| http://www.finanznachrichten.de/nachrichten-2011-08/20999679-the-law-firms-of-bernstein-litowitz-berger-grossmann-llp-and-kaplan-fox-kilsheimer-llp-provide-notice-of-a-proposed-settlement-of-a-class-action-i-008.htm NEW YORK, Aug. 5, 2011 /PRNewswire-USNewswire/ -- TO: ALL PERSONS AND ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED ANY AMBAC FINANCIAL GROUP, INC. SECURITIES, INCLUDING AMBAC EQUITY OR DEBT SECURITIES OR OPTIONS THEREON, OR ANY STRUCTURED REPACKAGED ASSET-BACKED TRUST SECURITIES, CALLABLE CLASS A CERTIFICATES, SERIES 2007-1, STRATS(SM) TRUST FOR AMBAC FINANCIAL GROUP, INC. SECURITIES, SERIES 2007-1 ("STRATS") (collectively "AMBAC SECURITIES") IN THE PERIOD FROM OCTOBER 19, 2005, THROUGH AND INCLUDING JULY 18, 2009: YOU ARE HEREBY NOTIFIED pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order by the United States District Court for the Southern District of New York (i) of the pendency of the action encaptioned In re Ambac Financial Group, Inc. Securities Litigation, Case No. 08-cv-00411-NRB (S.D.N.Y.) (the "Action") as a class action on behalf of the persons and entities described above (the "Class"), including an Underwriter Class of all persons or entities who purchased or acquired Ambac securities in or traceable to the February 2007 Directly-Issued Subordinated Capital Securities offering, except for certain persons and entities who are excluded from the Class and/or Underwriter Class as provided in the Notice (as defined below); and (ii) that two settlements ("Settlements") reached in this Action, one of which also covers the claims of the putative class in Tolin v. Ambac, et al., Case No. 08-cv-11241-CM (S.D.N.Y) have been proposed that will fully and finally settle all claims against and release all Defendants (i.e., a settlement with Ambac, the Individual Defendants, and certain of its insurers in the amount of $27,100,000.00; and a settlement with the Underwriter Defendants in the amount of $5,900,000.00). The total cash amount of the Settlements equals $33,000,000.00. A hearing will be held before the Honorable Naomi Reice Buchwald in the United States District Court for the Southern District of New York, Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, Courtroom 21A, New York, NY 10007, at 10:00 a.m. on September 28, 2011, to determine: (1) whether this Action should be finally certified, for settlement purposes only, as a class action under Rules 23(a) and (b) of the Federal Rules of Civil Procedure on behalf of the Class; (2) whether the proposed Settlements should be approved by the Court as fair, reasonable, and adequate; (3) whether the Plan of Allocation is fair, reasonable and adequate and therefore should be approved in connection with the Settlements; and (4) whether the application of Lead Counsel for attorneys'' fees and Litigation Expenses should be approved. IF YOU ARE A MEMBER OF THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE SETTLEMENTS, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the (1) Notice of Pendency of Class Action And Proposed Settlements, Final Approval Hearing, And Motion For Attorneys'' Fees And Reimbursement Of Litigation Expenses ("Notice"); and (2) Proof Of Claim And Release ("Claim Form"), you may obtain copies of these documents by contacting: Ambac Financial Group Inc. Securities Litigation, c/o Rust Consulting, Inc., P.O. Box 2457, Faribault, MN 55021-9157, (877) 497-5866. Copies of the Notice and Claim Form may also be downloaded from www.blbglaw.com or www.kaplanfox.com or www.AmbacSecuritiesLitigation.com. If you are a Class Member, in order to be potentially eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form no later than October 24, 2011, establishing that you are entitled to a recovery. You will be bound by any judgment(s) entered in the Action whether or not you make a Claim. If you desire to be excluded from the Class, you must submit a request for exclusion to be received by September 7, 2011, in the manner and form explained in the Notice. All Class Members who do not request exclusion from the Class will be bound by any judgment(s) entered in the Action. Any objection to the proposed Settlements, Plan of Allocation or application for attorneys'' fees and payment of Litigation Expenses must be filed with the Court and delivered to be received by counsel for the parties no later than September 7, 2011, in the manner and form set forth in the Notice. PLEASE DO NOT CONTACT THE COURT OR THE CLERK''S OFFICE REGARDING THIS NOTICE. Inquiries may be made to Plaintiffs'' Lead Counsel: |
