Securities & Exchange Commission Approves the Plan of Distribution for the RBS Securities Fair Fund

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Jul 03, 2023, 20:00 ET

BEAVERTON, Ore., July 3, 2023 /PRNewswire/ -- ATTENTION: Persons or entities who purchased Eligible Certificates during the Eligible Purchase Periods. If you purchased Eligible Certificates during the Eligible Purchase Period, you must submit a completed Proof of Claim Form with the necessary documentation so that it is postmarked or, if not sent by U.S. Mail, received by October 31, 2023 (the "Filing Deadline") to be eligible to recover from the Fair Fund.

The purpose of this Notice is to inform you that you may be entitled to share in the proceeds of the Fair Fund described herein. To be potentially eligible to share in the Fair Fund, you must file a Proof of Claim Form in accordance with the steps set forth in this Notice and in the Distribution Plan (the "Plan") approved by the Securities and Exchange Commission ("SEC" or the "Commission"). Proof of Claim Forms are being mailed to Potentially Eligible Claimants who have purchased Eligible Certificates during the Eligible Purchase Periods. Copies of the Notice and the Proof of Claim Form are also available on the Fair Fund's website at www.RBSSecuritiesFairFund.com and through the Commission's website at www.sec.gov.

On November 7, 2013, the SEC brought suit against Defendant RBS Securities Inc. ("RBS" or "Defendant"), formerly known as Greenwich Capital Markets, Inc. In its Complaint, the SEC alleged that RBS misrepresented and omitted certain material facts in promoting its $2.2 billion offering of a subprime residential mortgage-backed security. Specifically, the SEC alleged that RBS misled investors about the quality and safety of their investments by claiming that the subprime loans backing the multi-billion dollar offering were "generally" in compliance with the lender's underwriting guidelines when, in fact, RBS knew or should have known at the time that almost 30% of the loans backing the offering deviated so much from the lender's underwriting guidelines that they should have been kicked out of the offering entirely.

Pursuant to the Final Judgment as to Defendant RBS Securities Inc. (the "Final Judgment") dated November 25, 2013, RBS consented to entry of a judgment for violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, 15 U.S.C. §§77q(a)(2) and (a)(3), and agreed to pay disgorgement of $80,352,639, prejudgment interest of $25,190,552 and a civil penalty of $48,211,583. The Final Judgment provided for the SEC to hold all funds paid, together with interest and income earned thereon (collectively, the "Fund"), pending further Court order.

Pursuant to the Order, RBS has paid a total of $153,754.774.00 and has fully satisfied its judgment. On October 16, 2014, Tax Administrator, Damasco & Associates, LLP, now known as Miller Kaplan Arase, LLP, was appointed to handle the tax obligations of the Fund. On May 21, 2015, the Court entered an Order appointing Garden City Group, LLC ("GCG") now known as Epiq Class Action and Claims Solutions ("Epiq") as the Distribution Agent to assist in developing a Distribution Plan to distribute monies in the Fair Fund to investors harmed by the violations alleged in the Order.

The Court approved the Plan in its entirety on May 4, 2023.

To qualify for a payment from the Fair Fund, you must have purchased Eligible Certificates from the time of the initial offering of the Eligible Certificates on May 4, 2007 through and including August 27, 2007, the date of the issuance of the August 2007 monthly distribution report to investor by the securities administrator for the Soundview Trust. The Plan is available on the Fair Fund's website at www.RBSSecuritiesFairFund.com.

A PROOF OF CLAIM FORM IS BEING MAILED TOGETHER WITH THIS NOTICE TO ALL POTENTIALLY ELIGIBLE CLAIMANTS KNOWN TO THE DISTRIBUTION AGENT. IF YOU DO NOT RECEIVE A FORM IN THE MAIL OR REQUIRE ADDITIONAL FORMS, SEE THE INSTRUCTIONS BELOW UNDER "ADDITIONAL INFORMATION," FOR OBTAINING CLAIM FORMS.

YOU MUST COMPLETE AND SIGN THE PROOF OF CLAIM FORM AND SUBMIT IT TO THE DISTRIBUTION AGENT BY OCTOBER 31, 2023 AT THE ADDRESS LISTED BELOW, OR SUBMITTED ONLINE TO WWW.RBSSECURITIESFAIRFUND.COM, IN ORDER TO BE ELIGIBLE TO RECOVER FROM THE FAIR FUND:

RBS Securities Inc. Fair Fund
P.O. Box 7190
Dublin, OH 43017
[email protected]

Additional information regarding the Fair Fund may be found at www.RBSSecuritiesFairFund.com. The Notice and Proof of Claim Form may also be downloaded at the Fair Fund's website. You may obtain additional information or request copies of forms and notices by calling the RBS Securities Inc. Fair Fund's toll-free hotline at (877) 940-1507 in the United States, or by email at [email protected].

PLEASE CHECK THE WEBSITE WWW.RBSSECURITIESFAIRFUND.COM FREQUENTLY FOR UPDATES

Media Contact: www.RBSSecuritiesFairFund.com

SOURCE Epiq