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Bernstein Litowitz Berger & Grossmann LLP and Saxena White P.A. Announce Proposed Settlements of In re Wilmington Trust Securities Litigation, Master File No. 10-cv-00990-ER (D. Del.)

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Bernstein Litowitz Berger & Grossmann LLP and Saxena White P.A. Announce Proposed Settlements of In re Wilmington Trust Securities Litigation, Master File No. 10-cv-00990-ER (D. Del.)

PR Newswire

WILMINGTON, Del., Aug. 6, 2018 /PRNewswire/ --

UNITED STATES DISTRICT COURT
DISTRICT OF DELAWARE

 

IN RE WILMINGTON TRUST
SECURITIES LITIGATION

______________________________________

 

This document relates to: ALL ACTIONS

 

Master File No. 10-cv-00990-ER

(Securities Class Action)

Hon. Eduardo C. Robreno

 

SUMMARY NOTICE OF (I) PROPOSED SETTLEMENTS AND PLAN OF ALLOCATION;
(II) SETTLEMENT HEARING; AND (III) MOTION FOR AN AWARD OF
ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

To:      All persons or entities who purchased or otherwise acquired Wilmington Trust Corporation ("Wilmington Trust") common stock during the period January 18, 2008 up to November 1, 2010 (the "Class Period"), including all persons or entities who purchased shares of Wilmington Trust common stock issued in the secondary common stock offering that occurred on or about February 23, 2010, and were damaged thereby (the "Class").1

PLEASE READ THIS NOTICE CAREFULLY; YOUR RIGHTS WILL 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 District of Delaware, that Court-appointed Lead Plaintiffs, the Coral Springs Police Pension Fund, the St. Petersburg Firefighters' Retirement System, the Pompano Beach General Employees Retirement System, the Merced County Employees' Retirement Association, and the Automotive Industries Pension Trust Fund, on behalf of themselves and the Court-certified Class in the above-captioned securities class action (the "Action"), have reached proposed settlements with the Individual Defendants and Underwriter Defendants for $200 million in cash and with Wilmington Trust's auditor during the Class Period, KPMG LLP, for $10 million in cash (collectively, the "Settlements") for a total settlement amount of $210 million in cash, plus interest thereon, if both Settlements are approved by the Court.

A hearing will be held on November 5, 2018 at 10:00 a.m. at the United States District Court for the Eastern District of Pennsylvania, James A. Byrne Courthouse, 601 Market Street, Philadelphia, Pennsylvania 19106 in Courtroom 15A to determine: (i) whether the proposed Settlements should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against the Settling Defendants in the respective Settlements, and the releases specified and described in the respective Stipulations of Settlement should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.

If you are a member of the Class, your rights will be affected by the pending Action and the Settlements, and you may be entitled to share in the Net Settlement Funds.  If you have not yet received the full printed Notice of (I) Proposed Settlements and Plan of Allocation; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses (the "Settlement Notice") and the Claim Form, you may obtain copies of these documents from the website for the Action, www.WilmingtonTrustSecuritiesLitigation.com, or you may request that a Claim Form be mailed to you by calling the Claims Administrator toll free at 1-866-800-6639 or by emailing the Claims Administrator at info@WilmingtonTrustSecuritiesLitigation.com. 

If you are a Class Member, in order to be eligible to receive a payment under the proposed Settlements, you must submit a Claim Form postmarked no later than November 26, 2018.  If you are a Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlements but you will nevertheless be bound by any judgments or orders entered by the Court in the Action. 

Any objections to the proposed Settlements, the proposed Plan of Allocation, and/or Lead Counsel's application for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to Lead Counsel and Representative Defendants' Counsel such that they are received no later than October 12, 2018, in accordance with the instructions set forth in the Settlement Notice.

Please do not contact the Court, the Clerk's office, any Defendants in the Action (including Wilmington Trust), M&T Bank, or their counsel regarding this notice.  All questions about this notice, the proposed Settlements, or your eligibility to participate in the Settlements should be directed to the Claims Administrator or Lead Counsel.

Requests for the Settlement Notice and Claim Form should be made to:

Wilmington Trust Securities Litigation
c/o Epiq Class Action & Claims Solutions, Inc.
P.O. Box 2838
Portland, OR 97208-2838
1-866-800-6639
info@WilmingtonTrustSecuritiesLitigation.com

Inquiries, other than requests for the Settlement Notice and Claim Form, may be made to Lead Counsel:

Bernstein Litowitz Berger & Grossmann LLP
Hannah Ross, Esq.
1251 Avenue of the Americas
New York, NY 10020
1-800-380-8496
blbg@blbglaw.com

Saxena White P.A.
Joseph E. White, III, Esq.
150 E. Palmetto Park Rd., Ste. 600
Boca Raton, FL 33432
561-394-3399
settlements@saxenawhite.com

By Order of the Court

1 Certain persons and entities are excluded from the Class by definition and others are excluded pursuant to request.  The full definition of the Class including a complete description of who is excluded from the Class is set forth in the full Settlement Notice referred to in this notice.

 

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SOURCE United States District Court for the District of Delaware

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