United States District Court for the Southern District of New York, No. 11-CV-00733-WHP
THE CLAIM FILING DEADLINE WAS NOVEMBER 14, 2016; ALL LATE CLAIMS WILL BE SUBJECT TO COURT APPROVAL.
• A proposed settlement in the amount of $335,000,000.00 in cash has been reached in the action captioned Pennsylvania Public School Employees’ Retirement System, individually and on behalf of all other similarly situated v. Bank of America Corporation et al., No. 11-CV-00733-WHP. The action was brought on behalf of all persons who purchased or otherwise acquired either Bank of America’s (“BoA”) common stock or Common Equivalent Securities during period from February 27, 2009 through October 19, 2010 (“Class Period”), and who suffered damages as a result (the “Class”). The Settlement will resolve all claims against all Defendants in this class action.
• A hearing will be held on November 29, 2016, at 2:00 p.m., before United States District Judge William H. Pauley III, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 20B, New York, NY 10007-1312. At this hearing, the Court will consider whether the Settlement is fair, reasonable and adequate. The Court also will consider the proposed Plan of Allocation for the proceeds of the Settlement and applications for attorneys’ fees and reimbursement of expenses. The Court will also consider any written objections filed in accordance with the instructions set out in the Notice, found in the Important Documents section of the website.
• The Settlement, if approved by the Court, will: resolve claims in the action that BoA’s investors were misled about the Company’s exposure to billions of dollars in repurchase claims stemming from mortgages securitized and sold into the marketplace as residential mortgage-backed securities , and about risks arising from the Company’s reliance on an allegedly inadequate mortgage processing and tracking system known as “MERS”; provide a cash payment to Class members who timely submit valid claims and are otherwise entitled to such a payment; and release the Defendants from liability.
• To be eligible to receive a payment under the proposed Settlement, you must submit a valid proof of claim establishing your membership in the Class and include with your submission all required documentation. Your claim must be submitted online or postmarked on or before the claim filing deadline of November 14, 2016.
• If you do nothing, you will get no money from this settlement. However, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Bank of America Corporation and the other Defendants about the issues raised in this case.
• If you want to exclude yourself from the Class, you must send a letter by U.S. Mail saying that you want to be excluded from the Class and do not wish to participate in the Settlement. Your letter requesting exclusion must include the name and number of the action as follows: Pennsylvania Public School Employees’ Retirement System, individually or on behalf of all other similarly situated v. Bank of America Corporation et al.. Your request must also include your name, address, telephone number, and the following information about your transactions in BoA common stock or Common Equivalent Securities during the Class Period: the number of shares acquired and/or sold, and the transactions date(s) and the price(s) of the securities that you acquired and/or sold. You must also include copies of documents demonstrating such acquisition(s) and/or sale(s). DO NOT SEND ORIGINALS. Your request for exclusion must be signed.
If you timely and properly request exclusion from the Class, you will retain your rights to sue Defendants yourself with respect to the Released Plaintiffs’ Claims to the extent those claims are viable under the statute of limitations and statute of repose applicable to claims under the Securities Act and/or the Exchange Act. NOTE: Pursuant to the decision of the United States Court of Appeals for the Second Circuit, in Police& Fire Ret. Sys. v. IndyMac MBS, Inc., 721 F.3d 95 (2d Cir. 2013) ("IndyMac”), if you exclude yourself from the Class, you may forfeit any claims you may have against Defendants relating to your purchases of BoA securities during the Class Period because the 3-year statute of repose under the Securities Act (which is 3 years from the date the securities were bona fide offered to the public) and the 5-year statute of repose under the Exchange Act (which is 5 years from the date securities were purchased) has expired. A copy of the IndyMac decision is available in the Important Documents section of the website. Because of the IndyMac decision, it is possible that only members of the Class who do not exclude themselves from membership in the Class will be able to recover against Defendants under the law currently applicable to this Action. Before you decide to request exclusion from the Class, you are urged to consult your counsel, at your own expense, to fully evaluate your rights and the consequences of excluding yourself from the Class. Your exclusion request must be received by the Claims Administrator no later than the Exclusion deadline of September 13, 2016 and should be sent to:
Bank of America Corporation Securities Litigation
c/o Heffler Claims Group
P.O. Box 360
Philadelphia, PA 19105-0360
NOTE: All Capitalized terms are defined in the Settlement Agreement, which can be found in the Documents section of this website.