WEST PALM BEACH, Fla., Oct. 3, 2016 /PRNewswire/ --
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA
CASE NO. 9:14-cv-81323-DMM
THE CITY OF LOS ANGELES, ACTING THROUGH ITS FIRE AND POLICE PENSION SYSTEM, ACTING BY ORDER OF AND THROUGH ITS BOARD OF FIRE AND POLICE PENSION COMMISSIONERS,
Individually and on Behalf of All Others Similarly
BANKRATE, INC., EDWARD J. DIMARIA, KENNETH S. ESTEROW, GOLDMAN, SACHS & CO., MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, RBC CAPITAL MARKETS, LLC, AND STEPHENS, INC.,
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION,
CERTIFICATION OF SETTLEMENT CLASS, PROPOSED SETTLEMENT, AND
SETTLEMENT FAIRNESS HEARING
TO: All persons and entities who or which purchased or otherwise acquired the common stock of Bankrate, Inc. ("Bankrate") during the period from October 27, 2011 through October 9, 2014, inclusive (the "Settlement Class Period"), including in the March 2014 Secondary Offering of Bankrate common stock (the "Settlement Class").
Certain persons and entities are excluded from the definition of the Settlement Class as set forth in detail in the Stipulation and Agreement of Settlement dated July 18, 2016 (the "Stipulation") and the Notice described below.
PLEASE READ THIS NOTICE CAREFULLY. IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT DESCRIBED BELOW.
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 Florida, that the above-captioned litigation ("Action") has been certified as a class action for the purposes of settlement only and that the parties to the Action have reached a proposed settlement for $20,000,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action. A hearing will be held on February 6, 2017 at 10:00 a.m., before the Honorable Donald M. Middlebrooks at the United States District Court for the Southern District of Florida, Paul G. Rogers Federal Building and U.S. Courthouse, 701 Clematis Street, West Palm Beach, FL 33401, 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 (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 expenses should be approved.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. A detailed Notice of Pendency of Class Action, Certification of Settlement Class, Proposed Settlement, and Settlement Fairness Hearing ("Notice") and Proof of Claim and Release form ("Claim Form") are currently being mailed to Settlement Class Members explaining their rights in connection with the Settlement and the process for submitting a Claim Form. If you have not yet received the detailed Notice and Claim Form, you may obtain copies of these documents by visiting www.BankrateSettlement.com, or by contacting the Claims Administrator at:
The City of Los Angeles, et al. v. Bankrate, Inc., et al.
c/o JND Legal Administration
P.O. Box 6847
Broomfield, CO 80021
Inquiries, other than requests for the Notice and Claim Form, should be made to Court-appointed Lead Counsel:
KESSLER TOPAZ MELTZER & CHECK, LLP
Andrew L. Zivitz, Esq.
Johnston de F. Whitman, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
If you are a member of the Settlement Class, in order to be eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked no later than January 21, 2017. If you are a Settlement Class Member and do not submit a proper 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 Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than January 17, 2017, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement 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 Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than January 17, 2017, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk's office, Bankrate, any other Defendant, 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 Lead Counsel or the Claims Administrator.
DATED: October 3, 2016
BY ORDER OF THE COURT
United States District Court
Southern District of Florida
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SOURCE Kessler Topaz Meltzer & Check, LLP