANY DEFENDANT AND ANY OFFICERS AND DIRECTORS THEREOF.
THE RECORD DATE FOR HOLDERS OF AN ALLOWED CLASS A3 CLAIM IS DECEMBER 7, 2011.
PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.YOUR RIGHTS WILL BE AFFECTED BY THIS LITIGATION.
YOU ARE HEREBY NOTIFIED that the class representative, Leonard Becker (“Plaintiff”) in the above-captioned litigation (“Action”), on behalf of himself and the Class, has reached a proposed settlement of the Action with The Bank of New York Mellon Trust Company, N.A. (“BNY Mellon”) and J.P. Morgan Trust Company National Association (“J.P. Morgan”) (together, the “Defendants”) for $13,500,000 in cash that, if approved, will resolve all claims in the Action (the “Settlement”).
A hearing will be held on September 20, 2018 at 9:00 a.m., before the Honorable Juan R. Sánchez at the United States District Court for the Eastern District of Pennsylvania, James A. Byrne U.S. Courthouse, Courtroom 11-A, 601 Market Street, Philadelphia, PA 19106, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated June 8, 2018 should be granted; and (iii) whether Class Counsel’s application for an award of attorneys’ fees and reimbursement of expenses should be approved.
If you are a member of the Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Claim Form, you may obtain a copy on Class Counsel’s website, www.barrack.com, or by contacting:
Becker v. Bank of New York Mellon Litigationc/o Heffler Claims Group1515 Market Street, Suite 1700Philadelphia, PA 19102(855) 711-8800
If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than November 1, 2018. If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
Any objections to the proposed Settlement or to Class Counsel’s petition for attorneys’ fees and reimbursement of expenses must be filed with the Court and delivered to Class Counsel and Defendants’ Counsel such that they are received no later than August 18, 2018, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk’s office, BNY Mellon, J.P. Morgan or their counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Claims Administrator.
Inquiries, other than requests for the Notice and Claim Form, should be made to Class Counsel:
BARRACK, RODOS & BACINELisa M. Port3300 Two Commerce Square2001 Market StreetPhiladelphia, PA 19013(215) 963-0600 firstname.lastname@example.org
Dated: June 20, 2018.BY ORDER OF THE UNITED STATESDISTRICT COURT FOR THEEASTERN DISTRICT OF PENNSYLVANIA
Media Contact(s): Lisa M. Port, Barrack, Rodos & Bacine, (215) 963-0600