Class Counsel Announce Proposed Settlement in the Bank of America Corp.
NEW YORK, Jan. 3, 2013
NEW YORK, Jan. 3, 2013 /PRNewswire/ -- The following statement is being issued
by Kaplan Fox & Kilsheimer LLP, Bernstein Litowitz Berger & Grossmann LLP,
Kessler Topaz Meltzer & Check LLP regarding the Bank of America Corp.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE BANK OF AMERICA CORP. SECURITIES, DERIVATIVE, AND EMPLOYEE RETIREMENT
INCOME SECURITY ACT (ERISA) LITIGATION
THIS DOCUMENT RELATES TO: Consolidated Securities Action, Master File No. 09
MDL 2058 (PKC), ECF CASE
SUMMARY NOTICE OF (I) PROPOSED SETTLEMENT AND PLAN OF ALLOCATION; (II)
SETTLEMENT FAIRNESS HEARING; AND (III) MOTION FOR AN AWARD OF ATTORNEYS' FEES
AND REIMBURSEMENT OF LITIGATION EXPENSES
To: All persons and entities who (1) held Bank of America Corporation ("BoA")
common stock as of October 10, 2008, and were entitled to vote on the merger
between BoA and Merrill Lynch & Co., Inc. ("Merrill") that was consummated on
January 1, 2009; (2) purchased or otherwise acquired the common stock of BoA
during the period from September 18, 2008 through January 21, 2009, inclusive,
excluding shares of BoA common stock acquired by exchanging Merrill common
stock for BoA common stock through the merger between the two companies; (3)
purchased or otherwise acquired January 2011 call options on BoA common stock
during the period from September 18, 2008 through January 21, 2009, inclusive;
or (4) purchased BoA common stock issued under the Registration Statement and
Prospectus for the BoA common stock offering that occurred on or about October
7, 2008, and who were damaged thereby (the "Class"). ^ (fn 1)
PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL BE AFFECTED BY THE
SETTLEMENT OF A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.
PLEASE DO NOT CONTACT BANK OF AMERICA CORPORATION 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, WHOSE CONTACT INFORMATION IS PROVIDED BELOW, RATHER THAN
TO BOA OR THE 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, that Court-appointed Lead Plaintiffs, the State Teachers
Retirement System of Ohio; the Ohio Public Employees Retirement System; the
Teacher Retirement System of Texas; Stichting Pensioenfonds Zorg en Welzijn,
represented by PGGM Vermogensbeheer B.V.; and Fjarde AP-Fonden, on behalf of
themselves and the Court-certified Class, in the above-captioned securities
class action (the "Action") have reached a proposed settlement of the Action
with defendants BoA, Merrill, Kenneth D. Lewis, John A. Thain, Joe L. Price,
Neil A. Cotty, Banc of America Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, William Barnet III, Frank P. Bramble, Sr., John T.
Collins, Gary L. Countryman, Tommy R. Franks, Charles K. Gifford, Monica C.
Lozano, Walter E. Massey, Thomas J. May, Patricia E. Mitchell, Thomas M. Ryan,
O. Temple Sloan, Jr., Meredith R. Spangler, Robert L. Tillman, and Jackie M.
Ward (collectively, the "Defendants") for $2,425,000,000.00 and certain
corporate governance enhancements to be implemented or continued by BoA, that,
if approved, will resolve all claims in the Action.
A hearing will be held on April 5, 2013 at 2:00 p.m. before The Honorable P.
Kevin Castel, in the United States District Court for the Southern District of
New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street,
Courtroom 12C, New York, NY 10007, 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 November 30, 2012 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 attorneys' fees and
reimbursement of expenses should be approved.
If you are a member of the 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 full printed Notice of (I) Proposed
Settlement and Plan of Allocation; (II) Settlement Fairness Hearing; and (III)
Motion for an Award of Attorneys' Fees and Reimbursement of Litigation
Expenses (the "Settlement Notice") and the Proof of Claim Form, you may obtain
copies of these documents by contacting the Claims Administrator at In re Bank
of America Corp. Securities Litigation, c/o The Garden City Group, Inc.,
Claims Administrator, P.O. Box 9876, Dublin, Ohio 43017-5776, (855) 733-8308.
Copies of the Settlement Notice and Proof of Claim Form can also be downloaded
from the website for the Action, www.boasecuritieslitigation.com, or from
Co-Lead Counsel's respective websites.
If you are a Class Member, 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 April 25, 2013. If you are a 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 previously submitted a request for exclusion from the Class in
connection with the Notice of Pendency of Class Action ("Class Notice") and
you wish to remain excluded, no further action is required. If you previously
submitted a request for exclusion from the Class in connection with the Class
Notice and you want to opt-back into the Class and be eligible to receive a
payment from the Settlement Fund, you must submit a request to opt-back into
the Class in writing such that it is received no later than March 5, 2013, in
accordance with the instructions set forth in the Settlement Notice. If you
previously submitted a request for exclusion from the Class in connection with
the Class Notice and do not opt-back into the Class in accordance with the
instructions set forth in the Settlement Notice, 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 net proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or
Co-Lead Counsel's application for attorneys' fees and reimbursement of
expenses, must be filed with the Court and delivered to Co-Lead Counsel and
representative counsel for Defendants such that they are received no later
than March 5, 2013, in accordance with the instructions set forth in the
Inquiries, other than requests for the Settlement Notice, may be made to:
Bernstein Litowitz Berger & Grossmann LLP
Max W. Berger, Esq.
Steven B. Singer, Esq.
1285 Avenue of the Americas
New York, NY 10019
Kaplan Fox & Kilsheimer LLP
Robert N. Kaplan, Esq.
Frederic S. Fox, Esq.
850 Third Avenue, 14th Floor
New York, NY 10022
Kessler Topaz Meltzer & Check, LLP
David Kessler, Esq.
Gregory M. Castaldo, Esq.
280 King of Prussia Road
Radnor, PA 19087
Requests for the Settlement Notice should be made to:
In re Bank of America Corp. Securities Litigation
c/o The Garden City Group, Inc.
P.O. Box 9876
Dublin, Ohio 43017-5776
By Order of the Court
(fn 1) Certain persons and entities are excluded from the Class by definition
and others are excluded pursuant to request. A complete description of who is
excluded from the Class is set forth in the full Settlement Notice referred to
in this notice and available at www.boasecuritieslitigation.com.
KAPLAN FOX & KILSHEIMER LLP, BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP,
KESSLER TOPAZ MELTZER & CHECK LLP
SOURCE Kaplan Fox & Kilsheimer LLP; Bernstein Litowitz Berger & Grossmann LLP;
Kessler Topaz Meltzer & Check, LLP
Contact: Steven B. Singer, Bernstein Litowitz Berger & Grossmann LLP, (212)
554-1400; David Kessler, Kessler Topaz Meltzer & Check LLP, (610) 667-7706;
Frederic S. Fox, Kaplan Fox & Kilsheimer LLP, (212) 687-1980
Press spacebar to pause and continue. Press esc to stop.