Summary Notice of Proposed Partial Settlement of Class Action
VILLANOVA, Pa., July 8, 2013 /PRNewswire/ --
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
IN RE ADELPHIA COMMUNICATIONS CORPORATION SECURITIES AND DERIVATIVE LITIGATION
03 MD 1529 (JMF)
Civil Case No.: 03 Civ. 5785
IF YOU PURCHASED OR OTHERWISE ACQUIRED SECURITIES ISSUED BY ADELPHIA COMMUNICATIONS CORPORATION OR ITS SUBSIDIARIES ("ADELPHIA") BETWEEN AUGUST 16, 1999, AND JUNE 10, 2002, INCLUSIVE (THE "CLASS PERIOD"), YOU MAY BE ENTITLED TO RECEIVE A PAYMENT IN A PROPOSED PARTIAL CLASS ACTION SETTLEMENT.
Please read this notice carefully and in its entirety. Your rights may be affected by the proposed settlement described in this notice. A hearing will be held with respect to the proposed settlement on November 1, 2013, at 11:00 a.m. before the Honorable Jesse M. Furman in the United States District Court for the Southern District of New York, in courtroom 1105, at the Thurgood Marshall United States Courthouse, 40 Centre Street, New York, New York 10007.
The settlement resolves certain claims asserted in a Class Action against Adelphia's legal counsel defendant Buchanan Ingersoll & Rooney PC (formerly known as Buchanan Ingersoll P.C.) ("Buchanan").
The settlement consists of twelve million dollars ($12,000,000) in cash.
The purpose of the hearing is to determine whether the proposed settlement pursuant to which Buchanan will pay the above amount into a Settlement Fund in exchange for a release of claims against them, should be approved by the Court as fair, reasonable, adequate and in the best interests of the Class. At the hearing, the Court will also consider whether judgment should be entered dismissing all claims in the litigation against Buchanan with prejudice, and approving a Plan of Allocation to distribute the proceeds of the settlement, a request by Lead Counsel for attorneys' fees in an amount not to exceed 21.4% of the Settlement and reimbursement of expenses of no greater than $40,000, plus interest on such amounts at the same rate earned by the Settlement Fund, and any other matters that may properly be brought before the Court in connection with the settlement.
A description of the settlement and the rights of Class Members with respect to the settlement, along with a Proof of Claim and Release Form, are contained in the Notice of Pendency and Proposed Partial Settlement of Class Action (the "Notice"), which has been mailed to all identifiable potential Class Members. If you are a member of the Class, you may be entitled to share in the distribution of the Settlement Fund by filing a Proof of Claim and Release Form no later than December 16, 2013. If you already filed a Proof of Claim and Release Form in connection with an earlier partial settlement in this Consolidated Class Action and that claim was not rejected, you do not have to file another proof of claim to participate in this Settlement. The trading information you already provided in your prior claim form will be used to determine your claim in this Settlement with Buchanan. You also have the right to exclude yourself from the proposed settlement or object to the proposed settlement or the other matters to be considered by the Court at the hearing, in accordance with the procedures described in the Notice. If you did not receive a copy of the Notice by mail, you may obtain a copy and a Proof of Claim and Release Form, or other information, by writing to the following address, calling the following telephone number, or on the Internet at:
c/o Valley Forge Administrative Services
One Aldwyn Center, Third Floor
P.O. Box 220
Villanova, PA 19085-0220
If you are a member of the Class and do not exclude yourself from the Class and do not submit a proper Proof of Claim and Release Form (or have not previously submitted a Proof of Claim Form in an earlier partial settlement in this action), you will not share in the Settlement Fund but you will be bound by the Order and Final Judgment of the Court entered with respect to the Settlement.
Please do not call the Clerk of the Court or Judge Furman for information.
Dated: July 8, 2013
Clerk of the Court
United States District Court
Southern District of New York
SOURCE Valley Forge Administrative Services