Keller Rohrback L.L.P. and Kessler Topaz Meltzer & Check, LLP Announce Preliminary Approval of Class Action Settlement

RADNOR, Pa., June 17, 2011 /PRNewswire/ -- The following statement is being issued by Keller Rohrback L.L.P. and Kessler Topaz Meltzer & Check, LLP pursuant to an order of the United States District Court, Southern District of Ohio:

NOTICE BY PUBLICATION

TO ALL MEMBERS OF THE FOLLOWING PROPOSED SETTLEMENT CLASS:

All persons, excluding the Defendants, who participated in the Huntington Investment and Tax Savings Plan (the "Plan") for whose individual accounts the Plan purchased or held units in the HBI Common Stock Fund ("Huntington Stock Fund") at any time from July 1, 2007 through April 1, 2009, inclusive (the "Class Period").

PLEASE READ THIS NOTICE CAREFULLY.  A FEDERAL COURT AUTHORIZED THIS NOTICE.  THIS IS NOT A SOLICITATION.

A Settlement has been preliminarily approved in a class action lawsuit brought by the Named Plaintiffs on behalf of themselves, the Plan, and the Settlement Class Members (collectively, "Plaintiffs") against Huntington Bancshares Incorporated ("Huntington") and certain current and former officers, directors, and employees of Huntington for alleged breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974 ("ERISA").  All capitalized terms not otherwise defined in this summary notice of the Settlement have the meanings provided in the Settlement Agreement and Release (the "Settlement Agreement") that is available on the Settlement website identified in this notice.  The amount of the proposed Settlement Payment is $1.45 million ($1,450,000.00).  Persons for whose individual accounts the Plan purchased or held units in the Huntington Stock Fund during the Class Period may be entitled to a share of the Settlement.

The United States District Court for the Southern District of Ohio (the "Court") authorized this notice.  The Court will hold a fairness hearing to decide whether to approve the Settlement.

WHO IS INCLUDED?

You are a Settlement Class Member and could receive a settlement payment if you purchased or held units of the Huntington Stock Fund in the Plan during the Class Period.  

WHAT IS THIS CASE ABOUT?

The lawsuit alleges that Defendants breached their fiduciary duties under ERISA by, among other things, (1) allowing the Plan to purchase and hold the common stock of Huntington at a time when, according to Plaintiffs, Huntington's stock was an unsuitable and imprudent investment for the Plan, and (2) misrepresenting and failing to disclose information concerning Huntington's financial condition, including information concerning the alleged risks of Huntington's merger with Sky Financial Group, Inc. ("Sky Financial").  On February 9, 2009, the Court dismissed the lawsuit with prejudice.  On March 6, 2009, Plaintiffs appealed the dismissal to the United States Court of Appeals for the Sixth Circuit.  The Settlement Agreement was reached while the appeal was pending. Defendants deny any wrongdoing and will vigorously defend the lawsuit if the proposed Settlement is not approved.  The Court has not made any finding that Defendants or any Plan fiduciary has engaged in any wrongful conduct or in violation of any law or regulation.  The Plaintiffs have concluded that the Settlement is in the best interests of Plaintiffs.

WHAT DOES THE SETTLEMENT PROVIDE?

If the Settlement is approved, Huntington has agreed to make a Settlement Payment of $1.45 million ($1,450,000.00).  The Settlement Payment will be deposited into an Escrow Account, and the Settlement Payment, together with any interest earned on the Settlement Payment, will constitute the Gross Settlement Fund.  Payment of any Tax Expenses and costs associated with administering the Settlement will be paid out of the Gross Settlement Fund.  In addition, Class Counsel will file a Petition for Attorneys' Fees, Costs and Named Plaintiff's Case Contribution Award not to exceed $2,000 to each of the four Named Plaintiffs. Class Counsel will request payment of attorneys' fees in an amount that does not exceed thirty-three (33) percent of the amount of the Settlement Payment (a maximum of $478,500.00), plus reimbursement of costs incurred in prosecution of this Litigation on behalf of the Settlement Class.  If approved by the Court, Class Counsel's attorneys' fees and costs, as well as any Case Contribution Awards to the Named Plaintiffs, will be deducted from the Gross Settlement Fund.  After the payment of such costs, expenses, and awards, the amount that remains will constitute the Net Settlement Fund.  The Net Settlement Fund will be allocated among the Settlement Class Members pursuant to the Plan of Allocation attached to the Settlement Agreement and described in the Notice of Proposed Class Action Settlement mailed to locatable members of the Settlement Class and posted at the website listed below.  

The Settlement Agreement, which is available from the Court and is also posted at the website listed below, describes in more detail the proposed Settlement.  

HOW DO YOU RECEIVE A PAYMENT?

The Settlement Agreement and Plan of Allocation describe how Net Settlement Payments will be distributed to Settlement Class Members.  The method and manner of distribution will depend upon the amount of the Net Settlement Payment, the Settlement Class Member's employment status with Huntington, and other factors.  For most Settlement Class Members, the Net Settlement Payment, if any, will be allocated to a Plan account or sent by mail to the last known address on file with Huntington, the Plan's recordkeeper.  Settlement Class Members who are eligible to do so will have the option to elect to roll the Net Settlement Payment over to an IRA.  

YOU CANNOT OPT OUT OF THE SETTLEMENT

If the Settlement is approved, you do not have the right to exclude yourself from the Settlement.  The Settlement Class was preliminarily certified under Federal Rule of Civil Procedure 23(a) and 23(b)(1) and (b)(2) as a "non opt out" class action. Therefore, you will be bound by any judgments or orders that are entered in this Litigation, and, if the Settlement is approved, you will be deemed to have released the Released Claims against the Defendant Releasees, as defined in the Settlement Agreement.  

The Released Claims are described in the Settlement Agreement and include any and all actual or potential claims, actions, causes of action, demands, obligations, or liabilities of any nature whatsoever (including, but not limited to, claims for any and all losses, damages, unjust enrichment, attorneys' fees, disgorgement of fees, litigation costs, injunctive relief, declaratory relief, claims for contribution, indemnification or any other type of legal or equitable relief), whether arising under local, state, or federal law, whether by statute, contract, common law, or equity, whether brought in an individual, representative, or any other capacity, whether known or unknown, suspected or unsuspected, asserted or unasserted, foreseen or unforeseen, actual or contingent, liquidated or unliquidated, as well as any claim or right obtained by assignment or brought by way of demand, complaint, cross-claim, counterclaim, third party claim or otherwise.  The Released Claims include claims that arise out of or are related to the acts, omissions, facts, matters, transactions, or occurrences that have been alleged or referred to in the Litigation or the Consolidated Amended Complaint, including, but not limited to, (1) any claims alleged under ERISA, (2) Huntington's merger with Sky Financial Group, Inc., (3) the administration or fiduciary oversight of the Plan, (4) the Huntington Stock Fund, (5) the purchase, sale, or retention of any Huntington securities by or on behalf of the Plan and any of its current, former or future Plan participants at any time during the Class Period, or (6) the preparation or structuring of the methodology for the distribution of the Gross Settlement Fund or the Net Settlement Fund, including the Plan of Allocation or any amounts calculated in good faith in accordance therewith.

The Released Claims also include any claims which the Plaintiffs do not know or suspect to exist at the time of this release which, if known by him, her, or it, might have affected his, her or its decision to enter into the Settlement and release the Defendant Releasees or the decision not to object to this Settlement Agreement.  The Released Claims do not include any claims for an alleged breach of the terms of the Settlement Agreement or any claims under ERISA Section 502(a)(1)(B) for vested benefits brought by an individual Plan participant or beneficiary that do not arise from or relate to the Litigation or the Consolidated Amended Complaint.

The Court will hold a fairness hearing in this case (In re Huntington Bancshares Inc. ERISA Litigation, Case No. 2:08-CV-0165) (S.D. Ohio)) on September 1, 2011, at the United States District Court for the Southern District of Ohio, Joseph P. Kinneary U.S. Courthouse, 85 Marconi Boulevard, Columbus, Ohio 43215 to consider whether to certify the Settlement Class, approve the Settlement, and approve a request by Class Counsel (Keller Rohrback L.L.P. and Kessler Topaz Meltzer & Check, LLP (formerly known as Barroway Topaz Kessler Meltzer & Check, LLP)) for attorneys' fees and costs.  The Court will also consider a request to award Case Contribution Awards to the Named Plaintiffs in an amount of up to $2,000 each.  You may ask to appear at the hearing, but it is not required.  Although you cannot opt out of the Settlement, you can object to all or any part of the Settlement.  To object, you must send a letter or other writing saying that you object to the Settlement in In re Huntington Bancshares Inc. ERISA Litigation, Case No. 2:08-CV-0165 (S.D. Ohio).  If you wish to object, you must also follow the instructions contained in the Notice of Class Action Settlement and in the Preliminary Approval Order, which are available by calling the toll-free number or visiting the website below.

For more information regarding anything in this Notice or how to object to the Settlement, call toll-free 877-226-1883 or visit www.huntingtonERISAsettlement.com.

SOURCE Kessler Topaz Meltzer & Check LLP