If You Purchased Or Otherwise Acquired RSL Communications, Inc. Common Stock Between April 30, 1999 and December 29, 2000, You Could Receive a Payment From a Class Action Settlement.
A class action settlement has been reached in a securities fraud class action lawsuit against Lehman Brothers Inc., Goldman, Sachs & Co. (“Goldman Sachs”), and Morgan Stanley & Co., Incorporated (“Morgan Stanley”) (collectively, the “Defendants”) pending in the United States District Court for the Southern District of New York (styled Lawrence Fogarazzo and Carolyn Fogarazzo, Joint Tenants With Rights of Survivorship, Stephen L. Hokpins, and Don Engel on behalf of themselves, and all others similarly situated v. Lehman Brothers, Inc., Goldman, Sachs & Co., and Morgan Stanley & Co., Inc., Civil Action Case No. 03 Civ. 5194 (SAS)) alleging, among other things, violations of the Federal Securities Laws (specifically, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder) against Defendants in connection with statements concerning RSL Communications stock (Symbol: RSLC) in Defendants’ research analyst reports, according to the RSL Communication securities fraud class action lawsuit settlement notice.
The RSL Communications securities fraud class action settlement reportedly provides that The Settling Defendants have agreed to pay $6.75 million in cash, of which the balance of settlement fund after payment of Court approved attorneys’ fees and expenses, incentive awards and the costs of claims administration, including the costs of printing and mailing the class action settlement Notice and the cost of publishing the newspaper notice (the “Net Settlement Fund”) will be divided among all eligible Class Members who send in timely and valid claim forms.
The Court is scheduled to hold a Settlement Hearing at 4:30 p.m. on January 31, 2011, at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, Courtroom 15C, New York, NY 10007 to consider whether the RSL Communications class action settlement is fair, reasonable and adequate.
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