In re COLONIAL BANCGROUP, INC. ERISA LITIGATION (LEAD CASE)
OPINION AND ORDER: Plaintiff's [ 188 Motino for Preliminary Approval of Proposed Settlement, Certification of a Settlement Class, Approval of a Notice Plan, and Setting of a Fairness Hearing. Pursuant to FRCP 23(g)(2) the court preliminary desi gnates Whatley, Drake & Kallas, LLC, Keller Rohrback LLP, and Harwood Feffer LLP as co-lead class counsel with respect to the settlement class in this action. The settlement documented in the 189 Stipulation of Settlement is preliminarily approved as further set out in the opinion and order. Fairness Hearing set for 10/12/2012 at 10:00 AM in Montgomery, Alabama before Honorable Judge Myron H. Thompson. The parties have presented to the court a proposed class notice, consisting of a mailed noti ce and a summary notice, which are appended hereto as Exhibits A and B. At or before the fairness hearing, class counsel shall file with the court a proof of timely compliance with the foregoing mailing and publication requirements. The defendants sh all, no or before 9/28/2012, file with the court proof of compliance with the Class Action Fairness Act of 2005, as further set out in the order. Objections to be filed with the court at least 14 days prior to the fairness hearing, that is, by 9/28/2 012. Objectors or their attorneys intending to appear at the fairness hearing must effect service of a "Notice of Intention to Appear" as further set out in the order and file it with the court at least 14 calendar days prior to the fairnes s hearing, that is, by 9/28/2012. Any application by class counsel for attorneys' fees and reimbursement of expenses, for a case contribution award to the plaintiffs, and all papers in support thereof, shall be filed with the court and served on all counsel of record at least 28 calendar days prior to the fairness hearing, that is, by no later than 9/14/2012. Class counsel shall file with the court a motion for entry of the final approval order and approval of the plan of allocation at least 28 calendar days prior to the fairness hearing, that is, by no later than 9/14/2012. This case is reopened. Signed by Honorable Judge Myron H. Thompson on 6/28/2012. (Attachments: # 1 Exhibit A, # 2 Exhibit B) (dmn, )
Keller Rohrback L.L.P. is Issuing the Following Statement Regarding the
In re Colonial BancGroup, Inc. ERISA Litigation
MONTGOMERY, AL—(BUSINESS WIRE)—Keller Rohrback L.L.P.:
UNITED STATES DISTRICT COURT
FOR THE MIDDLE DISTRICT OF ALABAMA
IN RE COLONIAL BANCGROUP,
INC. ERISA LITIGATION
Case No.: 2:09CV792-MHT-WC
TO ALL MEMBERS OF THE FOLLOWING CLASS:
All persons who were participants in or beneficiaries of the Colonial
BancGroup 401(k) Plan (the “Plan”) at any time between April 18, 2007 and
August 25, 2009 (the “Class Period”) and whose accounts included investments in
Colonial BancGroup, Inc. common stock.
PLEASE READ THIS NOTICE CAREFULLY.
THIS IS A COURT-ORDERED LEGAL NOTICE.
THIS IS NOT A SOLICITATION.
A proposed settlement (the “Settlement”) has been preliminarily approved
by a federal court in the above-captioned class action lawsuit alleging breaches of
fiduciary duties under the Employee Retirement Income Security Act (“ERISA”)
in connection with the Plan. The terms of the Settlement are contained in a
Stipulation of Settlement (the “Stipulation”), which was executed on June 13,
2012. A copy of the Stipulation is available at www.__________.com. Capitalized
terms used in this Summary Notice and not defined herein have the same meaning
assigned to them in the Stipulation.
The proposed Settlement provides for a payment of $2.5 million to settle all
claims against all Defendants. Under the Settlement, the proceeds, net of expenses
described in the Stipulation (which include notice and certain administrative
expenses, Court-approved attorneys’ fees and expenses and Plaintiff case
contribution awards, taxes, and other costs related to the administration of the
Settlement Fund) will be allocated to Members of the Settlement Class whose Plan
account(s) suffered losses as a result of investing in Colonial BancGroup, Inc.
stock during the Class Period. Settlement proceeds will be allocated in accordance
with a Plan of Allocation approved by the Court.
If you qualify, you will receive such an allocation. You do not need to
submit a claim or take any other action unless you wish to object to the Settlement.
The United States District Court for the Middle District of Alabama (the “Court”)
authorized this Notice.
THE COURT WILL HOLD A HEARING AT __:__ _.M. ON ______,
2012 TO DECIDE WHETHER TO APPROVE THE SETTLEMENT.
Additional information about the proposed Settlement, including the Notice
of Class Action Settlement, Settlement Fairness Hearing, and Motion for
Attorneys’ Fees and Reimbursement of Attorney Expenses, which has been mailed
to Members of the Settlement Class and explains how Settlement Class members
can object to the Settlement and the Stipulation, is available at
www.___________.com. In addition, Class Counsel have established a toll-free
number, ____________, to assist in answering questions regarding the Settlement.
If you would like to update your address information, please contact the
Settlement Administrator toll-free at ________ or email Class Counsel at
________. You may also send a letter with your corrected address information to
the Settlement Administrator at ____________________.
PLEASE DO NOT CONTACT THE COURT.
DATED: ____________________, 2012.
By Order of the Court
The Hon. Myron H. Thompson, United States District Court Judge
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