NEW HAVEN, Conn., June 16 /PRNewswire/ -- A Federal Court has ordered that notice be given to those who purchased or otherwise acquired the securities of Crompton Corporation ("Crompton") during the period between October 26, 1998 and October 8, 2002, inclusive, including without limitation all persons and entities who purchased or otherwise acquired Crompton securities pursuant to the merger between Crompton & Knowles Corporation and Witco Corporation and who were damaged thereby (the "Class").
A modification to the settlement of the class action lawsuit, In re Crompton Corp. Securities Litigation, No. 3:03 CV 1293 (EBB) pending in the United States District Court for the District of Connecticut (the "Lawsuit"), that may affect you has been proposed. A proposed settlement of this Lawsuit, in the amount of Twenty Million, Six Hundred and Fifty Thousand Dollars ($20,650,000), was publicized in early 2009. Before that settlement was finalized, Chemtura Corporation ("Chemtura"), Crompton's successor, filed for bankruptcy. As a result, this Lawsuit was stayed pursuant to 11 U.S.C. section 362(a) of the U.S. Bankruptcy Code, and, pursuant to 11 U.S.C. sections 547 and 550, the contribution to the original settlement made by the Company was returned to it.
Lead Plaintiffs have elected to modify the settlement of the Lawsuit and have agreed to accept the $11,357,500 Defendants paid or caused to be paid from Chemtura's Directors & Officers Insurance as full and final satisfaction of this Lawsuit (the "Settlement").
Accordingly, the Lawsuit has been certified as a class action and a settlement for Eleven Million, Three Hundred and Fifty Seven Thousand, Five Hundred Dollars ($11,357,500) has been proposed. A hearing will be held before the Honorable Ellen Bree Burns in the United States District Court for the District of Connecticut at the Richard C. Lee United States Courthouse, 141 Church Street, New Haven, Connecticut 06510, Courtroom Three, at 10:00 a.m., on August 17, 2010. At the hearing it will be determined whether: (1) the settlement class conditionally certified should be certified for all purposes; (2) the proposed Settlement and Plan of Allocation should be approved by the Court as fair, reasonable, and adequate; and (3) Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.
Members of the Class described above, will have their rights affected and may be entitled to share in the settlement fund. Those who have not yet received the full printed Notice of Modified Proposed Class Action Settlement and Rescheduling of Fairness Hearing Due to Bankruptcy (the "Notice") and Proof of Claim and Release form ("Proof of Claim"), may obtain copies of these documents by visiting the settlement website at www.CromptonSecuritiesSettlement.com, or by contacting the Claims Administrator, Epiq Systems, at the address and telephone number listed below.
The deadline to submit a Proof of Claim is September 24, 2010. Those who previously submitted a Proof of Claim in connection with the previous settlement of the Lawsuit and wish to participate in the current Settlement, need not do anything else at this time. As more fully described in the Notice, the deadline for submitting objections and requests for exclusion is July 28, 2010. Class Members may still object to the Settlement or request exclusion from the Class even if they previously submitted a Proof of Claim in connection with the previous settlement.
Further information may be obtained by directing inquiries in writing to the Claims Administrator, Epiq Systems, at the following address:
In re Crompton Corp. Securities Litigation
c/o Epiq Systems
P.O. Box 4655
Portland, OR 97208-4655
SOURCE Crompton Corp. Securities Litigation Settlement Administrator, Epiq Systems Inc.