Bernstein Litowitz Berger & Grossmann LLP and Barrack Rodos & Bacine announce Proposed Settlement of Contingent Payment Claim with Arthur Andersen LLP in the WorldCom, Inc. Securities Litigation
NEW YORK, Oct. 15, 2012 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP and Barrack Rodos & Bacine regarding the WorldCom, Inc. Securities Litigation.
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK
IN RE WORLDCOM, INC. SECURITIES LITIGATION, MASTER FILE 02 Civ. 3288 (DLC)
SUMMARY NOTICE OF PROPOSED SETTLEMENT OF
CONTINGENT PAYMENT CLAIM WITH ARTHUR ANDERSEN LLP
TO: All persons or entities who purchased or acquired publicly traded securities of WorldCom, Inc. during the period from April 29, 1999 through and including June 25, 2002, who were injured thereby and who are members of the Class in the above-captioned Litigation.
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A PROPOSED SETTLEMENT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that Lead Plaintiff in the above-captioned litigation (the "Litigation") has reached a proposed settlement with Arthur Andersen LLP ("Andersen").
Lead Plaintiff previously achieved settlements in this Litigation with various defendants totaling in excess of $6.1 billion plus interest for the benefit of the Class. One of the settlements previously achieved was with Andersen and it provided for a cash payment of $65 million, as well as the possibility of certain contingent payments (the "Contingent Payment Claim"). The currently proposed settlement will settle and release the Contingent Payment Claim in return for the immediate payment by Andersen of an additional $38 million in cash (the "Settlement").
A hearing will be held on December 14, 2012 at 2:00 p.m. before the Honorable Denise Cote in the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 15B, New York, NY. At this Settlement Hearing, the Court will consider whether the proposed Settlement is fair, reasonable, and adequate and should be approved, and whether a motion by Lead Counsel for an award of attorneys' fees in the amount of $539,720 (1.42% of the $38 million Settlement Amount) and reimbursement of expenses in an amount not to exceed $100,000 should be approved.
If you are a member of the Class, your rights will be affected by the Settlement. PLEASE NOTE, however, that only Class Members who submitted valid claim forms, cashed their prior distributions from the proceeds of the earlier settlements achieved in the Litigation, and who would be entitled to a minimum payment of $5.00 in the next distribution (which will include the proceeds of this Settlement, if approved), will be eligible to participate in the distribution of the proposed Settlement.
Please review the full Notice of Proposed Settlement of Contingent Payment Claim With Arthur Andersen LLP (the "Notice"), which provides more details about the proposed Settlement. The Notice is available for downloading at www.worldcomlitigation.com and from Lead Counsel's websites, www.blbglaw.com and www.barrack.com. Copies of the Notice can also be requested by writing to WorldCom, Inc. Securities Litigation, c/o The Garden City Group, Inc., P.O. Box 9248, Dublin, OH 43017-4648, by telephone at 1-866-808-3556 (toll free), or by emailing a request to [email protected], at any time prior to the Settlement Hearing.
Any objections to the proposed Settlement or Lead Counsel's motion for an award of attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Andersen's Counsel such that they are received no later than November 23, 2012, in accordance with the instructions set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the Notice, may be made to Lead Counsel:
John C. Browne, Esq.
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
1285 Avenue of the Americas
New York, NY 10019
(800) 380-8496
www.blbglaw.com
Jeffrey W. Golan, Esq.
BARRACK RODOS & BACINE
3300 Two Commerce Square
2001 Market Street
Philadelphia, PA 19103
(215) 963-0600
www.barrack.com
By Order of the Court
SOURCE Bernstein Litowitz Berger & Grossmann LLP and Barrack Rodos & Bacine
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