Proposed Settlement Reached In Class Action Involving BankUnited Common Stock
MIAMI, March 15, 2013 /PRNewswire/ -- The following is being released by the law firm of Berman DeValerio.
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED
SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED SHARES OF BANKUNITED FINANCIAL CORP. ("BANKUNITED") COMMON STOCK DURING THE PERIOD FROM OCTOBER 24, 2006 THROUGH AND INCLUDING JUNE 18, 2008 AND WHO WERE DAMAGED THEREBY.
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 Florida, of
- the pendency of this action (the "Action") as a class action on behalf of the persons and entities described above (the "Class"), except for certain persons and entities who are excluded from the Class by definition; and of
- a proposed all-cash settlement of the Action in the amount of $3 million plus $57,000 in reimbursement of fees and out-of-pocket expenses incurred in connection with certain Bankruptcy Court litigation that will fully and finally settle all claims against and release all Defendants, apportioned as follows: (a) a settlement payment from the Defendants of $3 million; and (b) a payment of $57,000 from the Federal Deposit Insurance Corporation, as receiver for BankUnited, FSB in exchange for the assignment of certain rights against the Defendants and an excess insurance carrier and for reimbursement of out-of-pocket fees and expenses incurred in connection with certain Bankruptcy Court litigation brought by the Official Committee of Unsecured Creditors of BankUnited Financial Corporation
A hearing will be held before the Honorable Marcia G. Cooke, at the United States District Court for the Southern District of Florida, Miami Division, Wilkie D. Ferguson, Jr.U.S. Courthouse, 400 North Miami Avenue, Miami, FL 33128 at 11:00 a.m. on June 12, 2013 (i) to determine whether this Action should be finally certified, for settlement purposes, as a class action under Rule 23(a) and (b) of the Federal Rules of Civil Procedure on behalf of the Class; (ii) to determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (iii) to determine whether the Settled Claims against the Defendants and other Released Parties should be dismissed with prejudice; (iv) to determine whether the proposed Plan of Allocation should be approved by the Court as fair and reasonable; and (v) to consider the application of Plaintiffs' Lead Counsel for attorneys' fees and reimbursement of Litigation Expenses.
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, Settlement Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice"), with the attached Claim Form, you may obtain a copy of these documents by contacting the Claims Administrator: BankUnited Securities Litigation, c/o Rust Consulting, Inc., P.O. Box 2584, Faribault, MN 55021-9584, or by telephone at 1-866-686-3510. Copies of the Notice and Claim Form can also be downloaded from the Claims Administrator's website, www.BankUnitedSecuritiesClassAction.com, or from Plaintiffs' Lead Counsel's website www.BermanDeValerio.com.
If you are a Class Member and do not exclude yourself from the Class, you will be bound by any judgment entered in the Action. To exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than May 22, 2013, in accordance with the instructions set forth in the Notice. Any objections to any of the proposed Settlement, the proposed Plan of Allocation, or the request for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and served on Plaintiffs' Lead Counsel for the Class and counsel for the Defendants no later than May 22, 2013, 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, may be made to Lead Counsel:
Michael J. Pucillo, Esq.
3507 Kyoto Gardens Drive, Suite 200
Glen DeValerio, Esq
By Order of the Court
SOURCE Berman DeValerio