Bernstein Litowitz Berger & Grossmann LLP Announces Proposed Settlement of Class Action on Behalf of Purchasers of Merrill Lynch Mortgage Pass-Through Securities.

SAN DIEGO, Dec. 29, 2011 /PRNewswire/ -- The following statement is being issued by Bernstein Litowitz Berger & Grossmann LLP regarding the Merrill Lynch Mortgage Pass-Through Litigation.

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

PUBLIC EMPLOYEES' RETIREMENT SYSTEM OF MISSISSIPPI, et al., Individually and On Behalf of All Others Similarly Situated, Plaintiffs, v. MERRILL lynch & CO. INC., et al., Defendants.

Civil Action No. 08-cv-10841-JSR-JLC, ECF case, CLASS ACTIONS – CONSOLIDATED.

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 OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED MERRILL LYNCH ALTERNATIVE NOTE ASSET TRUST SERIES 2007-A3, 2007-AF1, 2007-F1, MERRILL LYNCH FIRST FRANKLIN MORTGAGE LOAN TRUST SERIES 2007-2, 2007-3, 2007-4, 2007-A, MERRILL LYNCH MORTGAGE INVESTORS TRUST SERIES 2006-MLN1, 2006-FM1, 2006-FF1, 2006-RM5, MLCC 2006-2, 2006-AHL1, 2006-RM3, 2006-WMC1, 2006-WMC2, 2006-A1, OWNIT MORTGAGE LOAN TRUST SERIES 2006-2 AND WHO WERE ALLEGEDLY DAMAGED THEREBY.

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL 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 New York, (i) of the pendency of this action asserting claims against Merrill Lynch & Co., Inc. and certain other defendants relating to the sale of mortgage-backed securities (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 (ii) that a settlement of the Action for $315 million in cash has been proposed.  A hearing will be held on March 21, 2012 at 5:00 p.m., before the Honorable Jed S. Rakoff, at the United States District Court for the Southern District of New York, 500 Pearl Street, New York, New York 10007, Courtroom 14B:  (a) to determine whether the proposed Settlement on the terms and conditions provided for in the Stipulation is fair, reasonable, and adequate and should be approved by the Court; (b) to determine whether the Order and Final Judgment as provided for under the Stipulation should be entered, dismissing the Action, on the merits and with prejudice, and to determine whether the release by the Settlement Class of the Released Claims against the Released Parties, as set forth in the Stipulation, should be ordered; (c) to determine whether the proposed Plan of Allocation for the net proceeds of the Settlement is fair and reasonable and should be approved by the Court; (d) to determine whether the application by Lead Counsel for an award of attorneys' fees and reimbursement of litigation expenses incurred should be approved; and (e) to rule upon such other matters as the Court may deem appropriate.

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") and Proof of Claim and Release form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator:

Merrill Lynch Mortgage Pass-Through Litigation
c/o GCG
P.O. Box 9824
Dublin, OH 43017-5724
(888) 458-9199

Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.MerrillLynchRMBSLitigation.com, or from Lead Counsel's website, www.blbglaw.com.

If you are a member of the Class, in order to be potentially eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked no later than April 25, 2012.  If you are a member of the Class and do not exclude yourself from the Class, you will be bound by any judgment entered in the Action whether or not you make a Claim.  To exclude yourself from the Class, you must submit a request for exclusion such that it is received no later than February 29, 2012, in accordance with the instructions set forth in the Notice.  Any objections to the proposed Settlement, Plan of Allocation and/or Lead Counsel's application for attorneys' fees and reimbursement of litigation expenses must be filed with the Court and delivered to Lead Counsel and counsel for Defendants such that they are received no later than February 29, 2012, in accordance with the instructions set forth in the Notice.  If you are a member of the Class and do not submit a proper Claim Form, you will not share in the Settlement Fund but you will nevertheless be bound by the Judgment of the Court.

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

David R. Stickney, Esq.
Bernstein Litowitz Berger & Grossmann LLP
12481 High Bluff Drive, Suite 300
San Diego, CA 92130
(866) 648-2524
December 14, 2011
By Order of the Court

SOURCE Bernstein Litowitz Berger & Grossmann LLP

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