Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of J.P. Morgan Chase & Co. Securities Litigation

NEW YORK, Aug. 28, 2015 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the J.P. Morgan Chase & Co. Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE

TO:     ALL PERSONS OR ENTITIES WHO, PRIOR TO MARCH 12, 2009, PURCHASED OR OTHERWISE ACQUIRED ANY CERTIFICATES¹ IN ANY OF THE OFFERINGS.

"Offerings" means J.P. Morgan Alternative Loan Trust 2007-A2; J.P. Morgan Alternative Loan Trust 2007-S1; J.P. Morgan Mortgage Acquisition Trust 2007-CH3; J.P. Morgan Mortgage Acquisition Trust 2007-CH4; J.P. Morgan Mortgage Acquisition Trust 2007-CH5; J.P. Morgan Mortgage Trust 2007-A3; J.P. Morgan Mortgage Trust 2007-A4; J.P. Morgan Mortgage Trust 2007-S2; and J.P. Morgan Mortgage Trust 2007-S3.

CERTAIN PERSONS AND ENTITIES, SUCH AS PERSONS AND ENTITIES THAT HAVE SEPARATELY ASSERTED AND/OR PURSUED CLAIMS AGAINST DEFENDANTS, ARE EXCLUDED FROM THE DEFINITION OF THE CLASS, AS SET FORTH IN DETAIL IN THE STIPULATION AND AGREEMENT OF SETTLEMENT (THE "STIPULATION").  THE STIPULATION MAY BE FOUND AT WWW.JPMORGANRMBSLITIGATION.COM.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL 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 an Order of the United States District Court for the Southern District of New York, (i) of the pendency of this action asserting claims against J.P. Morgan Securities, Inc. (now known as J.P. Morgan Securities LLC), J.P. Morgan Acceptance Corporation I, Brian Bernard, Louis Schioppo Jr., Christine E. Cole, David M. Duzyk, William King, and Edwin F. McMichael (collectively, "Defendants"), relating to the purchase or other acquisition, ownership and/or disposition of certain mortgage-backed securities (the "Action"), as a class action on behalf of the persons and entities described above (the "Class Members"), except for certain persons and entities who are excluded from the Class by definition; and (ii) that a settlement of the Action for a total of $388 million in cash has been proposed.  A hearing will be held on December 4, 2015, at 2:30 p.m., before the Honorable J. Paul Oetken, at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, New York, NY 10007, Courtroom 706:  (a) to determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate and should be approved by the Court; (b) to determine whether the Order and Final Judgment as provided for under the Stipulation should be entered, dismissing the Action, on the merits and with prejudice, and to determine whether the release by the Class Members of their Released Claims against the Released Parties, as set forth in the Stipulation, should be ordered; (c) to determine whether the proposed Plan of Allocation for distribution of the Net Settlement Fund is fair and reasonable and should be approved by the Court; (d) to determine whether the application by Lead Counsel for an award of attorneys' fees and Litigation Expenses incurred should be approved; and (e) to rule upon such other matters as the Court may deem appropriate.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTION AND THE SETTLEMENT, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND.  If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement and Settlement Hearing (the "Notice") and Proof of Claim and Release Form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator:

JP Morgan RMBS Settlement
c/o Gilardi & Co. LLC
P.O. Box 8040
San Rafael, CA 94912-8040
Toll-free number: (877) 255-1145

Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.JPMorganRMBSlitigation.com, or from Lead Counsel's website, www.rgrdlaw.com.

If you are a Member of the Class, in order to be potentially eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked no later than December 16, 2015.  If you are a Member of the Class and do not exclude yourself from the Class, you will be bound by any judgment entered in the Action whether or not you make a Claim.  To exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than October 7, 2015, in accordance with the instructions set forth in the Notice.  Any objections to the proposed Settlement, Plan of Allocation, and/or Lead Counsel's application for attorneys' fees and Litigation Expenses must be filed with the Court and delivered to Lead Counsel and counsel for Defendants such that they are received no later than October 7, 2015, in accordance with the instructions set forth in the Notice.  If you are a Member of the Class and do not submit a proper Claim Form, you will not share in the Net Settlement Fund but you will nevertheless be bound by the Judgment of the Court.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  Inquiries, other than requests for the Notice and Claim Form, may be made to Lead Counsel:

Daniel S. Drosman, Esq.
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900
San Diego, CA 92101-3301
(800) 449-4900
[email protected]

¹ "Certificates" means those Certificates listed (by CUSIP) on Table A to the Plan of Allocation, which is available on the Settlement website, www.JPMorganRMBSlitigation.com.

SOURCE Robbins Geller Rudman & Dowd LLP

Related Links

http://www.rgrdlaw.com