Representative plaintiffs, along with co-lead counsel in the matter of Anwar, et al., v. Fairfield Greenwich Limited, et al., 09-cv-118 (VM)(FM), have entered into a Stipulation of Settlement with defendants associated with the Fairfield Greenwich Group. The stipulated settlement resolves all claims asserted in the action against the Fairfield Greenwich Group, and provides for a payment in the amount of $80,250,000, including a minimum of $50,250,000 to be distributed to the settlement class upon final approval, and an additional $30,000,000 to be distributed if not used to resolve other claims. The partial settlement is subject to final approval of the Honorable Victor Marrero of the United States District Court for the Southern District of New York. On November 30, 2012, Judge Marrero entered a Preliminary Approval Order authorizing the dissemination of a Notice of Proposed Partial Settlement of Class Action and Settlement Fairness Hearing, and Motion for Attorneys’ Fees and Reimbursement of Expenses and Proof of Claim and Release form, and establishing deadlines, among other things, for Settlement Class Members to file Proofs of Claim. The Preliminary Approval Order also scheduled a hearing on final approval of the settlement for March 22, 2013, at 11:00 a.m.
The settlement does not resolve Plaintiffs’ claims against Defendants PwC Netherlands, PwC Canada, the Citco entities, or GlobeOp, which Plaintiffs are continuing to litigate vigorously.
IMPORTANT DATES
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SUBMIT A CLAIM FORM
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Deadline: April 17, 2013. This is the only way to receive a payment from the Settlement Fund.
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EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS
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Deadline: February 15, 2013. Receive no payment from the Settlement. If the Court approves the Settlement, this is the only option that allows you to ever participate in any other lawsuit against the FG Defendants (defined below) and other Released Parties (defined below) which involves the Released Claims (defined below).
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OBJECT
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Deadline: February 15, 2013. You may write to the Court if you do not like this Settlement or the request for an award of attorneys’ fees and reimbursement of expenses. You may not object if you have excluded yourself from the Settlement.
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GO TO THE SETTLEMENT HEARING
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Settlement Hearing Date: March 22, 2013 at 11 a.m. Whether or not you object to the Settlement, you may ask to speak in Court about the fairness of the Settlement. The Deadline to ask to speak in Court about the Settlement is February 15, 2013.
Plaintiffs must file their motion papers for Final Approval of the Settlement and for Approval of Attorneys’ Fees and Expenses on or before January 31, 2013.
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