On July 23, 2014 the Net Settlement Fund was distributed according to the Distribution Order filed on June 5, 2014
Click here to download the Notice
The following is a summary of information presented in more detail in the Notice of Pendency of Class Action and Proposed Settlement, Final Approval Hearing, and Motion for Attorneys’ Fees and Reimbursement of Litigation Expenses (the "Notice"), which Class Members should have received in the mail, and which you can access by clicking on the "Notice" link to the left. Since this is just a summary, you should read the full Notice for additional details.
Please be advised that your rights may be affected by a class action lawsuit pending in the Court (the “Action”) if you purchased or otherwise acquired mortgage pass-through certificates pursuant or traceable to Structured Asset Securities Corporation’s August 16, 2005 Registration Statement or May 10, 2006 Registration Statement, and the accompanying prospectuses and prospectus supplements in the following seventeen (17) offerings and were damaged thereby: The LXS 2005-5N offering, LXS 2005-7N offering, LXS 2005-6 offering, LXS 2005-8 offering, LXS 2006-2N offering, LXS 2006-14N offering, LXS 2006-16N offering, LXS 2006-GP2 offering, GMFT 2006-AR4 offering, GMFT 2006-AR5 offering, SARM 2006-1 offering, SARM 2006-4 offering, SARM 2007-6 offering, SASCO 2007-BC1 offering, SASCO 2007-EQ1 offering, SASCO 2007-OSI offering and FFMLT 2006-FFB offering (the “Offerings”).
The Notice explains important rights you may have, including the possible receipt of cash from the Settlement. Your legal rights will be affected whether or not you act. Please read the Notice carefully and in its entirety.
Important Dates and Deadlines
|File a Proof of Claim
||Deadline has passed
|File an Exclusion
||Deadline has passed
|File an Objection
||Deadline has passed
|Settlement Fairness Hearing
||The Settlement was approved at the
June 21, 2012 Fairness Hearing
WHAT THIS CASE IS ABOUT
The lawsuit alleges, inter alia, that Offering Documents contained material misstatements and omissions of material facts in violation of Sections 11, 12 and 15 of the Securities Act of 1933, including, amongst other things, the failure to disclose that: (i) the mortgage loan collateral underling the Certificates was not originated in accordance with the stated mortgage loan underwriting guidelines set forth in the Registration Statement and the Prospectus Supplements, and (ii) Defendants failed to conduct adequate, and in some cases any, due diligence with respect to compliance with the stated mortgage loan underwriting guidelines.
Defendants have denied and continue to deny each and all of the claims alleged by Plaintiffs or Intervenors in the MBS Class Action. Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the MBS Class Action. Defendants also have denied and continue to deny, among other things, the allegations that Plaintiffs, Intevenors or the Settlement Class have suffered any damage, or that Plaintiffs, Intevenors or the Settlement Class were harmed by the conduct alleged in the MBS Class Action. Defendants expressly deny that Plaintiffs or Intervenors have asserted a valid claim and deny any and all allegations of fault, liability, wrongdoing or damages whatsoever.
WHAT ARE THE SETTLEMENT BENEFITS
Plaintiffs and Intervenors, on behalf of themselves and the Settlement Class, have agreed to settle all Settled Claims (as defined in the Notice) against the Defendants in exchange for a settlement payment of $40 million ($40,000,000.00) which has been deposited into an interest-bearing escrow account (the “Settlement Fund”). The balance of this fund, after payment of Court-approved attorneys’ fees and expenses and the costs of claims administration (the “Net Settlement Fund”), will be divided among Class Members who submit valid claim forms (“Authorized Claimants”) pursuant to a Court-approved Plan of Allocation.
THE COURT’S FINAL APPROVAL HEARING
A hearing will be held on June 21, 2012 at 11:30 a.m before the Honorable Lewis A. Kaplan, at the United States District Court for the Southern District of New York, 500 Pearl Street, Courtroom 21B, 21st Floor, New York, New York, to determine (i) whether the proposed Settlement should be approved as fair, reasonable and adequate; (ii) whether the Settled Claims against Defendants and the other Released Parties should be dismissed with prejudice and fully and finally released by Lead Plaintiff and the Settlement Class as set forth in the Stipulation of Settlement entered into by the Settling Parties as of January 12, 2012 (the “Stipulation”); (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (iv) whether Lead Counsel’s request for an award of attorneys’ fees and reimbursement of certain litigation expenses should be approved by the Court.
IF YOU ARE A CLASS MEMBER YOU HAVE THE FOLLOWING OPTIONS
SUBMIT A CLAIM FORM
To be eligible to receive a payment from the Settlement, you must be a Class Member and you must submit a Proof of Claim. A Proof of Claim and/or Notice is available for download on the left hand side of this page. Read the instructions carefully, fill out the form, include all the documents the form requests, sign it, and mail it in an envelope addressed to the Claims Administrator, postmarked no later than August 20, 2012. Please retain a copy of everything you mail, in case the materials are lost or destroyed during shipping.
EXCLUDE YOURSELF FROM THE CLASS
Each Class Member will be bound by all determinations and judgments in this lawsuit, including those concerning the Settlement, whether favorable or unfavorable, unless such person or entity mails, by first-class mail (or its equivalent outside the United States), or otherwise delivers a written Request for Exclusion from the Settlement Class, addressed to: Lehman MBS Settlement Exclusions, c/o Rust Consulting, Inc., P.O. Box 2658, Faribault, MN 55021-9658. The exclusion request must be received no later than May 31, 2012. You will not be able to exclude yourself from the Settlement Class after that date. Each Request for Exclusion must provide (i) name, (ii) address, (iii) telephone number, (iv) number and type of mortgage pass-through certificates traceable to the Offerings purchased (or otherwise acquired) or sold, (v) prices or other consideration paid or received for such mortgage pass-through certificates, (vi) the date of each purchase or sale transaction, and (vii) a statement that the person or entity wishes to be excluded from the Settlement Class in In re Lehman Brothers Mortgage-Backed Securities Litigation, 08-cv-6762 (LAK). It must also be signed by the person or entity requesting exclusion, and provide a telephone number for that person or entity. Requests for exclusion will not be valid if they are not received within the time stated above, unless the Court otherwise determines. Keep a copy of everything you mail, in case something is lost during shipping or processing.
You cannot exclude yourself over the phone or by e-mail. If you ask to be excluded from the Class, you are not eligible to receive any payment from the Net Settlement Fund, and you cannot object to the Settlement. You will not be legally bound by anything that happens in this lawsuit and you will be able to pursue the claims that are being released in this Settlement.
OBJECT TO THE SETTLEMENT
Any member of the Settlement Class who does not request exclusion from the Settlement Class in the manner set forth above may object to or oppose the Settlement, the Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of Litigation Expenses. Objections or oppositions must be in writing. You must file any written objection or opposition, together with copies of all other papers (including proof of purchase or sales of Certificates in the Offerings) and briefs, with the Clerk’s Office at the United States District Court for the Southern District of New York at the address set forth below for receipt on or before June 7, 2012. You must also serve the papers, by hand or first-class mail, on Lead Counsel for the Settlement Class and Counsel for Defendants at the addresses set forth below so that the papers are received on or before June 7, 2012.
||Clerk of the Court
UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF NEW YORK
Clerk of the Court
500 Pearl Street
New York, New York 10007
||COHEN MILSTEIN SELLERS & TOLL PLLC
Steven J. Toll
1100 New York Avenue N.W.
Washington, D.C. 20005
Joel P. Laitman
Richard A. Speirs
Daniel B. Rehns
88 Pine Street, 14th Floor
New York, New York 10005
||WOLLMUTH MAHER AND DEUTSCH LLP
William A. Maher
Michael C. Ledley
500 Fifth Avenue
New York, New York 10110
If you do nothing, you will: (a) receive no payment from this Settlement, (b) remain a Class Member, (c) give up your rights and (d) be bound by the Final Order and Judgment entered by the Court if it approves the Settlement, including the Release of the Settled Claims. But, unless you exclude yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendants or the Released Parties about the same claims being released in this Settlement.
OBTAINING MORE INFORMATION
Additional information regarding the Settlement, the Notice and how to complete and submit your claim form may be obtained by contacting the Claims Administrator at 1-877-884-5903 or email info@LehmanMBSSettlement.com.