Click here to close now.




















Welcome!

News Feed Item

If You Purchased Municipal Derivative Transactions from January 1, 1992 to August 18, 2011 You Could Get a Payment from a Class Action Settlement

NEW YORK, Feb. 25, 2014 /PRNewswire-USNewswire/ -- The following is being released by Hausfeld LLP; Boies, Schiller & Flexner LLP; and Susman Godfrey L.L.P.

A partial Settlement has been reached with GE Funding Capital Market Services, Inc., Trinity Funding Co., LLC and Trinity Plus Funding Co., LLC (collectively, "GE"), one of the Defendants, in a class action lawsuit alleging price-fixing in the sale of municipal derivatives transactions. The case, In re Municipal Derivatives Antitrust Litigation, MDL No. 1950, No. 08-02516, is pending in the United States District Court for the Southern District of New York.

Class Members include all state, local and municipal government entities, independent government agencies, quasi-government, non-profit and private entities that purchased:

(a)    By negotiation, competitive bidding or auction municipal derivative transactions directly from an Alleged Provider Defendant or Co-Conspirator, or through an Alleged Broker Defendant or Co-Conspirator,

(b)   Any time from January 1, 1992 through August 18, 2011 in the U.S. and its territories or for delivery in the U.S. and its territories.

A list of the Alleged Provider and Broker Defendants and Co-Conspirators can be found at www.MunicipalDerivativesSettlement.com.

The Settlement affects only claims against GE. The case is continuing against the other non-settling defendants. GE has agreed to pay $18.25 million into an escrow account and will also provide information to the attorneys for the Class and cooperate in connection with claims against the non-settling defendants.

Class Members who wish to remain in the Settlement do not need to do anything now. If the Settlement is approved, they will need to submit a claim form in order to receive a payment.  Claim forms are not available right now. Class Members can register on the website to receive a claim form when it becomes available.  By remaining in the Settlement, Class Members will give up the right to sue GE for the claims in this class action.  However, they will still have the right to exclude themselves from any other class that may be certified in the case.

Class Members who do not wish to participate in the Settlement must send a written request to be excluded postmarked no later than May 6, 2014.  Class Members who request to be excluded will retain their right to sue GE on their own for the claims in this lawsuit.

Class Members who remain in the Class can object to or comment on the Settlement. They must file an objection with the Court and deliver a copy to Class Counsel and GE postmarked no later than May 6, 2014.

The Court has appointed the law firms of Hausfeld LLP; Boies, Schiller & Flexner LLP; and Susman Godfrey L.L.P as Class Counsel to represent all members the Class.  Class Members who want to be represented by their own lawyer may hire one at their own expense.

The Court has scheduled a hearing on June 6, 2014, at 10:00 a.m. at the U.S. District Court for the Southern District of New York, 500 Pearl Street, New York, NY 10007 to consider whether to approve the Settlement as fair, reasonable and adequate, and whether to approve Class Counsel's request for reimbursement of litigation expenses.

Class Members or their lawyers may ask to appear and speak at the hearing but they are not required to. Class Members who want to be heard by the Court must file a written request with the Court, and deliver a copy to Class Counsel and GE no later than May 6, 2014. The Court may change the time and date of the hearing. Any change will be posted on the settlement website.

For more information on this lawsuit, Class Member rights, or to obtain a list of defendants, call 1-877-310-0512, visit www.MunicipalDerivativesSettlement.com, or write to: Municipal Derivatives Settlement, c/o Rust Consulting, Inc., PO Box 2500, Faribault, MN 55021-9500.

SOURCE Hausfeld LLP; Boies, Schiller & Flexner LLP; and Susman Godfrey LLP

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...