NEW YORK, May 30, 2017 /PRNewswire/ --
ATTENTION PURCHASERS OF NOVASTAR MORTGAGE FUNDING TRUSTS, NOVASTAR HOME EQUITY LOAN SERIES ("NMFT") 2006-3, 2006-4, 2006-5, 2006-6, 2007-1, OR 2007-2
SUMMARY NOTICE OF SETTLEMENT OF CLASS ACTION
TO: ALL PERSONS OR ENTITIES THAT, BEFORE MAY 21, 2008, PURCHASED OR OTHERWISE ACQUIRED AN INTEREST IN ANY CERTIFICATES ISSUED IN NOVASTAR MORTGAGE FUNDING TRUSTS, NOVASTAR HOME EQUITY LOAN SERIES ("NMFT") 2006-3, 2006-4, 2006-5, 2006-6, 2007-1, OR 2007-2.
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED (i) of the pendency of this action asserting claims against NovaStar Mortgage, Inc., NovaStar Mortgage Funding Corporation, Scott F. Hartman, Gregory S. Metz, W. Lance Anderson, Mark Herpich, RBS Securities Inc. f/k/a Greenwich Capital Markets, Inc., d/b/a RBS Greenwich Capital, Deutsche Bank Securities Inc., and Wells Fargo Advisors, LLC f/k/a Wachovia Securities LLC (collectively, the "Defendants"), relating to certain mortgage-backed securities (the "Litigation") as a class action on behalf of the persons and entities described above (the "Settlement Class") except for certain persons or entities who are excluded from the Settlement Class by definition; and (ii) that a proposed settlement has been reached in this Litigation. A hearing will be held with respect to the settlement on September 13, 2017, at 2:30 P.M. before the Honorable Deborah A. Batts, in the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 24B, New York, New York.
The purpose of the hearing is to determine, among other things, (i) whether the proposed settlement of the claims asserted in this Litigation, pursuant to which Defendants will cause to be deposited the sum of $165 million U.S. dollars into a settlement fund in exchange (among other things) for the dismissal of the Litigation and a release of claims against the Defendants and other related persons and entities, should be approved by the Court as fair, reasonable, adequate and in the best interests of the Settlement Class; (ii) whether the Litigation should be dismissed with prejudice as against the Settlement Class; (iii) whether the Court should enter a bar order prohibiting members of the Settlement Class from pursuing or commencing any action against the Defendants or other related persons or entities with respect to the Released Claims; (iv) whether the proposed plan of allocation of the settlement fund is fair and reasonable and should be approved; and (v) whether the application of Lead Counsel for an award of attorneys' fees and litigation expenses incurred in connection with the Litigation is reasonable and should be approved. Litigation Expenses may also include reimbursement of the expenses of Plaintiffs New Jersey Carpenters Health Fund and Iowa Public Employees' Retirement System in accordance with 15 U.S.C. § 77z-1(a)(4).
If you purchased or otherwise acquired certificates in the trusts listed above, you may be entitled to share in the distribution of the settlement fund if you submit a claim form postmarked no later than September 6, 2017, establishing that you are entitled to a recovery.
If you are a member of the Settlement Class, you have the right to object to the settlement, the plan of allocation and/or the request by Lead Counsel for an award of attorneys' fees and expenses, or otherwise request to be heard, by submitting no later than August 30, 2017, a written objection in accordance with the procedures described in a more detailed notice that has been mailed to persons or entities known to be potential members of the Settlement Class, and that is available at www.NovaStarMBSSettlement.com. You also have the right to exclude yourself from the Settlement Class by submitting no later than August 16, 2017, a written request for exclusion from the Settlement Class in accordance with the procedures described in the more detailed notice. If the settlement is approved by the Court, you will be bound by the settlement and the Court's final order and judgment, including the releases provided for in the final order and judgment, unless you submit a request to be excluded.
This notice provides only a summary of matters regarding the Litigation and the settlement. A detailed notice describing the Litigation, the proposed settlement, and the rights of members of the Settlement Class to appear in Court at the Final Approval Hearing, to request to be excluded from the Settlement Class and/or to object to the settlement, the plan of allocation and/or the request by Lead Counsel for an award of attorneys' fees and expenses has been mailed to persons or entities known to be potential Settlement Class Members. You may obtain a copy of this notice, a proof of claim form, or other information by writing to the following address or calling the following telephone number.
NovaStar MBS Settlement Administrator
P.O. Box 4098
Portland, OR 97208-4098
Toll Free: (844) 304-3488
You may also download the forms from www.NovaStarMBSSettlement.com.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the detailed notice referenced above and a proof of claim form, may be made to plaintiffs' Lead Counsel:
COHEN MILSTEIN SELLERS & TOLL PLLC
Joel P. Laitman
88 Pine Street, 14 Fourteenth Floor
New York, N.Y. 10005
Telephone: (212) 838-7797
Steven J. Toll
1100 New York Avenue, N.W.
Suite 500, West Tower
Washington, D.C. 20005
Tel.: (202) 408-4600
Dated: May 9, 2017
By Order of the Clerk of the
Court United States District
Court for the Southern
District of New York
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SOURCE Cohen Milstein Sellers & Toll PLLC