NEW YORK, Jan. 22, 2013 /PRNewswire/ -- In the United States District Court for the Southern District of Ohio, Western Division, in Shanehchian, et al. v. Macy's Inc., et al., Case No. 1:07-cv-00828-SAS-SKB, a summary notice has been issued as follows:
Summary Notice of Proposed Class Action Settlement
and Scheduling of Final Fairness Hearing
To: All individuals who were participants in the Macy's, Inc. Profit Sharing 401(k) Investment Plan and/or the May Department Stores Company Profit Sharing Plan at any time between February 27, 2005 and July 24, 2012 whose account included an investment in the Macy's Company Stock Fund at any time during that period.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO A PAYMENT FROM THE SETTLEMENT FUND. PLEASE READ CAREFULLY.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-referenced action has been certified as a class action for purposes of a proposed $8.5 million cash settlement, subject to review and final approval by the Court. As part of the proposed settlement, class members who show a loss under the proposed Plan of Allocation may be entitled to a payment from the settlement. You do not need to do anything to receive a payment under the settlement but your rights will be affected. The settlement includes a release of claims related to the administration of the Plans, the selection of investment options under the Plans, and disclosures about those investment options.
A hearing will be held before the Honorable S. Arthur Spiegel in the Potter Stewart United States Courthouse, 100 East Fifth Street, Cincinnati, OH 45202, at 10:00 a.m, on May 1, 2013 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the proposed Plan of Allocation and class counsel's applications for attorneys' fees, expenses and case contribution awards.
You cannot exclude yourself from the settlement. You can, however, file written comments or objections with the Court. You or your lawyer may also appear and speak at the hearing at your own expense. To do so, you must send your comments and objections to the Court and the parties' attorneys no later than March 21, 2013. Detailed instructions can be found on the Settlement Website at www.berdonclaims.com/macys, where you can also obtain a more detailed notice about the terms of the settlement, how the existence of a qualifying loss will be determined and how the payments will be calculated, along with the settlement agreement and related materials. Additional information and materials, including class counsel's application for attorneys' fees, will be posted on the Settlement Website as they are filed with the Court. You may also write to Macy's ERISA Litigation Settlement, P.O. Box 9014, Jericho, NY 11753-8914 to request copies of these materials.
All other inquiries may be made by writing to class counsel at:
Published by Order of the U.S. District Court for the Southern District of Ohio.
SOURCE Robert I. Harwood and Lori G. Feldman