The Law Firm of Cohen Milstein Sellers & Toll PLLC Announces a Proposed Settlement Involving All Persons that Purchased or Otherwise Acquired Certificates in Home Equity Mortgage Trust ("HEMT") 2006-5, 2006-4, 2006-6, and/or 2007-2

Jan 20, 2016, 07:59 ET from United States District Court, Southern District of New York

NEW YORK, Jan. 20, 2016 /PRNewswire/ --

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 

NEW JERSEY CARPENTERS HEALTH FUND, on Behalf of Itself and All Others Similarly Situated,

 

                                    Plaintiff,

 

            v.

 

DLJ MORTGAGE CAPITAL, INC., CREDIT

SUISSE MANAGEMENT, LLC f/k/a CREDIT

SUISSE FIRST BOSTON MORTGAGE

SECURITIES CORPORATION, ANDREW A.

KIMURA, THOMAS ZINGALLI, JEFFREY A.

ALTABEF, MICHAEL A. MARRIOTT, EVELYN ECHEVARRIA and CREDIT SUISSE

SECURITIES (USA), LLC,

 

Defendants.

 

Civ. No. 08-5653 (PAC)

 

EXHIBIT A-2

 

 

SUMMARY NOTICE

TO:     ALL PERSONS THAT (1) PURCHASED OR OTHERWISE ACQUIRED CERTIFICATES IN HOME EQUITY MORTGAGE TRUST ("HEMT") 2006-5 ON OR BEFORE JUNE 3, 2008; OR (2) PURCHASED OR OTHERWISE ACQUIRED CERTIFICATES IN HEMT 2006-4, HEMT 2006-6, OR HEMT 2007-2 ON OR BEFORE MARCH 23, 2009

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED (i) of the pendency of this action asserting claims against Credit Suisse First Boston Mortgage Securities Corporation, Andrew A. Kimura, Thomas Zingalli, Jeffrey A. Altabef, Michael A. Marriott, Evelyn Echevarria, and Credit Suisse Securities (USA) LLC (collectively, the "Defendants"), relating to certain mortgage-backed securities (the "Action") as a class action on behalf of the persons and entities described above (the "Settlement Class") except for certain persons or entities who are excluded from the Settlement Class by definition; and (ii) that a proposed settlement has been reached in this Action.  A hearing will be held with respect to the settlement on May 10, 2016, at 10:00 A.M. before the Honorable Paul A. Crotty, in the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 14C, New York, New York.

The purpose of the hearing is to determine, among other things, (i) whether the proposed settlement of the claims asserted in this Action, pursuant to which Defendants will cause to be deposited the sum of $110 million U.S. dollars ($) into a settlement fund in exchange for (among other things)  the dismissal of the Action and a release of claims against the Defendants and other related persons and entities, should be approved by the Court as fair, reasonable, adequate and in the best interests of the Settlement Class, (ii) whether the Court should certify the Settlement Class for settlement purposes only; (iii) whether the Action should be dismissed with prejudice as against the Settlement Class; (iv) whether the Court should enter a bar order prohibiting members of the Settlement Class from pursuing or commencing any action against the Defendants or other related persons or entities with respect to the Released Claims, as set forth in the available Stipulation; (v) whether the proposed plan of allocation of the settlement fund is fair and reasonable and should be approved; and (vi) whether the application of Lead Counsel for an award of attorneys' fees and litigation expenses incurred in connection with the Action is reasonable and should be approved. Litigation Expenses may also include reimbursement of the expenses of Lead Plaintiff New Jersey Carpenters Health Fund in accordance with 15 U.S.C. § 77z-1(a)(4).

If you purchased or otherwise acquired certificates in the trusts listed above, you may be entitled to share in the distribution of the settlement fund if you submit a claim form postmarked no later than May 5, 2016, establishing that you are entitled to a recovery.

If you are a member of the Settlement Class, you have the right to object to the settlement, the plan of allocation and/or the request by Lead Counsel for an award of attorneys' fees and expenses, or otherwise request to be heard, by submitting no later than April 26, 2016, a written objection in accordance with the procedures described in a more detailed notice that has been mailed to persons or entities known to be potential members of the Settlement Class, and that is available at www.HEMTMBSSettlement.com.  You also have the right to exclude yourself from the Settlement Class by submitting no later than April 12, 2016, a written request for exclusion from the Settlement Class in accordance with the procedures described in the more detailed notice.  If the settlement is approved by the Court, you will be bound by the settlement and the Court's final order and judgment, including the releases provided for in the final order and judgment, unless you submit a request to be excluded.

This notice provides only a summary of matters regarding the Action and the settlement.  A detailed notice describing the Action, the proposed settlement, and the rights of members of the Settlement Class to appear in Court at the Final Approval Hearing, to request to be excluded from the Settlement Class and/or to object to the settlement, the plan of allocation and/or the request by Lead Counsel for an award of attorneys' fees and expenses has been mailed to persons or entities known to be potential Settlement Class Members.  You may obtain a copy of this notice, a proof of claim form, or other information by writing to the following address or calling the following telephone number.

HEMT MBS Settlement Administrator
P.O. Box 3266
Portland, OR 97208-3266
Toll Free: (877) 854-3797
info@HEMTMBSSettlement.com

or by downloading the forms from www.HEMTMBSSettlement.com.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the detailed notice referenced above and a proof of claim form, may be made to plaintiffs' Lead Counsel:

COHEN MILSTEIN SELLERS & TOLL PLLC

Joel P. Laitman

Christopher Lometti

Michael Eisenkraft

88 Pine Street, 14 Fourteenth Floor

New York, N.Y. 10005

Telephone: (212) 838-7797

Email:  jlaitman@cohenmilstein.com

           clometti@cohenmilstein.com

           meisenkraft@cohenmilstein.com

Steven J. Toll

1100 New York Avenue, N.W.

Suite 500, West Tower

Washington, D.C. 20005

Tel.: (202) 408-4600

Email:  stoll@cohenmilstein.com

 

 

 

Dated:  January 20, 2016       

By Order of the Clerk of the


Court United States District


Court for the Southern


District of New York         

/URL: www.HEMTMBSSettlement.com

 

SOURCE United States District Court, Southern District of New York



RELATED LINKS

http://www.hemtmbssettlement.com