Metropolitan Summit Class Action Settlement in Securities Fraud Class Action Lawsuit

If You Purchased Investment Debentures Or Preferred Stock Issued By Metropolitan Mortgage & Securities Company, Inc. (“Metropolitan”) Or Investment Certificates Issued By Summit Securities, Inc. (“Summit”) Pursuant To Registration Statements That Became Or Were Effective During The Period From February 13, 2001, Through July 31, 2003 (The “Class Period”) Other Than Purchases Of Metropolitan Series E-7 Preferred Stock On A Secondary Market, Including On The American Stock Exchange Or The Internal Trading Desk At Metropolitan Investment Securities, Inc., Your Rights May Be Affected By A Class Action Settlement.

A class action settlement has been reached in a class action lawsuit pending against Ernst & Young LLP (“E&Y”); PricewaterhouseCoopers LLP (“PwC”); Roth Capital Partners, LLC (“Roth Capital”); and C. Paul Sandifur, Jr., Thomas Turner, Robert Ness, William Snider, and Irv Marcus (collectively the “Defendants”) in the United States District Court for the Eastern District of Washington (styled In re Metropolitan Securities Litigation, Case No. CV-04-0025-FVS) alleging, among other things, that Defendants violated the securities law provisions (Section 11 of the Securities Act of 1933, 15 U.S.C. § 77k) regarding the completeness and accuracy of the registration statements used to sell Metropolitan and Summit securities to investors, according to the Metropolitan Summit securities class action settlement notice.

Only certain securities reportedly entitle a person to participate in the Metropolitan securities class action settlements.  Those securities are the following:

• Summit Investment Certificates, Series B, purchased on or after February 13, 2001.
• Metropolitan Investment Debentures, Series III and III-A, purchased on or after May 11, 2001.
• Metropolitan Preferred Shares, Series E-7, purchased on or after November 14, 2001 (as long as they were not purchased on a secondary market such as the American Stock Exchange or the Metropolitan Investment Securities trading desk).

Under the proposed Metropolitan Summit securities class action lawsuit settlements, Defendants have reportedly created a $38 million cash Settlement Fund.  There are five different Settlements contributing funds to the Settlement Fund.  Ernst & Young LLP reportedly has paid or will pay $14.25 million, PricewaterhouseCoopers LLP reportedly has paid or will pay $13.9 million, Roth Capital Partners LLC reportedly has paid or will pay $5 million and two groups of individual defendants have paid or will pay approximately $5.6 million.

A Metropolitan Summit class action settlement hearing (the “Settlement Hearing”) is scheduled to be held at 1:00 p.m. on September 21, 2010 at the United States District Court for the Eastern District of Washington, 920 W. Riverside, Spokane, Washington 99291, before the Honorable Fred Van Sickle, United States District Judge.  At this class action settlement hearing, the Court will consider whether the recent Settlements are fair, reasonable, and adequate.

For more information on the Metropolitan Summit securities fraud class action lawsuit settlement and potential settlement benefits and settlement updates, call 1-800-447-7657 toll-free, send an email to metropolitanlitigation@gilardi.com or visit the Metropolitan securities litigation website:

www.metropolitanlitigationsettlement.com

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