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 Bank of America, 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 Bank of America. The case is continuing against the other non-settling defendants. Bank of America has paid $10 million into an escrow account and an additional $10 million will be paid later.  Bank of America 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 Bank of America for the claims in this class action.  However, they will still have the right to exclude themselves from any subsequent 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 Bank of America 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 Bank of America 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 Bank of America 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
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...