Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...

More documents

Recommendations

Info

Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 19 of 74 below in this Notice. In addition, the actual recovery of Class Members may be further reduced by the payment of fees and costs from the Settlement Fund. 4. Statement of the Parties’ Position on Damages: Defendants deny all claims of wrongdoing, that they are liable to Plaintiffs, Intervenors and/or the Settlement Class or that Plaintiffs, Intervenors or other members of the Settlement Class suffered any injury. Moreover, the parties do not agree on the amount of recoverable damages or on the average amount of damages per certificate that would be recoverable if Plaintiffs or Intervenors were to prevail on each of their claims. The issues on which the parties disagree include, but are not limited to: (1) whether the statements made or facts allegedly omitted were material, false or misleading; and (2) whether Defendants are otherwise liable under the securities laws for those statements or omissions. 5. Statement of Attorneys’ Fees and Expenses Sought: Lead Counsel will apply to the Court for an award of attorneys’ fees from the Settlement Fund in an amount not to exceed 20% of the Settlement Fund (or $8,000,000.00), net of Court-approved Litigation Expenses, plus interest earned at the same rate and for the same period as earned by the Settlement Fund. In addition, Lead Counsel also will apply for the reimbursement of certain Litigation Expenses paid or incurred in connection with the prosecution and resolution of the Action in an amount not to exceed $750,000, plus interest earned at the same rate and for the same period as earned by the Settlement Fund. Litigation Expenses may include reimbursement of the expenses of Plaintiffs in accordance with 15 U.S.C. §77a(4). Based on the total initial face dollar value of the Certificates as stated in the prospectus supplements (without subtracting the principal paydowns received on the Certificates), and assuming all purchasers of the initially offered certificates elect to participate, if the Court approves Lead Counsel’s fee and expense application, the estimated 5
Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 20 of 74 average cost is per $0.43 per $1,000 in initial certificate value of the Lehman Certificates. The actual cost may be more or less than this amount depending on, among other factors, when their certificates were purchased or sold, the amount of principal that has been repaid, the estimated value of the certificates on the applicable Date of First Suit as indicated in the attached Table A, the number of Class Members who timely file Claims, and the Plan of Allocation, as more fully described below in this Notice. 6. Identification of Attorney Representative: Plaintiffs, Intervenors and the Settlement Class are being represented by Steven J. Toll, Esq. of Cohen Milstein Sellers & Toll, PLLC, the Court-appointed Lead Counsel. Any questions regarding the Settlement should be directed to Mr. Toll at Cohen Milstein Sellers & Toll, PLLC, 1100 New York Avenue NW, Suite 500 West, Washington, D.C., 20005, (202) 408-4600 or Christopher Lometti or Daniel Rehns at Cohen Milstein Sellers & Toll, PLLC, 88 Pine Street, Fourteenth Floor, New York, New York 10005, (212) 838-7797 (tel), (212) 838-7745 (fax). YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: REMAIN A MEMBER OF THE CLASS EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN - ____________________, 2012. This is the only way to receive a payment. If you wish to obtain a payment as a member of the Settlement Class, you will need to file a claim form (the “Claim Form”), which is included with this Notice, postmarked no later than _________, 2012. Receive no payment pursuant to this Settlement. If you exclude yourself from the Settlement Class, you may be able to seek recovery against the Defendants or other Released Parties through other litigation. However, please see paragraphs 27 and 50 for information regarding the unavailability of Directors and Officers insurance to pay claims in such other litigation. 6
Page 1 and 2: Case 1:09-md-02017-LAK Document 666
Page 21: Case 1:09-md-02017-LAK Document 666
Page 73 and 74:
Case 1:09-md-02017-LAK Document 666
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
show all

Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...

Create successful ePaper yourself

Delete template?

Save as template?