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Class Action World has the answers to all of your questions concerning class action settlements and class action settlement procedures. For example, if you want to know: What is a notice and proof of claim form? Why was a notice and proof of claim form sent? What are the settlement options that are available to a class member? How can one be excluded from the class? How can I obtain a notice and proof of claim and releas form? What is a settlement hearing and must I attend? When will I receive my share of the net settlement fund? Is a class action settlement distribution taxable? Find the answer here on Class Action World.
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What is a notice and proof of claim form?
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The Notice contains a brief history of the litigation and reasons
for settlement. A Proof of Claim form sets forth the information required by a Claims Administrator to properly process a claim.
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Why was it sent?
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Your name and address were provided to the claims
administrator by one of the following: (1) the stock
transfer agent; (2) your stockbroker; or (3) your portfolio manager.
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What are the options that are available?
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Class members may: (1) file a claim; (2)
request exclusion from the Class and not
share in the distribution of the settlement;
(3) do nothing and not share in the distribution of the settlement.
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How can one be excluded from the class?
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The request for exclusion must be received in writing
by the claims administrator by the set deadline, and
must include all relevant information including the
following: (1) your name, address, and telephone number;
(2) your purchases and sales of the securities in
question during the class period, including dates,
quantities, costs and proceeds.
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I did not receive a notice and proof of claim and
release in the mail. How can I obtain one?
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This material can be requested from the claims administrator. It
may also be available for viewing or download through Class Action
World's Settled Cases Page.
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What is a settlement hearing and must I attend?
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The court holds a hearing to consider the fairness, reasonableness,
and adequacy of the proposed settlement and to consider the request
of plaintiffs’ counsel for the award of attorneys’ fees
and expenses. It is not necessary for a class member to appear at
the hearing. All members of the class will be represented by the
plaintiffs’ counsel.
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When will I receive my share of the net settlement fund?
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A distribution cannot be made until all claims have been processed.
Depending upon the number of claims made, the process may take a year or more.
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Is the distribution taxable?
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A tax advisor should be consulted regarding questions
concerning the tax treatment of any proceeds received from the net
settlement fund.
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If I missed the filling deadline, can I still file a proof of claim?
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Yes. A proof of claim postmarked after the filing deadline may be
presented to the court, which in its sole discretion will determine
whether the late proof of claim may be accepted.
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