Bear Stearns Certificate Settlement
Overview Of The Settlement
In re Bear Stearns Mortgage Pass-Through Certificates Litigation, Case No. 1:08-cv-08093-LTS
This Settlement relates to a class action lawsuit against Bear, Stearns & Co. Inc., J.P. Morgan Securities Inc. (n/k/a J.P. Morgan Securities LLC), EMC Mortgage Corporation (n/k/a EMC Mortgage LLC), Structured Asset Mortgage Investments II, Inc., and certain individuals. Lead Plaintiffs the Public Employees’ Retirement System of Mississippi and the New Jersey Carpenters Health Fund (the “Lead Plaintiffs”), and Plaintiffs Boilermaker Blacksmith National Pension Trust (“Boilermaker Pension Trust”), Police and Fire Retirement System of the City of Detroit (“Detroit P&F”), the State of Oregon, by and through the Oregon State Treasurer and the Oregon Public Employee Retirement Board on behalf of the Oregon Public Employees Retirement System (collectively, “OPERS”), Iowa Public Employees’ Retirement System (“IPERS”), and San Antonio Fire and Police Pension Fund (“San Antonio F&P”) (collectively with Lead Plaintiffs, “Plaintiffs”), on behalf of the Class (as described below), have reached a settlement of the Action for a total of $500 million in cash and payment of up to $5 million in litigation and administrative expenses that will resolve all claims in the Action (the “Settlement”). The Settlement applies to the Class as defined below.
The “Class” is defined as all Persons who: (i) prior to July 9, 2009, purchased or otherwise acquired offered RMBS pursuant or traceable to offerings BALTA 2006-5, BALTA 2006-6, BALTA 2006-7, BALTA 2006-8, BALTA 2007-1, BSARM 2006-4, BSARM 2007-1 (certificates backed by groups 1, 3 and 5 only), or BSARM 2007-3, and were damaged thereby; (ii) prior to August 20, 2008, purchased or otherwise acquired offered RMBS pursuant or traceable to offering BSMF 2006-AR1, and were damaged thereby; or (iii) prior to May 15, 2009, purchased or otherwise acquired offered RMBS pursuant or traceable to offerings BSMF 2006-AR2, BSMF 2006-AR3, BSMF 2006-AR4, BSMF 2006-AR5, BSMF 2007-AR1, BSMF 2007-AR3, SAMI 2006-AR4, SAMI 2006-AR5, SAMI 2006-AR6, SAMI 2006-AR7, SAMI 2006-AR8, SAMI 2007-AR1 (certificates backed by group 1 only), or SAMI 2007-AR2 (certificates backed by group 1 only), and were damaged thereby. A complete listing of the included offerings is available here. Certain persons and entities are expressly excluded from the definition of the Class. More information about the Class is available in the Notice.
Your Legal Rights and Options in the Settlement
|DO NOTHING.||Get no payment. Remain a Class Member. Give up your rights.|
|REMAIN A MEMBER OF THE CLASS AND SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN JULY 6, 2015.||The postmark deadline passed on July 6, 2015.|
|EXCLUDE YOURSELF FROM THE CLASS (OPT OUT) BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN MAY 6, 2015.||The exclusion deadline has passed, and the Settlement has been approved.|
|COMMENT ON THE SETTLEMENT (INCLUDING OBJECTION) SO THAT IT IS RECEIVED NO LATER THAN MAY 6, 2015.||The objection deadline has passed, and the Settlement has been approved.|
|GO TO THE HEARING ON MAY 27, 2015 AT 10:45 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN MAY 6, 2015.||The Hearing was held on May 27, 2015.|
Please consult the Notice for more details on your options.
The Final Approval Hearing
The Final Approval Hearing was held on May 27, 2015, at 10:45 a.m., before the Honorable Laura Taylor Swain, at the United States District Court, Southern District of New York, 500 Pearl Street, New York, New York 10007, Courtroom 12D, to consider the fairness, reasonableness, and adequacy of the Settlement and related matters.