PURCHASE, N.Y.-- ( BUSINESS WIRE )--MBIA Inc. (NYSE: MBI) (the Company) today announced that its wholly-owned subsidiary, MBIA Insurance Corporation (MBIA Corp.) has entered into an agreement to settle the litigation it filed in 2009 against Credit Suisse Securities (USA) LLC and certain affiliated entities.
Full Answer
Where is the MBI EY securities litigation pending in California?
Welcome to the website for MBI EY Securities Litigation, pending in the United States District Court for the Eastern District of California (the “Action”).
What is the history of MBI?
MBI, Inc. is a $350 million consumer products company, with an outstanding history of sales and profits since our founding in 1969. Though our new managers come to us from a variety of backgrounds, having majored in everything from Government to Engineering, they do have a few things in common.
Who are the “secondary claimants” in the MBI case?
All persons and entities who or which purchased or otherwise acquired MBI common stock directly in or traceable to the Company’s secondary offering pursuant to MBI’s Form S-1 Registration Statement, dated May 16, 2014, and its Prospectus dated June 5, 2014 (the “Secondary Offering”), and were damaged thereby (the “Secondary Claimants”).
What are the letters and numbers in the MBI?
The MBI has letters and numbers. Here’s an example: 1EG4-TE5-MK73 The MBI’s 2nd, 5th, 8th, and 9th characters are always letters. Characters 1, 4, 7, 10, and 11 are always numbers. The 3rd and 6th characters are letters or numbers.
How to claim EY settlement?
To eligible for a payment from the proceeds of the EY Settlement, you must be a member of the EY Settlement Class and have either (i) previously submitted a claim form in connection with the previously announced MBI Settlement in this Action (meaning you are considered a “Prior Approved Claimant” under the EY Stipulation), or (ii) complete and return a Proof of Claim Form postmarked no later than May 6, 2019. You may obtain a Proof of Claim Form here or by calling 1-855-907-3227. If you request exclusion from the Class, you will not be able to receive a payment from the Net Settlement Fund.
What happens if an EY settlement is approved?
If the EY Settlement is approved, the Court will enter a judgment (the “ Judgment”). The Judgment will provide that, upon the Effective Date of the EY Settlement, Lead Plaintiffs and each of the other EY Settlement Class Members, on behalf of themselves and their respective heirs, executors, administrators, predecessors, successors, and assigns, in their capacities as such, will have fully, finally, and forever compromised, settled, released, resolved, relinquished, waived, and discharged each and every Released Lead Plaintiffs’ Claim against EY and EY’s Releasees, and will forever be barred and enjoined from prosecuting any or all of the Released Lead Plaintiffs’ Claims against any of EY’s Releasees.
What are the risks of suing EY?
Such risks include the potential challenges associated with proving that there were material misstatements and omissions in the Secondary Offering documents at issue, that EY failed to conduct adequate due diligence, and class-wide damages. Lead Plaintiffs would have to prevail at several stage—including motions for summary judgment and trial, and if they prevailed on those, on the appeal that would likely follow. Thus, there were very significant risks attendant to the continued prosecution of the claims against EY. Moreover, EY was the beneficiary of a statutory judgment reduction that would significantly reduce any eventual judgment against it by operation of law.
Why did EY settle?
EY has agreed to the EY Settlement solely to eliminate the burden and expense of continued litigation. EY denies the claims asserted against it in the Action and denies having engaged in any wrongdoing or violation of law of any kind whatsoever, including, but not limited to any assertion that its audit of the year end 2013 financial statements of Marrone were not performed in full compliance with applicable PCAOB standards.
When is the EY settlement hearing?
The Settlement Hearing will be held on July 11, 2019, at 2:00 p.m., before the Honorable Morrison C. England, Jr., at the United States District Court for the Eastern District of California, Robert T. Matsui United States Court House, Courtroom 7, 501 I Street, Sacramento, California, 95814. The Court reserves the right to approve the EY Settlement and/or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses and/or any other matter related to the EY Settlement at or after the Settlement Hearing without further notice to the members of the Settlement Class. Please check this website for updates.
Do you have to retain your own counsel for EY settlement?
You are not required to retain your own counsel. EY Settlement Class Members may enter an appearance through an attorney if they so desire, but such counsel must file and serve a notice of appearance as provided in FAQ 10 and will be retained at the individual EY Settlement Class Member’s expense.
Can you submit another claim form for MBI?
NOTE: If you submitted a Claim Form that was approved for payment from the Secondary Class in connection with the MBI Settlement, DO NOT submit another form.
When do you submit a claim form for a settlement?
If you have NOT previously submitted a Claim Form, YOU MUST SUBMIT A CLAIM FORM, postmarked no later than May 6, 2019, in order to be eligible to share in the net proceeds of the Settlement. This is the only way to be eligible to receive a payment from the Net Settlement Fund.
What happens if the EY settlement is approved?
The EY Settlement, if approved, will resolve all claims in the above-captioned securities class action pending in the Court against EY. The claims asserted against EY are the only remaining claims in this Action and, therefore, if the Settlement is approved by the Court, the Action will be completely resolved subject to any appeals. ...
What to do if you don't like the EY settlement?
If you do not like the proposed EY Settlement or the request for attorneys’ fees and reimbursement of Litigation Expenses, you may write to the Court and explain why you do not like them. You cannot object to the EY Settlement or the fee and expense request unless you are an EY Settlement Class Member and do not exclude yourself from the EY Settlement Class.
What happens if you exclude yourself from the EY settlement class?
If you exclude yourself from the EY Settlement Class, you will not be eligible to receive any payment from the EY Settlement Fund. This is the only option that allows you to ever to be part of any other lawsuit against any of EY or EY’s Releasees concerning the Released Lead Plaintiffs’ Claims.
Can you receive a payment from the net settlement fund if you are not a member of the EY Settlement?
If you are a member of the EY Settlement Class who/which has not previously submitted a Claim Form , and you do not submit a Claim Form now, you will not be eligible to receive any payment from the Net Settlement Fund. You will, however, remain a member of the EY Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
Can an EY class member attend a settlement hearing?
Any EY Settlement Class Member may attend the Settlement Hearing. Filing a written objection and notice of intention to appear by June 27, 2019 allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement and/or the request for attorneys’ fees and reimbursement of Litigation Expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and, if you also file a notice of intention to appear, speak to the Court about your objection at the discretion of the Court.
