NEW YORK, Sept. 6, 2012 /PRNewswire-USNewswire/ -- The following is being released by Hausfeld LLP; Boies, Schiller & Flexner LLP; and Susman Godfrey LLP.
A partial Settlement has been reached with Wachovia Bank, now called Wells Fargo, one of the Defendants, in a class action lawsuit alleging price-fixing in the sale of municipal derivatives. The case, In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, No. 08-02516, is pending in the United States District Court for the Southern District of New York.
Class Members include all state, local and municipal government entities, independent government agencies and private entities that purchased:
(a) By negotiation, competitive bidding or auction municipal derivative transactions directly from an Alleged Provider Defendant or Co-Conspirator, or through an Alleged Broker Defendant or Co-Conspirator,
(b) Any time from January 1, 1992 through August 18, 2011 in the U.S. and its territories or for delivery in the U.S. and its territories.
A list of the Alleged Provider and Broker Defendants and Co-Conspirators can be found on the settlement website.
The Settlement affects only claims against Wells Fargo. The case is continuing against the other non-settling defendants. Wells Fargo has paid $20 million into an escrow account and an additional $17 million will be paid later. Wells Fargo will also provide information to the attorneys for the Class and cooperate in connection with claims against the non-settling defendants.
Class Members who wish to remain in the Settlement do not need to do anything now. If the Settlement is approved, they will need to submit a claim form in order to receive a payment. Claim forms are not available right now. Class Members can register on the website to receive a claim form when it becomes available. By remaining in the Settlement, Class Members will give up the right to sue Wells Fargo for the claims in this class action. However, they will still have the right to exclude themselves from any other class that may be certified in the case.
Class Members who do not wish to participate in the Settlement must send a written request to be excluded postmarked no later than October 19, 2012. Class Members who request to be excluded will retain their right to sue Wells Fargo on their own for the claims in this lawsuit.
Class Members who remain in the Class can object to or comment on the Settlement. They must file an objection with the Court and deliver a copy to Class Counsel and Wells Fargo postmarked no later than October 9, 2012.
The Court has appointed the law firms of Hausfeld LLP; Boies, Schiller & Flexner LLP; and Susman Godfrey LLP as Class Counsel to represent all members the Class. Class Members who want to be represented by their own lawyer may hire one at their own expense.
The Court has scheduled a hearing on December 14, 2012, at 2:00 p.m. at the U.S. District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007 to consider whether to approve the Settlement as fair, reasonable and adequate, and whether to approve Class Counsel's request for reimbursement of litigation expenses.
Class Members or their lawyers may ask to appear and speak at the hearing but they are not required to. Class Members who want to be heard by the Court must file a written request with the Court, and deliver a copy to Class Counsel and Wells Fargo no later than October 9, 2012. The Court may change the time and date of the hearing. Any change will be posted on the website.
For more information on this lawsuit, Class Member rights, or to obtain a list of defendants, call 1-877-310-0512, visit www.MunicipalDerivativesSettlement.com, or write to: Municipal Derivatives Settlement, c/o Rust Consulting, Inc., PO Box 2500, Faribault, MN 55021-9500.
SOURCE Hausfeld LLP; Boies, Schiller & Flexner LLP; and Susman Godfrey LLP