Scott+Scott, Attorneys At Law, LLP, Cohen Milstein Sellers & Toll PLLC and Kessler Topaz Meltzer & Check, LLP announce proposed settlement of class action lawsuit involving residential mortgage-backed securities trusts

Proposed settlement includes certain WaMu mortgage pass-through certificates

NEW YORK--()--The following was released today by Scott+Scott, Attorneys At Law, LLP, Cohen Milstein Sellers & Toll PLLC and Kessler Topaz Meltzer & Check, LLP.

 

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 
POLICEMEN’S ANNUITY AND           CASE NO. 1:12-CV-02865-KBF
BENEFIT FUND OF THE CITY OF
CHICAGO et al., CASE NO. 1:13-CV-05978-KBF (consolidated)
Plaintiffs,
- against -
BANK OF AMERICA, N.A. (as Trustee
Under Various Pooling and Servicing
Agreements) and U.S. BANK NATIONAL
ASSOCIATION (as Trustee Under
Various Pooling and Servicing
Agreements),
Defendants.
 
 

SUMMARY NOTICE OF PENDENCY OF CLASS ACTION AND OF PROPOSED SETTLEMENT AND FINAL APPROVAL HEARING

 

TO:

 

ALL PERSONS AND ENTITIES THAT PURCHASED OR OTHERWISE ACQUIRED, AT ANY TIME, PASS-THROUGH CERTIFICATES FROM ANY OF THE FOLLOWING RESIDENTIAL MORTGAGE-BACKED SECURITIES TRUSTS: WAMU MORTGAGE PASS-THROUGH CERTIFICATES SERIES (“WAMU”) 2005-AR15 TRUST, WAMU 2005-AR17 TRUST, WAMU 2005-AR19 TRUST, WAMU 2006-AR2 TRUST, WAMU 2006-AR6 TRUST, WAMU 2006-AR7 TRUST, WAMU 2006-AR8 TRUST, WAMU 2006-AR9 TRUST, WAMU 2006-AR10 TRUST, WAMU 2006-AR11 TRUST, WAMU 2006-AR12 TRUST, WAMU 2006-AR13 TRUST, WAMU 2006-AR14 TRUST, WAMU 2006-AR15 TRUST, WAMU 2006-AR16 TRUST, WAMU 2006-AR17 TRUST, WAMU 2006-AR18 TRUST, WAMU 2006-AR19 TRUST, WAMU MORTGAGE PASS-THROUGH CERTIFICATES WMALT SERIES (“WMALT”) 2005-9 TRUST, WMALT 2006-1 TRUST, WMALT 2006-2 TRUST, WMALT 2006-3 TRUST, WMALT 2006-4 TRUST, WMALT 2006-5 TRUST, WMALT 2006-6 TRUST, WMALT 2006-7 TRUST, WMALT 2006-8 TRUST, WMALT 2006-9 TRUST, WMALT 2006-AR1 TRUST, WMALT 2006-AR2 TRUST, WMALT 2006-AR3 TRUST, WMALT 2006-AR4 TRUST, WMALT 2006-AR5 TRUST, WMALT 2006-AR6 TRUST, WMALT 2006-AR7 TRUST, WMALT 2006-AR8 TRUST, WMALT 2006-AR9 TRUST, WMALT 2006-AR10 TRUST, WAMU 2007-OA3 TRUST, WAMU 2007-OA4 TRUST, WAMU 2007-OA5 TRUST, WMALT 2007-OA3 TRUST, WMALT 2007-HY2 TRUST, WAMU 2007-HY1 TRUST, WAMU 2007-HY2 TRUST, WAMU 2007-HY3 TRUST, WAMU 2007-HY4 TRUST, WAMU 2007-HY5 TRUST, WAMU 2007-HY6 TRUST, AND WAMU 2007-HY7 TRUST (COLLECTIVELY, THE “COVERED TRUSTS”).

 

 

Please Note: A complete list of the Certificates issued by the Covered Trusts and corresponding CUSIPS can be found on the website for the settlement, www.wamutiasettlement.com.

 

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF 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 that a hearing will be held on March 12, 2015 at 1:00 p.m. before the Honorable Katherine B. Forrest at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York, 10007-1312, for the purpose of determining: (i) whether the proposed settlement in the above-captioned litigation for the sum of $69,000,000 in cash (the “Settlement”) should be approved by the Court as fair, reasonable and adequate; (ii) whether the proposed settlement class (the “Settlement Class”) should be certified for purposes of effectuating the Settlement; (iii) whether this litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the parties’ Stipulation of Settlement dated as of November 7, 2014 (“Stipulation”); (iv) whether the proposed plan for allocating the Settlement proceeds is fair, reasonable, and adequate and should be approved; and (v) whether the application of Plaintiffs’ Counsel for an award of litigation expenses and attorneys’ fees should be approved. The Court may reschedule the hearing without further written notice to the Settlement Class.

If you purchased or otherwise acquired pass-through certificates from any of the Covered Trusts at any time, your rights may be affected by the Settlement of this litigation, and you may be entitled to share in the Settlement proceeds. If you have not received a detailed Notice of Pendency of Class Action and of Proposed Settlement and Final Approval Hearing (“Notice”) and a copy of the Proof of Claim and Release Form (“Proof of Claim Form”), you may and should obtain copies of these documents by contacting the claims administrator at WaMu TIA Settlement Administrator, c/o KCC Class Action Services, P.O. Box 43034, Providence, RI 02940-3034; (888) 925-3247; info@wamutiasettlement.com or by going to the website for the Settlement, www.wamutiasettlement.com. Inquiries other than requests for the Notice and Proof of Claim Form may be made to:

 
PLAINTIFFS’ COUNSEL

Scott+Scott,

Attorneys At Law, LLP

Deborah Clark-Weintraub

Max Schwartz

The Chrysler Building

405 Lexington Avenue

40th Floor

New York, NY 10174

www.scott-scott.com

     

Cohen Milstein Sellers

& Toll PLLC

Julie Goldsmith Reiser

1100 New York Avenue,

N.W.

Suite 500, West Tower

Washington, DC 20005

www.cohenmilstein.com

     

Kessler Topaz Meltzer

& Check, LLP

Andrew L. Zivitz

Sharan Nirmul

280 King of Prussia Road

Radnor, PA 19087

www.ktmc.com

           

If you are a member of the Settlement Class as defined in the Notice, in order to be eligible to receive a payment from the Settlement, you must submit a valid Proof of Claim Form by April 20, 2015 establishing that you are entitled to such a payment. If submitting the Proof of Claim Form by first-class mail, it shall be deemed submitted on the date of the postmark. Otherwise, it shall be deemed submitted when received.

If you otherwise would be a member of the Settlement Class but desire to be excluded from it, you must submit a request for exclusion so that it is received no later than February 11, 2015 in the manner and form explained in the detailed Notice referred to above. Exclusion is the only option that potentially allows you to bring, maintain, participate in, or receive a monetary or other recovery in connection with, another lawsuit against either of the Defendants or any of the other Released Parties with respect to the Subject Claims, including BlackRock Allocation Target Shares: Series S Portfolio et al. v. U.S. Bank National Association, Index No. 651864/2014 (N.Y. Sup. Ct. N.Y. Cnty.)1. All Settlement Class members that do not timely and validly request exclusion from the Settlement Class will be bound by any judgment entered in the litigation pursuant to the terms and conditions of the Stipulation.

Any objection to any aspect of the Settlement, the proposed plan for allocating the Settlement proceeds, or any request for an award of litigation expenses or attorneys’ fees must be filed or delivered, such that it is received no later than February 11, 2015, in the manner and form explained in the detailed Notice referred to above.

The foregoing is a summary notice only. You should obtain a copy of the full Notice referenced above for more complete information about the Settlement and about your rights and options in connection therewith.

Do not contact the Court regarding this notice or the Settlement. If you have questions, you may contact counsel for Plaintiffs at the addresses listed above or go to the following website: www.wamutiasettlement.com.

BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK

1 On November 24, 2014, the plaintiffs in the BlackRock Litigation filed a motion to voluntarily dismiss that action from New York Supreme Court and filed their action in the Federal District Court for the Southern District of New York. The case number for that action in the Southern District of New York is 1:14-cv-09401.

Contacts

Scott+Scott
Deborah Clark-Weintraub, 212-223-6444
or
Cohen Milstein Sellers & Toll PLLC
Julie Goldsmith Reiser, 202-408-4600
or
Kessler Topaz Meltzer & Check, LLP
Andrew L. Zivitz, 610-667-7706

Release Summary

Scott+Scott, Attorneys At Law, LLP, Cohen Milstein Sellers & Toll PLLC and Kessler Topaz Meltzer & Check, LLP announce proposed settlement of class action lawsuit involving...

Contacts

Scott+Scott
Deborah Clark-Weintraub, 212-223-6444
or
Cohen Milstein Sellers & Toll PLLC
Julie Goldsmith Reiser, 202-408-4600
or
Kessler Topaz Meltzer & Check, LLP
Andrew L. Zivitz, 610-667-7706