Scott+Scott Announce the Pendency of Class Action and Proposed Settlement of Residential Mortgage Backed Securities Trusts

NEW YORK--()--Scott+Scott announce the pendency of class action and proposed settlement in the following case:

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK

 
OKLAHOMA POLICE PENSION AND CASE NO. 1:11-CV-08066-JGK
RETIREMENT SYSTEM,
 

 Plaintiff,

 
- against -
 
U.S. BANK NATIONAL ASSOCIATION (as
Trustee Under Various Pooling and Servicing
Agreements),
 

Defendant.

 
 

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, NOTES FROM ANY OF THE FOLLOWING RESIDENTIAL MORTGAGE-BACKED SECURITIES TRUSTS: BEAR STEARNS ARM TRUST SERIES 2005-2, BEAR STEARNS ARM TRUST SERIES 2005-5, BEAR STEARNS ARM TRUST SERIES 2005-7, BEAR STEARNS ARM TRUST SERIES 2005-9, AND BEAR STEARNS ARM TRUST SERIES 2006-1 (COLLECTIVELY, THE “COVERED TRUSTS”).

 

Please Note: A complete list of the Notes issued by the Covered Trusts and
corresponding CUSIPS can be found on the website for the settlement,
www.BearStearnsTIASettlement.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 July 24, 2015 at 2:30 p.m. before the Honorable John G. Koeltl 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 $6,000,000 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 that portion of the litigation asserting claims on behalf of Settlement Class members with regard to Notes issued by the Covered Trusts should be dismissed with prejudice pursuant to the terms and conditions set forth in the Parties’ Stipulation of Settlement dated as of December 17, 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 Plaintiff’s 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 Notes 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 Bear Stearns TIA Settlement, c/o KCC Class Action Services, P.O. Box 43034, Providence, RI 02940-3034; 877-564-2244; info@bearstearnstiasettlement.com; or by going to the website for the Settlement, www.BearStearnsTIASettlement.com. Inquiries other than requests for the Notice and Proof of Claim Form may be made to:

 
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

 

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 August 24, 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 June 25, 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 Defendant or any of the other Released Parties with respect to the Released Claims and the Covered Trusts. 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 June 25, 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 Plaintiff at the addresses listed above or go to the following website: www.BearStearnsTIASettlement.com.

           

DATED:

February 18, 2015

BY ORDER OF THE UNITED STATES

 

New York, New York

DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK
 

Contacts

Scott+Scott, Attorneys At Law, LLP
(Press only):
Deborah Clark-Weintraub, 800-404-7770

Release Summary

PERSONS & ENTITIES THAT PURCHASED OR ACQUIRED, NOTES FROM ANY OF THE FOLLOWING RESIDENTIAL MORTGAGE-BACKED SECURITIES TRUSTS: BEAR STEARNS ARM TRUST SERIES 2005-2, 2005-5, 2005-7, 2005-9, AND 2006-1.

Contacts

Scott+Scott, Attorneys At Law, LLP
(Press only):
Deborah Clark-Weintraub, 800-404-7770