Scott+Scott Attorneys at Law LLP and Lowey Dannenberg, P.C. Announce a Notice of Settlement For All Persons or Entities Who Entered into GSE Bond Transactions
NEW YORK, Nov. 13, 2019 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE GSE BONDS ANTITRUST
Case No. 1:19-cv-01704 (JSR)
Summary Notice of Pendency of Class Action, Hearing on Proposed SettlementS and Attorneys’ Fees Petition, and Right to Share in Net Settlement Fund
If you entered into a GSE Bond Transaction with one or more Defendants from January 1, 2009 through and including January 1, 2019 (“Settlement Class Period”), you may be affected by pending class action settlements.
This Summary Notice is to alert you to a proposed Settlement reached with Deutsche Bank Securities Inc. (“Deutsche Bank”) and its predecessors, successors, assigns, subsidiaries, and affiliates, including Deutsche Bank AG and a separate proposed Settlement reached with First Tennessee Bank, N.A. and with FTN Financial Securities Corp. (“FTN”) and its predecessors, successors, assigns, subsidiaries, and affiliates, including First Horizon National Corp. Deutsche Bank and FTN deny that the material allegations made against them in this Action have merit. In total, Deutsche Bank and FTN have agreed to pay a total of $29.5 million into a settlement fund. The litigation is continuing against Barclays Capital Inc.; BNP Paribas Securities Corp.; Citigroup Global Markets Inc.; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co. LLC; J. P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Inc.; TD Securities (USA) LLC; Nomura Securities International, Inc.; HSBC Securities (USA) Inc.; Cantor Fitzgerald & Co.; SG Americas Securities LLC; Morgan Stanley & Co., LLC; and UBS Securities LLC (“Non-Settling Defendants,” and collectively with Deutsche Bank and FTN, “Defendants”). Non-Settling Defendants deny all allegations of wrongdoing.
The Court has appointed the lawyers listed below to represent the Settlement Class in this Action:
Christopher M. Burke
Scott+Scott Attorneys at Law LLP
600 West Broadway, Suite 3300
San Diego, CA 92101
Lowey Dannenberg, P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Who Is a Member of the Settlement Class?
Subject to certain exceptions, the proposed Settlement Class consists of all persons and entities who or which entered into a GSE Bond Transaction with a Defendant or a direct or indirect parent, subsidiary, affiliate, or division of a Defendant during the Settlement Class Period.
“GSE Bond Transaction” means any purchase, sale, or other transaction in the secondary market with respect to any GSE Bond. “GSE Bond” means any and each unsecured bond or debt instrument (i.e., senior debt, subordinated debt, and junior subordinated debt) regardless of currency or credit quality, issued by Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Federal Farm Credit Banks, and Federal Home Loan Banks.
The other capitalized terms used in this Publication Notice are defined in the detailed Notice of Pendency of Class Action, Hearing on Proposed Settlements and Attorneys’ Fees Petition, and Right to Share in Net Settlement Fund (“Notice”) and the Stipulations, which are available at www.GSEBondAntitrustSettlement.com.
If you are not sure if you are included in the Settlement Class, you can get more information, including the detailed Notice, at www.GSEBondAntitrustSettlement.com or by calling toll-free 1-877-317-7944 (if calling from outside the United States or Canada, call 1-414-961-6546).
Will I Get a Payment?
If you are a member of the Settlement Class and do not opt out, you will be eligible for a payment under the Settlements if you file a proof of claim form (“Claim Form”). The Settlements and Plan of Distribution have been preliminarily but not finally approved by the Court. You also may obtain more information at www.GSEBondAntitrustSettlement.com or by calling toll-free 1-877-317-7944 (if calling from outside the United States or Canada, call 1-414-961-6546).
Claim Forms must be submitted online at www.GSEBondAntitrustSettlement.com on or before 11:59 p.m. Eastern time on February 5, 2020.
What Are My Rights?
If you are a member of the Settlement Class and do not opt out, you will release certain legal rights against Deutsche Bank, FTN, and the other Settling Defendants, as explained in the detailed Notice and Stipulations, which are available at www.GSEBondAntitrustSettlement.com. If you do not want to take part in the proposed Settlements, you must opt out by January 16, 2020. You may object to the proposed Settlements, Plan of Distribution, and/or application for an award of attorneys’ fees, Litigation Expenses, and any service awards for Plaintiffs. If you want to object, you must do so by January 16, 2020. Information on how to opt out or object is contained in the detailed Notice, which is available at www.GSEBondAntitrustSettlement.com.
When Is the Settlement Hearing?
The Court will hold a hearing at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., Courtroom 14B, New York, NY 10007, on February 28, 2020 at 2:00 p.m. to consider whether to approve the proposed Settlements, Plan of Distribution, and application for an award of attorneys’ fees, Litigation Expenses, and any service awards for Plaintiffs. You or your lawyer may ask to appear and speak at the hearing at your own expense, but you do not have to.
For more information, call toll-free 1-877-317-7944 (if calling from outside the United States or Canada, call 1-414-961-6546) or visit www.GSEBondAntitrustSettlement.com.
**** Please do not call the Court or the Clerk of the Court for information about the Settlements. ****
Dated: October 29, 2019
By Order of the Court
United States District Court
Southern District of New York
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SOURCE Scott+Scott Attorneys at Law LLP