Settlement Announced with Underwriter Defendants in IndyMac Mortgage-Based Securities Litigation

BOSTON, Oct. 20, 2014 /PRNewswire/ -- The following is being released by the law firm of Berman DeValerio regarding In re IndyMac Mortgage-Backed Securities Litigation, 09-04583 (S.D.N.Y.).

To:  All persons or entities who purchased or otherwise acquired interests in any of the securities that were issued by the following trusts and offered by public filings with the U.S. Securities and Exchange Commission.

YOU ARE HEREBY NOTIFIED that a settlement, the terms of which are set forth in a Stipulation and Agreement of Settlement that has been filed with the Court, has been reached in this Action with Defendants Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc., and UBS Securities LLC (collectively, the "Underwriter Defendants").  Pursuant to the Stipulation, the Underwriter Defendants will cause $340 million to be deposited into a settlement fund in exchange for a release of claims by Settlement Class Members.  IF YOU PURCHASED OR OTHERWISE ACQUIRED INTERESTS IN ANY OF THE SECURITIES THAT WERE ISSUED BY THE TRUSTS LISTED ABOVE, YOU MAY BE ENTITLED TO SHARE IN THE DISTRIBUTION OF THE SETTLEMENT FUND IF YOU SUBMIT A PROOF OF CLAIM FORM ESTABLISHING THAT YOU ARE ENTITLED TO A RECOVERY.

A hearing with respect to the proposed settlement will be held on February 3, 2015 at 4:30 p.m., before the Honorable Lewis A. Kaplan in the U.S. District Court for the Southern District of New York, 500 Pearl Street, Courtroom 21B, New York, NY 10007.

The purpose of the hearing is to determine: (a) whether the settlement with the Underwriter Defendants should be approved by the Court as fair, reasonable and adequate and in the best interests of the settlement class; (b) whether the Court should enter an Order and Final Judgment dismissing the Action, on the merits and with prejudice, against the Underwriter Defendants, and forever barring Settlement Class Members from pursuing any Released Claims; (c) whether the proposed Plan of Allocation for the settlement fund is fair and reasonable and should be approved by the Court; (d) whether the application by Lead Counsel and the additional Settlement Class Representatives' counsel ("Counsel") for attorneys' fees and for reimbursement of Litigation Expenses should be approved by the Court; and (e) to rule upon such other matters as the Court may deem appropriate.

This notice only provides a summary of matters regarding the Action and the settlement.  A detailed notice (the "Notice") has been sent to persons or entities known to be potential Settlement Class Members.  You may obtain a copy of this detailed Notice, a Proof of Claim Form, and other information by contacting the Claims Administrator: IndyMac MBS Settlement c/o Rust Consulting, Inc., P.O. Box 2844, Fairbault, MN 55021-8598, 1-877-773-8195, [email protected].

Copies of the Notice and Proof of Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.IndyMacMBSclassaction.com, or from Settlement Class Counsel's website, www.bermandevalerio.com.

If you are a potential member of the Settlement Class, in order to be potentially eligible to share in the distribution of the settlement fund, you are required to file a Proof of Claim Form at this time.

If you are a potential member of the Settlement Class and do not exclude yourself from the Settlement Class, you will be bound by any judgment entered in the Action whether or not you submit a Proof of Claim Form.  To exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than January 13, 2015 in accordance with the instructions set forth in the Notice.  Any objections to the proposed settlement, the Plan of Allocation, and/or Counsel's application for attorneys' fees and reimbursement of Litigation Expenses, must be filed with the Court and delivered to Lead Counsel and counsel for Settling Defendants such that they are received no later than January 13, 2015 in accordance with the instructions set forth in the Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the Notice and Proof of Claim Form, may be made to Lead Counsel: Patrick T. Egan, Esq., Berman DeValerio, One Liberty Square, Boston, MA 01867, (800) 516-9926.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/settlement-announced-with-underwriter-defendants-in-indymac-mortgage-based-securities-litigation-214374843.html

SOURCE Berman DeValerio