Proposed Settlement Reached In Class Action Involving BankUnited Common Stock

Proposed Settlement Reached In Class Action Involving BankUnited Common Stock

PR Newswire

MIAMI, March 15, 2013

MIAMI, March 15, 2013 /PRNewswire/ -- The following is being released by the
law firm of Berman DeValerio.

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND PROPOSED
SETTLEMENT, SETTLEMENT FAIRNESS HEARING, AND MOTION FOR
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED SHARES OF
BANKUNITED FINANCIAL CORP. ("BANKUNITED") COMMON STOCK DURING THE PERIOD FROM
OCTOBER 24, 2006 THROUGH AND INCLUDING JUNE 18, 2008 AND WHO WERE DAMAGED
THEREBY.

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 an Order of the United States District Court for the Southern
District of Florida, of

  othe pendency of this action (the "Action") as a class action on behalf of
    the persons and entities described above (the "Class"), except for certain
    persons and entities who are excluded from the Class by definition; and of
  oa proposed all-cash settlement of the Action in the amount of $3 million
    plus $57,000 in reimbursement of fees and out-of-pocket expenses incurred
    in connection with certain Bankruptcy Court litigation that will fully and
    finally settle all claims against and release all Defendants, apportioned
    as follows: (a) a settlement payment from the Defendants of $3 million;
    and (b) a payment of $57,000 from the Federal Deposit Insurance
    Corporation, as receiver for BankUnited, FSB in exchange for the
    assignment of certain rights against the Defendants and an excess
    insurance carrier and for reimbursement of out-of-pocket fees and expenses
    incurred in connection with certain Bankruptcy Court litigation brought by
    the Official Committee of Unsecured Creditors of BankUnited Financial
    Corporation

A hearing will be held before the Honorable Marcia G. Cooke, at the United
States District Court for the Southern District of Florida, Miami Division,
Wilkie D. Ferguson, Jr.U.S. Courthouse, 400 North Miami Avenue, Miami, FL
33128 at 11:00 a.m. on June 12, 2013 (i) to determine whether this Action
should be finally certified, for settlement purposes, as a class action under
Rule 23(a) and (b) of the Federal Rules of Civil Procedure on behalf of the
Class; (ii) to determine whether the proposed Settlement should be approved by
the Court as fair, reasonable, and adequate; (iii) to determine whether the
Settled Claims against the Defendants and other Released Parties should be
dismissed with prejudice; (iv) to determine whether the proposed Plan of
Allocation should be approved by the Court as fair and reasonable; and (v) to
consider the application of Plaintiffs' Lead Counsel for attorneys' fees and
reimbursement of Litigation Expenses.

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, Settlement
Fairness Hearing, and Motion for Attorneys' Fees and Reimbursement of
Litigation Expenses (the "Notice"), with the attached Claim Form, you may
obtain a copy of these documents by contacting the Claims Administrator:
BankUnited Securities Litigation, c/o Rust Consulting, Inc., P.O. Box 2584,
Faribault, MN 55021-9584, or by telephone at 1-866-686-3510. Copies of the
Notice and Claim Form can also be downloaded from the Claims Administrator's
website, www.BankUnitedSecuritiesClassAction.com, or from Plaintiffs' Lead
Counsel's website www.BermanDeValerio.com.

If you are a Class Member and do not exclude yourself from the Class, you
will be bound by any judgment entered in the Action. To exclude yourself from
the Class, you must submit a request for exclusion such that it is received no
later than May 22, 2013, in accordance with the instructions set forth in the
Notice. Any objections to any of the proposed Settlement, the proposed Plan of
Allocation, or the request for attorneys' fees and reimbursement of Litigation
Expenses, must be filed with the Court and served on Plaintiffs' Lead Counsel
for the Class and counsel for the Defendants no later than May 22, 2013, 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, may be made to Lead Counsel:

Michael J. Pucillo, Esq.            Glen DeValerio, Esq
BERMAN DEVALERIO                    BERMAN DEVALERIO
                                    One Liberty Square
3507 Kyoto Gardens Drive, Suite 200 Boston, MA 02109
Palm Beach Gardens, FL 33410
(800) 516-9926
www.BermanDeValerio.com

By Order of the Court

SOURCE Berman DeValerio

Contact: Berman DeValerio, +1-800-516-9926
 
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