If You Purchased And/Or Held Shares In The RS Emerging Growth Fund During The Period From January 1, 2000 To September 30, 2003, Inclusive, You May Be Entitled To Receive A Payment From A Class Action Settlement.
A class action settlement has been reached in a securities fraud class action lawsuit against Banc of America Securities LLC (“BAS”), Bear, Stearns & Co. Inc. (currently d/b/a J.P. Morgan Securities Inc.), Bear, Stearns Securities Corp. (currently d/b/a J.P. Morgan Clearing Corp., and The Bear Stearns Companies Inc. (currently d/b/a The Bear Stearns Companies LLC) (together, “Bear Stearns”), and Canary Capital Partners, LLC, Canary Capital Partners, Ltd., Canary Investment Management, LLC, and Edward Stern (together, “Canary”) (collectively, the “Settling Defendants”) pending in the United States District Court for the District of Maryland (styled In re Mutual Funds Investment Litigation; In Re RS Funds, MDL 1586, Case No. 04-MD-15863, Case No. 04-cv-3798-JFM) alleging, among other things, that Defendants, violated federal securities fraud laws by participating in or facilitating alleged market timing (an investment technique involving short-term, “in and out” trading of mutual fund shares, designed to exploit inefficiencies in the way mutual fund companies price their shares) and/or late trading activities (an investment practice whereby investors were permitted to place orders to buy, sell or exchange mutual fund shares using the day’s net asset value after the 4:00 p.m. Eastern Time cut-off, capitalizing on post 4:00 p.m. information) in the RS Emerging Growth Fund during the Class Period, according to the Banc Of America Securities, Bear Stearns & Canary RS Emerging Growth Fund securities fraud class action lawsuit settlement notice.
The proposed Banc Of America Securities, Bear Stearns & Canary RS Emerging Growth Fund Settlement consists of the Settlement Amount of $2,830,000 cash, and is comprised of (a) $325,000 paid on behalf of Banc of America Securities, (b) $1,050,000 paid on behalf of Bear Stearns, (c) $1,455,000 paid on behalf of Canary. The Settlement Amount, plus interest, less the amount of any taxes or escrow fees chargeable to the Settlement Amount, less any award of attorneys’ fees and expenses and reimbursement of reasonable expenses to the Lead Plaintiff, and less costs associated with notice and administration is the “Net Settlement Amount” and will reportedly be distributed on a pro rata basis to Eligible settlement Class Members.
The Banc Of America Securities, Bear Stearns & Canary RS Emerging Growth Fund securities class action lawsuit settlement reportedly includes the following persons as settlement class members, unless otherwise excluded:
All persons and entities who, during the period from January 1, 2000 to September 30, 2003 purchased and/or held shares in the RS Emerging Growth Fund.
The reported deadline to request exclusion from the Banc Of America Securities, Bear Stearns & Canary RS Emerging Growth Fund settlement (i.e., to opt out) or to file an objection to the settlement is September 21, 2010.
The Court is scheduled to hold a Settlement Hearing at 10:00 a.m., on October 21-22 2010, at the United States District Court for the District of Maryland, 101 W. Lombard Street, Baltimore, MD 21201 to consider, among other things, whether the RS Emerging Growth Fund Settlement is fair, reasonable, and adequate.
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