The Law Firm of Labaton Sucharow LLP Announces a Summary Notice of Pendency and Proposed Settlement in In re American International Group, Inc. Securities Litigation (04 Civ. 8141) (SDNY)
Proposed Settlement with Gen Re Corporation is $72 million
Total Settlements For Class Members Could Exceed $1 Billion.(1)
NEW YORK, June 13, 2013 /PRNewswire-USNewswire/ -- To: All persons or entities who purchased or otherwise acquired publicly-traded securities issued by American International Group, Inc. during the period from October 28, 1999 through April 1, 2005, inclusive, (the "Class Period") and who were damaged thereby.
YOU ARE HEREBY NOTIFIED that in the above-referenced action (the "Action") the Court has preliminarily certified a settlement class for purposes of a proposed settlement only and that the Ohio Public Employees Retirement System, State Teachers Retirement System of Ohio and Ohio Police & Fire Pension Fund (collectively, "Lead Plaintiff") and General Reinsurance Corporation ("Gen Re") have entered into a proposed settlement (the "Settlement") consisting of $72 million in cash, plus interest as it accrues. A hearing will be held before the Honorable Deborah A. Batts, in the United States District Court for the Southern District of New York, United States Courthouse, 500 Pearl Street, New York, New York 10007 at 3:00 p.m. on September 10, 2013 to determine whether the proposed Settlement with Gen Re should be approved by the Court as fair, reasonable and adequate, to consider final certification of the proposed Settlement Class, to consider the application of Lead Plaintiff's Counsel for attorneys' fees and reimbursement of litigation expenses and to consider the application of Lead Plaintiff for the reimbursement of costs and expenses. The Court may change the date of the hearing without providing additional notice to Class Members.
IF YOU PURCHASED OR ACQUIRED AIG SECURITIES DURING THE CLASS PERIOD DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT PROCEEDS. If you are a member of the Settlement Class and submitted a Proof of Claim in connection with the previously announced settlements with defendant PricewaterhouseCoopers LLP (the "PwC Settlement"), defendant American International Group, Inc. (the "Company Settlement") and/or defendants Maurice R. Greenberg, Howard I. Smith, Christian M. Milton, Michael J. Castelli, C.V. Starr & Co., Inc. and Starr International Company, Inc. (the "Starr Settlement"), you DO NOT need to submit another Proof of Claim to be eligible to recover from the Settlement. Instead, you must submit a Release Form no later than September 12, 2013. However, if you did not submit a Proof of Claim in connection with a prior settlement, in order to be eligible to share in the distribution of the net proceeds of the Settlement, you must submit a Proof of Claim no later than September 12, 2013, establishing that you are entitled to a recovery. This is also the deadline for submitting a new Proof of Claim if you did not include all Class Period transactions on your PwC, Company and/or Starr Proof of Claim that you would like considered in the calculation of your claim in this Settlement with Gen Re. If you have not yet received the Notice of Proposed Settlement, Motion for Attorneys' Fees and Expenses Award and Fairness Hearing (the "Notice"), Proof of Claim form and/or Release Form, you may obtain copies of these documents by contacting: AIG Securities Litigation-Gen Re Settlement, c/o Rust Consulting, Inc., P.O. Box 8082, Faribault, MN 55021-9482; (888) 356-0263; [email protected]. Copies of the Notice, Proof of Claim form and Release Form may also be downloaded from: www.AIGSecuritiesLitigationGenReSettlement.com or www.labaton.com.
Inquiries, other than requests for information about the status of a claim, may also be made to Lead Plaintiff's Counsel:
LABATON SUCHAROW LLP
Thomas A. Dubbs, Esq.
Louis Gottlieb, Esq.
140 Broadway
New York, New York 10005
(866) 779-0843
www.labaton.com; [email protected]
If you desire to be excluded from the Settlement Class, you must file a request for exclusion by August 20, 2013, in the manner and form explained in the Notice. All members of the Settlement Class who do not request exclusion will be bound by any judgment entered in the Action. Unless you request exclusion, you will be bound by the judgment, whether or not you submit a Proof of Claim or submit a Release Form.
Any objection to the proposed Settlement, Plan of Allocation, application for attorneys' fees and reimbursement of litigation expenses or the cost and expense application of Lead Plaintiff must be filed with the Court and delivered to counsel for the parties no later than August 20, 2013 at the address provided in, and in the manner and form set forth in the Notice.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE
REGARDING THIS NOTICE.
DATED: June 13, 2013
BY ORDER OF THE
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
(1) Lead Plaintiff has entered into settlement agreements with all other defendants in the Action, which have a combined settlement value of $1.0095 billion. On December 2, 2010, the Court entered a judgment approving the $97.5 million settlement with PricewaterhouseCoopers LLP. On February 3, 2012, the Court entered a judgment approving the $725 million settlement with defendant American International Group, Inc. On May 14, 2013, the Court entered a judgment approving the $115 million settlement with the Starr defendants.
SOURCE Labaton Sucharow LLP
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article