Welcome!

News Feed Item

Saxena White P.A. and Kahn Swick & Foti, LLC Announce the Hearing on Attorneys' Fees and Expenses Relating to the Settlement of the Bank of America Corp. Stockholder Derivative Litigation

NEW YORK, NY -- (Marketwire) -- 01/31/13 -- The following statement is being issued by Saxena White P.A. and Kahn Swick & Foti, LLC regarding the Bank of America Corp. Stockholder Derivative Litigation.

UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK

In re Bank of America Corp. Securities, Derivative, and Employee Retirement Income Security Act (ERISA) Litigation
Master File No. 09 MD 2058 (PKC)
This Document Relates to: Consolidated Derivative Action

NOTICE OF HEARING ON ATTORNEYS' FEES AND EXPENSES

TO: ALL RECORD AND BENEFICIAL OWNERS OF BANK OF AMERICA CORP. COMMON STOCK AS OF JUNE 19, 2012, WHO CONTINUE TO OWN SUCH SHARES ("BAC STOCKHOLDERS"):

This Notice is given pursuant to an Order of the United States District Court for the Southern District of New York (the "Court"), to inform you of a hearing on attorneys' fees and expenses (the "Fee Hearing") in the above-captioned derivative action (the "Action"). The Fee Hearing arises out of the Settlement of this Action that resolves claims, brought derivatively on behalf of Bank of America Corporation ("BAC"), against certain of its current and former directors alleging violations of Section 14(a) of the Securities Exchange Act of 1934 and certain breaches of fiduciary duty in connection with BAC's acquisition of Merrill Lynch & Co., Inc., which closed on January 1, 2009. On January 11, 2013, the Court approved the Settlement as fair, adequate and reasonable to BAC. The Settlement results in a $62.5 million cash payment to BAC, and the implementation of corporate governance reforms addressing the alleged deficiencies that led to the Action, including the creation of a new board-level committee to oversee major acquisitions by BAC; modifications to the charter of BAC's Disclosure Committee to ensure more systematic oversight of the Bank's acquisition-related disclosures; changes to BAC's corporate governance guidelines related to director education requirements for BAC directors; and amendments to the charter of the Enterprise Risk Committee (ERC) of the BAC board of directors relating to the attendance of certain corporate officers at ERC meetings.

You are hereby notified that a hearing will be held on April 4, 2013, at 11:00 a.m., before the Honorable P. Kevin Castel, at the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 12C, New York, NY 10007, for the purpose of determining whether the applications for attorneys' fees and expenses should be approved. Lead Counsel for Lead Plaintiffs Saxena White P.A., 2424 N. Federal Hwy., Ste. 257, Boca Raton, FL 33431 and Kahn Swick & Foti, LLC, 206 Covington St., Madisonville, LA 70447, along with Liaison Counsel for Lead Plaintiffs The Law Offices of Curtis V. Trinko, LLP, 16 W. 46th St., 7th Floor, New York, NY 10036, are seeking an amount not to exceed $13 million in attorneys' fees, to be divided between them, plus an amount not to exceed $700,000 in expenses actually incurred. Kahn Swick & Foti, LLC will share a portion of any fee it receives with the Brannon Law Firm, LLC, 3500 North Hullen St., Metairie, LA 70002. Counsel for the Delaware Shareholders, Horwitz, Horwitz & Paradis, Attorneys at Law, 570 Seventh Ave., 20th Floor New York, NY 10018; Wolf Haldenstein Adler Freeman & Herz LLP, 270 Madison Ave. New York, NY 10016; and Chimicles & Tikellis LLP, 222 Delaware Ave., Suite 1100, P.O. Box 1035, Wilmington, DE 19899, along with their former co-counsel in the Delaware derivative action entitled, In Re Bank of America Corporation Stockholder Derivative Litigation, C.A. No. 4307-CS (Del. Ch. Ct.), Rosenthal Monhait & Goddess, P.A., 919 N. Market St., Suite 1401, Wilmington, DE 19899; Evangelista & Associates, LLC, One Glenlake Pkwy, Suite 700, Atlanta, GA 30328; James A. Dunlap, Jr. & Associates LLC, 801 W. Conway Dr. NW, Atlanta, GA 30327; and Law Offices of James V. Bashian, P.C., 271 Route 46 West, Ste. F207, Fairfield, NJ 07004, are separately seeking $10.625 million in attorneys' fees, to be divided between them, plus $1,750,000 in expenses actually incurred. Counsel for objector Matthew Pinsly, The Weiser Law Firm, 22 Cassatt Avenue, Berwyn, PA 19312, is seeking an amount not to exceed $2 million in attorneys' fees, plus an amount not to exceed $6,000 in expenses actually incurred. If approved by the Court, these amounts will be paid out of the $62.5 million cash payment received by BAC as a result of the Settlement.

If you are a current BAC Stockholder, you may object to the request for attorneys' fees and expenses by Lead Counsel, Counsel for the Delaware Shareholders, Counsel for Matthew Pinsly or all. Any objection to the request(s) for attorneys' fees and expenses must be filed with the Clerk of the Court (Honorable P. Kevin Castel, United States District Court, Southern District of New York, 500 Pearl Street, New York, NY 10007) in this case numbered 09 MD 2058 (PKC), no later than March 1, 2013, and served by hand or first class mail (postage prepaid) for delivery by the same date on Lead Counsel, Counsel for the Delaware Shareholders, and Counsel for objector Matthew Pinsly (at the addresses listed in the previous paragraph), and on counsel for BAC and the Individual Defendants (at the addresses listed below).

Lawrence Portnoy, Esq.
Charles S. Duggan, Esq.
Brian M. Burnovski, Esq.
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, New York 10017

Mitchell A. Lowenthal, Esq.
Lewis J. Liman, Esq.
Jennifer Kennedy Park, Esq.
CLEARY GOTTLIEB STEEN
& HAMILTON LLP
One Liberty Plaza
New York, New York 10006

Brad S. Karp, Esq.
Daniel J. Kramer, Esq.
Audra J. Soloway, Esq.
PAUL, WEISS, RIFKIND, WHARTON
& GARRISON LLP
1285 Avenue of the Americas
New York, New York 10019

You must include with your objection (a) a statement indicating that you object to all or part of counsels' request for fees and/or reimbursement of costs; (b) the grounds for such objection; and (c) proof of ownership of BAC common stock as of June 19, 2012 and continuing through the date of the Fee Hearing, as well as all documents or writings you would like the Court to consider. Any BAC Stockholder who fails to object in the manner described above shall be deemed to have waived the right to object (including any right of appeal) and shall be forever barred from raising such objection in this or any other action or proceeding unless the Court orders otherwise.

For more information, or to obtain a copy of the Order Approving Notice and Setting Schedule for Applications for Attorneys' Fees and Reimbursement of Expenses, as well as the memoranda of law in support of counsels' requests for attorneys' fees and expenses, you may visit the website www.bankofamericaderivativesettlement.com. Should you have any other questions regarding the Fee Hearing, please contact Lead Counsel for Lead Plaintiffs or Counsel for the Delaware Shareholders:

Lead Counsel for Lead Plaintiffs:

Lewis S. Kahn, Esq.
KAHN SWICK & FOTI, LLC
206 Covington Street
Madisonville, Louisiana70447
(504) 455-1400

Joseph E. White, III, Esq.
SAXENA WHITE P.A.
2424 N. Federal Highway, Suite 257
Boca Raton, Florida33431
(561) 394-3399

Counsel for Delaware Shareholders:

Paul O. Paradis, Esq.
Michael A. Schwartz, Esq.
HORWITZ, HORWITZ & PARADIS, ATTORNEYS AT LAW
570 Seventh Avenue - 20th Fl.
New York, New York 10018
(212) 986-4500

PLEASE DO NOT CALL OR WRITE THE COURT OR DEFENDANTS REGARDING THIS NOTICE.

DATED: January 31, 2013 BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK

Media contact(s):
Saxena White P.A.
(561) 394-3399

Kahn Swick & Foti, LLC
(504) 455-1400

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...