POMERANTZ LLP ANNOUNCES A NOTICE OF PENDENCY AND SETTLEMENT OF CLASS ACTION IN LAFRANO V. LOANDEPOT, INC., ET AL. (CASE NO. 8:21-CV-01449-JLS-JDE)

PHILADELPHIA, Jan. 29, 2024 /PRNewswire/ -- SUMMARY NOTICE of (i) Proposed Settlement; (ii) Motion for an Award of Attorneys' Fees and Litigation Expenses; and (iii) Settlement Fairness Hearing

If you purchased or otherwise acquired common stock of loanDepot, Inc. ("loanDepot") pursuant or traceable to loanDepot's registration statement filed on January 11, 2021, or during the period March 16, 2021, through September 22, 2021, both dates inclusive (the "Class Period"), you could receive a payment from a class action settlement. Certain persons are excluded from the definition of the settlement class as set forth in the Stipulation and Agreement of Settlement.

PLEASE READ THIS NOTICE CAREFULLY. YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and by Order of the United States District Court for the Central District of California, that in the above-captioned litigation (the "Action"), a Settlement has been proposed for $3,500,000.00 in cash.

A hearing will be held on April 19, 2024, at 10:30 a.m., before the Honorable Josephine L. Staton, at the United States District Court, Central District of California, 350 West 1st St., Los Angeles, CA 90012, or remotely per details that will be made publicly available on the Settlement website (www.loandepotsettlement.com), for the purpose of determining whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation and Agreement of Settlement (the "Stipulation") should be entered dismissing the Action against all Defendants with prejudice; (3) a Settlement Class of all persons, other than Defendants and other excluded persons, who purchased or otherwise acquired loanDepot Stock pursuant to the Registration Statement or during the Class Period (the "Settlement Class"), should be finally certified for purposes of the Settlement only; (4) the proposed Plan of Allocation for distribution of the Settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (5) the application of Lead Counsel for the payment of attorneys' fees and expenses from the Settlement Fund, including interest earned thereon, should be approved and, if so, in what amount; and (6) to award Plaintiffs out of the Settlement Fund pursuant to 15 U.S.C. § 78u-4(a)(4) in connection with their representation of the Settlement Class and, if so, in what amount.

IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THE ACTION, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.

Please visit www.loandepotsettlement.com to view and download the detailed Notice of (i) Proposed Settlement, (ii) Motion for an Award of Attorneys' Fees and Litigation Expenses, and (iii) Settlement Fairness Hearing (the "Notice") and a copy of the Proof of Claim and Release ("Claim Form"). You may obtain a copy of these documents by contacting the Claims Administrator: loanDepot Settlement c/o Claims Administrator, 1650 Arch Street, Suite 2210, Philadelphia, PA 19103, or via email at [email protected].  

If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form by mail postmarked no later than April 24, 2024, or submit it online by that date. If you are a Settlement Class Member and do not submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will still be bound by any judgment entered by the Court in this Action (including the releases provided for therein).

To exclude yourself from the Settlement Class, you must (1) electronically submit a request for exclusion on the website maintained by the Claims Administrator for the Settlement or (2) mail a written request for exclusion in accordance with the instructions set forth in the Notice. The exclusion request must be received no later than March 29, 2024. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgment entered by the Court in this Action (including the releases provided for therein) whether or not you submit a Claim Form. If you submit a request for exclusion, you will have no right to recover money pursuant to the Settlement.

Any objection to the proposed Settlement, the Plan of Allocation of Settlement proceeds, or the fee and expense application must be filed with the Court no later than March 29, 2024.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE.

If you have any questions about the Settlement, or your eligibility to participate in the Settlement, you may contact Lead Counsel at the following address(es) or telephone numbers:

Pomerantz LLP
Jeremy Lieberman
Jonathan D. Park
600 Third Avenue, 20th Floor
New York, NY 10016
Tel: (212) 661-1100
[email protected]
[email protected]

SOURCE Pomerantz LLP