Wolf Popper LLP, along with co-lead counsel in the matter of Anwar, et al., v. Fairfield Greenwich Limited, et al., 09-cv-118 (VM)(FM), has entered into a Stipulation of Settlement with defendants associated with the Fairfield Greenwich Group. The stipulated settlement resolves all claims asserted in the action against the Fairfield Greenwich Group, and provides for a payment in the amount of $80,250,000, including a minimum of $50,250,000 to be distributed to the settlement class upon final approval, and an additional $30,000,000 to be distributed if not used to resolve other claims. The partial settlement is subject to final approval of the Honorable Victor Marrero of the United States District Court for the Southern District of New York. On November 30, 2012, Judge Marrero entered a Preliminary Approval Order authorizing the dissemination of a Notice Of Proposed Partial Settlement Of Class Action and Settlement Fairness Hearing and Proof of Claim and Release form, and establishing deadlines, among other things, for Settlement Class Members to file Proofs of Claim. The Preliminary Approval Order also scheduled a hearing on final approval of the settlement for March 22, 2013, at 11:00 a.m.
The settlement does not resolve Plaintiffs’ claims against Defendants PwC Netherlands, PwC Canada, the Citco entities, or GlobeOp, which Plaintiffs are continuing to litigate vigorously. On February 25, 2013, the District Court rendered a Decision and Order certifying the class action against the remaining defendants, but excluding from the definition of the class residents of France, Luxembourg, Israel, Kuwait, Korea, North Korea, Picairn, Tokelau, Mongolia, China, Liechtenstein, Japan, Oman, Taiwan, United Arab Emirates, Qatar, Saudi Arabia, Bosnia, Andorra, San Marino, Namibia, Monaco, Germany, and South Africa.
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