Notice of Settlements of Class Action, of Fairness Hearing, of Right to Appear, and of Right to Opt Out or Object

MADISON COUNTY, Ill., Feb. 19, 2015 /PRNewswire/ -- The following release was issued by RG/2 Claims Administration LLC, as Notice Administrator, on behalf of Motley Rice LLC

Kellerman, et al. v. Marion Bass Securities Corporation, et al. – cause No. 01-L 000457

IN THE CIRCUIT COURT – THIRD JUDICIAL CIRCUIT – MADISON COUNTY, IL

Notice of Settlements of Class Action, of Fairness Hearing, of Right to Appear, and of Right to Opt Out or Object

To:   All of Those Persons Who Purchased (or Otherwise Acquired) Tax-Free Revenue Bonds (Between February 1, 1996 and December 11, 1998) in the Bond Issues of:  Lawrence, Indiana; Princeton, Wisconsin; Manitowoc, Wisconsin; Gillett, Wisconsin; Wautoma, Wisconsin; Riverview, Michigan; Bangor, Michigan; and Redford, Michigan in Connection with Malachi Corporation, Inc., as Borrower

PLEASE READ THIS NOTICE CAREFULLY.  A STATE COURT AUTHORIZED THIS NOTICE.  THIS IS NOT A SOLICITATION.

The purpose of this notice ("Notice") is to inform you of the proposed class action settlements (the "Settlements") between each of Fifth Third Bank as successor to Peoples Bank & Trust Company, Blue & Company, LLC, and Gilmore & Bell, P.C., the settling defendants ("Settling Defendants") in this class action (the "Action"), and Al Kellerman, Lillard Hedden,¹ and William Tennison, the plaintiffs ("Plaintiffs") in the Action and representatives of the certified class (the "Class").  A fairness hearing ("Fairness Hearing") will be held in the Circuit Court of the Third Judicial Circuit, Madison County, Illinois (the "Court") to consider the fairness, reasonableness, and adequacy of the proposed Settlements.  Your legal rights may be affected by this Notice and the proceedings in this litigation, whether you act or do not act.  You should read this Notice carefully.  These proposed Settlements will provide for a combined Settlement Fund of $525,000 (five hundred twenty-five thousand U.S. dollars), which comprises a $300,000 payment from Fifth Third Bank, a $150,000 payment from Blue & Company, LLC, and a $75,000 payment from Gilmore & Bell, P.C.  The Settlement Fund will be placed into a Settlement Account that will collect interest until such time as the Plaintiffs' ongoing claims asserted against Wells Fargo, N.A. are fully resolved, at which time Plaintiffs will move the court regarding a proposed distribution on a pro-rata basis to investors with recognized claims and for an award of attorneys' fees and expenses, costs of administering the Settlements, and Case Contribution Awards to the Named Plaintiffs.  Plaintiffs are not moving the Court for such distribution or awards at this time.  The Fairness Hearing will be held on May 28, 2015, at 1:30 p.m., before the Honorable Barbara Crowder, Circuit Court Judge, to determine, among other things (as set forth in the Parties' proposed Final Approval Order): (1) whether the proposed Settlements should be granted final approval; (2) whether the Settlements are fair, reasonable, and adequate; and (3) whether the Action and the claims of the members of the Class against the Settling Defendants should be dismissed on the merits.

If you want to be excluded from the class certified in the Action, you must send your request in writing to Class Counsel and Defendants' Counsel (listed below), including your full name and address, the dates, amounts, and types of bonds you purchased, and your signature.  Your exclusion request must be postmarked no later than April 24, 2015.  If you exclude yourself from the class certified in the Action, you will not be entitled to participate in any distribution of funds from the Settlements or from any possible recovery against Wells Fargo, N.A.

If you are a Class member who did not opt out of the Class, you can object to the terms of the Settlements.  To object, you must send a signed letter or other such document setting forth your objection to the proposed Settlements to the Court, Class Counsel, and Settling Defendants' Counsel on or before May 11, 2015.  The Court will only consider your views if you file a proper objection within the deadline identified and according to the specific procedures.

Your objection must state the dates, amounts, and types of bonds you purchased, and must include your name, address, daytime telephone number, and signature.  You cannot object by telephone, facsimile, or email.

You do not need to go to the Fairness Hearing to have your written objection considered by the Court.  However, any objector may appear in person or arrange, at that objector's expense, for a lawyer to represent the objector at the Fairness Hearing provided that objector has complied with the specific procedures for filing and serving a notice of intent to appear.

If you want more information regarding anything in this Notice, you may obtain such information by visiting www.kellermanmunicipalbondsettlement.com, by calling toll-free 866-742-4955, by writing to Class Counsel listed above or sending an email to  [email protected].

DO NOT CONTACT THE COURT, THE CLERK'S OFFICE, THE COMPANY, OR DEFENDANTS REGARDING THIS NOTICE.  THEY WILL NOT BE ABLE TO ANSWER YOUR QUESTIONS.  DO NOT TELEPHONE THE COURT REGARDING THIS NOTICE.

SOURCE:  Fred Thompson, III, Esq. and William S. Norton, Esq., Motley Rice LLC, 28 Bridgeside Boulevard, Mt. Pleasant, SC  29464, Telephone: 1-800-565-3126; Facsimile 1-843-216-9450; [email protected]; and Melissa Baldwin, RG/2 Claims Administration LLC, 30 South 17^th Street, Suite 400, Philadelphia, PA  19103, Telephone: 1-866-742-4955, Facsimile 1-215-979-1695, [email protected]  

¹ While Plaintiff Lillard Hedden is a party to the settlement with Fifth Third Bank, his case was dismissed without prejudice on November 20, 2014, following Mr. Heddens' death.

SOURCE RG/2 Claims Administration LLC; Motley Rice LLC