Labaton Sucharow LLP And Berman DeValerio Announce Summary Notice Of Pendency Of Class Action And Proposed Settlements With The Bear Stearns Defendants And Deloitte And Motion For Attorneys' Fees And Expenses

Jul 09, 2012, 09:00 ET from Labaton Sucharow LLP and Berman DeValerio

NEW YORK, July 9, 2012 /PRNewswire/ -- The following statement is being issued by Labaton Sucharow LLP and Berman DeValerio regarding The Bear Stearns Companies, Inc. Securities Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

IN RE THE BEAR STEARNS COMPANIES, INC.
SECURITIES, DERIVATIVE, AND ERISA LITIGATION     

Master File No.: 08 MDL No. 1963 (RWS)

This Document Relates To: Securities Action, 08 Civ. 2793 (RWS)          

TO:     ALL PERSONS OR ENTITIES WHO, DURING THE PERIOD FROM DECEMBER 14, 2006 TO AND THROUGH MARCH 14, 2008, INCLUSIVE (THE "CLASS PERIOD"): (1) PURCHASED OR OTHERWISE ACQUIRED THE PUBLICLY TRADED COMMON STOCK OR OTHER EQUITY SECURITIES, OR CALL OPTIONS OF OR GUARANTEED BY THE BEAR STEARNS COMPANIES INC. ("BEAR STEARNS" OR THE "COMPANY"), OR SOLD BEAR STEARNS PUT OPTIONS, EITHER IN THE OPEN MARKET OR PURSUANT OR TRACEABLE TO A REGISTRATION STATEMENT, AND WERE DAMAGED THEREBY; OR (2) RECEIVED BEAR STEARNS CAPITAL ACCUMULATION PLAN ("CAP") UNITS OR RESTRICTED STOCK UNITS ("RSU") THAT FULLY VESTED, ENTITLING THEM TO AN EQUIVALENT NUMBER OF SHARES OF BEAR STEARNS COMMON STOCK UPON SETTLEMENT AT THE END OF A DEFERRAL PERIOD, AS PART OF THEIR COMPENSATION AS AN EMPLOYEE WITH BEAR STEARNS AND PARTICIPATION IN ITS CAP OR RESTRICTED STOCK UNIT PLAN, AND WERE DAMAGED THEREBY ("SETTLEMENT CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an order of the Court, that the Settlement Class in the above-captioned litigation ("Action") has been preliminarily certified for the purposes of settlement only and that two settlements have been reached that will resolve the Action.  The State of Michigan Retirement Systems ("Lead Plaintiff") has reached a proposed settlement with Bear Stearns, James E. Cayne, Alan D. Schwartz, Warren J. Spector, Alan C. Greenberg, Samuel L. Molinaro Jr., Michael Alix, and Jeffrey M. Farber (collectively, the "Bear Stearns Defendants"), in the amount of $275,000,000 in cash, and a proposed settlement with Deloitte & Touche LLP ("Deloitte"), in the amount of $19,900,000 in cash.

A hearing will be held before the Honorable Robert W. Sweet of the United States District Court for the Southern District of New York in the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 18C, New York, NY 10007-1312 at 12:00 p.m. (Noon), on September 19, 2012 to, among other things: determine whether the proposed Settlements should be approved by the Court as fair, reasonable, and adequate; determine whether, thereafter, this Action should be dismissed with prejudice as to the Bear Stearns Defendants, as set forth in the Stipulation and Agreement of Settlement with the Bear Stearns Defendants, dated as of June 5, 2012, and as to Deloitte, as set forth in the Stipulation and Agreement of Settlement with Deloitte, dated as of June 11, 2012; determine whether the proposed Plan of Allocation for distribution of the settlement proceeds should be approved as fair and reasonable; and consider the application of Co-Lead Counsel for an award of attorneys' fees and reimbursement of litigation expenses.  The Court may change the date of the hearing without providing another notice. 

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENTS AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUNDS.  If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlements with the Bear Stearns Defendants and Deloitte and Motion for Attorneys' Fees and Expenses (the "Notice") and a Proof of Claim and Release Form ("Proof of Claim"), you may obtain copies of these documents by contacting the Claims Administrator:

Bear Stearns Securities Litigation Settlements
c/o The Garden City Group, Inc.
PO Box 9897
Dublin, Ohio 43017-5797
Phone:  1-888-309-3823
Questions@bearstearnssecuritieslitigation.com
www.bearstearnssecuritieslitigation.com

Inquiries, other than requests for information about the status of a claim, may also be made to Co-Lead Counsel.

LABATON SUCHAROW LLP
Thomas A. Dubbs, Esq.
James W. Johnson, Esq.
140 Broadway
New York, NY 10005
Tel: (888) 219-6877
www.labaton.com
settlementquestions@labaton.com

BERMAN DEVALERIO
Patrick T. Egan, Esq.
One Liberty Square
Boston, MA 02109
Tel: (800) 516-9926
www.bermandevalerio.com
info@bermandevalerio.com

If you are a Settlement Class Member, to be eligible to share in the distributions of the settlement proceeds, you must submit a Proof of Claim postmarked no later than October 25, 2012

To exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than August 29, 2012.  If you are a putative Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by the judgments entered by the Court. 

Any objections to the proposed Settlements, Plan of Allocation, and/or application for attorneys' fees and reimbursement of expenses must be filed with the Court and served on counsel for the settling parties in accordance with the instructions set forth in the Notice, such that they are received no later than August 29, 2012

If you are a Settlement Class Member and do not timely submit a valid Proof of Claim, you will not be eligible to share in the net settlement funds, but you nevertheless will be bound by the judgments entered by the Court.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlements, you may contact Co-Lead Counsel at the addresses listed above.

DATED: July 9, 2012

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK  

SOURCE Labaton Sucharow LLP and Berman DeValerio