SCOTT+SCOTT, ATTORNEYS AT LAW, LLP Announce Summary Notice Of Proposed Settlement Of Class Action With Cliffs Natural Resources Inc.

Feb 05, 2016, 08:00 ET from SCOTT+SCOTT, ATTORNEYS AT LAW, LLP

CLEVELAND HEIGHTS, Ohio, Feb. 5, 2016 /PRNewswire/ -- TO: ALL PERSONS WHO PURCHASED, OR OTHERWISE ACQUIRED, CLIFFS DEPOSITARY SHARES PURSUANT OR TRACEABLE TO THE FEBRUARY 12, 2013 OFFERING AND ITS ASSOCIATED REGISTRATION STATEMENT, AND WHO WERE DAMAGED THEREBY (THE "CLASS").

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED that a hearing will be held on April 14, 2016 at 1:30 p.m., before the Honorable Shannon M. Gallagher, Court of Common Pleas for Cuyahoga County, The Justice Center, 1200 Ontario Street, Cleveland, OH 44113, to determine whether: (1) the proposed settlement (the "Settlement") of the above-captioned action ("Action") for $10,000,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Final Judgment as provided under the Stipulation and Agreement of Settlement ("Stipulation") should be entered, dismissing the Class Action Complaint filed in the Action on the merits and with prejudice; (3) the release by the Class of the Settled Claims, as set forth in the Stipulation, should be provided to the Released Parties; (4) this Action satisfies the applicable prerequisites for class action treatment under Rule 23 of the Ohio Rules of Civil Procedure; (5) to award Plaintiff's Counsel attorneys' fees and expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); (6) to grant Plaintiff's requests for an incentive award, which would include reimbursement of his costs and expenses incurred, in connection with his role in prosecuting this action on behalf of the Class out of the Settlement Fund; and (7) the Plan of Allocation should be approved by the Court.

IF YOU PURCHASED OR OTHERWISE ACQUIRED CLIFFS NATURAL RESOURCES INC. DEPOSITARY SHARES PURSUANT OR TRACEABLE TO THE FEBRUARY 12, 2013 OFFERING AND ITS ASSOCIATED REGISTRATION STATEMENT, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim on or before June 14, 2016. Your failure to submit your Proof of Claim by June 14, 2016 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a Member of the Class and do not request exclusion therefrom, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Final Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim form, you may obtain these documents, as well as a copy of the Stipulation (which among other things contains definitions for the defined terms used in this Summary Notice), online at www.cliffsnaturaldepositarysharelitigation.com, or by writing to:

Cliffs Natural Resources, Inc. Depositary Share Settlement
c/o KCC Class Action Services
P.O. Box 43401
Providence, RI 02940-3401
Phone: (888) 552-3015

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim form, may be made to Plaintiff's Counsel:

SCOTT+SCOTT, ATTORNEYS AT LAW, LLP
Geoffrey M. Johnson
12434 Cedar Road, Suite 12
Cleveland Heights, OH 44106
Telephone: (216) 229-6088
Facsimile: (216) 229-6092

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION BY MARCH 15, 2016, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL MEMBERS OF THE CLASS WHO HAVE NOT REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY THE SETTLEMENT ENTERED IN THE ACTION EVEN IF THEY DO NOT FILE A TIMELY PROOF OF CLAIM.

Dated: December 22, 2015

HON. SHANNON M. GALLAGHER


COURT OF COMMON PLEAS OF CUYAHOGA
COUNTY, OHIO

 

SOURCE SCOTT+SCOTT, ATTORNEYS AT LAW, LLP



RELATED LINKS

http://www.cliffsnaturaldepositarysharelitigation.com