MINNEAPOLIS, Dec. 11, 2015 /PRNewswire/ -- The following statement is being issued by LOCKRIDGE GRINDAL NAUEN P.L.L.P. regarding the In re Regions Morgan Keegan Open-End Mutual Fund Litigation.
IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF TENNESSEE
In Re Regions Morgan Keegan Securities, Derivative and ERISA Litigation
This Document Relates to: In re Regions Morgan Keegan Open-End Mutual Fund Litigation, No. 2:07-cv-02784-SHM-dkv and Landers, et al. v. Morgan Asset Management, Inc., et al., No. 2:08-cv-02260-SHM-dkv
MDL Docket No. 2009, SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS AND DERIVATIVE ACTIONS AND MOTION FOR ATTORNEYS' FEES AND EXPENSES
SUMMARY NOTICE OF SETTLEMENT OF CLASS AND DERIVATIVE ACTIONS
TO: (1) Persons who purchased during the period December 6, 2004 through December 6, 2007 or held and/or redeemed during the period July 3, 2006 through May 29, 2009 shares in the Regions Morgan Keegan Select Short Term Bond Fund ("STF") (MSTBX, RSTCX, MSBIX), the Regions Morgan Keegan Select Intermediate Bond Fund ("IBF") (MKIBX, RIBCX, RIBIX), and/or the Regions Morgan Keegan Select High Income Fund ("HIF") (MKHIX, RHICX, RHIIX) (collectively "the Funds") and who are not excluded by the terms of the settlement ("Settlement Class").1
(2) Persons who were shareholders of one or more of the Funds on May 29, 2009 when the Funds' shareholders approved the formal liquidation of the Funds and who are not excluded by the terms of the settlement ("Funds Shareholders").
YOU ARE HEREBY NOTIFIED, pursuant to Rules 23 and 23.1 of the Federal Rules of Civil Procedure and an order of the Court, that a proposed settlement has been entered into between Plaintiffs and Defendants in the above-captioned Class Action Lawsuit and Derivative Action Lawsuit ("Settlement"). This proposed settlement includes (1) a Settlement Class in the above-captioned Class Action Lawsuit between Lead Plaintiffs the Estate of Kathryn S. Cashdollar, Dajalis Ltd., Jeanette H. and H. Austin Landers, and Frank D. Tutor ("Lead Plaintiffs"), on behalf of themselves and a Settlement Class that has been preliminarily certified for purposes of settlement only, and Defendants Morgan Keegan & Company, Inc., Morgan Asset Management, Inc., MK Holding, Inc., Regions Financial Corporation, Regions Bank; Morgan Keegan Select Fund, Inc. and its portfolios or "series": STF (n/k/a Helios Select Short-Term Fund), IBF (n/k/a Helios Select Intermediate Bond Fund), and HIF (n/k/a Helios Select High Income Fund) ("Funds"); Allen B. Morgan, Jr., J. Kenneth Alderman, Jack R. Blair, Albert C. Johnson, William Jeffries Mann, James Stillman R. McFadden, W. Randall Pittman, Mary S. Stone, Archie W. Willis, III, Carter E. Anthony, Brian B. Sullivan, Joseph C. Weller, J. Thompson Weller, G. Douglas Edwards, Charles D. Maxwell, David M. George, Michele F. Wood, James C. Kelsoe, Jr., David H. Tannehill, and Thomas R. Gamble; and PricewaterhouseCoopers LLP ("Defendants"), and (2) a settlement in the Derivative Action Lawsuit between and among Derivative Plaintiffs H. Austin and Jeanette H. Landers, James H. Frazier, James P. and Peggy C. Whitaker, and the Estates of Charles M. and Diana W. Crump on behalf of the Funds; the Funds, as nominal defendants; and Defendants, except Messrs. Mann, Anthony, Edwards, George, and Gamble. The Settlement provides for the payment by certain Defendants in the amount of $125 million in cash ("Settlement Amount"). Pursuant to an agreement between Lead and Derivative Plaintiffs and the Funds, it is proposed that $110 million of the Settlement Amount be allocated to the Class ("Class Settlement Amount") and $15 million to the Funds ("Funds Settlement Amount"); the Funds Settlement Amount is to be further allocated among the Funds in accordance with their respective losses and distributed to the Funds Shareholders ("Funds' Distribution"). A full description of the Class and Derivative Settlements can be found in the Notice of Pendency and Proposed Settlement of Class and Derivative Actions and Motion for Attorneys' Fees and Expenses (the "Notice").
A hearing will be held before the Honorable Samuel H. Mays, Jr. of the United States District Court for the Western District of Tennessee, Western Division, in the Clifford Davis/Odell Horton Federal Building, 167 North Main Street, 11th Floor Courtroom #2, Memphis, Tennessee 38103 at 9:00 A.M. (Central Time Zone), on May 27, 2016 to, among other things: determine whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; determine whether the proposed Plan of Allocation of the Net Class Settlement Fund should be approved as fair and reasonable; determine whether the Funds' Distribution should be approved as fair and reasonable; and consider the application of Lead Counsel and Derivative Plaintiffs' counsel for an award of attorneys' fees and payment of litigation expenses. The Court may change the date of the hearing without providing another notice.
IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO RECEIVE MONEY FROM THE NET CLASS SETTLEMENT FUND. If you have not yet received the full printed Notice and a Proof of Claim and Release Form ("Proof of Claim"), you may obtain copies of these documents by contacting the Claims Administrator:
In re Regions Morgan Keegan Open-End Mutual Fund Litigation
PO Box 10146
Dublin, Ohio 43017-3146
DO NOT CONTACT THE COURT REGARDING THIS NOTICE
Inquiries, other than requests for information about the status of a claim, may also be made to Lead Counsel.
LOCKRIDGE GRINDAL NAUEN P.L.L.P.
Richard A. Lockridge
Vernon J. Vander Weide
Gregg M. Fishbein
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401
Telephone: (612) 339-6900
Fax: (612) 339-0981
If you are a Class Member, in order to be eligible to share in the distribution of the Net Class Settlement Fund, you must submit a Proof of Claim to the Claims Administrator postmarked or otherwise received no later than July 28, 2016. To exclude yourself from the Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than May 6, 2016. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Final Order and Judgment of the Court, and will lose the ability to pursue, or to continue to pursue, or to participate in any way in, any legal action against Released Defendants concerning the Released Claims, as those terms and terms related thereto are defined in the Class Settlement Agreement. Any objections to the proposed Settlement, Class Plan of Allocation, determination of the Class and Derivative Settlement Amounts, allocation of the Funds Settlement Amount among the Funds, the Funds' Distribution, and/or application for attorneys' fees and payment of expenses must be filed with the Court and served on counsel for the Parties in accordance with the instructions set forth in the Notice, such that they are received no later than May 6, 2016.
If you are a Class Member and do not timely submit a valid Proof of Claim, you will not be eligible to share in the Net Class Settlement Fund, but you nevertheless will be bound by the Final Order and Judgment in the Class Action.
If you are a Funds Shareholder in one or more of the Funds, you need do nothing to receive your share of the Settlement allocated to the Net Funds Settlement Fund.
DATED: November 30, 2015
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE WESTERN
DISTRICT OF TENNESSEE
1 All capitalized terms used in this Summary Notice are defined in the Stipulation and Agreement of Class Settlement (the "Class Settlement Agreement"), dated as of January 19, 2015, or in the Stipulation and Agreement of Derivative Action Settlement ("Derivative Settlement Agreement"), dated as of January 19, 2015.
SOURCE LOCKRIDGE GRINDAL NAUEN P.L.L.P.