Lead Counsel Announce Pendency and Proposed Settlement of Securities Class Action Against IndyMac Bancorp, Inc.
MINNEAPOLIS, Oct. 25, 2012 /PRNewswire-USNewswire/ -- The following statement is being issued by Kessler Topaz Meltzer & Check, LLP, regarding the securities class action Tripp v. IndyMac Bancorp, Inc. being tried in the United States District Court for the Central District of California, Western Division, No. 2:07-CV-1635-GW (VBK).
SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND SETTLEMENT FAIRNESS HEARING
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED INDYMAC BANCORP, INC. COMMON STOCK FROM MARCH 1, 2006 THROUGH MARCH 1, 2007, INCLUSIVE (THE "CLASS").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the Court, that the above-captioned action ("Action") has been certified as a class action and that a settlement for five million five-hundred-thousand dollars ($5,500,000) has been proposed. A hearing will be held before the Honorable George H. Wu in the United States District Court for the Central District of California, U.S. Courthouse, 312 N. Spring Street, Los Angeles, California 90012, Courtroom 10, at 8:30 a.m., on January 28, 2013 to determine whether: (1) the proposed Settlement should be approved as fair, reasonable and adequate; (2) the proposed Plan of Allocation should be approved as fair and reasonable; (3) Lead Counsel's application for an award of attorneys' fees and reimbursement of litigation expenses should be approved; (4) Lead Plaintiff's application for reimbursement of reasonable costs and expenses (including lost wages) in connection with representing the Class should be approved; and (5) the claims against the Defendant should be dismissed with prejudice.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED 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, Motion for Attorneys' Fees and Expenses and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by contacting the Claims Administrator: IndyMac Class Action Settlement, c/o Rust Consulting, Inc., P.O. Box 2760, Faribault, MN 55021-9760; toll-free: 1-866-801-0469; or email: Info@IndyMacClassActionSettlement.com. Copies of the Notice and Proof of Claim can also be downloaded from the website, www.IndyMacClassActionSettlement.com.
If you are a member of the Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim postmarked no later than December 28, 2012. If you are a member of the Class and do not submit a proper Proof of Claim, 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 Class and you wish to exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than December 28, 2012, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Class, you will not be bound by any orders or judgments 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, proposed Plan of Allocation, application for attorneys' fees and reimbursement of expenses to Lead Counsel and/or Lead Plaintiff's request for reimbursement of costs and expenses must be filed with the Court and served on counsel for the parties such that they are received no later than December 28, 2012, in accordance with the instructions set forth in the Notice. If you object to the Settlement and wish to appear at the final settlement hearing and be heard, you must submit a notice of intention to appear such that it is received by December 28, 2012, 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, other than requests for the Notice and Proof of Claim, may be made to Lead Counsel:
John J. Gross, Esq.
Jennifer L. Enck, Esq.
Kessler Topaz Meltzer & Check, LLP
280 King of Prussia Road
Radnor, PA 19087
Dated: August 10, 2012 By Order of the Court
SOURCE Kessler Topaz Meltzer & Check, LLP