Bernstein Litowitz Berger & Grossmann LLP, Saxena White P.A., and Bernstein Liebhard LLP Announce a Summary Notice of Pendency of Class Action, Certification of Settlement Classes and Proposed Settlement in the In re Tower Group International, Ltd. Securities Litigation
Sep 03, 2015, 02:00 ET
NEW YORK, Sept. 3, 2015 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE TOWER GROUP INTERNATIONAL, LTD. SECURITIES LITIGATION
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Master File No. 1:13-cv-5852-AT |
SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASSES, AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: |
All persons and entities who or which purchased or otherwise acquired the common stock of Tower Group International, Ltd., or its predecessor, Tower Group, Inc. (collectively, "Tower"), between March 1, 2010, and December 17, 2013, inclusive (the "Settlement Class Period"), and were damaged thereby (the "Settlement Class"); and |
All persons and entities who or which acquired Canopius Holdings Bermuda Limited ("Canopius") stock in the March 7, 2013 private placement, and were damaged thereby (the "Settlement PPC"). (The Settlement Class and/or the Settlement PPC are referred to herein as the "Settlement Classes"): |
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS 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 for settlement purposes as a class action on behalf of the Settlement Classes, except for certain persons and entities who are excluded from the Settlement Classes by definition as set forth in the full printed Notice of (I) Pendency of Class Action, Certification of Settlement Classes, and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").
YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached a proposed settlement of the Action against Tower Group, Inc., Tower Group International, Ltd., ACP Re, Ltd., Michael H. Lee, and William E. Hitselberger (collectively, the "Tower Defendants" or "Settling Defendants") for $20,500,000.00 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action against the Tower Defendants. Claims against defendant PricewaterhouseCoopers LLP are not included in the proposed Settlement and continue to be litigated by Lead Plaintiffs.
A hearing will be held on November 18, 2015 at 4:00 p.m., before the Honorable Analisa Torres at the United States District Court, Southern District of New York, Daniel Patrick Moynihan United States Courthouse, Courtroom 15D, 500 Pearl St., 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 the Tower Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement with Tower Defendants (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved.
If you are a member of the Settlement Classes, 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 the Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at In re Tower Group International, Ltd. Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 170500, Milwaukee, WI 53217-8091, (800) 328-6074. Copies of the Notice and Proof of Claim Form can also be downloaded from the website maintained by the Claims Administrator, at www.TowerSecuritiesSettlement.com.
If you are a member of the Settlement Classes, in order to be potentially eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim Form postmarked no later than December 28, 2015. If you are a member of the Settlement Classes 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 related to the Settlement.
If you are a member of the Settlement Classes and wish to exclude yourself from the Settlement Classes, you must submit a request for exclusion such that it is received no later than October 28, 2015, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Classes, you will not be bound by any judgments or orders entered by the Court in the Action related to the Settlement and you will not be eligible to share in the proceeds of the Settlement. Any request for exclusion from one or both of the Settlement Classes shall be considered a request for exclusion from both Settlement Classes.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than October 28, 2015, in accordance with the instructions set forth in the Notice.
Please do not contact the Tower Defendants or the Tower Defendants' counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.
Inquiries regarding the Settlement Class, other than requests for the Notice and Proof of Claim Form, should be made to Lead Counsel:
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Requests for the Notice and Proof of Claim Form should be made to:
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BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP James A. Harrod, Esq. Niki L. Mendoza, Esq. 1285 Avenue of the Americas New York, New York 10019 (866) 648-2524 -and- SAXENA WHITE P.A.. Joseph E. White III, Esq. 5200 Town Center Circle, Ste 601 Boca Raton, Florida 33486 (561) 394-3399 -and- BERNSTEIN LIEBHARD LLP U. Seth Ottensoser, Esq. Laurence J. Hasson, Esq. 10 East 40th Street New York, New York 10016 (212) 779-1414 |
In re Tower Group International, Ltd. Securities Litigation c/o A.B. Data, Ltd. P.O. Box 170500 Milwaukee, WI 53217-8091 (800) 328-6074 |
Inquiries regarding the Settlement PPC, other than requests for the Notice and Proof of Claim Form, should be made to: |
In re Tower Group International, Ltd. Securities Litigation c/o A.B. Data, Ltd. P.O. Box 170500 Milwaukee, WI 53217-8091 (800) 328-6074 |
BERNSTEIN LIEBHARD LLP U. Seth Ottensoser, Esq. Laurence J. Hasson, Esq. 10 East 40th Street New York, New York 10016 (212) 779-1414 |
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By Order of the Court |
SOURCE Bernstein Litowitz Berger & Grossmann LLP; Saxena White P.A.; Bernstein Liebhard LLP
Related Links
http://www.TowerSecuritiesSettlement.com
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