Crederian Fund Services Announces Reserve Yield Plus Fund - Class Action Summary Notice

Dec 10, 2015, 09:00 ET from Crederian Fund Services LLC

NEW YORK, Dec. 10, 2015 /PRNewswire/ -- Federal Court granted Preliminary Approval in WILLIAM ROSS AND DAWN ROSS V. RESERVE MANAGEMENT COMPANY, INC. ET AL.

In the United States District Court for the Southern District of New York, in In re The Reserve Yield Plus Fund Securities & Derivative Class Action Litigation No. 08-cv-10261-PGG, a summary notice has been issued as follows:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 

WILLIAM ROSS AND DAWN ROSS V. RESERVE MANAGEMENT COMPANY, INC. ET AL.

 

No. 08-cv-10261-PGG

(Class Action)

 

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, FINAL APPROVAL HEARING, AND MOTION FOR
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:  

ALL PERSONS OR ENTITIES WHO PURCHASED OR HELD SHARES OF THE RESERVE YIELD PLUS FUND DURING THE PERIOD FROM JANUARY 18, 2007 TO SEPTEMBER 16, 2008 AND WHO WERE DAMAGED THEREBY AND HAVE CONTINUED TO HOLD THE SHARES THROUGH THE DATE OF COURT APPROVAL OF THE PROPOSED SETTLEMENT.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS MAY 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, (a) of the pendency of this action asserting claims against Reserve Management Company, Inc., Reserve Partners, Inc., Reserve Management Corporation, Bent Sr., Bent II, Bent III ("Reserve Defendants"), real party in interest TD Ameritrade, Inc., TD Ameritrade Holdings Corporation, Joseph H. Moglia, Fredric J. Tomczyk, William J. Gerber, J. Joe Ricketts, and Toronto-Dominion Bank (the "TD Ameritrade Defendants") (the "Action") as a class action on behalf of the persons and entities who purchased or held shares of the Reserve Yield Plus Fund during the period from January 18, 2007 to September 16, 2008 and who were damaged thereby and have continued to hold the shares through the date of Court approval of the proposed Settlement (the "Class"), except for certain persons and entities who are excluded from the Class by definition; and (b) that a settlement of the Action between the Reserve Yield Plus Fund Investor Group ("Lead Plaintiff"), on behalf of itself and the Class; Reserve Defendants; The Reserve Yield Plus Fund (now known as the Yield Plus Fund—In Liquidation (the "Yield Plus Fund" or "Fund") and its Independent Trustees; and TD Ameritrade Defendants (collectively, "the Settling Parties") that has the net effect of at least a $5.75 million benefit to Members of the Class has been proposed.  A hearing will be held on March 4, 2016, at 10:00 a.m., before the Honorable Paul G. Gardephe, at the United States District Court for the Southern District of New York, 40 Foley Square, Courtroom 705, New York, New York 10007:  (A) to determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate and should be approved by the Court; (B) to determine whether the Order and Final Judgment as provided for under the Stipulation should be entered, dismissing the Action, on the merits and with prejudice, and to determine whether the releases proposed by the Parties, as set forth in the Stipulation, should be ordered; (C) to determine whether the application by Lead Counsel for an award of attorneys' fees and reimbursement of Litigation Expenses incurred should be approved; and (D) to rule upon such other matters as the Court may deem appropriate.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, 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 Pendency of Class Action and Proposed Settlement, Final Approval Hearing and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), you may obtain copies of these documents by contacting the Claims Administrator:

The Reserve Yield Plus Fund Securities Class Action Litigation
c/o Crederian Fund Services LLC
1400 N. Providence Road
Bldg 2, Suite 5035
Media, PA 19063 (800) 691-7562

A copy of the Notice is available at http://www.primary-yieldplus-liquidation.com.  Copies of other documents, including copies of the Stipulation, and the Complaint, are available on Lead Counsel's website at www.hbsslaw.com.

If you are a Member of the Class, you may be potentially eligible to receive a distribution from this settlement.  If you are a Class Member but purchased your shares indirectly (e.g., through a broker or nominee other than TD Ameritrade, Inc.), you should contact that broker or nominee immediately, as the Court may order that any distribution be made through the record holders only, consistent with its prior orders.  If you purchased shares of the Fund during the Class Period from or through TD Ameritrade, Inc. but currently hold those shares at another broker-dealer, you should contact TD Ameritrade, Inc.

If you are a Member of the Class, you are subject to the Settlement unless you timely request to be excluded.  To exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than 21 days prior to Settlement Hearing, in accordance with the instructions set forth in the Notice.  Any objections to the proposed Settlement, Plan of Allocation and/or Lead Counsel's application for attorneys' fees and reimbursement of litigation expenses must be filed with the Court and delivered to counsel such that they are received no later than 21 days prior to Settlement Hearing, 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 may be made to Lead Counsel:

HAGENS BERMAN SOBOL SHAPIRO LLP
Reed Kathrein, Esq.
715 Hearst Avenue, Suite 202
Berkeley, CA  94710
Telephone: (510) 725-3000
Reed@hbsslaw.com

By Order of the Court

Contact: Eugene P. Grace, Chief Administrative Officer, Crederian Fund Services, 484-462-4881, eugene.grace@crederian.com

SOURCE Crederian Fund Services LLC