Bernstein Litowitz Berger & Grossmann LLP announces proposed Settlement of Class Action on behalf of purchasers of Goldman Sachs Mortgage Pass-Through Securities

NEW YORK, Aug. 24, 2012 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP regarding the Goldman Sachs Mortgage Pass-Through Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI, Individually and On Behalf of All Others Similarly Situated, Plaintiff, v. GOLDMAN SACHS GROUP, INC., et al., Defendants.

Civil Action No. 09-CV-1110-HB, ECF CASE, CLASS ACTION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT, (II) SETTLEMENT FAIRNESS HEARING, AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO:       ANY AND ALL PERSONS WHO OR WHICH PURCHASED OR OTHERWISE ACQUIRED PUBLICLY OFFERED CERTIFICATES OF GSAMP TRUST 2006-S2 FROM MARCH 30, 2006 THROUGH FEBRUARY 6, 2009, INCLUSIVE, AND WHO WERE DAMAGED THEREBY.

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 Southern District of New York, (i) of the pendency of this action asserting claims against The Goldman Sachs Group, Inc. and certain other defendants relating to certain mortgage-backed securities (the "Litigation") as a class action on behalf of the persons and entities described above (the "Class"), except for certain persons and entities who are excluded from the Class by definition; and (ii) that a settlement of the Litigation for a total of $26,612,500.00 in cash, inclusive of fees and expenses, subject to certain potential reductions has been proposed.  A hearing will be held on November 8, 2012 at 10 a.m., before the Honorable Harold Baer, Jr., at the United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York 10007, Courtroom 23B:  (a) to determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable and adequate, and should be approved by the Court; (b) to determine whether the Order and Final Judgment as provided for under the Stipulation should be entered, dismissing the Litigation, on the merits and with prejudice, and to determine whether the release by the Class of the Released Claims against the Released Parties, as set forth in the Stipulation, should be ordered; (c) to determine whether the proposed Plan of Allocation for the net proceeds of the Settlement is fair and reasonable and should be approved by the Court; (d) to determine whether the Fee And Expense Application for attorneys' fees, reimbursement of litigation expenses and claims administration expenses should be granted; and (e) to rule upon such other matters as the Court may deem appropriate.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, 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 full printed Notice of (I) Pendency of Class Action and Proposed Settlement, (II) Settlement Fairness Hearing, and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice") and Proof of Claim and Release form (the "Proof of Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator:

Goldman Sachs Mortgage Pass-Through Litigation
c/o GCG
P.O. Box 35100
Seattle, WA 98124-1100
(888) 260-2722

Copies of the Notice and Proof of Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.GoldmanSachsRMBSLitigation.com, or from Lead Counsel's website, www.blbglaw.com.

If you are a member of the Class, in order to be potentially eligible to share in the distribution of the net Settlement Fund, you must submit a Proof of Claim Form postmarked no later than December 18, 2012.  If you are a member of the Class and do not exclude yourself from the Class, you will be bound by any judgment entered in the Litigation whether or not you make a Claim.  To exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than October 18, 2012, in accordance with the instructions set forth in the Notice.  Any objections to the proposed Settlement, Plan of Allocation and/or the Fee And Expense Application must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than October 18, 2012, in accordance with the instructions set forth in the Notice.  If you are a member of the Class and do not submit a proper Proof of Claim Form, you will not share in the Settlement Fund but you will nevertheless be bound by the Judgment of the Court.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice and the Proof of Claim Form, may be made to Lead Counsel:

David L. Wales, Esq.
Bernstein Litowitz Berger & Grossmann LLP
1285 Avenue of the Americas
New York, New York 10019
(866) 648-2524
[email protected]
By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP