Investors Bancorp, Inc.: Summary Notice Of Proposed Class Action Settlement
SHORT HILLS, N.J., July 29, 2014 /PRNewswire/ -- Investors Bancorp, Inc. (NASDAQ: ISBC) ("Company"), the holding company for Investors Bank, notifies all public record and beneficial holders of common stock of Brooklyn Federal Bancorp, Inc. at any time from August 17, 2011 (the date its merger into the Company was publicly announced) to and including January 6, 2012 (the effective date of consummation of the merger), but excluding all defendants in the consolidated action pending in the Supreme Court of the State of New York, County of Kings, encaptioned Joseph Underwood and Russ Bastin, individually and on behalf of all others similarly situated, v. Daniel O. Reich, Angelo J. Di Lorenzo, Gregg J. Wagner, Arthur R. Williams, Rebecca Northey, Mark Hughes, Richard A. Kielty, Brooklyn Federal Bancorp, Inc., BFS Bancorp, MHC, Brooklyn Federal Savings Bank, Investors Bancorp, Inc., Investors Bancorp, MHC, and Investors Savings Bank, Index No. 500690/2011 (hereinafter "the "Action") and any person, trust, corporation or other entity related to or affiliated with any of them and their successors in interest (the "Class").
The purpose of this notice is to inform you of the pendency of the Action, which was brought by Brooklyn Federal Bancorp stockholders for themselves and on behalf of the Class against Brooklyn Federal Bancorp, the members of the Board of Directors of Brooklyn Federal Bancorp, BFS Bancorp, MHC, Brooklyn Federal Savings Bank, Investors Bancorp, Inc., Investors Bancorp, MHC, and Investors Savings Bank.
The Action has now been settled pursuant to a Stipulation and Agreement of Compromise, Settlement and Release dated March 6, 2013, and is subject to the approval of the Court. IF YOU ARE A MEMBER OF THE CLASS, THE PROPOSED SETTLEMENT WILL AFFECT YOUR RIGHTS.
Your interests are being represented in the Action by counsel for the Plaintiffs who are Brian Kerr, Esq., Brower Piven, a Professional Corporation, 475 Park Avenue South, 33rd Floor, New York, New York 10016 and Evan J. Smith, Brodsky & Smith, LLC, 240 Mineola Boulevard, Mineola, New York 11501.
This notice is only a summary of the Notice of Pendency of Class Action, Proposed Settlement and Settlement Hearing ("Notice") being provided to members of the Class with respect to the Action. If you are a member of the Class and have not received the Notice, you may obtain one by contacting Registrar and Transfer Company, 10 Commerce Drive, Cranford, New Jersey 07016, Telephone No. (908) 497-2300. Please note that the deadline for any objections to the settlement, class certification, or Plaintiffs' counsel's application for fees and expenses is September 23, 2014, and the hearing by the Court to consider the fairness of the settlement will be held on October 23, 2014 at the Supreme Court of the State of New York, County of Kings, located at 360 Adams Street, Brooklyn, New York 11201. Any individual or entity that is a non-New York resident falling with the definition of the Class that does not want to participate in the settlement may be excluded, solely for the purpose of pursuing potential claims for monetary damages, in the manner set forth in the Notice, no later than September 23, 2014.
SOURCE Investors Bancorp, Inc.