Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Goldman, Sachs & Co. Securities Litigation

NEW YORK, Jan. 26, 2016 /PRNewswire/ -- The following statement is being issued by Robbins Geller Rudman & Dowd LLP regarding the Goldman, Sachs & Co. Securities Litigation:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

SUMMARY NOTICE

TO:     ALL PERSONS OR ENTITIES WHO PRIOR TO DECEMBER 11, 2008 PURCHASED OR OTHERWISE ACQUIRED ANY OF THE CERTIFICATES IN THE OFFERINGS AND WERE DAMAGED THEREBY.

"Certificates" means those Certificates listed (by CUSIP) on Table A to the Plan of Allocation, which is available on the Settlement website, www.GoldmanSachsMBSSettlement.com.

"Offerings" means GSAA Home Equity Trust 2007-3; GSAA Home Equity Trust 2007-4; GSAA Home Equity Trust 2007-5; GSAA Home Equity Trust 2007-6; GSAA Home Equity Trust 2007-7;  GSAA Home Equity Trust 2007-8; GSAA Home Equity Trust 2007-10; GSAMP Trust 2007-HE1; GSAMP Trust 2007-HE2; GSR Mortgage Loan Trust 2007-OA1; GSR Mortgage Loan Trust 2007-OA2; GSR Mortgage Loan Trust 2007-3F; GSR Mortgage Loan Trust 2007-4F; and GSR Mortgage Loan Trust 2007-5F.

CERTAIN PERSONS AND ENTITIES, SUCH AS CERTAIN PERSONS AND ENTITIES THAT HAVE SEPARATELY ASSERTED AND/OR PURSUED CLAIMS AGAINST DEFENDANTS, ARE EXCLUDED FROM THE DEFINITION OF THE SETTLEMENT CLASS, AS SET FORTH IN DETAIL IN THE STIPULATION AND AGREEMENT OF SETTLEMENT (THE "STIPULATION").

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 these actions asserting claims against: Goldman, Sachs & Co.; Goldman Sachs Mortgage Company; GS Mortgage Securities Corp.; Daniel L. Sparks; Michelle Gill; and Kevin Gasvoda relating to the sale of certain residential mortgage-backed securities (the "Actions"), as class actions on behalf of the persons and entities described above (the "Settlement Class"), except for certain persons and entities who are excluded from the Settlement Class by definition; and (ii) that a settlement of the Actions for $272 million in cash has been proposed.  A hearing will be held on April 13, 2016, at 10:00 a.m., before the Honorable Loretta A. Preska, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, NY 10007, Courtroom 12A:  (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 Actions, on the merits and with prejudice, and to determine whether the release by the Settlement Class Members of their 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 distribution of the Net Settlement Fund 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 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 SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE PENDING ACTIONS 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 and Final Approval Hearing (the "Notice") and Proof of Claim and Release Form (the "Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator:

Goldman Sachs MBS Settlement
c/o Gilardi & Co. LLC
P.O. Box 990
Corte Madera, CA  94976-0990
Toll-free number: 1-877-255-2890

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

If you are a Member of the Settlement 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 May 13, 2016.  If you are a Member of the Settlement Class and do not exclude yourself from the Settlement Class, you will be bound by any judgment entered in the Actions whether or not you make a Claim.  To exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than March 4, 2016, in accordance with the instructions set forth in the Notice.  Any objections to the proposed Settlement, Plan of Allocation, and/or Plaintiffs' Counsel's application for attorneys' fees and 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 March 4, 2016, in accordance with the instructions set forth in the Notice.  If you are a Member of the Settlement Class and do not submit a proper Claim Form, you will not share in the Net 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:

Arthur C. Leahy, Esq.
Lucas F. Olts, Esq.
Robbins Geller Rudman & Dowd LLP
655 West Broadway, Suite 1900
San Diego, CA 92101
1-800-449-4900

SOURCE Robbins Geller Rudman & Dowd LLP

Related Links

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