Bernstein Litowitz Berger & Grossmann LLP announce Summary Notice of Pendency of Class Action and Proposed Settlement for the Barron v. Igolnikov et al. Litigation

NEW YORK, Oct. 24, 2012 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP regarding the Barron v. Igolnikov et al. Litigation.

UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK

ANDREA BARRON, on behalf of herself and all others similarly situated, Plaintiff, v.

ROMAN IGOLNIKOV, SHELDON S. GORDON, MATTHEW STADTMAUER, UNION BANCAIRE PRIVÉE, UNION BANCAIRE PRIVÉE ASSET MANAGEMENT LLC, UBPI HOLDINGS, INC., DANIEL DE PICCIOTTO, MICHAEL DE PICCIOTTO, GUY DE PICCIOTTO, and CHRISTOPHE BERNARD, Defendants. Civil Action No. 09-CV-4471 (TPG), ECF Case

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

TO: All persons and entities who held limited partnership interests in Selectinvest ARV LP as of December 11, 2008 and were damaged thereby.

PLEASE READ THIS ENTIRE NOTICE CAREFULLY, YOUR RIGHTS MAY BE AFFECTED BY THIS CLASS ACTION LAWSUIT.

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 (the "Court"):

(i) that the above-captioned litigation (the "Action") has been certified, for settlement purposes only, as a class action on behalf of all persons and entities who held limited partnership interests in Selectinvest ARV LP as of December 11, 2008 and were damaged thereby (the "Settlement Class").  Persons and entities who have been identified by Defendants as having executed a release of claims concerning Selectinvest ARV LP's investments in Ascot Partners L.P. are excluded from the Settlement Class as are certain affiliates and family members of Defendants, as set forth in the Stipulation and Agreement of Settlement (the "Stipulation"); and

(ii) that Plaintiff in the Action has reached a proposed settlement of the Action with defendants Union Bancaire Privée, UBP SA ("UBP"), Union Bancaire Privée Asset Management LLC, UBPI Holdings, Inc., Roman Igolnikov, Sheldon S. Gordon, Matthew Stadtmauer, Daniel de Picciotto, Michael de Picciotto, Guy de Picciotto, and Christophe Bernard (collectively, the "Defendants") for $6,900,000 in cash, plus interest thereon, that, if approved, will settle and resolve all claims asserted in the Action against Defendants on behalf of members of the Settlement Class.

In the Action, Plaintiff alleged that Defendants mismanaged Selectinvest ARV LP and other funds offered or managed by UBP or its affiliates and subsidiaries by investing a portion of the assets of each of the funds with certain "feeder" hedge funds, including Ascot Partners L.P.  If the Settlement is approved, that will end the prosecution in the Court of all claims asserted in the Action; however, the releases granted pursuant to the Settlement will only apply to members of the Settlement Class.

A hearing will be held on December 12, 2012 at 4:30 p.m. before The Honorable Thomas P. Griesa, in Courtroom 26B of the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007-1312, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate, and the releases specified and described in the Stipulation should be granted; (ii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iii) whether Plaintiff's Counsel's application for attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the determinations made with respect to the Settlement, and you are entitled to share in the Settlement Fund.  Defendants have identified those persons and entities who are Settlement Class Members and the full printed Notice of (I) Pendency of Class Action and Proposed Settlement, (II) Settlement Fairness Hearing, and (III) Motion for Attorneys' Fees and Reimbursement of Litigation Expenses Addressed to Identified Settlement Class Members (the "Settlement Notice"), and the Claim Form have been mailed to all such persons and entities. If you are a Settlement Class Member, but you have not yet received a Settlement Notice and Claim Form in the mail, you may obtain copies of these documents by contacting the Claims Administrator at Barron v. Igolnikov, c/o The Garden City Group, Inc., Claims Administrator, P.O. Box 9349, Dublin, OH 43017-4249, 1-800-231-1815. Copies of the Settlement Notice and Claim Form can also be downloaded from the website page maintained by the Claims Administrator for this Settlement, www.gcginc.com/cases/barron-ubp, or from Plaintiff's Counsel's website, www.blbglaw.com.   

If you are a Settlement Class Member, in order to receive a payment under the proposed Settlement, if approved, you need only submit a signed Claim Form postmarked no later than January 14, 2013.  If you are a Settlement Class Member and do not submit a Claim Form, you will not 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 are a Settlement Class Member and you wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than November 21, 2012, in accordance with the instructions set forth in the Settlement Notice.  If you properly exclude yourself from the Settlement Class, 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 proceeds of the Settlement. 

If you are a Settlement Class Member and you wish to object to the proposed Settlement, the proposed Plan of Allocation, or Plaintiff's Counsel's application for attorneys' fees and reimbursement of expenses, such objection must be filed with the Court and delivered to Plaintiff's Counsel and Defendants' Counsel so that it is received no later than November 21, 2012, in accordance with the instructions set forth in the Settlement Notice.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the Settlement Notice, may be made to Lead Counsel:

BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP
1285 Avenue of the Americas     
New York, NY 10019     
Attn: Lauren A. McMillen, Esq.
(800) 380-8496  
www.blbglaw.com

By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP

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