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 41 of 74 or in any preceding complaints (or in any forum or proceeding or otherwise), and (ii) are based upon the purchase or acquisition of the Certificates. Notwithstanding the foregoing, the Class will not release any claims relating to the enforcement of the settlement. Released Parties’ Claims shall also include any proofs of claims that Plaintiffs and Intervenors have filed in the Bankruptcy Case that come within the-scope of the foregoing release, including without limitation proofs of claim nos. 22023, 27760 and 22024 (collectively, all such proofs of claim the “Proofs of Claim”). The Proofs of Claims shall, upon the Effective Date, be disallowed with prejudice, and, within ten business days of the Effective Date, Plaintiffs and Intervenors shall file a notice on the docket in the Bankruptcy Case withdrawing the Proofs of Claim. WHAT PAYMENT ARE THE ATTORNEYS FOR THE CLASS SEEKING HOW WILL THE LAWYERS’ BE PAID 56. Lead Counsel has not received any payment for its services in pursuing claims against Defendants on behalf of the Settlement Class, nor has Lead Counsel been reimbursed for its out-of-pocket expenses. Before final approval of the Settlement, Lead Counsel intends to 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 at the same rate and for the same time period as earned by the Settlement Fund. At the same time, Lead Counsel also intends to apply for the reimbursement of certain Litigation Expenses in an amount not to exceed $750,000.00, plus interest at the same rate and for the same time period as earned by the Settlement Fund. Litigation Expenses may include reimbursements for, among other things, lost wages and litigation related expenses of Plaintiffs and Intervenors in accordance with 15 U.S.C. § 77aa. The sums approved by the Court will be paid from the 27
Case 1:09-md-02017-LAK Document 666-1 Filed 01/13/12 Page 42 of 74 Settlement Fund. Members of the Settlement Class are not personally liable for the payment of these sums. 57. Defendants take no position on the request by Lead Counsel for attorneys’ fees and reimbursement of Litigation Expenses or on the allocation of attorneys’ fees and expenses among counsel representing the Settlement Class. HOW DO I PARTICIPATE IN THE SETTLEMENT WHAT DO I NEED TO DO 58. If you purchased mortgage pass-through certificates issued by SASCO through the Offerings listed above, and you are not excluded by the definition of the Settlement Class and you do not elect to exclude yourself from the Settlement Class, then you are a member of the Settlement Class and you will be bound by the proposed Settlement if the Court approves it, and by any judgment or determination of the Court affecting the Settlement Class. If you are a member of the Settlement Class, you must submit a Claim Form and supporting documentation to establish your entitlement to share in the Settlement. A Claim Form is included with this Notice, or you may go to the website maintained by the Claims Administrator for the Settlement to request that a Claim Form be mailed to you. The website is www.LehmanMBSSettlement.com. You may also request a Claim Form by calling toll-free (877) 884-5903 or emailing info@LehmanMBSSettlement.com. Copies of the Claim Form can also be downloaded from Lead Counsel’s website at www.cohenmilstein.com. Those who exclude themselves from the Settlement Class, and those who do not submit timely and valid Claim Forms with adequate supporting documentation will not be eligible to share in the Settlement. Please retain all records of your ownership of, or transactions in Lehman mortgage pass-through certificates in the Offerings, as they may be needed to document your claim. 28
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Declaration of K. Rehns in Support of Plaintiffs' Motion for - Lehman ...

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