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

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Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 23 of 74 WHY DID I GET THIS NOTICE 7. This Notice is being sent to you pursuant to an Order of the United States District Court for the Southern District of New York (the “Court”) because you or someone in your family may have purchased certain Lehman Brothers mortgage pass-through Certificates. The Court has directed us to send you this Notice because, as a potential Class Member, you have a right to know about your options before the Court rules on the proposed settlement of this case. Additionally, you have the right to understand how a class action lawsuit may generally affect your legal rights. If the Court approves the Settlement, a claims administrator selected by Plaintiffs and Intervenors and approved by the Court will make payments pursuant to the Settlement after any objections and appeals are resolved. 8. In a class action lawsuit, the Court selects one or more people, known as class representatives, to sue on behalf of all people with similar claims, commonly known as the class or the class members. In this Action, the Court has appointed Locals 302 and 612 of the International Union of Operating Engineers – Employers Construction Industry Retirement Trust as Lead Plaintiff under a federal law governing lawsuits such as this one, and approved Lead Plaintiff’s selection of the law firm of Cohen Milstein Sellers & Toll PLLC (“Lead Counsel”) to serve as Lead Counsel in the Action. The Class Representatives are the Lead Plaintiff as well as Plaintiffs New Jersey Carpenters Health Fund, Boilermakers-Blacksmith National Pension Trust, Intervenor Iowa Public Employees’ Retirement System and Public Employees Retirement System of Mississippi (“MissPERS”). A class action is a type of lawsuit in which the claims of a number of individuals are resolved together, thus providing the class members with both consistency and efficiency. Once the class is certified, the Court must resolve all issues on behalf of the class members, except for any persons who choose to exclude themselves from the class. 9
Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 24 of 74 (For more information on excluding yourself from the Settlement Class, please read “What If I Do Not Want To Be A Part Of The Settlement How Do I Exclude Myself” located below.) 9. The Court in charge of this case is the United States District Court for the Southern District of New York, and the case is known as In re Lehman Brothers Mortgage- Backed Securities Litigation, 09-md-2017, 08-cv-6762. The Judge presiding over this case is the Honorable Lewis A. Kaplan, United States District Judge. The people who are suing are called plaintiffs, and those who are being sued are called defendants. In this case, the main plaintiff is referred to as the Lead Plaintiff, representing itself and the Settlement Class, and the defendants are the Defendants (as defined above). 10. This Notice explains the lawsuit, the Settlement, your legal rights, what benefits are available, who is eligible for them, and how to receive them. The purpose of this Notice is to inform you of this case, that it is a class action, how you might be affected, and how to exclude yourself from the Settlement Class if you wish to do so. It also is being sent to inform you of the terms of the proposed Settlement, and of a hearing to be held by the Court to consider the fairness, reasonableness and adequacy of the proposed Settlement, the fairness and reasonableness of the proposed Plan of Allocation, and the application by Lead Counsel for attorneys’ fees and reimbursement of expenses (the “Final Approval Hearing”). 11. The Final Approval Hearing will be held on _______________, 2012, at ____ _.M., before the Honorable Lewis A. Kaplan, at the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom __, __th Floor, New York, New York, to determine: • whether the Court should grant final certification of the Settlement Class solely for purposes of the Settlement; • whether the proposed Settlement is fair, reasonable, adequate and in the best interests of the Settlement Class and should be approved by the Court; 10
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