Bernstein Litowitz Berger & Grossmann LLP Announces Proposed Settlement of Citigroup Bond Litigation
NEW YORK, May 2, 2013 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP regarding the Citigroup Bond Litigation.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE CITIGROUP INC. BOND LITIGATION
Master File No. 08 Civ. 9522 (SHS)
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: All persons and entities who, from May 11, 2006 through and including November 28, 2008, purchased or otherwise acquired any of the Bond Class Securities, which are certain debt securities (including certain medium term notes), series of preferred stock, and series of depository shares representing interests in preferred stock issued by Citigroup Inc. ("Citigroup") and certain of its affiliates between May 2006 and August 2008,1 and were damaged thereby (the "Bond Class").
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. PLEASE DO NOT CONTACT CITIGROUP, ANY OTHER DEFENDANTS 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 BOND COUNSEL OR THE CLAIMS ADMINISTRATOR, WHOSE CONTACT INFORMATION IS PROVIDED BELOW, RATHER THAN TO CITIGROUP OR THE COURT.
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 the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Bond Class, except for certain persons and entities who are excluded from the Bond Class by definition as set forth in the Stipulation and Agreement of Settlement dated March 18, 2013 (the "Stipulation").
YOU ARE ALSO NOTIFIED that Bond Plaintiffs in the Action have reached a proposed settlement of the Action for $730,000,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.
A hearing will be held on July 23, 2013 at 10:00 a.m. before the Honorable Sidney H. Stein at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 23A, New York, NY 10007-1312, 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 should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Bond Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.
If you are a member of the Bond 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 full printed Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), and the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re Citigroup Inc. Bond Litigation, c/o The Garden City Group, Inc., P.O. Box 9976, Dublin, OH 43017-5976, 1-888-895-0227. Copies of the Notice and Proof of Claim Form can also be downloaded from the website maintained by the Claims Administrator, http://www.citigroupbondactionsettlement.com.
If you are a member of the Bond Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim Form postmarked no later than August 21, 2013. If you are a Bond Class Member and do not submit a proper Proof of 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.
If you are a member of the Bond Class and wish to exclude yourself from the Bond Class, you must submit a request for exclusion such that it is received no later than June 27, 2013, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Bond Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Bond Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Bond Counsel and Representative Defendants' Counsel such that they are received no later than June 27, 2013, in accordance with the instructions set forth in the Notice.
Inquiries, other than requests for the Notice and Proof of Claim Form, may be made to Bond Counsel:
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
Steven B. Singer, Esq.
John C. Browne, Esq.
1285 Avenue of the Americas
New York, NY 10019
Requests for the Notice and Proof of Claim Form should be made to:
In re Citigroup Inc. Bond Litigation,
c/o The Garden City Group, Inc.
P.O. Box 9976
Dublin, OH 43017-5976
By Order of the Court
(Footnote 1) A complete list of the Bond Class Securities is available at www.citigroupbondactionsettlement.com and is set forth in the full printed notice of the settlement. Please note that Citigroup common stock is not included in this Action.
SOURCE Bernstein Litowitz Berger & Grossmann LLP