Bernstein Litowitz Berger & Grossmann LLP and Lowenstein Sandler LLP Announce Proposed Settlement of Department of the Treasury of the State of New Jersey and its Division of Investment v. Cliffs Natural Resources Inc., et al., Case No. 1:14-cv-1031 (N.D. Ohio)
NEW YORK, April 14, 2016 /PRNewswire/ --
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF OHIO
EASTERN DIVISION
THE DEPARTMENT OF THE TREASURY OF |
Case No. 1:14-cv-1031 |
THE STATE OF NEW JERSEY AND ITS |
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DIVISION OF INVESTMENT, on behalf of itself |
Judge Dan Aaron Polster |
and all others similarly situated, |
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Magistrate Judge Thomas M. Parker |
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Plaintiff, |
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v |
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CLIFFS NATURAL RESOURCES INC., |
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JOSEPH CARRABBA, LAURIE BRLAS, |
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TERRY PARADIE, and DAVID B. BLAKE, |
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Defendants. |
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SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND CERTIFICATION OF SETTLEMENT CLASS; (ii) PROPOSED SETTLEMENT with individual defendants; (III) SETTLEMENT HEARING; AND (IV) MOTION FOR AN AWARD
OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES
TO: |
All persons and entities who or which purchased Cliffs Natural Resources Inc. ("Cliffs") common stock from March 14, 2012 through March 26, 2013, inclusive (the "Settlement Class Period") and were damaged thereby (the "Settlement Class"): |
PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS WILL 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 Northern District of Ohio, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action and Certification of Settlement Class; (II) Proposed Settlement with Individual Defendants; (III) Settlement Hearing; and (IV) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").
YOU ARE ALSO NOTIFIED that the Lead Plaintiff in the Action, The Department of the Treasury of the State of New Jersey and its Division of Investment, on behalf of itself and the other members of the Settlement Class, has reached a proposed settlement of the Action with defendants Terrance Paradie, Joseph Carrabba, Laurie Brlas, and David Blake (the "Settling Defendants") for $84,000,000 in cash (the "Settlement"). If the Settlement is approved by the Court, it will resolve all claims in the Action.
A hearing will be held on June 30, 2016 at 12:00 p.m., before the Honorable Dan Aaron Polster at the United States District Court for the Northern District of Ohio, Carl B. Stokes United States Court House, Courtroom 18B, 801 West Superior Avenue, Cleveland, Ohio 44113-1837, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against the Settling Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement with Individual Defendants dated March 10, 2016 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved.
If you are a member of the Settlement Class, 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 Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at Cliffs Securities Litigation, c/o A.B. Data, Ltd., P.O. Box 173003, Milwaukee, WI 53217, by toll-free phone at (866) 778-1167, or by email at [email protected]. Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.CliffsSecuritiesLitigation.com.
If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than August 8, 2016. If you are a member of the Settlement Class and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than June 9, 2016, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and delivered to Lead Counsel and counsel for the Settling Defendants such that they are received no later than June 9, 2016, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk's office, Cliffs, or Defendants' Counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Claims Administrator or Lead Counsel.
Requests for the Notice and Claim Form should be made to:
Cliffs Securities Litigation
c/o A.B. Data, Ltd.
P.O. Box 173003
Milwaukee, WI 53217
(866) 778-1167
[email protected]
www.CliffsSecuritiesLitigation.com
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP |
LOWENSTEIN SANDLER LLP |
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James A. Harrod, Esq. |
Michael T.G. Long, Esq. |
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1251 Avenue of the Americas, 44th Floor |
or |
65 Livingston Avenue |
New York, NY 10020 |
Roseland, NJ 07068 |
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(800) 380-8496 |
(973) 597-2500 |
Dated: April 14, 2016 |
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By Order of the Court |
Contact – |
James A. Harrod, Esq. |
Bernstein Litowitz Berger & Grossmann LLP |
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(800) 380-8496 |
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Michael T.G. Long, Esq. |
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Lowenstein Sandler LLP |
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(973) 597-2500 |
SOURCE Bernstein Litowitz Berger & Grossmann LLP and Lowenstein Sandler LLP
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