Criden & Love, P.A. Announce a Proposed Class Action Settlement Involving the LJM Preservation and Growth Fund, the Asset Class I Series of LJM Fund, L.P., and the PFC-LJM Fund, L.P.

MIAMI, Feb. 10, 2020 /PRNewswire/ --

CIRCUIT COURT OF COOK COUNTY

STATE OF ILLINOIS

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

TO:  All persons and entities who held a Limited Partnership Interest in: (i) the LJM Preservation and Growth Fund, L.P.; (ii) the Asset Class I Series of LJM Fund, L.P.; or (iii) the PFC-LJM Fund, L.P. as of February 6, 2018

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 the Illinois Rules of Civil Procedure and an Order of the Circuit Court of Cook County, Illinois, that the Plaintiffs and LJM Partners, Ltd. ("LJM"), Anthony Caine ("Caine"), Kathryn McBride, Anish Parvataneni, Arjuna Ariathurai, Lauren C. Savino, Pacific Futures and Capital, LLC, J. Scott Sykora, James E. Dickinson, Bryan Thurston, and Chun Liu ("LJM Defendants") in Lundgren-Wiedinmyer, et al. v. LJM Partners, Ltd., et al., Case No. 18-CH-10712 ("Action") have reached a proposed settlement of the Action.  The Settlement does not include any cash for distribution to Class Members.  Instead, the Settlement provides that one of the Defendants, Anthony Caine, will provide an assignment of 20% of any monies he recovers in a current lawsuit brought by Defendant LJM Partners, Ltd. alleging the manipulation of the VIX ("VIX Manipulation Case").  The Settlement also provides for a payment of $175,000, of which the attorneys will be seeking court approval of $100,000 in fees and expenses, $40,000 in incentive payments for the Class Representatives, and $35,000 to pay notice costs.  If the Settlement is approved, it will resolve all claims against the LJM Defendants in the Action. 

A hearing will be held on June 3, 2020, at 11:00 a.m., before the Honorable Raymond Mitchell at Courtroom 2601 of the Circuit Court of Cook County, Illinois, 50 W. Washington Street, Chicago, IL 60602, to determine: (1) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (2) whether the Action should be dismissed with prejudice against the LJM Defendants, and the Releases specified and described in the Settlement Agreement should be approved; (3) whether Class Counsel's motion for an award of attorneys' fees and expenses in the amount of $100,000 from the Settlement Fund should be approved; (4) whether Class Counsel's motion for an incentive award for Class Representatives in the amount of $5,000 for each of them (for a total of $40,000) should be approved; and (5) any other matter related to the Settlement that the Court deems appropriate.  

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement. If you have not yet received the Long-Form Notice, you may obtain copies of this document by contacting the Settlement Administrator at: Lundgren-Wiedinmyer LJM Funds State Action, c/o A.B. Data, Ltd., P.O. Box 173095, Milwaukee, WI 53217, (877) 212-3362. Copies of the Long-Form Notice can also be downloaded from the website maintained by the Settlement Administrator, www.LJMPartnersStateLitigation.com.   

If additional funds are recovered by LJM Partners, Ltd. from the VIX Manipulation Case, a claims process will be commenced in this Action.  Therefore, if you are a Settlement Class Member, and do not exclude yourself, you should retain any and all records of your ownership and transactions in:  (i) the LJM Preservation and Growth Fund, L.P.; (ii) the Asset Class I Series of LJM Fund, L.P.; or (iii) the PFC-LJM Fund, L.P.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion so that it is received no later than March 25, 2020, in accordance with the instructions set forth in the Long-Form 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 able to participate in any future potential recovery from the Assignment. 

Any objections to the proposed Settlement, Class Counsel's motion for attorneys' fees and reimbursement of expenses, or Class Counsel's request for incentive awards for the Class Representatives must be filed with the Court and delivered to Class Counsel such that they are received no later than May 11, 2020, in accordance with the instructions set forth in the Long-Form Notice.

If you have questions regarding this Summary Notice, please do not contact the Court.  All questions about this Notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Class Counsel or the Settlement Administrator.

Requests for the Long-Form Notice should be made to: Lundgren-Wiedinmyer LJM Funds State Action, c/o A.B. Data, Ltd., P.O. Box 173095, Milwaukee, WI 53217; (877) 212-3362 toll-free; or [email protected].

Inquiries, other than requests for the Long-Form Notice, should be made to Class Counsel: Michael E. Criden, Esq., Criden & Love, P.A., 7301 S.W. 57^th Court, Suite 515, South Miami, FL 33143; (305) 357-9000; [email protected]. 

Dated:   February 10, 2020    By Order of the Court

SOURCE Criden & Love, P.A.