Settlement information last updated on January 23, 2014:
On January 2, 2014, the Court issued an order authorizing distribution of the Net Settlement Fund. Following an appeals period, payments will be made to eligible Settlement Class Members. This website will be updated as more information becomes available. Please check back periodically for updates regarding the Settlement. Thank you for your patience.
The following is a summary of information presented in more detail in the Notice of (I) Pendency of Class Action; (II) Proposed Settlement and Plan of Allocation; (III) Settlement Fairness Hearing; and (IV) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the "Notice"), which Class Members should have received in the mail, and which you can access by clicking on the "Notice" link to the left. Since this is just a summary, you should see the full Notice for additional details.
Please read this information carefully as it explains important rights you may have, including the possible receipt of cash from the Settlement. If you are a member of either (or both) of the Settlement Classes, your legal rights will be affected whether or not you act.
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, (i) that the above-captioned litigation (the “Action”) has been preliminarily certified as a class action on behalf of a class of all persons and entities who purchased or otherwise acquired Wachovia common stock between May 8, 2006 and September 29, 2008, inclusive, and were damaged thereby, and a subclass of all persons or entities who acquired Wachovia common stock through any of Wachovia’s (a) offerings of common stock in connection with its acquisitions of Golden West Financial Corp., and/or A.G. Edwards, Inc., and/or (b) April 14, 2008 common stock offering, and were damaged thereby (collectively, the “Settlement Classes”), except for certain persons and entities who are excluded from the Settlement Classes by definition as set forth in the Stipulation and Agreement of Settlement in the Action (the “Stipulation”); and (ii) that Lead Equity Plaintiffs in the Action have reached an agreement to settle the Action for an aggregated settlement payment of $75 million in cash to the class and subclass (the “Settlement”).
Important Dates and Deadlines
|File a Proof of Claim
|| Postmarked no later than June 27, 2012
|File an Exclusion
|| Received no later than May 12, 2012
|File an Objection
|| Received no later than May 12, 2012
|Settlement Fairness Hearing
||Settlement was approved. The hearing was held on June 1, 2012
A hearing will be held on June 1, 2012 at 11:00 a.m before the Honorable Richard J. Sullivan at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 21C, New York, NY 10007-1312, to determine (i) whether the proposed Settlement should be approved as fair, reasonable and adequate; (ii) whether the Action should be dismissed with prejudice against all the Defendants, and the releases specified and described in the Stipulation should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Equity Counsel’s application for an award of attorneys’ fees and reimbursement of expenses should be approved.
If you are a member of either (or both) of the Settlement Classes, your rights will be affected by the Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the full printed Notice of (I) Pendency of Class Action; (II) Proposed Settlement and Plan of Allocation, (III) Settlement Fairness Hearing, and (IV) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), and the Proof of Claim and Release form (“Claim Form”), you may obtain copies of these documents by contacting the Claims Administrator: In re Wachovia Equity Securities Litigation, c/o Rust Consulting, Inc., Claims Administrator, P.O. Box 8027, Faribault, MN 55021-9427, 1-888-773-8390. Copies of the Notice and Claim Form can also be downloaded from this website by clicking on the links to the left.
If you are a member of either (or both) of the Settlement Classes, in order to be eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than June 27, 2012. If you are a member of either (or both) the Settlement Classes and do not submit a proper Claim Form, you will not share in the distribution of the net proceeds of the Settlement but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Classes and wish to exclude yourself from the Settlement Classes, you must submit a request for exclusion such that it is received no later than May 12, 2012, in accordance with the instructions set forth in the Notice. If you properly and timely exclude yourself from the Settlement Classes, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
Any objections to any aspect of the proposed Settlement, the proposed Plan of Allocation or Lead Equity Counsel’s application for an award of attorneys’ fees and reimbursement of expenses, must be filed with the Court and delivered to designated representative Lead Equity Counsel and counsel for the Wachovia Defendants such that they are received no later than May 12, 2012, in accordance with the instructions set forth in the Notice.