If You Purchased Or Otherwise Acquired The Common Stock Of General Growth Properties, Inc. (“General Growth”) Between April 30, 2008 And October 24, 2008, Inclusive (The “Settlement Class” And “Settlement Class Period”), A Proposed Class Action Settlement May Affect Your Rights.
A class action settlement has been reached in a lawsuit pending against John Bucksbaum, Bernard Freibaum, Robert A. Michaels, Joel Bayer, Edmund J. Hoyt, Jean Schlemmer, Sharon Polonia, Ronald L. Gern, Anthony Downs, Beth Stewart, and Alexander Berman, former and current officers and directors of General Growth Properties, Inc., in the United States District Court for the Northern District of Illinois (Case No. 09-cv-487) alleging that the Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, according to the General Growth Properties Class Action Settlement Notice.
The General Growth Properties securities class action settlement reportedly provides for, among other things, a gross Settlement Fund to be distributed to the Class members (who timely submit a valid proof of claim) in the aggregate amount of $15,500,000 plus interest earned thereon and less the costs of notice to the Settlement Class, costs of administration of the Settlement Fund, taxes and tax expenses associated with the Settlement Fund, and any amounts awarded by the Court to Lead Counsel for attorneys’ fees and reimbursement of costs and expenses, and any amounts awarded by the Court to Lead Plaintiff.
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