The law firms of Bernstein Litowitz Berger & Grossmann LLP and Motley Rice LLC announce proposed settlement in the Hill v. State Street Corporation securities class action.

NEW YORK, Aug. 27, 2014 /PRNewswire/ --

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF MASSACHUSETTS

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION, CERTIFICATION OF SETTLEMENT CLASS, AND PROPOSED SETTLEMENT; (II) SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES

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 District of Massachusetts, that the above-captioned litigation (the "Action") has been certified, for settlement purposes only, as a class action on behalf of the Settlement Class, except for certain persons and entities excluded from the Settlement Class by definition as set forth in the full printed Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Notice").

YOU ARE ALSO NOTIFIED that Lead Plaintiffs in the Action have reached a proposed settlement of the Action for $60,000,000 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.

A hearing will be held on October 27, 2014 at 3:00 p.m., before the Honorable Judith G. Dein at the United States District Court for the District of Massachusetts, Courtroom 15, 5th Floor, John Joseph Moakley U.S. Courthouse, 1 Courthouse Way, Boston, MA 02210, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation and Agreement of Settlement dated July 8, 2014 (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Co-Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.  Please note, the hearing may be adjourned by the Court without further written notice to the Settlement Class.  If you intend to attend the hearing, you should confirm the date and time with Co-Lead Counsel.

If you are a member of the Settlement Class, 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 Notice and a Proof of Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at Hill v. State Street Corporation, c/o Epiq Systems, Inc., P.O. Box 2876, Portland, OR 97208-2876; 1-888-287-8136.  Copies of the Notice and Proof of Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.statestreetclassactionsettlement.com.  

If you are a member of the Settlement Class, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Proof of Claim Form postmarked no later than December 16, 2014.  If you are a Settlement Class Member and do not submit a proper Proof of Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than October 6, 2014, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement. 

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Co-Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Representative Co-Lead Counsel and Representative Defendants' Counsel such that they are received no later than October 6, 2014, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Clerk's office, State Street, any of the other Defendants, or their counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Co-Lead Counsel or the Claims Administrator.

Inquiries, other than requests for the Notice and Proof of Claim Form, should be made to Co-Lead Counsel:

Requests for the Notice and Proof of Claim Form should be made to:

Hill v. State Street Corporation
c/o Epiq Systems, Inc.
P.O. Box 2876
Portland, OR 97208-2876
888-287-8136
www.statestreetclassactionsettlement.com

By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP and Motley Rice LLC